Document:

EX-10.2

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”) is made and entered into as of December
4, 2007, by and among The X-Change Corporation, a Nevada corporation (the “Company”), and the
initial Holders named on the signature pages hereto, and Tejas Securities Group, Inc. (“Tejas”).
The initial Holders have agreed to purchase from the Company, pursuant to the Purchase Agreement
(as defined below), the Notes (as defined below) convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Common Stock”), and Warrants (as defined below).

This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date
hereof (the “Purchase Agreement”), by and among the Company, AirGATE Technologies, Inc., a Texas
corporation, and the initial Holders. In order to induce the initial Holders to purchase the Notes
and Warrants, and for the benefit of the Holders from time to time of the Registrable Securities
(as defined below), the Company has agreed to provide the registration rights set forth in this
Agreement.

Section 1. Definitions.

(a) As used in this Agreement, the following terms shall have the meanings set forth below:

“Business Day” means any day except Saturday, Sunday and any day that is a federal legal
holiday or a day on which banking institutions in the State of Texas are authorized or required by
Law or governmental action to close.

“Common Stock” means shares of the Company’s common stock, par value $0.001 per share.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Form S-3” means such form under the Securities Act as is in effect on the date of this
Agreement or any successor registration form under the Securities Act subsequently adopted by the
SEC that permits inclusion or incorporation of substantial information by reference to other
documents filed by the Company with the SEC.

“Fully-Diluted Common Stock” shall mean, at any time, the then outstanding shares of Common
Stock plus (without duplication) all shares of Common Stock issuable (at the time or upon passage
of time or the occurrence of future events) upon the exercise, conversion or exchange of all
then-outstanding rights, warrants, options, convertible securities, or other rights or securities
convertible into, directly or indirectly, Common Stock, including all Common Stock issuable upon
the conversion of the Notes and exercise of the Warrants.

“Holder” means any person holding Registrable Securities, or any assignee of record of such
Registrable Securities to whom the rights under this Agreement have been duly assigned in
accordance with this Agreement; provided, that for purposes of this Agreement, a holder of
a Note and a Warrant shall be deemed to be the Holder of the number of shares of Common Stock
issuable upon conversion of such Note or exercise of such Warrant, as applicable.

“Notes” mean, collectively, all of the Senior Secured Convertible Term Notes—Tranche A and
Senior Secured Convertible Term Notes—Tranche B sold pursuant to the Purchase Agreement.

The terms “register,” “registration,” and “registered” refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities Act and pursuant to
Rule 415 and the declaration or ordering of effectiveness of such registration statement.

“Registrable Securities” mean (i) all the shares of Common Stock issued or issuable upon the
conversion of the Notes, (ii) all the shares of Common Stock issued or issuable upon the exercise
of the Warrants and (iii) any shares of Common Stock issued as (or issuable upon the conversion or
exercise of any warrant, right, or other security which is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, the Notes or the Common
Stock described in clause (i) or clause (ii) above; excluding, in all cases, any
securities sold by a person in a transaction in which rights under this Agreement are not assigned
in accordance with this Agreement or any securities sold in a registered public offering under the
Securities Act or sold pursuant to Rule 144 promulgated under the Securities Act.

The number of shares of “Registrable Securities then outstanding” shall mean the aggregate
number of shares of Common Stock that are Registrable Securities and (i) are then issued and
outstanding or (ii) are then issuable pursuant to the exercise or conversion of then outstanding
and then exercisable options, warrants, or convertible securities, including conversion of the
Notes or exercise of the Warrants.

“Registration Expenses” mean all expenses incurred in effecting any registration pursuant to
this Agreement, including, without limitation, all registration, qualification, and filing fees,
printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees
and expenses, and expenses of any regular or special audits incident to or required by any such
registration, but excluding underwriting discounts, selling commissions, and stock transfer taxes
applicable to the sale of Registrable Securities.

“Rule 415” means Rule 415 under the Securities Act or any successor rule providing for
offering securities on a continuous or delayed basis.

“SEC” means the United States Securities and Exchange Commission.

“Securities Act” means the Securities Act of 1933, as amended.

“Subsidiary” means any corporation more than fifty percent (50%) of the outstanding voting
securities of which are owned by the Company or any Subsidiary, directly or indirectly, or a
partnership, limited liability company or other entity in which the Company or any Subsidiary is a
general partner, manager or holds interests entitling it to receive more than fifty percent (50%)
of the profits or losses of the partnership, limited liability company or other entity.

“Warrants” mean, collectively, all of the Tranche A Warrants (as defined in the Purchase
Agreement) and Tranche B Warrants (as defined in the Purchase Agreement) sold pursuant to the
Purchase Agreement.

(b) Each of the following terms is defined in the Section set forth opposite such term:

	 	 	 	 	 
	TERM	 	SECTION
	Advice
	 	 	5	 
	Agreement
	 	Preamble
	Board
	 	 	2	(f)
	Common Stock
	 	Preamble
	Company
	 	Preamble
	Damages
	 	 	9	(a)
	Demand Request
	 	 	2	(a)
	Effectiveness Period
	 	 	2	(c)
	Effectiveness Target Date
	 	 	2	(c)
	Event
	 	 	14	 
	Filing Date
	 	 	2	(a)
	Final Prospectus
	 	 	9	(d)
	Initiating Holder
	 	 	2	(a)
	Purchase Agreement
	 	Preamble
	Requesting Holder
	 	 	2	(b)
	Suspension Notice
	 	 	5	 
	Tejas
	 	Preamble
	Tejas Warrants
	 	 	16	 
	Violation or Violations
	 	 	9	(a)

(c) Other Definitional and Interpretative Matters. Unless otherwise expressly provided or the
context otherwise requires, for purposes of this Agreement, the following rules of interpretation
apply:

(i) Calculation of Time Period. When calculating the period of time before which,
within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period is excluded. If
the last day of such period is a non-Business Day, the period in question ends on the next
succeeding Business Day.

(ii) Currency. Any reference in this Agreement to $ means U.S. dollars.

(iii) Gender and Number. Unless the context otherwise requires, any reference in this
Agreement to gender includes all genders, and words imparting the singular number only
include the plural and vice versa.

(iv) Hereby and Similar Words. Unless the context otherwise requires, the words
“hereby,” “herein,” “hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a
whole and not merely to the provision in which such words appear.

(v) Including. The word “including,” or any variation thereof, means “including,
without limitation” and does not limit any general statement that it follows to the specific
or similar items or matters immediately following it.

(vi) Parties to this Agreement. Any reference in this Agreement to the “parties” to
this Agreement means the signatories to this Agreement and their successors and permitted
assigns, and does not include any third party.

Section 2. Requested Registration.

(a) If the Company shall receive, at any time after one-hundred eighty (180) days after the
date hereof, a written request (a “Demand Request”) from any of the Holders (each, an “Initiating
Holder”) that the Company effect a registration covering any of such Holder’s Registrable
Securities then outstanding, the Company shall, within sixty (60) calendar days of the receipt of
such written request (the “Filing Date”), effect the filing of a registration statement in
compliance with the terms set forth herein.

(b) Upon receipt of any Demand Request, the Company shall promptly (but in any event within
five (5) days) give written notice of such proposed registration to all other Holders, who shall
have the right, exercisable by written notice to the Company within five (5) days of their receipt
of the Company’s notice, to elect to include in such registration such portion of such Holder’s
Registrable Securities then outstanding as may be requested. The Initiating Holders together with
all other Holders requesting to have such portion of such Holder’s Registrable Securities then
outstanding included in a registration in accordance with the preceding sentence shall be deemed to
be “Requesting Holders” for purposes of this Agreement.

(c) The Company shall thereafter use its best efforts to, within one-hundred eighty (180) days
thereafter (the “Effectiveness Target Date”), have such registration statement declared effective
by the SEC pursuant to Rule 415 of the Securities Act. The registration statement when declared
effective (including the documents incorporated therein by reference) will comply as to form in all
material respects with all applicable requirements of the Securities Act and the Exchange Act and
will not contain 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. The Company shall
not be required to file a registration statement that the Company would otherwise be required to
file pursuant to this Section 2 if the selling Holders would be deemed to be underwriters selling
on behalf of an issuer under publicly announced interpretations of the SEC interpreting Rule 415 of
the Securities Act.

(d) The Company shall not be obligated to effect, or to take any action to effect, any such
registration pursuant to this Section 2:

(i) after the Company has initiated four (4) such registrations pursuant to
Section 2(a) and such registrations have been declared or ordered effective, and the
Holders are able to register and sell at least fifty percent (50%) of the Registrable
Securities requested to be included in such registration;

(ii) if the Holders propose to dispose of shares of Registrable Securities that may be
immediately registered on Form S-3 pursuant to a request made under Section 3 of
this Agreement; or

(iii) during the first 180 days after the effective date of any registration statement
filed by the Company under Sections 2 or 3 hereof if the Requesting Holders
have been afforded the opportunity to register in such registration all or a majority of
their Registrable Securities.

(e) A registration will not count as a registration for purposes of Section 2(d)(i)
and (3)(iii) until it has become effective; provided, however, that if, after it has become
effective, an offering of Registrable Securities pursuant to a registration is interfered with by
any stop order, injunction or other order or requirement of the SEC or other governmental agency or
court, such registration will be deemed not to have been effected and will not count as a
registration for purposes of Sections 2(d)(i) and (3)(iii).

(f) Right to Defer Registration. Notwithstanding the foregoing, if the Company shall
furnish to the Holders a certificate signed by the president or chief executive officer of the
Company stating that in the good faith judgment of the Board of Directors of the Company (the
“Board”) it would be materially detrimental to the Company and its stockholders for such
registration to be effected at such time, then the Company shall have the right to defer the filing
of the registration statement that the Company would otherwise be required to file pursuant to this
Section 2; provided, that the Company may not defer such filing under this
Section 2(f) more than once during any twelve (12) month period and for a period of not
more than ninety (90) days after receipt of the request of the Holders under Section 2(a).

(g) Underwriting. If the Holders requesting a registration pursuant to
Section 2(a) intend to distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Company as part of their request made pursuant
to Section 2(a). The underwriter will be selected by the Company and shall be reasonably
acceptable to seventy-five percent (75%) of the Holders participating in the registration. Unless
otherwise agreed by such underwriters and seventy-five percent (75%) of the Holders participating
in the registration, no person may participate in any registration under this Agreement that is
underwritten unless such person (i) agrees to sell such person’s securities on the basis provided
in the proposed underwriting arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements, and other documents required under the
terms of such underwriting arrangements; provided that no Holder shall be required to make
any representations or warranties to the Company or the underwriters other than representations and
warranties regarding such Holder and such Holder’s intended method of distribution.
Notwithstanding any other provision of this Section 2, if the representative of the
underwriters advises the Company in writing that marketing factors require a limitation on the
number of shares to be underwritten, the Company shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant to this Section 2, and the number
of shares of Registrable Securities that may be included in the underwriting shall be allocated
among all Holders in proportion (as nearly as practicable) to the number of Registrable Securities
requested by such Holders to be included in the registration.

Section 3. Form S-3 Registration.

The Company shall use its reasonable best efforts to qualify for registration on Form S-3.
If, in accordance with Section 2 hereof, the Company receives a written request from the
Holders that the Company effect a registration on Form S-3 with respect to all or a part of the
Registrable Securities owned by such Holders, then the Company shall, pursuant to Section
2(a), (b) and (c) hereof, use its reasonable best efforts to effect such
registration and all such qualifications and compliances as may be so requested and as would permit
or facilitate the sale and distribution of all of the Holders’ Registrable Securities;
provided that the Company shall not be obligated to effect any such registration,
qualification, or compliance pursuant to this Section 3:

(i) if Form S-3 is not available for such offering;

(ii) if the Company shall furnish to the Holders a certificate signed by the president
or chief executive officer of the Company stating that in the good faith judgment of the
Board, it would be materially detrimental to the Company and its stockholders for such Form
S-3 Registration to be effected at such time, in which event the Company shall have the
right to defer the filing of the Form S-3 registration statement that the Company would
otherwise be required to file pursuant to this Section 3; provided, that the
Company may not defer such filing under this Section 3 more than once during any
twelve (12) month period and for a period of not more than ninety (90) days after receipt of
the request of the Holders under this Section 3; or

(iii) if the Company has, within the twelve (12) month period preceding the date of
such request, already effected four (4) registrations on Form S-3 for the Holders pursuant
to this Section 3.

Section 4. Registration Procedures.

Whenever required to effect the registration of any Registrable Securities under this
Agreement, the Company shall use its reasonable best efforts to effect the registration and the
sale of such Registrable Securities in accordance with the intended method of disposition thereof,
and pursuant thereto the Company shall as expeditiously as possible:

(a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its best reasonable efforts to cause such registration statement to become
effective; provided, that before filing a registration statement or prospectus or any
amendments or supplements to a registration statement or prospectus, the Company shall furnish to
the Holders and to counsel selected by the Holders of a majority of the Registrable Securities
covered by such registration statement copies of all such documents proposed to be filed, which
documents shall be subject to the review of such Holders and counsel;

(b) prepare and file with the SEC such amendments, post-effective amendments and supplements
to such registration statement and the prospectus used in connection with such registration
statement as may be necessary to comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such registration statement and to keep such
registration statement effective for a period of up to one hundred eighty (180) days or any lesser
period of time in the event the distribution described in the registration statement has been
completed; provided, however, that in the case of any registration statement on
Form S-3 which relates to Registrable Securities that are intended to be offered on a continuous or
delayed basis, such one hundred eighty (180) day period shall be extended, if necessary, to keep
the registration statement effective until such Registrable Securities are sold, so long as Rule
415 permits an offering on a continuous or delayed basis;

(c) furnish to the Holders of Registrable Securities covered by such registration and the
underwriters of the Registrable Securities being registered such number of copies of the
registration statement, a prospectus, including a preliminary prospectus, and each amendment and
supplement to any such prospectus, in conformity with the requirements of the Securities Act, any
documents incorporated by reference therein and such other documents as they may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such Holder that are
included in such registration or the sale of such securities by such underwriters (it being
understood that, subject to Section 5 and the requirements of the Securities Act and
applicable state securities laws, the Company consents to the use of the prospectus and any
amendment or supplement thereto by each Seller and the underwriters in connection with the offering
and sale of the Registrable Securities covered by the registration statement of which such
prospectus, amendment or supplement is a part);

(d) use commercially reasonable efforts to register and qualify the securities covered by such
registration statement under such other securities or blue sky laws of such jurisdictions as shall
be reasonably requested by the Holders of the Registrable Securities covered by such registration
statement; use its commercially reasonable efforts to keep each such registration or qualification
(or exemption therefrom) effective during the period in which the registration statement is
required to be kept effective; and do any and all other acts and things which may be reasonably
necessary or advisable to enable each Holder to consummate the disposition of the Registrable
Securities owned by such Holder in such jurisdictions; provided, that the Company shall not
be required in connection with such registration and qualification or as a condition to such
registration and qualification (i) to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions or (ii) to subject itself to taxation in any
jurisdiction;

(e) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of
such offering;

(f) notify each Holder of Registrable Securities covered by such registration promptly after
it shall receive notice thereof, of the time when such registration statement has been amended or
becomes effective or a supplement to any prospectus forming a part of such registration statement
has been filed;

(g) notify each Holder of Registrable Securities covered by such registration statement
promptly of any request by the SEC for the amending or supplementing of such registration statement
or prospectus or for additional information or, at any time when a prospectus relating to such
registration statement 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, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required
to be stated in such prospectus or necessary to make the statements in such prospectus not
misleading in the light of the circumstances then existing;

(h) prepare and file with the SEC promptly any amendments or supplements to such registration
statement or prospectus which, in the opinion of counsel for the Company or the managing
underwriter, is required in connection with the distribution of the Registrable Securities covered
by such registration;

(i) enter into such agreements (including underwriting agreements in the managing
underwriter’s customary form) as are customary in connection with an underwritten registration;

(j) cause all such Registrable Securities registered pursuant to such registration statement
to be listed on each securities exchange on which similar securities issued by the Company are then
listed;

(k) provide a transfer agent and registrar for all Registrable Securities registered pursuant
to such registration statement and a CUSIP number for all such Registrable Securities, in each case
not later than the effective date of such registration;

(l) 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;

(m) furnish to each Holder of Registrable Securities covered by such registration statement
and the underwriters of the Registrable securities being registered legal opinions of the Company’s
counsel in customary form;

(n) furnish to each Holder of Registrable Securities covered by such registration statement
and the underwriters of the Registrable Securities being registered auditors’ comfort letters in
customary form;

(o) 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 Registrable Securities included in such registration
statement for sale in any jurisdiction, the Company shall promptly use its best efforts to obtain
the withdrawal of such order; and

(p) otherwise use its commercially reasonable 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 earnings statement covering the period of at least twelve (12) months, but not more
than eighteen (18) months, beginning with the first month after the effective date of the
Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of
the Securities Act.

Section 5. Suspension of Dispositions.

Each Holder agrees by acquisition of any Registrable Securities that, upon receipt of any
notice (a “Suspension Notice”) from the Company of the happening of any event of the kind which, in
the opinion of the Company, requires the amendment or supplement of any prospectus, such Holder
will forthwith discontinue disposition of Registrable Securities until such Holder’s receipt of the
copies of the supplemented or amended prospectus, or until it is advised in writing by the Company
(the “Advice”) that the use of the prospectus may be resumed, and has received copies of any
additional or supplemental filings which are incorporated by reference in the prospectus, and, if
so directed by the Company, such Holder will deliver to the Company all copies, other than
permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice. In the event the Company gives a
Suspension Notice, the time period regarding the effectiveness of registration statements set forth
in Section 4(b) shall be extended by the number of days during the period from and
including the date of the giving of the Suspension Notice to and including the date when each
seller of Registrable Securities covered by such registration statement shall have received the
copies of the supplemented or amended prospectus or the Advice.

Section 6. Expenses of Registration.

All Registration Expenses incurred in connection with any registration, qualification, or
compliance pursuant to Sections 2 and 3 of this Agreement and the reasonable fees
and disbursements of one firm of counsel for the selling Holders (which shall be selected by the
Holders of seventy-five percent (75%) of the Registrable Securities being included in any
particular registration statement), shall be borne by the Company; provided, however, that
the Company shall not be required to pay for any expenses of any registration proceeding begun
pursuant to Section 2 if the registration request is subsequently withdrawn at the request
of all of the Holders of the Registrable Securities to be registered, in which case all Holders
shall bear their pro rata portion of such expenses. All underwriting discounts, selling
commissions, and stock transfer taxes relating to securities so registered shall be borne by the
Holders of such securities pro rata on the basis of the number of shares of securities so
registered on their behalf, as shall any other expenses in connection with the registration
required to be borne by the Holders of such securities. Notwithstanding the foregoing, in no event
shall the Company be required to required to pay fees and disbursements of the one firm of counsel
for the selling Holders in excess of $20,000 for each registration or qualification pursuant to
Sections 2 or 3 of this Agreement.

Section 7. Furnish Information.

It shall be a condition precedent to the obligations of the Company to take any action (other
than the giving of notice) pursuant to Sections 2 and 3 that the selling Holders
shall furnish to the Company such information regarding themselves, the Registrable Securities held
by them, and the intended method of disposition of such securities as shall be required to effect
the timely registration of their Registrable Securities.

Section 8. Delay of Registration.

No Holder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any such registration as the result of any controversy that might arise with respect to
the interpretation or implementation of Section 2.

Section 9. Indemnification.

If any Registrable Securities are included in a registration statement under
Sections 2 and 3:

(a) By the Company. To the extent permitted by law, the Company shall indemnify and
hold harmless each Holder, the employees, advisors, agents, Affiliates, representatives, partners,
officers, and directors of each Holder, any underwriter (as defined in the Securities Act) for such
Holder, and each person, if any, who controls such Holder or underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, costs, expenses and
liabilities, joint or several (including reasonable fees and disbursements of legal counsel and
other agents except as limited by Section 9(c)) (collectively, “Damages”) to which they may
become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar
as such Damages (or actions in respect of such Damages) arise out of or are based upon any of the
following statements, omissions, or violations (collectively, “Violations” and, individually, a
“Violation”):

(i) any untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final prospectus
contained in such registration statement or any amendments or supplements to such
registration statement;

(ii) the omission or alleged omission to state in any such registration statement a
material fact required to be stated in such registration statement or necessary to make the
statements in such registration statement not misleading; or

(iii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any federal or state securities law, or any rule or regulation promulgated
under the Securities Act, the Exchange Act, or any federal or state securities law in
connection with the offering covered by such registration statement;

and the Company shall reimburse each such Holder, partner, officer, director, underwriter, or
controlling person for any legal or other expenses reasonably incurred by them, as incurred, in
connection with investigating or defending any such loss, claim, damage, liability, or action;
provided, that the indemnity agreement contained in this Section 9(a) shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld), nor shall the Company be liable in any such case for any such loss, claim, damage,
liability, or action to the extent (and only to the extent) that it arises out of or is based upon
a Violation that occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by a Holder or a partner, officer, director,
underwriter, agent or controlling person of any Holder.

(b) By Selling Holders. To the extent permitted by law, each selling Holder shall
indemnify and hold harmless the Company, each of its directors, each of its officers who have
signed the registration statement, each person, if any, who controls the Company within the meaning
of the Securities Act, any underwriter, and any other Holder selling securities under such
registration statement or any of such other Holder’s employees, advisors, agents, Affiliates,
representatives, partners, directors, or officers or any person who controls such Holder within the
meaning of the Securities Act or the Exchange Act, against any Damages to which the Company or any
such director, officer, controlling person, underwriter, or other such Holder, employees, advisors,
agents, Affiliates, representatives, partner, director, officer, or controlling person of such
other Holder may become subject under the Securities Act, the Exchange Act, or other federal or
state law, insofar as such Damages (or actions in respect to such Damages) arise out of or are
based upon any Violation, in each case to the extent (and only to the extent) that such Violation
occurs in reliance upon and in conformity with written information furnished by or on behalf of
such Holder expressly for use in connection with such registration; and each such Holder shall
reimburse any legal or other expenses reasonably incurred, as incurred, by the Company or any such
director, officer, controlling person, underwriter, or other Holder, employee, advisor, agent,
Affiliate, representative, partner, officer, director, or controlling person of such other Holder
in connection with investigating or defending any such loss, claim, damage, liability, or action;
provided, that the indemnity agreement contained in this Section 9(b) shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of the Holder, which consent shall not be unreasonably
withheld, nor shall the total amounts payable in indemnity by a Holder under this
Section 9(b) in respect of any Violation exceed the net proceeds received by such Holder in
the registered offering out of which such Violation arises.

(c) Notice. Promptly after receipt by an indemnified party under this
Section 9(c) of notice of the commencement of any action (including any governmental
action), such indemnified party shall, if a claim in respect of such action is to be made against
any indemnifying party under this Section 9(c), deliver to the indemnifying party a written
notice of the commencement of such action 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 the defense of such action with counsel mutually
satisfactory to the parties; provided, that an indemnified party shall have the right to
retain its own counsel and to participate in the defense of such claim, with the fees and expenses
to be paid by the indemnifying party, if (i) representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential
conflict of interests between such indemnified party and any other party represented by such
counsel in such proceeding; (ii) the indemnifying party has agreed to pay such fees or expenses or
(iii) the indemnifying party shall have failed to assume the defense of such claim and employ legal
counsel reasonably satisfactory to the other parties; provided, further, that the
indemnifying party shall not in such event be responsible for the fees and expenses of more than
one firm of separate counsel with respect to all indemnified parties, which firm shall be
designated by the indemnified parties and shall be subject to the indemnifying party’s approval,
such approval not to be unreasonably withheld, in connection with any action or separate but
related actions in the same jurisdiction, in addition to any local counsel, 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, in which
event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of
such additional counsel or counsels. If such defense is assumed by the indemnifying party pursuant
to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the
applicable claim unless (i) such settlement or compromise contains a full and unconditional release
of such indemnified party or (ii) the indemnified party otherwise consents in writing. If such
defense is not assumed, the indemnifying party will not be subject to any liability for any
settlement made by the indemnified party without the indemnifying party’s consent (but such consent
will not be unreasonably withheld). The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action, if prejudicial to the indemnifying
party’s ability to defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Section 9, but the omission so to deliver written notice
to the indemnifying party shall not relieve the indemnifying party of any liability that it may
have to any indemnified party otherwise than under this Section 9(c).

(d) Defect Eliminated in Final Prospectus. The foregoing indemnity agreements of the
Company and the Holders are subject to the condition that, insofar as they relate to any Violation
made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with
the SEC at the time the registration statement in question becomes effective or the amended
prospectus filed with the SEC pursuant to SEC Rule 424(b) (the “Final Prospectus”), such indemnity
agreement shall not inure to the benefit of any person if a copy of the Final Prospectus was
furnished to the indemnified party and was not furnished to the person asserting the loss, claim,
damage, or liability, at or prior to the time such action is required by the Securities Act.

(e) Contribution. In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any indemnified party or any
controlling person of any such indemnified party, makes a claim for indemnification pursuant to
this Section 9 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 9 provides for indemnification in such case or (ii) contribution
under the Securities Act may be required on the part of any such indemnified party or any such
controlling person in circumstances for which indemnification is provided under this
Section 9, then, and in each such case, each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such Damages in such proportion as
is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in
connection with the actions which resulted in such Damages as well as any other relevant equitable
considerations. The relative fault of such indemnifying party and indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or indemnified party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 9(e) were determined by pro rata allocation (even if the Holders or any
underwriters or all of them were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to in this
Section 9(e). The amount paid or payable by an indemnified party as a result of the
Damages (or actions in respect thereof) referred to above shall be deemed to include any legal or
other fees or expenses reasonably incurred by such indemnified party in connection with
investigating or, except as provided in Section 9(c), defending any such action or claim.
Notwithstanding the provisions of this Section 9(e), no Holder shall be required to
contribute an amount greater than the dollar amount of the net proceeds received by such Holder
with respect to the sale of any Registrable Securities less any amounts paid in indemnity. No
person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person or entity who was not guilty of
such fraudulent misrepresentation.

(f) Conflicts. Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in an underwriting agreement entered into by the Company
and the Holders in connection with underwritten public offering are in conflict with the foregoing
provisions, the provisions of the underwriting agreement shall control.

(g) Survival. The obligations of the Company and Holders under this Section 9
shall 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
shall survive the completion of any offering of Registrable Securities in a registration statement
and shall survive the termination of this Agreement.

Section 10. “Market Stand-Off” Agreement.

Each Holder hereby agrees that it shall not, to the extent requested by the Company or an
underwriter of securities of the Company, sell or otherwise transfer or dispose of any Registrable
Securities or other shares of stock of the Company then owned by such Holder (other than to
“affiliates” (as that term is defined in Rule 144(a)(1) of the Securities Act) of such Holder,
donees or partners of the Holder who agree to be similarly bound) for up to one hundred eighty
(180) days following the effective date of a registration statement of the Company filed under the
Securities Act; provided, that:

(a) such agreement shall be applicable to any Holder only as to any registration statement
that covers securities held by such Holder; and

(b) all officers and directors of the Company and holders of at least five percent (5%) of the
Company’s voting securities are bound by and have entered into similar agreements.

In order to enforce the foregoing covenant, the Company shall have the right to place
restrictive legends on the certificates representing the shares subject to this Section 10
and to impose stop-transfer instructions with respect to the Registrable Securities and such other
shares of stock of each Holder (and the shares or securities of every other person subject to the
foregoing restriction) until the end of such period.

Section 11. Limitations on Subsequent Registration Rights.

For so long as any Holder has the right to request registration of Registrable Securities
pursuant to this Agreement, neither the Company nor any of its security holders (other than the
Holders in such capacity pursuant hereto) may include securities of the Company in the Registration
Statement other than Registrable Securities, and the Company shall not, without the prior written
consent of the Holders of seventy-five percent (75%) of the outstanding Registrable Securities,
enter into any agreement with any holder or prospective holder of any securities of the Company
that would allow such holder or prospective holder to include securities in any registration filed
by the Company.

Section 12. Rule 144 Reporting.

With a view to making available the benefits of certain rules and regulations of the SEC that
may at any time permit the sale of the Registrable Securities to the public without registration,
the Company agrees to use its commercially reasonable efforts to:

(a) make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act, at all times after the effective date that the Company becomes
subject to the reporting requirements of the Securities Act or the Exchange Act;

(b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements); and

(c) so long as a Holder owns any Registrable Securities, to furnish to the Holder promptly
upon request (and in no event more than five (5) days after the receipt of such request), (i) a
written statement by the Company as to its compliance with the reporting requirements of said Rule
144, and of the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or
quarterly report of the Company, and (iii) such other reports and documents of the Company as a
Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing a
Holder to sell any such securities without registration.

Section 13. Termination of the Company’s Obligations.

The Company shall have no obligations pursuant to Sections 2 and 3 with
respect to any Registrable Securities proposed to be sold by a Holder in a registration pursuant to
Sections 2 and 3 if, in the opinion of counsel to the Company, all such Registrable
Securities proposed to be sold by a Holder may be sold in a 60-day period without registration
under the Securities Act pursuant to Rule 144(k) promulgated under the Securities Act.

Section 14. Damages to Holders.

The Company and the Holders agree that the Holders will suffer damages if the Company fails to
fulfill its obligations pursuant to Section 2 and 3 hereof and that it would not be
possible to ascertain the extent of such damages in the event of such failure. Accordingly, the
Company hereby agrees to pay as liquidated damages and not as a penalty to the Holders of the
Registrable Securities (in accordance with their pro rata ownership of the Notes and Warrants) if
(i) the registration statement contemplated in Section 2 and 3 has not been filed
with the SEC by the Filing Date, or (ii) if at any time after such registration statement has been
declared effective by the SEC and such registration statement ceases to be effective (any such
failure or breach being referred to as an “Event”), in the amount of $1,000 per day until such
registration statement has been filed or until such ineffective registration statement has been
declared effective by the SEC; provided, however, the amount of such liquidated
damages, in the aggregate, shall not exceed $150,000 and, provided, further, that
no damages shall be deemed to have accrued in the event a registration statement is filed and made
effective with respect to less than all the Registrable Securities initially requested by the
Holders as a result of concerns regarding Rule 415 raised by the SEC and if the balance of all such
Registrable Securities are later registered pursuant to a registration as provided for herein.
While such Event continues, such liquidated damages shall be paid not less often than each thirty
(30) days. Any unpaid liquidated damages as of the date when an Event has been cured by the
Company shall be paid three (3) days following the date on which such Event has been cured by the
Company.

Section 15. Piggy-Back Registrations.

If at any time there is not an effective registration statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with the SEC a
registration statement relating to an offering for its own account or the account of others under
the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as
promulgated under the Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or equity securities
issuable in connection with stock option or other employee benefit plans, then the Company shall
send to each Holder written notice of such determination and, if within thirty (30) days after
receipt of such notice, any such Holder shall so request in writing, the Company shall include in
such registration statement all or any part of such Registrable Securities such holder requests to
be registered to the extent the Company may do so without violating registration rights of others
which exist as of the date of this Agreement, subject to customary underwriter cutbacks applicable
to all holders of registration rights and subject to obtaining any required the consent of any
selling stockholder(s) to such inclusion under such registration statement. Notwithstanding the
foregoing, the rights provided for in this Section 15 shall not apply to any registration
originally filed by the Company within one hundred eighty (180) days of the date of the Purchase
Agreement.

Section 16. Tejas Warrants

The parties acknowledge and agree that Tejas will be permitted to include the shares of Common
Stock issuable upon exercise of the Tejas Warrants in any registration of Registrable Securities
effected pursuant to this Agreement, provided that (i) applicable rules and interpretations of the
SEC permit such inclusion in the contemplated registration and (ii) in the case of any underwriter
cutback, the shares of Common Stock of Tejas will be subject to exclusion prior to any cutback of
the Registrable Securities. “Tejas Warrants” shall mean the warrants issued or issuable to Tejas
by the Company pursuant to the Master Private Placement Engagement Letter between the Company and
Tejas dated June 21, 2007, as amended by that certain amendment dated July 24, 2007, and as amended
by that certain amendment dated September 17, 2007, as a result of the issuance of the Registrable
Securities by the Company pursuant to the Purchase Agreement. Notwithstanding the foregoing, the
rights of Tejas as provided hereunder specifically exclude all of those rights set forth in
Sections 2, 6, 14 and 15

Section 17. General Provisions.

(a) Successors and Assigns. Except as otherwise provided in this Agreement, the
provisions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties to this Agreement. Any Holder that ceases to
beneficially own any Registrable Securities shall cease to be bound by the terms hereof or be
entitled to any benefits or rights hereunder (other than as expressly set forth herein).

(b) Third Parties. Nothing in this Agreement, express or implied, is intended to
confer upon any person, other than the parties to this Agreement and their respective successors
and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement
except as expressly provided in this Agreement.

(c) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO CONFLICTS OF LAWS RULES OR PRINCIPLES
THEREOF.

(d) Venue. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts serving Dallas County, Texas, for the purposes of any action arising out
of this Agreement, or the subject matter hereof. To the extent permitted by applicable law, each
party hereby waives and agrees not to assert, by way of motion, as a defense or otherwise, in any
such action (a) that such party is not personally subject to the jurisdiction of the above-named
courts, (b) that the action is brought in an inconvenient forum, (c) that it is immune from any
legal process with respect to itself or its property, (d) that the venue of the suit, action or
proceeding is improper, or (e) that this Agreement, or the subject matter hereof, may not be
enforced in or by such courts.

(e) Counterparts. This Agreement may be executed in two or more counterparts
including, without limitation, delivery by facsimile or electronic transmission, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same
agreement.

(f) Headings. The headings and captions used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement. All
references in this Agreement to sections, paragraphs, exhibits, and schedules shall, unless
otherwise provided, refer to sections and paragraphs of this Agreement and exhibits and schedules
attached to this Agreement, all of which exhibits and schedules are incorporated in this Agreement
by this reference.

(g) Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given:

(i) upon personal delivery to the party to be notified;

(ii) when sent by confirmed facsimile if sent during normal business hours of the
recipient, or if delivered after normal business hours, then on the next Business Day;

(iii) three (3) Business Days after having been sent by registered or certified mail,
return receipt requested, postage prepaid; or

(iv) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt.

All communications shall be sent as follows:

	 	 	 	If to the Company, to:

The X-Change Corporation

710 Century Parkway

Allen, Texas 75013

Attention: George DeCourcy, Chief Financial Officer

Facsimile: 972-359-6334

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

Strasburger & Price, LLP

901 Main Street, Suite 4400

Dallas, Texas 75202

Attention: Kevin Woltjen, Esq.

Facsimile: 214-659-4025

If to the Purchasers, addressed to each of them at:

Samson Investment Company

Samson Investment Company

Samson Plaza

Two West Second Street

Tulsa, Oklahoma 74103

Attention: Jeremy Rabinowitz

Facsimile: 918-591-7210

Ironman PI Fund (QP), L.P.

c/o Ironman Energy Capital, LP

4545 Bissonnet, Suite 291

Bellaire, Texas 77401

Attention: G. Bryan Dutt & Lisa Reisack

Facsimile: 713-218-6946

John Thomas Bridge and Opportunity Fund, LP

3 Riverway, Suite 1800

Houston, Texas 77076

Attention: George Jarkesy

Facsimile: 866-285-7314

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

Weil, Gotshal & Manges

200 Crescent Court

Suite 300

Dallas, Texas 75201

Attention: R. Scott Cohen, Esq.

Facsimile: 214-746-7777

	 	 	 	If to Tejas, to:

Tejas Securities Group, Inc.

8226 Bee Caves Road

Austin, Texas 78746

Attn: Morris D. Weiss

Fax: 512-330-9791

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

	 

	 	Morrison Foerster

1290 Avenue of the Americas

New York, New York 10104-0050

Attn: John Hempill

Fax:  (212) 468-7900

or at such other address as the Company or any Purchaser may designate by written notice to the
other parties hereto given in accordance with this Section 17(g).

(h) Amendment; Waiver; Termination.

(i) The parties hereto may not amend, modify or supplement this Agreement or waive any
provision hereof except pursuant to a written instrument making specific reference to this
Agreement that identifies itself as an amendment, modification or supplement to this
Agreement and that is executed by (i) the Company and (ii) Holders holding seventy-five
percent (75%) of the Registrable Securities; provided, however, that any amendment,
modification, supplement or waiver that materially and adversely affects a Holder
disproportionately as compared to all other Holders of the same class of Registrable
Securities shall require the prior written consent of seventy-five percent (75%) of such
Holders so adversely affected. Notwithstanding anything in this Section 17(h) to
the contrary, if additional registration rights are granted to other parties in accordance
with Section 11, such parties may be added as parties to this Agreement by execution
of counterpart signature pages without any amendment of this Agreement.

(ii) No action taken pursuant to this Agreement, including any investigation by or on
behalf of any party hereto, constitutes a waiver by the party taking such action of
compliance with any provision of this Agreement. The waiver by any party hereto of any
provision of this Agreement is effective only in the instance and only for the purpose that
it is given and does not operate and is not to be construed as a further or continuing
waiver of such provision or as a waiver of any other provision. No failure on the part of
any party hereto to exercise, and no delay in exercising, any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, operates as a waiver or
estoppel thereof. No single or partial exercise of any right, power or remedy under this
Agreement by any party hereto precludes any other or further exercise thereof or the
exercise of any other right, power or remedy. All remedies under this Agreement are
cumulative, not alternative and are not exclusive of any other remedies provided by law.

(iii) This Agreement shall terminate upon the date on which there are no longer any
Registrable Securities outstanding; provided, however, the provisions of
Section 9 and this Section 17 shall survive indefinitely.

(i) Non-Recourse. Notwithstanding anything that may be expressed or implied in this
Agreement, the Company and each Holder covenant, agree and acknowledge that this Agreement may only
be enforced against the parties hereto. All claims or causes of action (whether in contract, tort
or otherwise) arising out of or relating to this Agreement (including the negotiation, execution or
performance of this Agreement and any representation or warranty made in or in connection with this
Agreement or as an inducement to enter into this Agreement) may be made only against the parties
hereto. No past, present or future officer, director, shareholder, employee, incorporator, member,
partner, agent, attorney, representative or Affiliate of any party hereto (including any person
negotiating or executing this Agreement on behalf of a party hereto) shall have any liability or
obligation with respect to this Agreement or with respect to any claim or cause of action (whether
in contract, tort or otherwise) arising out of or relating to this Agreement (including the
negotiation, execution or performance of this Agreement and any representation or warranty made in
or in connection with this Agreement or as an inducement to enter into this Agreement).

(j) Specific Enforcement. Each party hereto acknowledges and agrees that irreparable
damage would occur to the other parties hereto and that the other parties hereto will not have an
adequate remedy at law in the event that any of the provisions of this Agreement to be performed by
such party were not performed in accordance with their specific terms or were otherwise breached.
Therefore, each party hereto is entitled to an injunction or injunctions to prevent breaches of
this Agreement by the other parties and to specifically enforce the terms and provisions of this
Agreement against such other parties hereto in any court of competent jurisdiction, without bond or
other security being required, and appropriate injunctive relief may be applied for by such parties
and granted in connection therewith. Such remedies are, however, cumulative and not exclusive and
are in addition to any other remedies which any party may have under this Agreement or otherwise.

(k) Costs And Attorney Fees. If any action, suit, or other proceeding is instituted
concerning or arising out of this Agreement or any transaction contemplated under this Agreement,
the prevailing party shall recover all of such party’s costs and attorney fees incurred in each
such action, suit, or other proceeding, including any and all appeals or petitions from any such
action, suit, or other proceeding.

(l) Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, then such provision(s) shall be excluded from this Agreement
and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and
shall be enforceable in accordance with its terms.

(m) Entire Agreement. This Agreement, together with all exhibits and schedules to
this Agreement, constitutes the entire agreement and understanding of the parties with respect to
the subject matter of this Agreement and supersedes any and all prior negotiations, correspondence,
agreements, understandings, duties, or obligations between the parties with respect to the subject
matter of this Agreement.

(n) Further Assurances. From and after the date of this Agreement, upon the request
of the Holders or the Company, the Company and the Holders shall execute and deliver such
instruments, documents, or other writings as may be reasonably necessary or desirable to confirm
and carry out and to effectuate fully the intent and purposes of this Agreement.

[Remainder of Page Intentionally Left Blank. Signature Page Follows.]

1

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

COMPANY:

THE X-CHANGE CORPORATION

By: /s/ George DeCourcy

	 	 	Name: George DeCourcy

Its: Chief Financial Officer

2

TEJAS:

TEJAS SECURITIES GROUP, INC.

By:

Name:

Its:

3

HOLDERS:

SAMSON INVESTMENT COMPANY

By: /s/ Stacy Schusterman

	 	 	Name: Stacy Schusterman

Its: Chief Executive Officer

4

IRONMAN PI FUND (QP), L.P.

By: IRONMAN ENERGY PARTNERS, L.P.,

its general partner

By: IRONMAN CAPITAL MANAGEMENT, LLC, its

general partner

By: /s/ G. Bryan Dutt

	 	 	Name: G. Bryan Dutt

Its: President

5

JOHN THOMAS BRIDGE AND OPPORTUNITY FUND, LP

By: /s/ George R. Jarkesy, Jr.

	 	 	Name: George R. Jarkesy, Jr.

Its: Managing Partner

6EX-10.3

SECURITY AGREEMENT (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, this “Security Agreement”), dated as of December 4, 2007, by
AirGATE Technologies, Inc., a Texas corporation (“Grantor”), in favor of Samson Investment
Company, as Collateral Agent (as defined below) and the Secured Parties (as defined herein).

INTRODUCTION

This Security Agreement is executed in connection with the transactions described in that
certain Securities Purchase Agreement dated as of December 4, 2007 by and among The X-Change
Corporation, a Nevada corporation (the “Company”), Grantor, and the Secured Parties (the
“Purchase Agreement”). Capitalized terms used but not defined herein shall have the
meanings specified in the Purchase Agreement. All terms used herein and defined in the UCC (as
defined below) shall have the same definitions herein as specified therein.

Grantor is a wholly-owned subsidiary of the Company, and as such, will benefit from the
transactions contemplated by the Purchase Agreement.

To induce each of the Secured Parties to enter into the Purchase Agreement and the Related
Agreements, and to purchase from the Company the Notes and the Warrants (each of the foregoing, as
amended, restated, amended and restated, supplemented or otherwise modified from time to time,
collectively the “Transaction Documents” and each, individually, a “Transaction
Document”), Grantor hereby agrees as follows:

Section 1. Appointment of Collateral Agent. Each of the Purchasers hereby
appoints Samson Investment Company to act on its behalf as the collateral agent (the
“Collateral Agent”) hereunder and under the Guaranty (as defined below) and authorizes the
Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to
the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto.

Section 2. Grant of Security Interest.

2374903.1/SP/16392/0103/121007

2.1. Grantor, as collateral security for the prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of all of the obligations of
Grantor (the “Secured Obligations”) under that certain Guaranty Agreement dated as of
December 4, 2007 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Guaranty”) made by Grantor in favor of the Collateral Agent, for
the ratable benefit of the Holders (as defined in the Notes, and together with the Collateral
Agent, each, a “Secured Party”, and collectively, the “Secured Parties”), hereby
grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a lien on and
security interest in, all of its right, title and interest in, to and under the following property
now owned or at any time hereafter acquired by Grantor or in which Grantor now has or at any time
in the future may acquire any right, title or interest: (a) all Chattel Paper, all Electronic
Chattel Paper, all Goods, all Accounts, all Commercial Tort Claims, all Promissory Notes, all
Deposit Accounts, all Documents, all Equipment, all Fixtures, all General Intangibles, all
Instruments, all Intellectual Property (as defined below), all Inventory, all Investment Property,
all Letter-of-Credit-Rights, all Records, all Supporting Obligations, and any other personal
property of Grantor, (b) all additions, attachments, accessories and accessions thereto, and any
and all substitutions, replacements or exchanges therefore, and all insurance and/or other Proceeds
thereof (the items referred to in clauses (a) and (b) above, the “Collateral”). For all
purposes hereunder, “Intellectual Property” shall mean all intellectual and similar
property of Grantor of every kind and nature now owned or hereafter acquired by Grantor, including
(i) inventions, designs, all letters patent of the United States or any other country, all
registrations and recordings thereof, and all applications for letters patent of the United States
or any other country, including registrations, recordings and pending applications in the United
States Patent and Trademark Office or in any similar office or agency of the United States, any
State thereof, or any other country, all reissues, continuations, divisions, continuations-in-part,
renewals or extensions thereof, and the inventions disclosed or claimed therein, including the
right to make, use and/or sell the inventions disclosed or claimed therein (all items described in
this clause (i), “Patents”); (ii) all agreements providing for the grant by or to Grantor
of any right to manufacture, use or sell any invention covered in whole or in part by a Patent;
(iii) all trademarks, service marks, trade names, corporate names, company names, business names,
fictitious business names, trade styles, trade dress, logos, other source or business identifiers,
designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all registration and recording applications filed in
connection therewith, including registrations and registration applications in the United States
Patent and Trademark Office, any State of the United States or any similar offices in any other
country or any political subdivision thereof, and all extensions or renewals thereof, together with
the goodwill pertaining to any of the foregoing (all items described in this clause (iii),
“Trademarks”); (iv) all agreements providing for the grant by or to Grantor of any right to
use any Trademark; (v) all copyright rights in any work subject to the copyright laws of the United
States or any other country, whether as author, assignee, transferee or otherwise, and all
registrations and applications for registration of any such copyright in the United States or any
other country and all extensions and renewals thereof, including registrations, recordings,
supplemental registrations and pending applications for registration in the United States Copyright
Office (all items described in this clause (v), “Copyrights”); (vi) all agreements naming
Grantor as licensor or licensee, granting any right under any Copyright, including, without
limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from
any Copyright; (vii) any and all domain names and domain name registrations, trade secrets,
confidential or proprietary technical and business information, know-how or other data or
information, software and databases and all embodiments or fixations thereof and related
documentation, registrations and franchises, licenses for any of the foregoing and all license
rights, and all additions, improvements and accessions to, and books and records describing or used
in connection with, any of the foregoing, and (viii) including, without limitation, any of the
foregoing set forth on Schedule I hereto.

2.2. Notwithstanding anything to the contrary contained herein, this Security Agreement shall
not constitute nor evidence a grant of a security interest, collateral assignment or any other type
of lien in any property or assets to the extent that Grantor is prohibited from granting a security
interest in, pledge of, or charge, mortgage or lien upon any such property or assets by reason of
(a) an existing and enforceable negative pledge provision or (b) applicable law to which Grantor is
subject, except (in the case of either of the foregoing clauses (a) and (b)) to the extent such
prohibition is ineffective under the UCC.

Section 3. Representations and Warranties. In addition to the
representations and warranties made by Grantor under the Purchase Agreement and any other
Transaction Document, Grantor hereby makes the following representations and warranties to the
Collateral Agent and each of the Secured Parties:

(a) Except for the lien granted pursuant to this Security Agreement and Permitted Liens,
Grantor owns each item of the Collateral free and clear of any and all liens, encumbrances or
claims of others. Grantor (x) is the record and beneficial owner of the Collateral pledged by it
hereunder constituting instruments or certificates and (y) has rights in or the power to transfer
each other item of Collateral in which a lien is granted by it hereunder, free and clear of any
other lien or encumbrance (other than Permitted Liens).

(b) The security interest granted pursuant to this Security Agreement constitutes a valid and
continuing perfected security interest in favor of the Collateral Agent, for the benefit of the
Secured Parties, in all Collateral subject, in the case of all Collateral in which a security
interest may be perfected by filing a financing statement under the UCC, to the filing of such
financing statements with the appropriate Secretaries of State (or similar governmental authority).
Such security interest shall be prior to all other liens on the Collateral.

(c) Grantor’s jurisdiction of organization, legal name and organizational identification
number, if any, and the location of Grantor’s chief executive office or sole place of business, in
each case as of the date hereof, is specified on Schedule II hereto.

(d) No consent or approval of, notice to or filing with any governmental authority or any
other person or entity or any consent from any person or entity is required for the exercise by the
Collateral Agent of its rights provided for in this Security Agreement or the enforcement of
remedies in respect of the Collateral pursuant to this Security Agreement, including the transfer
of any Collateral, except for (i) filings necessary to perfect and maintain the perfection of the
liens granted under this Security Agreement, and (ii) the approvals, consents, and authorizations
which have been duly obtained, taken, given, or made and are in full force and effect.

(e) This Security Agreement constitutes the legal, valid and binding obligation of Grantor
enforceable against Grantor in accordance with its terms except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting
enforcement of creditors’ rights.

(f) Neither the execution of this Security Agreement nor the performance of the obligations
created hereunder will conflict with or result in a breach of any other agreement or instrument to
which Grantor is a party or by which it is bound or be in violation or default of any statute,
rule, or decree of any court, administrative agency or governmental body to which it may be
subject. Grantor is not in default with respect to any indenture, loan agreement, mortgage, lease,
deed or other similar agreement to which it is a party or by which it is bound; and

(g) The consummation of the transactions between the Company and each of the Secured Parties
contemplated by the Transaction Documents is of value to Grantor and is reasonably expected to
benefit Grantor directly or indirectly, and is in furtherance of Grantor’s business interests.

Section 4. Covenants and Agreements.

4.1. Grantor shall pay promptly when due all taxes, license fees, assessments and public and
private charges levied or assessed on any of the Collateral, on its use, or on this Security
Agreement; provided, that Grantor shall not be required to pay any such tax, license fee,
assessment or charge whose amount, applicability or validity is being contested in good faith by
appropriate proceedings and for which Grantor has provided adequate reserves in accordance with
GAAP. At its option, the Collateral Agent may discharge taxes, liens, security interests or other
encumbrances at any time levied or placed on the Collateral and may pay for the maintenance,
insurance and preservation of the Collateral and effect compliance with the terms of this Security
Agreement. Grantor agrees to reimburse the Collateral Agent, on demand, for all costs and expenses
incurred by it in connection with such payment or performance and agrees that such reimbursement
obligation shall constitute Secured Obligations.

4.2. Grantor shall, at all times, keep accurate and complete records of the Collateral, and
the Collateral Agent shall have the right to inspect, and make copies of all of Grantor’s books and
records relating to the Collateral during normal business hours, after giving Grantor reasonable
prior notice.

4.3. Grantor agrees, at its own expense, to keep the Collateral insured with companies
reasonably acceptable to the Collateral Agent for such amounts and against such hazards as is
usually carried by companies engaged in similar business and owning similar properties in the same
general jurisdictions or regions that Grantor operates, with losses under the policies payable to
the Collateral Agent or its assigns, if any, for the benefit of the Secured Parties. The
Collateral Agent shall be named as an additional insured under all such insurance policies with
loss payable clauses under said policies payable in the Collateral Agent’s favor, for the benefit
of the Secured Parties. Grantor hereby irrevocably appoints the Collateral Agent as its
attorney-in-fact, such appointment to be exercised after the occurrence and during the continuance
of an Event of Default (as defined below), to make proof of loss and claims for insurance and to
make adjustments with insurers and to receive payment of and execute or endorse all documents,
checks or drafts in connection with payments made with respect to such insurance policies. Grantor
may not make adjustments with insurers except with the Collateral Agent’s prior written consent.
The policies will provide that the insurance may not be altered or canceled by the insurer until
after 30 days written notice to the Collateral Agent. Upon the request of the Collateral Agent,
Grantor shall deliver to the Collateral Agent evidence reasonably satisfactory to the Collateral
Agent that Grantor is in compliance with all insurance requirements set forth in this Security
Agreement, which evidence so requested may include insurance certificates from each relevant
insurer. In the event of damage to or loss, secretion, destruction or theft of the Collateral, or
any portion of the Collateral, whether in whole or in part, upon request of the Collateral Agent
Grantor will pay to the Collateral Agent, for the benefit of the Secured Parties, the amount of all
Secured Obligations attributable to such Collateral, or of the portion of the Secured Obligations
attributable to such Collateral so affected if the value and use of the remainder of the Collateral
are not affected at the time of such occurrence (except to the extent that the Collateral Agent,
for the benefit of the Secured Parties, indefeasibly receive proceeds of insurance covering such
Collateral). The Collateral Agent may, at its option, apply proceeds of insurance, in whole or in
part: (i) to repair or comparably replace the Collateral or any portion of it; or (ii) to satisfy
any of the Secured Obligations attributable to such Collateral pursuant to any Transaction
Document.

4.4. Grantor hereby agrees with the Collateral Agent for the benefit of the Secured Parties
from the date hereof until such date as the Secured Obligations are indefeasibly paid in full in
cash that Grantor will (a) use the Collateral only in its trade or business; (b) maintain all of
the tangible Collateral in good operating order and repair, normal wear and tear excepted; (c) use
and maintain the Collateral only in compliance with any applicable manufacturers recommendations
and all applicable laws; (d) keep all of the Collateral free and clear of any and all liens, claims
and encumbrances, including purchase money security interests, other than those in favor of the
Collateral Agent for the benefit of the Secured Parties and Permitted Liens; (e) remain the sole
owner of the Collateral and not sell, lease, mortgage, hypothecate, license, grant a security
interest in or otherwise transfer or encumber any of the Collateral; (f) not change its state of
incorporation or its name as it appears in official filings in the state of its incorporation
without giving the Collateral Agent at least 60 days’ prior written notice; and (g) promptly notify
the Collateral Agent of (i) any of the Collateral having a value, either independently or in the
aggregate, in excess of $25,000 being lost, stolen, missing, destroyed, materially damaged or worn
out or (ii) any lien, claim or encumbrance other than Permitted Liens attaching to or being made
against any of the Collateral.

4.5. Grantor agrees, on request of the Collateral Agent, to furnish to the Collateral Agent
such further information, to execute and deliver to the Collateral Agent such documents and
instruments (including UCC financing statements) and to do such other acts and things as the
Collateral Agent may at any time reasonably request relating to the perfection or protection of the
security interest in the Collateral created by this Security Agreement or for the purpose of
carrying out the intent of this Security Agreement. Without limiting the foregoing, Grantor shall
cooperate and do all acts deemed necessary or advisable by the Collateral Agent to maintain a
perfected first priority security interest in the Collateral and shall obtain and furnish to the
Collateral Agent any subordinations, releases, landlord, lessor, bailee or mortgagee waivers,
control agreements, and similar documents as may be from time to time requested by, and in form and
substance satisfactory to, the Collateral Agent. Grantor will warrant and defend the Collateral
and the Collateral Agent against all claims by all persons in connection with the Secured
Obligations.

4.6. Grantor authorizes the Collateral Agent to file financing statements, continuations, and
amendments thereto describing the Collateral and containing any other information required by the
applicable UCC, in such form and substance as the Collateral Agent, in its sole discretion, may
determine, including a description of the Collateral as “all assets of the debtor” or similar
designation. Grantor irrevocably grants to the Collateral Agent the power, exercisable after the
occurrence and during the continuance of an Event of Default (as defined below), to sign Grantor’s
name and generally to act on behalf of Grantor to execute and file applications for title,
transfers of title, financing statements, notices of lien, demands for terminations or other
security interests in any of the Collateral and other documents pertaining to any or all of the
Collateral. This power is coupled with an interest and is irrevocable during such time as any of
the Secured Obligations are outstanding. Upon request of the Collateral Agent, Grantor shall, if
any certificate of title be required or permitted by law for any of the Collateral, obtain and
promptly deliver to the Collateral Agent such certificate showing the lien of this Security
Agreement with respect to the Collateral. Grantor ratifies its prior authorization for the
Collateral Agent or any Secured Party to file financing statements and amendments thereto
describing the Collateral and containing any other information required by the UCC, if filed prior
to the date hereof.

Section 5. Remedies.

5.1. Upon the occurrence of an event of default under any Transaction Document (an “Event
of Default”), the Collateral Agent shall have all of the rights and remedies of a secured party
under the UCC, and under any other applicable law and in equity. Without limiting the foregoing,
the Collateral Agent shall have the right to:

(a) declare any or all of the Secured Obligations to be immediately due and payable, without
demand or notice to the Company, Grantor or any other person liable for the Secured Obligations;

(b) require Grantor to promptly assemble the Collateral and make it available to the
Collateral Agent at a place to be designated by the Collateral Agent which is reasonably convenient
to both parties;

(c) take possession of the Collateral and remove same from its existing location(s) without
notice to or consent of Grantor (and Grantor irrevocably authorizes the Collateral Agent to do so);
and store and/or dispose (by public sale or otherwise) of the Collateral at its then existing
location(s) at no charge to the Collateral Agent;

(d) sell or lease any or all items of Collateral at public or private sale or lease at such
time or times as the Collateral Agent may determine and if notice thereof is required by law, any
notice in writing of any such sale or lease by the Collateral Agent to Grantor not less than 10
days prior to the date thereof shall constitute reasonable notice thereof to Grantor;

(e) otherwise lease, dispose of, hold, use, operate, or keep idle such Collateral, all as the
Collateral Agent, in its sole discretion, may determine; and

(f) have the right to bid on and purchase the Collateral at any public or private sale.

5.2. The cost of removal and turnover, including all transportation, of the Collateral upon
the occurrence of an Event of Default will be at Grantor’s expense. If Grantor makes modifications
to the site after the Collateral has been installed which impede the removal of the Collateral, the
cost of removing the impediments and restoring the site will be at Grantor’s expense. If,
following an Event of Default, the Collateral Agent exercises its right to demand that Grantor turn
over the Collateral to the Collateral Agent, the Collateral will be turned over to the Collateral
Agent or its assigns, in the same condition and appearance as when received by Grantor (reasonable
wear and tear excepted) and in good working order and condition, operable in accordance with any
applicable supplier’s then prevailing performance specifications.

5.3. After deducting all expenses of retaking, repairing, holding, transporting, initially
selling the Collateral, the net proceeds (if any) from such sale by the Collateral Agent shall be
applied against Grantor’s obligations in the following priorities: (a) first, to pay all fees, if
any, indemnities, expenses and other amounts (including reasonable fees, charges and disbursements
of counsel to the Collateral Agent) payable to the Collateral Agent in its capacity as such; (b)
second, to pay the Collateral Agent’s costs, charges and expenses in taking, removing, holding,
repairing, selling and disposing of the Collateral and any other expenses due and payable
hereunder; (c) third, to the extent not previously paid by the Company, Grantor or any other person
or entity liable therefore, to pay the Secured Parties all amounts owing in respect of the Secured
Obligations, ratably among such Secured Parties in proportion to the respective amounts described
in this clause (c) payable to them; and (d) lastly, any surplus shall be delivered to the person
lawfully entitled thereto. The Collateral Agent shall have the right to seek any deficiency from
Grantor notwithstanding the Collateral Agent’s repossession of the Collateral, or the Collateral
Agent’s initial or subsequent sale of the Collateral to a third party.

5.4. The foregoing remedies are cumulative and nonexclusive of any other rights and remedies
that the Collateral Agent may have under any other agreement or at law or in equity and may be
exercised individually or concurrently, any or all thereof may be exercised instead of or in
addition to each other or any remedies at law, in equity, or under statute. Except as expressly
provided otherwise herein, Grantor waives notice of sale or other disposition (and the time and
place thereof), and the manner and place of any advertising, and any other notice required to be
given under the UCC. The Collateral Agent shall have no obligation to marshal any of the
Collateral.

5.5. As used herein, the term “UCC” shall mean the Uniform Commercial Code as the
same may, from time to time, be in effect in the State of Texas, provided, however,
in the event that, by reason of mandatory provisions of law, any or all of the perfection or
priority of the security interest in any Collateral is governed by the Uniform Commercial Code as
in effect in a jurisdiction other than the state referred to above, “UCC” shall mean the
Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of
this Security Agreement relating to such perfection or priority and for purposes of definitions
related to such provisions.

Section 6. Waiver of Certain Rights. Grantor hereby unconditionally and
irrevocably waives and agrees not to assert any claim, defense, setoff or counterclaim based on
diligence, promptness, presentment, acceptance, demand, requirements for any demand or notice
hereunder or other requirements of any kind with respect to any Secured Obligation (including any
accrued but unpaid interest thereon) becoming immediately due and payable and any other notice in
respect of the Secured Obligations or any part of them, and any defense arising by reason of any
disability or other defense of the Company, Grantor or any other person or entity liable for the
Secured Obligations.

Section 7. Reinstatement. Grantor agrees that, if any payment made by the
Company or any other person or entity liable for the Secured Obligations and applied to the Secured
Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be
fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of
Collateral are required to be returned by Collateral Agent or any Secured Party to such person or
entity, its estate, trustee, receiver or any other party, including Grantor, under any bankruptcy
law, state or federal law, common law or equitable cause, then, to the extent of such payment or
repayment, any lien or encumbrance or other Collateral securing such liability shall be and remain
in full force and effect, as fully as if such payment had never been made. If, prior to any of the
foregoing, (a) any lien or encumbrance or other Collateral securing Grantor’s liability hereunder
shall have been released or terminated by virtue of the foregoing, such lien or encumbrance or
other Collateral shall be reinstated in full force and effect and such prior release, termination,
cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the
obligations of Grantor in respect of any lien or encumbrance or other Collateral securing such
obligation or the amount of such payment.

Section 8. Amendments and Waivers.

8.1. None of the terms or provisions of this Security Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with Section 9.5 of the Purchase Agreement
and Section 8 of each Note; provided that no amendment hereto which affects the rights,
duties or obligations of the Collateral Agent shall be effective without the prior written consent
of the Collateral Agent and provided further that this Security Agreement may be amended
without the consent of any Person other than the Collateral Agent in order to add one or more
additional Secured Parties hereto as such.

8.2. No failure to exercise, nor any delay in exercising, on the part of the Collateral
Agent, any right, power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by the
Collateral Agent of any right or remedy hereunder on any one occasion shall not be construed as a
bar to any right or remedy that the Collateral Agent would otherwise have on any future occasion.

Section 9. Remedies Cumulative. The rights and remedies of the Collateral
Agent hereunder are cumulative and nonexclusive of any other rights and remedies that the
Collateral Agent or any other Secured Party may have under any other agreement or at law or in
equity and may be exercised individually or concurrently, any or all thereof may be exercised
instead of or in addition to each other or any remedies at law, in equity, or under statute.

Section 10. Collateral Agent.

10.1. The Collateral Agent shall not have any duties or obligations except those expressly
set forth herein and in the Guaranty. Without limiting the generality of the foregoing, the
Collateral Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether an
Event of Default has occurred and is continuing; and

(b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the Guaranty,
provided that the Collateral Agent shall not be required to take any action (i) that in its
reasonable opinion is or may be contrary to law or to the terms of this Security Agreement or any
other Transaction Document or any other agreement or instrument relating to the Collateral, or
which might or would in its reasonable opinion subject it or any of its directors, officers,
employees or agents to personal or financial liability or (ii) unless it is indemnified hereunder
to its satisfaction (and if any indemnity should become, in the determination of the Collateral
Agent, inadequate, the Collateral Agent may call for additional indemnity and cease to act until
such additional indemnity is given); and

10.2. The Collateral Agent shall not be liable for any action taken or not taken by it (i)
with the consent or at the request of the Required Secured Parties (as defined below) or (ii) in
the absence of its own gross negligence or willful misconduct.

10.3. The Collateral Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this
Security Agreement or any other Transaction Document, (ii) the contents of any certificate, report
or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii)
the performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Event of Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Security Agreement, any other Transaction
Document or any other agreement, instrument or document, or the creation, perfection or priority of
any lien purported to be created by the Transaction Documents, or (v) the value or the sufficiency
of any Collateral, and the Collateral Agent shall incur no liability or responsibility in respect
of the foregoing. The Collateral Agent shall not be responsible for insuring the Collateral or for
the payment of taxes, charges, assessments or liens upon the Collateral or for perfecting or
maintaining the perfection of its security interest in the Collateral purported to be granted
hereby or otherwise as to the maintenance of the Collateral or any filings, including filings of
UCC continuation statements.

10.4. The Collateral Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or
other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Collateral Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. The Collateral Agent may, in its sole discretion, retain counsel,
independent accountants and other experts selected by it and may act in reliance upon the advice of
such counsel, independent accountants and other experts concerning all matters pertaining to the
agencies hereby created and its duties hereunder, and shall be held harmless and shall not be
liable for any action taken or omitted to be taken by it in good faith in reliance upon or in
accordance with the statements and advice of such counsel (or counsel to Grantor), accountants and
other experts.

10.5. The Collateral Agent may at any time give notice of its resignation to the Secured
Parties. Upon receipt of any such notice of resignation, the Required Secured Parties (as defined
below) shall have the right to appoint a successor. If no such successor shall have been so
appointed by the Required Secured Parties and shall have accepted such appointment within 30 days
after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral
Agent may on behalf of the Secured Parties, appoint a successor Collateral Agent; provided
that if the retiring Collateral Agent shall notify the Secured Parties that no Person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (a) the retiring Collateral Agent shall be discharged from its duties and obligations
hereunder and under the Guaranty and (b) all payments, communications and determinations provided
to be made by, to or through the Collateral Agent shall instead be made by or to each Secured Party
directly, until such time as the Required Secured Parties appoint a successor Collateral Agent as
provided for above in this Section. Upon the acceptance of a successor’s appointment as Collateral
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Collateral Agent, and the retiring Collateral
Agent shall be discharged from all of its duties and obligations hereunder or under the Guaranty
(if not already discharged therefrom as provided above in this Section). After the retiring
Collateral Agent’s resignation, the provisions of Sections 10 and 16 shall continue
in effect for the benefit of such retiring Collateral Agent and its related parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was
acting as Collateral Agent. For all purposes hereunder, the “Required Secured Parties”
shall mean one or more Secured Parties holding Tranche A Notes and Tranche B Notes representing
greater than seventy-five percent (75%) of the aggregate principal amount of all Tranche A Notes
and Tranche B Notes then outstanding.

10.6. The Collateral Agent, in its individual capacity, may accept deposits from, lend money
to and generally engage in any kind of business with the Company, Grantor and their respective
affiliates as if it were not the collateral agent of the Secured Parties.

10.7. The Collateral Agent shall not be accountable for the use or application by any Person
of disbursements properly made by the Collateral Agent in conformity with the provisions of this
Security Agreement.

10.8. The Collateral Agent may exercise any of its duties hereunder by or through agents or
employees. No provision of this Security Agreement shall require the Collateral Agent to expend or
risk its own funds or otherwise incur any financial or other liability in the performance of any
duties hereunder or in the exercise of any rights and powers hereunder unless the Collateral Agent
is provided with an indemnity from the Grantor or one or more of the Secured Parties, satisfactory
to the Collateral Agent in its sole discretion.

10.9. In no event shall the Collateral Agent be liable for any indirect, special, punitive or
consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits,
even if the Collateral Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action.

Section 11. Successors and Assigns. This Security Agreement shall be binding
upon the successors and assigns of Grantor and shall inure to the benefit of the Collateral Agent
and the Secured Parties and their successors and assigns; provided, however, that
Grantor may not assign, transfer or delegate any of its rights or obligations under this Security
Agreement without the prior written consent of the Collateral Agent.

Section 12. Notices. All notices to be given in connection with this
Security Agreement shall be addressed to the parties at their respective addresses set forth in
Section 9.7 of the Purchase Agreement and shall be effected in the manner provided for in such
Section 9.7 of the Purchase Agreement.

Section 13. Counterparts. This Security Agreement may be executed in any
number of counterparts, including without limitation delivery by facsimile or electronic
transmission, each of which shall be deemed an original, and all of which together shall constitute
one and the same agreement.

Section 14. Severability. Any provision of this Security Agreement being
held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such
provision not held illegal, invalid or unenforceable, any other provision of this Security
Agreement or any part of such provision in any other jurisdiction.

Section 15. GOVERNING LAW AND JURISDICTION. THIS SECURITY AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO
CONFLICTS OF LAWS RULES OR PRINCIPLES THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SERVING DALLAS COUNTY, TEXAS, FOR THE
PURPOSES OF ANY ACTION ARISING OUT OF THIS SECURITY AGREEMENT, OR THE SUBJECT MATTER HEREOF. ALL
PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF SUCH COURTS, WAIVE TRIAL BY JURY, AND WAIVE
ANY DEFENSE OR CLAIM OF FORUM NON CONVENIENS.

Section 16. EXPENSES; INDEMNIFICATION PROVISIONS.

16.1. GRANTOR SHALL PAY TO THE COLLATERAL AGENT, FROM TIME TO TIME, ALL REASONABLE
OUT-OF-POCKET COSTS AND EXPENSES (INCLUDING THE REASONABLE FEES AND EXPENSES OF COUNSEL) OF THE
COLLATERAL AGENT (A) ARISING IN CONNECTION WITH THE PREPARATION, EXECUTION, DELIVERY, OR
MODIFICATION OF THIS SECURITY AGREEMENT, THE GUARANTY AND/OR THE ENFORCEMENT OF ANY OF THE
PROVISIONS HEREOF OR THEREOF OR (B) INCURRED IN CONNECTION WITH THE ADMINISTRATION OF THE
COLLATERAL, THE SALE OR OTHER DISPOSITION OF SUCH COLLATERAL PURSUANT TO THE TRANSACTION DOCUMENTS
AND/OR THE PRESERVATION, PROTECTION OR DEFENSE OF THE COLLATERAL AGENT’S RIGHTS UNDER THIS SECURITY
AGREEMENT OR THE GUARANTY AND IN AND TO SUCH COLLATERAL. GRANTOR SHALL PAY THE REASONABLE FEES AND
EXPENSES OF THE COLLATERAL AGENT’S COUNSEL.

16.2. GRANTOR SHALL INDEMNIFY AND HOLD HARMLESS THE COLLATERAL AGENT (WHICH SHALL INCLUDE,
WITH RESPECT TO THIS SECTION 16.2, ITS DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS) FROM ANY
PRESENT OR FUTURE CLAIM FOR LIABILITY FOR ANY STAMP OR OTHER SIMILAR TAX AND ANY PENALTIES OR
INTEREST WITH RESPECT THERETO, THAT MAY BE ASSESSED, LEVIED OR COLLECTED BY ANY JURISDICTION IN
CONNECTION WITH THIS SECURITY AGREEMENT OR ANY COLLATERAL. GRANTOR SHALL PAY, OR REIMBURSE THE
COLLATERAL AGENT FOR, ANY AND ALL AMOUNTS IN RESPECT OF, ALL SEARCH, FILING, RECORDING AND
REGISTRATION FEES, TAXES, EXCISE TAXES AND OTHER SIMILAR IMPOSTS PAYABLE IN RESPECT OF THE
EXECUTION, DELIVERY, PERFORMANCE AND/OR ENFORCEMENT OF THIS SECURITY AGREEMENT.

16.3. GRANTOR DOES HEREBY FURTHER AGREE TO PAY UPON DEMAND ALL LOSSES, COSTS, REASONABLE
ATTORNEYS’ FEES AND EXPENSES WHICH MAY BE SUFFERED BY THE COLLATERAL AGENT AND EACH SECURED PARTY
BY REASON OF THE COMPANY’S EVENT OF DEFAULT (AS DEFINED IN ANY TRANSACTION DOCUMENT) UNDER ANY
TRANSACTION DOCUMENT OR ANY DEFAULT OF GRANTOR UNDER THIS SECURITY AGREEMENT. GRANTOR HEREBY
AGREES TO INDEMNIFY, DEFEND AND HOLD HARMLESS THE COLLATERAL AGENT, EACH SECURED PARTY, THEIR
AFFILIATES AND THEIR RESPECTIVE PRINCIPALS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, AGENTS
AND THIRD-PARTY ADVISORS (EACH, AN “INDEMNIFIED PARTY”) (ON AN AFTER-TAX BASIS) FROM AND
AGAINST ANY AND ALL LOSSES, DISPUTES, PENALTIES, CLAIMS, EXPENSES (INCLUDING, WITHOUT LIMITATION,
LEGAL EXPENSES) DAMAGES, AND LIABILITIES (INCLUDING WITHOUT LIMITATION, ENVIRONMENTAL LIABILITIES)
OF WHATSOEVER KIND AND NATURE (INCLUDING THOSE ARISING OUT OF THE INDEMNIFIED PARTY’S NEGLIGENCE)
ARISING OUT OF, IN CONNECTION WITH, OR RELATING TO THIS SECURITY AGREEMENT AND THE TRANSACTION
DOCUMENTS (“CLAIMS”), REGARDLESS OF WHETHER SUCH INDEMNIFIED PARTY IS A PARTY THERETO;
PROVIDED, HOWEVER, THAT NO INDEMNIFIED PARTY SHALL BE ENTITLED TO INDEMNITY
HEREUNDER IN RESPECT OF ANY CLAIM TO THE EXTENT THAT THE SAME IS FOUND BY A FINAL, NON-APPEALABLE
JUDGMENT OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED DIRECTLY FROM THE GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY. ALL REPRESENTATIONS AND WARRANTIES MADE IN THIS
SECURITY AGREEMENT SHALL SURVIVE THE EXECUTION AND DELIVERY OF THIS SECURITY AGREEMENT, AND
GRANTOR’S OBLIGATIONS UNDER THIS SECTION 16 SHALL SURVIVE THE EXPIRATION OR TERMINATION OF
THIS SECURITY AGREEMENT.

16.4. TO THE EXTENT THAT GRANTOR FAILS TO PAY TO THE COLLATERAL AGENT ANY AMOUNTS PAYABLE TO
THE COLLATERAL AGENT PURSUANT TO THIS SECTION 16, EACH SECURED PARTY SHALL BE SEVERALLY
LIABLE IN PROPORTION TO THE AMOUNT OF NOTES HELD BY IT AND SHALL PAY AND INDEMNIFY AND HOLD THE
COLLATERAL AGENT AND EACH OF THE OFFICERS, EMPLOYEES, DIRECTORS AND AGENTS THEREOF HARMLESS FROM
AND AGAINST, ANY AND ALL LIABILITIES (INCLUDING LIABILITIES FOR PENALTIES AND LIABILITIES ARISING
OR RESULTING FROM ACTIONS OR SUITS), OBLIGATIONS, LOSSES, JUDGMENTS, DEMANDS, DAMAGES, CLAIMS,
COSTS OR EXPENSES OF ANY KIND OR NATURE WHATSOEVER THAT MAY AT ANY TIME BE IMPOSED ON, INCURRED BY,
OR ASSERTED AGAINST, THE COLLATERAL AGENT OR ANY SUCH OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN
ANY WAY RELATING TO OR ARISING OUT OF THE EXECUTION, DELIVERY, AMENDMENT, ENFORCEMENT, PERFORMANCE
AND/OR ADMINISTRATION OF THIS SECURITY AGREEMENT AND/OR THE GUARANTY (AND ANY AGREEMENTS RELATED
THERETO), INCLUDING REASONABLE FEES AND EXPENSES OF COUNSEL AND OTHER EXPERTS; PROVIDED,
HOWEVER, THAT NO SECURED PARTY SHALL BE LIABLE FOR THE PAYMENT OF ANY PORTION OF SUCH
LIABILITIES (INCLUDING LIABILITIES FOR PENALTIES AND LIABILITIES ARISING OR RESULTING FROM ACTIONS
OR SUITS), OBLIGATIONS, LOSSES, JUDGMENTS, DEMANDS, DAMAGES, CLAIMS, COSTS OR EXPENSES OF THE
COLLATERAL AGENT OR ANY SUCH OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS TO THE EXTENT THAT THE SAME
ARE FOUND BY A FINAL, NON-APPEALABLE JUDGMENT OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED
DIRECTLY FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE COLLATERAL AGENT, OR ANY SUCH
OFFICERS, EMPLOYEES, DIRECTORS, OR ANY AGENTS. THE INDEMNIFICATION SET FORTH IN THIS SECTION
16.4 SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT AND THE RESIGNATION OR REMOVAL OF THE
COLLATERAL AGENT.

Section 17. ENTIRE AGREEMENT. THIS SECURITY AGREEMENT, TOGETHER WITH THE
OTHER TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE
SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT.

Section 18. Termination. Upon the indefeasible repayment in full in cash of
all Secured Obligations, the Collateral shall be released from the lien and security interest
created hereby and this Security Agreement and all obligations (other than those expressly stated
to survive such termination) of Grantor hereunder shall terminate, all without delivery of any
instrument or performance of any act by any party, and all rights to the Collateral shall revert to
Grantor. Grantor is hereby authorized to file UCC amendments at such time evidencing the
termination of the liens and security interests so released. At the request of Grantor following
any such termination, the Collateral Agent shall deliver to Grantor any Collateral of Grantor held
by the Collateral Agent hereunder and execute and deliver to Grantor such documents as Grantor
shall reasonably request to evidence such termination, all at the cost and expense of Grantor.

[Signature pages follow]

1

IN WITNESS WHEREOF, each of the undersigned has caused this Security Agreement to be
duly executed and delivered as of the date first above written.

	 	 	 
	AIRGATE TECHNOLOGIES, INC.

	as Grantor

By:

	 	

/s/ George DeCourcy
	
 
	 	 

	 	 	Name: George DeCourcy

Its: Chief Financial Officer

2

ACCEPTED AND AGREED

as of the date first above written:

	 	 	SAMSON INVESTMENT COMPANY,

	 	 	as Collateral Agent

	 	 	By: /s/ Stacy Schusterman

	 	 	Name: Stacy Schusterman

Its: Chief Executive Officer

	 	 	SAMSON INVESTMENT COMPANY

	 	 	By:  /s/ Stacy Schusterman

	 	 	Name: Stacy Schusterman

Its: Chief Executive Officer

3

	 	 	IRONMAN PI FUND (QP), L.P.

By: IRONMAN ENERGY PARTNERS, L.P.,

its general partner

	 	 	 	By: IRONMAN CAPITAL MANAGEMENT, LLC,

	 	 	 	its general partner

	 	 	 	By:  /s/ G. Bryan Dutt

	 	 	Name: G. Bryan Dutt

Its: President

4

	 	 	JOHN THOMAS BRIDGE AND OPPORTUNITY FUND, LP

	 	 	By:  /s/ George R. Jarkesy, Jr.

	 	 	Name: George R. Jarkesy, Jr.

Its: Managing Partner

5

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