Document:

Unassociated Document

    EXHIBIT
      C

     

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (this "Agreement") is
      made
      and entered into as of June
      24,
      2004, between Global IT Staffing Group, Inc. having its principal address at
      40
      W. 37th Street,
      Suite 505, New York, NY 10018 (the "Company"), and Advantage Fund I, LLC having
      its principal
      address at 2999 NE 191st Street,
      Penthouse Two, Aventura, FL 33180 (the "Holder").

    

    This
      Agreement is made pursuant to that 10% Convertible Promissory Note, dated as
      of
      the
      date hereof issued by the Company and the Holder (the "Note"). THIS
      AGREEMENT SHALL
      BE NECESSARY TO ALLOW THE HOLDER TO REGISTER SO MANY SHARES
AS
      ARE NECESSARY TO ALLOW IT TO CONVERT ANY OR ALL OF THE NOTE IN
TO
      COMMON SHARES OF THE COMPANY.

    

    The
      Parties hereto, for good and valuable consideration the receipt and adequacy
      of
which
      are
      hereby acknowledged, hereby agree as follows:

    

    Definitions

    

    Capitalized
      terms used and not otherwise defined herein that are defined in the Purchase
      Agreement shall have the meanings
      given
      such terms in the Purchase Agreement. As used in
      this
      Agreement, the following terms shall have the following meanings:

     

    "Affiliate" means,
      with respect to any Person, any other Person that directly or indirectly
      controls or is controlled by or under common control with such Person. For
      the
      purposes of
      this
      definition, "control," when
      used
      with respect to any Person, means the possession, direct or indirect,
      of the power to direct or cause the direction of the management and policies
      of
      such Person, whether
      through the ownership of voting securities, by contract or otherwise; and the
      terms of "affiliated," "controlling" and
      "controlled" have
      meanings correlative to the foregoing.

    

    "Business
      Day" means
      any
      day except Saturday, Sunday and any day which shall be a legal
      holiday or a day on which banking institutions in the State of New York or
      State
      of Florida are authorized
      or required by law or other government actions to close.

    

    "Closing
      Date" shall
      have the meaning set forth in the Purchase Agreement. "Commission" means
      the
      Securities and Exchange Commission.

    

    "Common
      Stock" means
      the
      Company's common stock, or such securities in to which that
      such
      stock shall hereafter be reclassified.

    

    "Counsel" means
      one
      counsel to the Holders, for which the Holders will be reimbursed
      by the Company pursuant to Section 4.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Effectiveness
      Date" means
      with respect to the initial Registration Statement required to
      be
      filed hereunder, the 120th day
      following the Closing Date and, with respect to any additional Registration
      Statements which may be required pursuant to Section 3(c),
      the
      120th day
      following the date
      that
      notice of the requirement to file such additional Registration Statement is
      provided.

    

    "Effectiveness
      Period" shall
      have the meaning set forth in Section 2(a).
      

     

    "Exchange
      Act" means
      the
      Securities Exchange Act of 1934, as amended.

    

    "Filing
      Date" means
      the
30thday
      following the Closing Date and, with respect to any additional
      Registration Statements which may be required pursuant to Section 3(c),
      the 30th
      day
      following
      the date that notice of the requirement to file such additional Registration
      Statement is
      provided.

    

    "Holder" or
      means
      the Holder, from time to time of Registerable Securities. "Indemnified
      Party" shall
      have the meaning set forth in Section 5(c).
      "Indemnifying
      Party" shall
      have the meaning set forth in Section 5(c).
      "Losses" shall
      have the meaning set forth in Section 5(a).

    

    "Person" means
      an
      individual or a corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited
      liability company, joint stock company, government
      (or an agency or political subdivision thereof) or other entity of any
      kind.

    

    "Proceeding" means
      an
      action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or
      threatened.

    

    "Prospectus" means
      the
      prospectus included in the Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities
      Act), as amended or supplemented by any prospectus supplement, with respect
      to
the
      terms
      of
      the offering of any portion of the Registerable Securities covered by
      the
      Registration Statement,
      and all other amendments and supplements to the Prospectus, including
      post-effective amendments,
      and all material incorporated by reference or deemed to be incorporated by
      reference in such
      Prospectus.

    

    "Registerable
      Securities"
      means
      the Shares as defined in the Purchase Agreement.

    

    "Registration
      Statement" means
      the
      registration statement and any additional registration
      statements contemplated by Section 3(c),
      including
      (in each case) the Prospectus, amendments
      and supplements to such registration statement or Prospectus, including
      pre- and post-effective amendments, all exhibits thereto, and all material
      incorporated by reference or deemed to
      be
      incorporated by reference in such registration statement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Rule
      144" means
      Rule 144 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter
      adopted by the Commission having substantially the same effect as such
      Rule.

    

    "Rule
      415" means
      Rule 415 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter
      adopted by the Commission having substantially the same effect as such
      Rule.

    

    "Rule
      424," means
      Rule 424 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter
      adopted by the Commission having substantially the same effect as such
      Rule.

    

    "Securities
      Act" means
      the
      Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.

    

    2. Shelf
      Registration

    

    (a)
      On
      or
      prior to each Filing Date, the Company shall prepare and file with the
Commission
      a "Shelf" Registration Statement covering the resale of all Registerable
      Securities for an
      offering to be made on a continuous basis pursuant to Rule 415. The Registration
      Statement shall be
      on
      Form S-1 (except if the Company is not then eligible to register for resale
      the
      Registerable Securities
      on Form S-1,
      in
      which case such registration
      shall be on another appropriate form and shall
      contain the "Plan of Distribution" attached hereto as Annex
      A. The
      Company shall use its best efforts
      to cause the Registration Statement to be declared effective under the
      Securities Act as promptly
      as possible after the filing thereof, but in any event prior to the
      Effectiveness Date, and shall
      use
      its best efforts to keep such Registration Statement continuously effective
      under the Securities
      Act until the date which is two years after the date that such Registration
      Statement is declared
      effective by the Commission or such earlier date when all Registerable
      Securities covered by such Registration Statement have been sold or may be
      sold
      without volume restrictions pursuant to
      Rule
      144(k) (the "Effectiveness
      Period"). The
      Company agrees that it will make such pre- and post-effective
      filings with the Commission as are necessary in order to convert the
      Registration Statement
      to a Registration Statement under Form S-3 promulgated under the Securities
      Act
      as soon as
      possible following the date, if any, on which the
      Company iseligible
      to utilize such form to register
      the resale of its securities as contemplated by this Agreement.

    

    (b)
      The
      initial Registration Statement to be filed hereunder shall include (but not
      be
      limited to) a number of shares of Common Stock equal to no less than 200% of
      the
      then shares to be
      issued
      upon conversion of the Notes inclusive of any and all accrued
      interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)
      if
      (a) a Registration Statement is not fled on or prior to its Filing Date (if
      the
Company
      files such Registration Statement without affording the Holder the opportunity
      to review and
      comment on the same as required by Section 3(a) hereof, the Company shall not
      be
      deemed
      to
have
      satisfied this clause (a)),
      or
      (b)
      the Company fails to file with the Commission a request for acceleration
      in accordance with Rule 461 promulgated under the Securities Act, within five
      days of the date that the Company is notified (orally or in writing, whichever
      is earlier) by the Commission that
      a
      Registration Statement will not be "reviewed," or not subject to further review,
      or (c) a Registration
      Statement filed hereunder is not declared effective by the Commission on or
      prior to its Effectiveness
      Date, or (d) after a Registration Statement is filed with and declared effective
      by the Commission, such Registration Statement ceases to be effective as to
      all
      Registerable Securities to which
      it
      is required to relate at any time prior to the expiration of the Effectiveness
      Period without beingsucceeded
      within ten Business Days by an amendment to such Registration Statement or
      by a
subsequent
      Registration Statement filed with and declared effective by the Commission,
      or
      (e) the Common
      Stock shall not be quoted on the OTC Bulletin Board ("OTC")
      or shall
      be delisted or suspended
      from trading on the New York Stock Exchange, American Stock Exchange, the Nasdaq
      National
      Market or the Nasdaq SmallCap Market (each, a "Subsequent
      Market") for
      more
      than three Trading
      Days (which need not be consecutive Trading Days), or (f) the rights of the
      Holders pursuant
      to the Note are suspended for any
      reason,
      or (g) an amendment to a Registration Statement is
      not
      filed by the Company with the Commission within ten Business Days of the
      Commission's notifying
      the Company that such amendment is required in order for such Registration
      Statement to be
      declared effective (any such failure or breach being referred to as an
"Event," and
      for
      purposes of clauses
      (a),
      (c)
      and
      (f) the date on which such Event occurs, or for purposes of clause (b) the
      date
      on which
      such -five
      day
      period is exceeded, or for purposes of clauses (d) and (g) the date which such
      ten
      Business Day-period is exceeded, or for purposes of clause (e) the date on
      which
      such three Trading
      Day-period is exceeded, being referred to as "Event
      Date"), then,
      on
      the first monthly anniversary
      of such Event Date, the Company shall pay to each Holder an amount in cash,
      as
liquidated
      damages and not as a penalty, equal to 2.0% of the principal amount of the
      note
      plus any accrued interest loaned by such Holder pursuant to the Note, and on
      each monthly anniversary thereafter
      of such Event Date and every monthly anniversary thereof until the applicable
      Event is cured.
      If
      the Company fails to pay any liquidated damages pursuant to this Section in
      full
      within seven
      days after the date payable, the Company will pay interest thereon at a rate
      of
15%per
      annum
(or
      such
      lesser maximum amount that is permitted to be paid by applicable law) to the
      Holder, accruing
      daily from the date such liquidated damages are due until such amounts, plus
      all
      such interest
      thereon, are paid in full and if not in cash by the tenth Business Day after
      first accrued, at the option
      of
      the Holder, such liquidated damages be paid in shares of Common Stock. The
      liquidated damages
      pursuant to the terms hereof shall apply on a non pro-rata basis for any portion
      of a month prior
      to
      the cure of an Event.

     

    3. Registration
      Procedures

    

    In
      connection with the Company's registration obligations hereunder, the Company
      shall:

    

    (a)
      Not
      less
      than five Business Days prior to the filing of each Registration Statement
      or any related Prospectus or any amendment or supplement thereto (including
      any
document
      that would be incorporated or deemed to be incorporated therein by reference),
      the Company
      shall, (i) furnish to the Holders and their Counsel copies of all such documents
      proposed to be
      filed,
      which documents (other than those incorporated or deemed to be incorporated
      by
      reference) will
      be
      subject to the review of such Holders and their Counsel, and (ii) cause its
      officers and directors,
      counsel and independent certified public accountants to respond to such
      inquiries as shall be
      necessary, in the reasonable opinion of respective counsel to conduct a
      reasonable investigation within
      the meaning of the Securities Act. The Company shall not file the Registration
      Statement or any
      such
      Prospectus or any amendments or supplements thereto to which the Holders of
      a
      majority of the
      Registerable Securities and their Counsel shall reasonably object, provided,
      the
      Company is notified
      of such objection no later than 3 Business Days after the Holders have been
      so
      furnished copies of such documents.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      (i)
      Prepare and file
      with
the
      Commission such amendments, including post-effective
      amendments, to the Registration Statement and the Prospectus used in connection
      therewith
      as may be necessary to keep the Registration Statement continuously effective
      as
      to the applicable
      Registerable Securities for the Effectiveness Period and prepare and file with
      the Commission
      such additional Registration Statements in order to register for resale under
      the Securities
      Act all of the Registerable Securities; (ii) cause the related Prospectus to
      be
      amended or supplemented
      by any required Prospectus supplement, and as so supplemented or amended to
      be
      filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible,
      and in any event within ten Business Days, to any comments received from
      the
      Commission with respect to the Registration Statement or any amendment thereto
      and as promptly as reasonably possible provide the Holders true and
      complete copies of all correspondence from and to the Commission relating to
      the
      Registration Statement;
      and (iv) comply in all material respects with the provisions of the Securities
      Act and the Exchange
      Act with respect to the disposition of all Registerable Securities covered
      by
      the Registration
      Statement during the applicable period in accordance with the intended methods
      of disposition
      by the Holders thereof set forth in the Registration Statement as so amended
      or
      in such Prospectus as so supplemented.

    

    (c)
      File
      additional Registration Statements if the number of Registerable Securities
      at any time exceeds 80% of the number of shares of Common Stock then registered
      in all their
      existing Registration Statements hereunder.

    

    (d)
      Notify
      the Holders of Registerable Securities to be sold and their Counsel as
promptly
      as reasonably possible (and, in the case of (i)(A) below,
      not less than five Business Days prior
      to
      such filing) and (if requested by any such Person) confirm such notice in
      writing no later than
      one
      Business Day following the day (i)(A)
      when
      a
      Prospectus or any Prospectus supplement or post-effective
      amendment to the Registration Statement is proposed to be filed; (B) when the
      Commission
      notifies the Company whether there will be a "review" of such Registration
      Statement and
      whenever the Commission comments in writing on such Registration Statement
      (the
      Company shall
      provide true and complete copies thereof and all written responses thereto
      to
      each of the Holders);
      and (C) with respect to the Registration Statement or any post-effective
      amendment, when the
      same
      has become effective; (ii) of any request by the Commission or any other Federal
      or state governmental
      authority for amendments or supplements to the Registration Statement or
      Prospectus or
      for
      additional information; (iii) of the issuance by the Commission of any stop
      order suspending the
      effectiveness of the Registration Statement covering any or all of the
      Registerable Securities or the initiation of any Proceedings for that purpose;
      (iv) if at any time any of the representations and warranties
      of the Company contained in any agreement contemplated hereby ceases to be
      true
      and correct
      in all material respects; (v) of the receipt by the Company of any notification
      with respect to the
      suspension of the qualification or exemption from qualification of any of the
      Registerable Securities
      for sale in any jurisdiction, or the initiation or threatening of any Proceeding
      for such purpose;
      and (vi)
      of
      the
      occurrence of any event or passage of time that makes the financial statements
      included in the Registration Statement ineligible for inclusion therein or
      any
      statement made in the Registration Statement or Prospectus or any document
      incorporated or deemed to be incorporated
      therein by reference untrue in any material respect or that requires any
      revisions to the Registration
      Statement, Prospectus or other documents so that, in the case of the
      Registration Statement
      or the Prospectus, as the case may be, it will not contain any untrue statement
      of a material fact
      or
      omit to state any material fact required to be stated therein or necessary
      to
      make the statements
      therein, in light of the circumstances under which they were made, not
      misleading.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)
      Promptly
      deliver to each Holder and their Counsel, without charge, as many copies
      of
      the Prospectus or Prospectuses (including each form of prospectus) and each
      amendment or supplement
      thereto as such Persons may reasonably request. The Company hereby consents
      to
      the use
      of
      such Prospectus and each amendment or supplement thereto by each of the selling
      Holders in connection
      with the offering and sale of the Registerable Securities covered by such
      Prospectus and any
      amendment or supplement thereto.

    

    (f)
      Prior
      to
      any public offering of Registerable Securities, use its best efforts to register
      or qualify or cooperate with the selling Holders and their Counsel in connection
      with the registration
      or qualification (or exemption from such registration or qualification) of
      such
Registerable
      Securities for offer and sale under the securities or Blue Sky laws of such
      jurisdictions within
      the United States as any Holder requests in writing, to keep each such
      registration or qualification
      (or exemption therefrom) effective during the Effectiveness Period and to do
      any
      and all
      other
      acts or things necessary or advisable to enable the disposition in such
      jurisdictions of the Registerable Securities covered by a Registration
      Statement; provided, that
      the
      Company shall not be required
      to qualify generally to do business in any jurisdiction where it is not then
      so
      qualified or subject
      the Company to any material tax in any such jurisdiction where it is not then
      so
      subject.

    

    (g)
      Cooperate
      with the Holders to facilitate the timely preparation and delivery of
certificates
      representing Registerable Securities to be delivered to a transferee pursuant
      to
      a Registration
      Statement, which certificates shall be free, to the extent permitted by the
      Purchase Agreement, of all
      restrictive
      legends, and to enable such Registerable Securities to be in such denominations
      and registered in such names as any such Holders may request.

    

    (h)
      Upon
      the
      occurrence of any event contemplated by Section 3(d)(vi),
      as
      promptly
      as reasonably possible, prepare a supplement or amendment, including a
      post-effective amendment,
      to the Registration Statement or a supplement to the related Prospectus or
      any
      document incorporated or deemed to be incorporated therein by reference, and
      file any other required document so
      that,
      as thereafter delivered, neither the Registration Statement nor such Prospectus
      will 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, in light of the circumstances under which they
      were made, not
      misleading.

    

    (i) Comply
      with all applicable rules and regulations of the Commission.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.
      Registration
      Expenses. All
      fees
      and expenses incident to the performance of or
      compliance with this Agreement by the Company shall be borne by the Company
      whether or not any
      Registerable Securities are sold pursuant to the Registration Statement.
The
      fees
      and expenses referred
      to in the foregoing sentence shall include, without limitation, (i) all
      registration and filing
      fees
      (including, without limitation, fees and expenses (A) with respect to filings
      required to be made with
      any
      Subsequent Market on which the Common Stock is then listed for trading, and
      (B)
in
      compliance
      with applicable state securities or Blue Sky laws (including, without
      limitation, fees and disbursements
      of counsel for the Company in connection with Blue Sky qualifications or
      exemptions of
      the
      Registerable Securities and determination of the eligibility of the Registerable
      Securities for
      investment
      under the laws of such, jurisdictions as requested by the Holders)), (ii)
      printing expenses (including,
      without limitation, expenses of printing certificates for Registerable
      Securities and
      of
printing
      prospectuses requested by the Holders), (iii) messenger, telephone and delivery
      expenses, (iv) fees and disbursements of counsel for the Company and Counsel
      for
      the Holders and (v) fees and
      expenses of all other Persons retained by the Company in connection with the
      consummation of the
      transactions contemplated by this Agreement, including attorneys fees of the
      Holder.

    

    5. Indemnification

    

    (a)
      Indemnification
      by the Company. The
      Company shall, notwithstanding any termination
      of this Agreement, indemnify and hold harmless each Holder, the officers,
      directors, agents,
      brokers (including brokers who offer and sell Registerable Securities as
      principal as a result of
      a
      pledge or any failure to perform under a margin call of Common Stock),
      investment advisors, legal
      counsel and employees of each of them, each Person who controls any such Holder
      (within the meaning
      of Section 15 of the Securities Act or Section 20 of the Exchange Act) and
      the
officers,
      directors,
      agents and employees of each such controlling Person, to the fullest extent
      permitted by applicable
      law, from and against any and all losses, claims, damages, liabilities, costs
      (including, without
      limitation, costs of preparation and attorneys' fees) and expenses
      (collectively, "Losses"), as
      incurred,
      arising out of or relating to any untrue or alleged untrue statement of a
      material fact
      contained
      in the Registration Statement, any Prospectus or any form of prospectus
or
      in any
amendment
      or supplement thereto or in any preliminary prospectus, or arising out of or
      relating to any
      omission or alleged omission of a material fact required to be stated therein
      or
      necessary to make the
      statements therein (in the case of any Prospectus or form of prospectus or
      supplement thereto, in light
      of
      the circumstances under which they were made) not misleading, except to the
      extent, but only
      to
      the extent, that (1) such untrue statements or omissions are based solely upon
      information regarding
      such Holder furnished in writing to the Company by such Holder expressly for
      use
      therein, or
      to the
      extent that such information relates to such Holder or such Holder's proposed
      method of distribution
      of Registerable Securities and was reviewed and expressly approved in writing
      by
      such Holder
      expressly for use in the Registration Statement, such Prospectus or such form
      of
      Prospectus or
      in any
      amendment or supplement thereto or (2) in the case of an occurrence of an event
      of the type specified
      in Section 3(d)(ii)-(vi),
      the
      use
      by such Holder of an outdated or defective Prospectus after the
      Company has notified such Holder in writing that the Prospectus is outdated
      or
      defective and
      prior
      to
      the receipt by
      such
Holder
      of
      the Advice contemplated in Section 6(e). The
      Company shall notify
      the Holders promptly of the institution, threat or assertion of any Proceeding
      of which the
      Company
      is aware in connection with the transactions contemplated by this
      Agreement.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Indemnification
      by Holders. Each
      Holder shall, severally and not jointly, indemnify
      and hold harmless the Company, its directors, officers, agents and employees,
      each Person who
      controls the Company (within the meaning of Section 15 of the Securities Act
      and
      Section 20 of the
      Exchange Act), and the directors, officers, agents or employees of such
      controlling Persons, to the
      fullest extent permitted by applicable law, from and against all Losses (as
      determined by a court of
      competent jurisdiction in a final judgment not subject to appeal or review)
      arising solely out of or based
      solely upon any untrue statement of a material fact contained in any
      Registration Statement, any
      Prospectus, or any form of prospectus, or in any amendment or supplement
      thereto, or arising solely
      out of or based solely upon any omission of a material fact required to be
      stated therein or necessary
      to make the statements therein not misleading to the extent, but only to the
      extent, that such
      untrue statement or omission is contained in any information so furnished in
      writing by such Holder
      to
      the Company specifically for inclusion in such Registration Statement or such
      Prospectus or
      to the
      extent that (1) such untrue statements or omissions are based solely upon
      information regarding
      such Holder furnished in writing to the Company by such Holder expressly for
      use
      therein, or
      to the
      extent that such information relates to such Holder or such Holder's proposed
      method of distribution
      of Registerable Securities and was reviewed and expressly approved in writing
      by
      such Holder
      expressly for use in the Registration Statement, such Prospectus or such form
      of
      Prospectus or
      in any
      amendment or supplement thereto or (2) in the case of an occurrence of an event
      of the type specified
      in Section 3(d)(ii)-(vi), the
      use
      by such Holder of an outdated or defective Prospectus after the
      Company has notified such Holder in writing that the Prospectus is outdated
      or
      defective and prior
      to
      the receipt by such Holder of the Advice contemplated in Section 6(e).
      In
      no
      event shall the liability
      of any selling Holder hereunder be greater in amount than the dollar amount
      of
      the net proceeds
      received by such Holder upon the sale of the Registerable Securities giving
      rise
      to such indemnification
      obligation.

    

    (c)
      Conduct
      of Indemnification Proceedings. If
      any
      Proceeding shall be brought or asserted
      against any Person entitled to indemnity hereunder (an "Indemnified
      Party"), such
      Indemnified
      Party shall promptly notify the Person from whom indemnity is sought (the
"Indemnifying
      Party") in
      writing, and the Indemnifying Party shall assume the defense thereof, including
      the employment of counsel reasonably satisfactory to the Indemnified Party
      and
      the payment
      of all fees and expenses incurred in connection with defense thereof; provided,
      that the failure of any Indemnified Party to give such notice shall not relieve
      the Indemnifying Party of its obligations
      or liabilities pursuant to this Agreement, except (and only) to the extent
      that
      it shall be finally
      determined by a court of competent jurisdiction (which determination is not
      subject to appeal or
      further review) that such failure shall have proximately and materially
      adversely prejudiced the Indemnifying Party.

    

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding
      and to participate in the defense thereof, but the fees and expenses of such
      counsel shall beat
      the
      expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
      has agreed in writing to pay such fees and expenses; or (2) the Indemnifying
      Party shall have failed promptly to assume
      the defense of such Proceeding and to employ counsel reasonably satisfactory
      to
      such Indemnified
      Party in any such Proceeding; or (3) the named parties to any such Proceeding
      (including
      any impleaded parties) include both such Indemnified Party and the Indemnifying
      Party, and such Indemnified Party shall have been advised by counsel that a
      conflict of interest is likely to exist if the same counsel were to represent
      such Indemnified Party and the Indemnifying Party (in which
      case, if such Indemnified Party notifies the Indemnifying Party in writing
      that
      it elects to employ
      separate counsel at the expense of the Indemnifying Party, the Indemnifying
      Party shall not have
      the
      right to assume the defense thereof and such counsel shall be at the expense
      of
      the Indemnifying
      Party). The Indemnifying Party shall not be liable for any settlement of any
      such Proceeding
      effected without its written consent, which consent shall not be unreasonably
      withheld. No Indemnifying Party shall, without the prior written consent of
      the
      Indemnified Party, effect any settlement
      of any pending Proceeding in respect of which any Indemnified Party is a party,
      unless such
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability on claims
      that are the subject matter of such Proceeding.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    All
      fees
      and expenses of the Indemnified Party (including reasonable fees and expenses
      to
      the extent incurred in connection with investigating or preparing to defend
      such
Proceeding
      in a manner not inconsistent with this Section) shall be paid to the Indemnified
      Party, as incurred,
      within ten Business Days of written notice thereof to the Indemnifying Party
      (regardless of whether
      it is ultimately determined that an Indemnified Party is not entitled to
      indemnification hereunder; provided, that
      the
      Indemnifying Party may require such Indemnified Party to undertake to
reimburse
      all such fees and expenses to the extent it is finally judicially determined
      that such Indemnified
      Party is not entitled to indemnification hereunder).

    

    (d)
      Contribution. If
      a
      claim for indemnification under Section 5(a) or 5(b) is unavailable
      to an Indemnified Party (by reason of public policy or otherwise), then each
      Indemnifying
      Party, in lieu of indemnifying such Indemnified Party, shall contribute to
      the
      amount paid
      or
      payable by such Indemnified Party as a result of such Losses, in such proportion
      as is appropriate
      to reflect the relative fault of the Indemnifying Party and Indemnified Party
      in
      connection with
      the
      actions, statements or omissions that resulted in such Losses 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 any action in question, including any untrue
      or
      alleged untrue statement of a material fact or omission or alleged omission
      of a
      material fact, has been taken or made by, or 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 action, statement or omission. The amount
      paid or payable by a party as a result
      of
      any Losses shall be deemed to include, subject to the limitations set forth
      in
      Section 5(c),
      any
      reasonable attorneys' or other reasonable fees or expenses incurred by such
      party in connection with
      any
      Proceeding to the extent such party would have been indemnified for such fees
      or
      expenses if
      the
      indemnification provided for in this Section was available to such party in
      accordance with its terms.

    

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant
      to this Section 5(d) were determined by pro rata
      allocation or by any other method of allocation
      that does not take into account the equitable considerations referred to
in
      the
      immediately preceding
      paragraph. Notwithstanding the provisions of this Section 5(d),
      no
      Holder
      shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      proceeds actually
      received by such Holder from the sale of the Registerable Securities subject
      to
      the Proceeding
      exceeds the amount of any damages that such Holder has otherwise been required
      to pay by reason
      of
      such untrue or alleged untrue statement or omission or alleged
      omission.

    

    The
      indemnity and contribution agreements contained in this Section are in addition
      to
      any
      liability that the Indemnifying Parties may have to the Indemnified
      Parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. Miscellaneous

    

    (a)
      Amendments
      and Waivers. The
      provisions of this Agreement, including the provisions
      of this sentence, may not be amended, modified or supplemented, and waivers
      or
      consents to
      departures from the provisions hereof may not be given, unless the same shall
      be
      in writing and signed by the Company and the Holders of at least two-thirds
      of
      the then outstanding Registerable Securities.
      Notwithstanding the foregoing, a waiver or consent to depart from the provisions
      hereof with respect to a matter that relates exclusively to the rights of
      Holders and that does not directly or indirectly
      affect the rights of other Holders may be given by Holders of at least a
      majority of the Registerable
      Securities to which such waiver or consent relates; provided, however, that
      the
      provisions of this sentence may not be amended, modified, or supplemented except
      in accordance with
      the
      provisions of the immediately preceding sentence.

    

    (b)
      No
      Inconsistent Agreements. Neither
      the Company nor any of its subsidiaries has
      entered, as of the date hereof, nor shall the Company or any of its
      subsidiaries, on or after the date
      of
      this Agreement, enter into any agreement with respect to its securities that
      would have the effect
      of
      impairing the rights granted to the Holders in this Agreement or otherwise
      conflicts with the provisions
      hereof. Except as and to the extent specified in Schedule
      6(b) hereto,
      neither the Company
      nor any of its subsidiaries has previously entered into any agreement granting
      any registration
      rights with respect to any of its securities to any Person that have not been
      satisfied in full.

     

    (c)
      No
      Piggyback on Registrations. Except
      as
      and to the extent specified in Schedule
      6(b) hereto,
      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 the Registerable Securities, and the Company shall not after the date
      hereof enter into any agreement
      providing any such right to any of its security Holders.

    

    (d)
      Compliance. Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection with sales
      of Registerable
      Securities pursuant to the Registration Statement.

    

    (e)
      Discontinued
      Disposition. Each
      Holder agrees by its acquisition of such Registerable
      Securities that, upon receipt of a notice from the Company of the occurrence
      of
      any event
      of
      the kind described in Sections 3(d)(ii),
      3(d)(iii),
      3(d)(iv),
      3(d)(v) or
      3(d)(vi),
      such
      Holder will
      forthwith discontinue disposition of such Registerable Securities under the
      Registration Statement
      until such Holder's receipt of the copies of the supplemented Prospectus and/or
      amended Registration
      Statement contemplated by Section 3(h),
      or
      until
      it is advised in writing (the "Advice") by
      the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received
      copies of any additional or supplemental filings that are incorporated or deemed
      to be incorporated
      by reference in such Prospectus or Registration Statement. The Company may
      provide appropriate
      stop orders to enforce the provisions of this paragraph.

    

    (f)
      Piggy-Back
      Registrations. If
      at any
      time during the Effectiveness Period there is
      not an
      effective Registration Statement covering all of the Registerable Securities
      and
      the Company
      shall determine to prepare and file with the Commission a registration statement
      relating to an
      offering for its own account or the account of others under the Securities
      Act
      of any of its equity securities,
      other than on Form S-4 or Form S-8 (each as promulgated under the Securities
      Act) or their
      then equivalents relating to equity securities to be issued solely in connection
      with any acquisition
      of any entity or business or equity securities issuable in connection with
      stock
      option or other
      employee benefit plans, then the Company shall send to each Holder written
      notice of such determination
      and, if within fifteen days after receipt of such notice, any such Holder shall
      so request in
      writing, the Company shall include in such registration statement all or any
      part of such Registerable
      Securities such Holder requests to be registered.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (g)
      Notices. Any
      and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (i)
      the
      date of transmission, if such notice or communication is delivered via facsimile
      at the facsimile
      telephone number specified in this Section prior to 6:30 p.m. (New York City
      time) on a Business
      Day, (ii) the Business Day after the date of transmission, if such notice or
      communication is delivered
      via facsimile at the facsimile telephone number specified in this Agreement
      later than 6:30 p.m.
      (New
      York City time) on any date and earlier than 11:59 p.m. (New York City time)
      on
      such date,
      (iii) the Business Day following the date of mailing, if sent by nationally
      recognized overnight courier service, or (iv) upon actual receipt by the party
      to whom such notice is required to be given.

    

    (h)
      Successors
      and Assigns. This
      Agreement shall inure to the benefit of and be binding
      upon the successors and permitted assigns of each of the parties and shall
      inure
      to the benefit of
      each
      Holder. The Company may not assign its rights or obligations hereunder without
      the prior written
      consent of each Holder. Each Holder may assign their respective rights hereunder
      in the manner
      and to the Persons aspermitted
      under the purchase Agreement.

    

    (i)
      Counterparts. This
      Agreement may be executed in any number of counterparts,
      each of which when so executed shall be deemed to be an
      original
      and, all of which taken
      together shall constitute one and the same Agreement. In the event that any
      signature is delivered
      by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if
      such
      facsimile signature were the original thereof.

    

    (j)
      Governing
      Law. All
      questions concerning the construction, validity, enforcement
      and interpretation of this Agreement shall be governed by and
      construed
      and enforced in accordance
      with the internal laws of the State of Florida, without regard to the principles
      of conflicts of
      law
      thereof. Each
      party
      hereby irrevocably submits to the exclusive jurisdiction of the state and
federal
      courts sitting in Dade County, Florida, for the adjudication of any dispute
      hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein, and
      hereby irrevocably
      waives, and agrees not to assert in any suit, action or proceeding, any claim
      that it is not personally
      subject to the jurisdiction of any such court, that such suit, action or
      proceeding is improper.
      Each party hereby irrevocably waives personal service of process and consents
      to
      process being
      served in any such suit, action or proceeding by mailing a copy thereof to
      such
      party at the address
      in effect for notices to it under this Agreement and agrees that such service
      shall constitute good
      and
      sufficient service of process and notice thereof. Nothing contained herein
      shall
      be deemed to
      limit
      in any way any right to serve process in any manner permitted by law. Each
      party
      irrevocably waives, to the fullest extent permitted by applicable law, any
      and
      all right to trial by jury in any legal proceeding
      arising out of or relating to this Agreement or the transactions contemplated
      hereby. If either
      party shall commence an action or proceeding to enforce any provisions of this
      Agreement, then
      the
      prevailing party in such action or proceeding shall be reimbursed by the other
      party for its attorneys
      fees and other costs and expenses incurred with the investigation, preparation
      and prosecution
      of such action or proceeding.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (k) Cumulative
      Remedies. The
      remedies provided herein are cumulative and not exclusive
      of any remedies provided by law.

    

    (1)
      Severability. If
      any
      term, provision, covenant or restriction of this Agreement is
      held
      by a court of competent jurisdiction to be invalid, illegal, void or
      unenforceable, the remainder
      of the terms, provisions, covenants and restrictions set forth herein shall
      remain in full force
      and
      effect and shall in no way be affected, impaired or invalidated, and the parties
      hereto shall use
      their
      reasonable efforts to find and employ an alternative means to achieve the same
      or substantially
      the same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining
      terms, provisions, covenants and restrictions without including any of such
      that
      may be hereafter
      declared invalid, illegal, void or unenforceable.

    

    (m)
      Headings. The
      headings in this Agreement are for convenience of reference only
      and
      shall not limit or otherwise affect the meaning hereof.

    

    (n)
      Independent
      Nature of Holders' Obligations and Rights. The
      obligations of each
      Holder, Holder and Investor hereunder are several and not joint with the
      obligations of any other
      Holder, Holder and Investor hereunder, and no such Person shall be responsible
      in anyway for the
      performance of the obligations of any other such Person hereunder.

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES TO FOLLOW]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        	 	
                Annex 
A

              
	
                 

              	 

      

    

    Plan
      of Distribution

    

    The
      Selling Stock Holders and any of their pledgees, assignees and
      successors-in-interest may,
      from
      time to time, sell any or all of their shares of Common Stock on any stock
      exchange, market
      or
      trading facility on which the shares are traded or in private transactions.
      These sales may be
      at
      fixed or negotiated prices. The Selling Stock Holders may use any one or more
      of
      the following methods when selling shares:

     

    
      
        	
                l

              	
                 

              	
                ordinary
                  brokerage transactions and transactions in which the broker-dealer
                  solicits Holders;

              

      

      

      
        	
                l

              	
                 

              	
                block
                  trades in which the broker-dealer will attempt to sell the shares
                  as agent
                  but may position and resell a portion of the block as principal
                  to
                  facilitate the transaction;

              

      

      

      
        	
                l

              	
                 

              	
                purchases
                  by a broker-dealer as principal and resale by the broker-dealer
                  for its
                  account;

              

      

      

      
        	
                l

              	
                 

              	
                an
                  exchange distribution in accordance with the rules of the applicable
                  exchange; 

              

      

       

      
        	
                l

              	
                 

              	
                privately
                  negotiated transactions;

              

      

      

      
        	
                l

              	
                 

              	
                short
                  sales;

              

      

      

      
        	
                l

              	
                 

              	
                broker-dealers
                  may agree with the Selling Stock k Holders to sell a specified
                  number of
                  such shares at a stipulated price per
                  share;

              

      

      

      
        	
                l

              	
                 

              	
                a
                  combination of any such methods of sale;
                  and

              

      

      

      
        	
                l

              	
                 

              	
                any
                  other method permitted pursuant to applicable
                  law.

              

      

       

    

    The
      Selling Stock Holders may also sell shares under Rule 144 under the Securities
      Act, if available,
      rather than under this prospectus.

    

    The
      Selling Stock Holders may also engage in short sales against the box, puts
      and
      calls and other transactions in securities of the Company or derivatives of
      Company securities and may sell or deliver shares in connection with these
      trades. The Selling Stock Holders may pledge their shares to their
      brokers under the margin provisions of customer agreements. If a Selling Stock
      Holder defaults on
      a
      margin loan, the broker may, from time to time, offer and sell the pledged
      shares. The Selling Stock
      Holders have advised the Company that they have not entered into any agreements,
      understandings
      or arrangements with any underwriters or broker-dealers regarding the sale
      of
      their shares other than
      ordinary
      course brokerage arrangements, nor is there an underwriter or coordinating
      broker
      acting in connection with the proposed sale of shares by the Selling
      StockHolders.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Broker-dealers
      engaged by the Selling Stock Holders may arrange for other brokers-dealers
      to
participate
      in sales. Broker-dealers may receive commissions or discounts from the
Selling
      Stock Holders
      (or, if any broker-dealer acts as agent for the Holder of shares, from the
      Holder) in amounts to
      be
      negotiated. The Selling Stock Holders do not expect these commissions and
      discounts to
      exceed
      what is customary in the types of transactions involved.

    

    The
      Investor and any broker-dealers or agents that are involved in selling the
      shares are
      considered
      "underwriters" by the Securities and Exchange Commission within the meaning
      of
      the Securities
      Act in connection with sales under this Registration Statement. Accordingly,
      any commissions
      received by such broker-dealers or agents and any profit on the resale of the
      shares
      purchased
      by them will be deemed underwriting commissions or discounts under the
      Securities Act.

    

    The
      Company is required to pay all fees and expenses incident to the registration
      of
      the shares,
      including fees and disbursements of counsel to the Selling Stock Holders.
The
      Company has agreed
      to
      indemnify the Selling Stock Holders against certain losses, claims, damages
      and
      liabilities, including
      liabilities under the Securities Act.Unassociated Document

     

    Exhibit
      4.19

     

    
      
 

      REGISTRATION
        RIGHTS AGREEMENT

       

      THIS
        REGISTRATION RIGHTS AGREEMENT (this
        "Agreement"), dated as of August 24,2004,
        by
        and among GLOBAL
        IT
        HOLDINGS,
        INC., a
        Nevada
        corporation, with its principal office located at 535 5th Avenue, Suite 1004,
        New York, NY
        10017
        (the "Company"), and ADVANTAGE
        CAPITAL DEVELOPMENT CORP. ("ACDC"),
        a Nevada corporation with its principal office at 2999 NE 19 1St
        Street,
        NW Aventura, Florida 33 180. 

      

      WHEREAS:

       

      A.
        The
        Company has agreed to issue and sell to the Investors secured convertible
        debentures
        (the "Convertible Debentures") which shall be convertible into that number
        of
        shares of the Company's common stock, $.001 par value per share (the "Common
        Stock"). Capitalized terms not defined herein shall have the meaning ascribed
        to
        them in the Convertible Debenture. 

      

      B.
        To
        induce the Investors to execute and deliver the Convertible Debenture, the
        Company
        has agreed to provide certain registration rights under the Securities Act
        of
        1933, as amended,
        and the rules and regulations there under, or any similar successor statute
        (collectively, the "1 933 Act"), and applicable state securities laws.

      

      NOW,
        THEREFORE, in
        consideration of the premises and the mutual covenants contained herein and
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the Company and the Investors hereby agree as follows:
        

      

      1.
        DEFINITIONS.

       

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

       

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

       

      (b)
        "Register," "registered," and "registration" refer to a registration effected
        by
        preparing and filing one or more Registration Statements (as defined below)
        in
        compliance with the 1933 Act and pursuant to Rule 41 5 under the 1933 Act
        or any
        successor rule providing for offering securities on a continuous or delayed
        basis ("Rule 415"), and the declaration or ordering of effectiveness of such
        Registration Statement(s) by the United States Securities and Exchange SEC
        (the
"SEC").
        

       

      (c)
        "Registrable Securities" means the shares of Common Stock issuable to Investors
        upon conversion of the Convertible Debentures. 

       

      (d)
        "Registration Statement" means a registration statement under the 1933 Act
        which
        covers the Registrable Securities. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

        2.
REGISTRATION.

         

      

      (a)
        Subject to the terms an d conditions of this
        Agreement, the Company shall prepare
        and file, no later than thirty (30) days fi-om the date hereof (the "Scheduled
        Filing Deadline"), with the SEC a registration statement on Form S-1 or SB-2
        (or, if the Company is then eligible, on Form S-3) under the 1933 Act (the
        "Initial Registration Statement") for the registration for the resale by
        ACDC
        shares of the Common Stock to be issued upon conversion of the Convertible
        Debentures. The Company shall cause the Registration Statement to remain
        effective until all of the Registrable Securities have been sold. Prior to
        the
        filing of the Registration Statement with the SEC, the Company shall furnish
        a
        copy of the Initial Registration Statement to ACDC for their review and comment.
        The ACDC shall furnish comments on the Initial Registration Statement to
        the
        Company within twenty-four (24) hours of the receipt thereof fi-om the Company.
        

       

      (b)
        Effectiveness
        of the Initial Registration Statement. The Company shall use its best efforts
        (i) to have the Initial Registration Statement declared effective by the
        SEC no
        later than ninety (90) days after the date hereof (the "Scheduled Effective
        Deadline") and (ii) to insure that the Initial Registration Statement and
        any
        subsequent Registration Statement remains in effect until all of the Registrable
        Securities have been sold, subject to the terms and conditions of this
        Agreement. 

       

      (c)
        Failure to File or Obtain Effectiveness of the Registration Statement.
In
        the
        event
        the Registration Statement is not filed by the Scheduled Filing Deadline
        or is
        not declared effective by the SEC on or before the Scheduled Effective Date,
        or
        if after the Registration Statement has been declared effective by the SEC,
        sales cannot be made pursuant to the Registration Statement (whether because
        of
        a failure to keep the Registration Statement effective, failure to disclose
        such
        information as is necessary for sales to be made pursuant to the Registration
        Statement, failure to register sufficient shares of Common Stock or otherwise
        then as partial relief for the damages to any holder of Registrable Securities
        by reason of any such delay in or reduction of its ability to sell the
        underlying shares of Common Stock (which remedy shall not be exclusive of
        any
        other remedies at law or in equity), the Company will pay as liquidated damages
        (the "Liquidated Damages") to the holder, at the holder's option, either
        a cash
        amount or shares of the Company's Common Stock within three (3) business
        days,
        after demand therefore, equal to two percent (2%) of the liquidated value
        of the
        Convertible Debentures outstanding as Liquidated Damages for each thirty
        (30)
        day period after the Scheduled Filing Deadline or the Scheduled Effective
        Date
        as the case may be. 

       

      (d)
        Liquidated Damages. The Company and ACDC hereto acknowledge and agree that
        the
        sums payable under subsection 2(c) above shall constitute liquidated damages
        and
        not penalties and are in addition to all other rights of the Investor, including
        the right to call a default. The parties further acknowledge that (i) the
        amount
        of loss or damages likely to be incurred is incapable or is difficult to
        precisely estimate, (ii) the amounts specified in such subsections bear a
        reasonable relationship to, and are not plainly or grossly disproportionate
        to,
        the probable loss llkely to be incurred in connection with any failure by
        the
        Company to obtain or maintain the effectiveness of a Registration Statement,
        (iii) one of the reasons for the Company and the Investor reaching an agreement
        as to such amounts was the uncertainty and cost of litigation regarding the
        question of actual damages, and (iv) the Company and the Investor
        are sophisticated business parties and have been represented by sophisticated
        and able legal counsel and negotiated this Agreement at arm's length.

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

      3. RELATED
        OBLIGATIONS.

       

      (a)
        The Company shall keep the Registration Statement
        effective pursuant to Rule
        415
        at all times until the date on which the ACDC shall have sold all the
        Registrable Securities covered by such Registration Statement (the "Registration
        Period"), which Registration Statement (including any amendments or supplements
        thereto and prospectuses contained therein) shall not contain any untrue
        statement of a material fact or omit to state a material fact required to
        be
        stated therein, or necessary to make the statements therein, in light of
        the
        circumstances in which they were made, not misleading. 

       

      (b)
        The
        Company shall prepare and file with the SEC such amendments (including
        post-effective amendments) and supplements to a Registration Statement and
        the
        prospectus used in connection with such Registration Statement, which prospectus
        is to be filed pursuant to Rule 424
        promulgated
        under the 1933 Act, as may be necessary to keep such Registration Statement
        effective at all times during the Registration Period, and, during such period,
        comply with the provisions of the 1933 Act with respect to the disposition
        of
        all Registrable Securities of the Company covered by such Registration Statement
        until such time as all of such Registrable Securities shall have been disposed
        of in accordance with the intended methods of disposition by the seller or
        sellers thereof as set forth in such Registration Statement. In the case
        of
        amendments and supplements to a Registration Statement which are required
        to be
        filed pursuant to this Agreement (including pursuant to this Section 3(b))
        by
        reason of the Company's filing a report on Form 1 0-KSB, Form 10-QSB or Form
        8-K
        or any analogous report under the Securities Exchange Act of 1934, as amended
        (the "1934 Act"), the Company shall incorporate such report by reference
        into
        the Registration Statement, if applicable, or shall file such amendments
        or
        supplements with the SEC on the same day on which the 1934 Act report is
        filed
        which created the requirement for the Company to amend or supplement the
        Registration Statement. 

       

      (c)
        The
        Company shall furnish to ACDC whose Registrable Securities are included in
        any
        Registration Statement, without charge, (i) at least one (1) copy of such
        Registration Statement as declared effective by the SEC and any amendment(s)
        thereto, including financial statements and schedules, all documents
        incorporated therein by reference, all exhibits and each preliminary prospectus,
        (ii) ten (10) copies of the final prospectus included in such Registration
        Statement and all amendments and supplements thereto (or such other number
        of
        copies as ACDC may reasonably request) and (iii) such other documents as
        ACDC
        may reasonably request from time to time in order to facilitate the disposition
        of the Registrable Securities owned by such Investor. 

       

      (d)
        The
        Company shall use its best efforts to (i) register and qualify the Registrable
        Securities covered by a Registration Statement under such other securities
        or
        "blue sky" laws of such jurisdictions in the United States as any Investor
        reasonably requests, (ii) prepare and file in those jurisdictions, such
        amendments (including post-effective amendments) and supplements to such
        registrations and qualifications as may be necessary to maintain the
        effectiveness thereof during the Registration Period, (iii) take such other
        actions as may
        be
        necessary to maintain such registrations and qualifications in effect at
        all
        times during the Registration Period, and (iv) take all other actions reasonably
        necessary or advisable to qualify the Registrable Securities for sale in
        such
        jurisdictions; provided, however, that the Company shall not be required
        in
        connection therewith or as a condition thereto to (w) make any change to
        its
        certificate of incorporation or by-laws, (x) qualify to do business in any
        jurisdiction where it would not otherwise be required to qualify but for
        this
        Section 3(d), (y) subject itself to general taxation in any such jurisdiction,
        or (z)
        file
        a
        general consent to service of process in any such jurisdiction. The Company
        shall promptly notify ACDC who holds Registrable Securities of the receipt
        by
        the Company of any notification with respect to the suspension of the
        registration or qualification of any of the Registrable Securities for sale
        under the securities or "blue sky" laws of any jurisdiction in the United
        States
        or its receipt of actual notice of the initiation or threat of any proceeding
        for such purpose.  

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      (e)
        As
        promptly as practicable after becoming aware of such event or development,
        the
        Company shall notify ACDC in writing of the happening of any event as a result
        of whch the prospectus included in a Registration Statement, as then in effect,
        includes an untrue statement of a material fact or omission to state a material
        fact required to be stated therein or necessary to make the statements therein,
        in light of the circumstances under which they were made, not misleading
        (provided that in no event shall such notice contain any material, nonpublic
        information), and promptly prepare a supplement or amendment to such
        Registration Statement to correct such untrue statement or omission, and
        deliver
        ten (10)
        copies
        of
        such supplement or amendment to ACDC. The Company shall also promptly notify
        ACDC in writing (i) when a prospectus or any prospectus supplement or
        post-effective amendment has been filed, and when a Registration Statement
        or
        any post-effective amendment has become effective (notification of such
        effectiveness shall be delivered to ACDC by facsimile on the same day of
        such
        effectiveness), (ii) of any request by the SEC for amendments or supplements
        to
        a Registration Statement or related prospectus or related information, and
        (iii)
        of the Company's reasonable determination that a post-effective amendment
        to a
        Registration Statement would be appropriate. 

       

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

       

      (g)
        At
        the reasonable request of any Investor, the Company shall furnish to such
        Investor, on the date of the effectiveness of the Registration Statement
        and
        thereafter from time to time on such dates as ACDC may reasonably request
        (i) a
        letter, dated such date, from the Company's independent certified public
        accountants in form and substance as is customarily given by independent
        certified public accountants to underwriters in an underwritten public offering,
        and (ii) an opinion, dated as of such date, of counsel representing the Company
        for purposes of such Registration Statement, in form, scope and substance
        as is
        customarily given in an underwritten public offering, addressed to the
        Investors. 

      

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

       

      (h)
        The
        Company shall make available for inspection by (i) ACDC and (ii) one
(1)
        firm
        of
        accountants or other agents retained by ACDC (collectively, the "Inspectors")
        all pertinent financial and other records, and pertinent corporate documents
        and
        properties of the Company (collectively, the "Records"), as shall be reasonably
        deemed necessary by each Inspector, and cause the Company's officers, directors
        and employees to supply all information which any Inspector may reasonably
        request; provided, however, that each Inspector shall agree, and ACDC hereby
        agrees, to hold in strict confidence and shall not make any disclosure or
        use
        any Record or other information which the Company determines in good faith
        to be
        confidential, and of which determination the Inspectors are so notified,
        unless
        (a) the disclosure of such Records is necessary to avoid or correct a
        misstatement or omission in any Registration Statement or is otherwise required
        under the 1933 Act, (b)
        the
        release of such Records is ordered pursuant to a final, non-appealable subpoena
        or order fiom a court or government body of competent jurisdiction, or (c)
        the
        information in such Records has been made generally available to the public
        other than by disclosure in violation of this or any other agreement of which
        the Inspector and ACDC has knowledge. ACDC agrees that it shall, upon learning
        that disclosure of such Records is sought in or by a court or governmental
        body
        of competent jurisdiction or through other means, give prompt notice to the
        Company and allow the Company, at its expense, to undertake appropriate action
        to prevent disclosure of, or to obtain a protective order for, the Records
        deemed confidential. 

       

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

       

      (j)
        The
        Company shall use its best efforts either to cause all the Registrable
        Securities covered by a Registration Statement (i) to be listed on each
        securities exchange on which securities of the same class or series issued
        by
        the Company are then listed, if any, if the listing of such Registrable
        Securities is then permitted under the rules of such exchange or (ii) the
        inclusion for quotation on the National Association of Securities Dealers,
        Inc.
        OTC Bulletin Board for such Registrable Securities. The Company shall pay
        all
        fees and expenses in connection with satisfjrlng its obligation under this
        Section 36). 

       

      (k)
        The
        Company shall cooperate with the Investors who hold Registrable Securities
        being
        offered and, to the extent applicable, to facilitate the timely preparation
        and
        delivery of certificates (not bearing any restrictive legend) representing
        the
        Registrable Securities to be offered pursuant to a Registration Statement
        and
        enable such certificates to be in such denominations or amounts, as the case
        may
        be, as the Investors may reasonably request and registered in such names
        as the
        Investors may request. 

      

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

       

      (1)
        The
        Company shall use its best efforts to cause the Registrable Securities covered
        by the applicable Registration Statement to be registered with or approved
        by
        such other governmental agencies or authorities as may be necessary to
        consummate the disposition of such Registrable Securities. 

       

      (m)
        The
        Company shall make generally available to its security holders as soon as
        practical, but not later than ninety (90)
        days
        after the close of the period covered thereby, an earnings statement (in
        form
        complying with the provisions of Rule 158
        under
        the
        1933 Act) covering a twelve (12) month period beginning not later than the
        first
        day of the Company's fiscal quarter next following the effective date of
        the
        Registration Statement. 

       

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

       

      (o)
        Within two (2) business days after a Registration Statement which covers
        Registrable Securities is declared effective by the SEC, the Company shall
        deliver, and shall cause legal counsel for the Company to deliver, to the
        transfer agent for such Registrable Securities (with copies to the Investors
        whose Registrable Securities are included in such Registration Statement)
        confirmation that such Registration Statement has been declared effective
        by the
        SEC in the form attached hereto as E ~ b iA.t 

       

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

      

      4.
        OBLIGATIONS OF THE INVESTORS.

       

      ACDC
        agrees that, upon receipt of any notice from the Company of the happening
        of any
        event of the kind described in Section 3(f) or the first sentence of 3(e),
        such
        Investor will immediately discontinue disposition of Registrable Securities
        pursuant to any Registration Statement(s) covering such Registrable Securities
        until such Investor's receipt of the copies of the supplemented or amended
        prospectus contemplated by Section 3(e) or receipt of notice that no supplement
        or amendment is required. Notwithstanding anything to the contrary, the Company
        shall cause its transfer agent to deliver unlegended certificates for shares
        of
        Common Stock to a transferee of ACDC in connection with any sale of Registrable
        Securities with respect to which ACDC has entered into a contract for sale
        prior
        to the Investor's receipt of a notice from the Company of the happening of
        any
        event of the kind described in Section 3(f) or the first sentence of 3(e)
        and
        for which the Investor has not yet settled. 

      

      5.
        EXPENSES OF REGISTRATION.

       

      All
        expenses incurred in connection with registrations, filings or qualifications
        pursuant to Sections 2 and 3, including, without limitation, all registration,
        listing and qualifications fees, printers, legal and accounting fees shall
        be
        paid by the Company. 

       

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

       

      6.
        INDEMNIFICATION.

       

      With
        respect to Registrable Securities which are included in a Regstration Statement
        under this Agreement: 

       

      (a)
        To
        the fullest extent permitted by law, the Company will, and hereby does,
        indemnify, hold harmless and defend ACDC, the directors, officers, partners,
        employees, agents, representatives of, and each Person, if any, who controls
        any
        Investor within the meaning of the 1933 Act or the 1934 Act (each, an
        "Indemnified Person"), against any losses, claims, damages, liabilities,
        judgments, fines, penalties, charges, costs, reasonable attorneys' fees,
        amounts
        paid in settlement or expenses, joint or several (collectively, "Claims")
        incurred in investigating, preparing or defending any action, claim, suit,
        inquiry, proceeding, investigation or appeal taken fiom the foregoing by
        or
        before any court or governmental, administrative or other regulatory agency,
        body or the SEC, whether pending or threatened, whether or not an indemnified
        party is or may be a party thereto ("Indemnified Damages"), to which any
        of them
        may become subject insofar as such Claims (or actions or proceedings, whether
        commenced or threatened, in respect thereof) arise out of or are based upon:
        (i)
        any untrue statement or alleged untrue statement of a material fact in a
        Registration Statement or any post-effective amendment thereto or in any
        filing
        made in connection with the qualification of the offering under the securities
        or other "blue sky" laws of any jurisdiction in which Registrable Securities
        are
        offered ("Blue Skv Filing"), or the omission or alleged omission to state
        a
        material fact required to be stated therein or necessary to make the statements
        therein not misleading; (ii) any untrue statement or alleged untrue statement
        of
        a material fact contained in any final prospectus (as amended or supplemented,
        if the Company files any amendment thereof or supplement thereto with the
        SEC)
        or the omission or alleged omission to state therein any material fact necessary
        to make the statements made therein, in light of the circumstances under
        which
        the statements therein were made, not misleading; or (iii) any violation
        or
        alleged violation by the Company of the 1933 Act, the 1934 Act, any other
        law,
        including, without limitation, any state securities law, or any rule or
        regulation there under relating to the offer or sale of the Registrable
        Securities pursuant to a Registration Statement (the matters in the foregoing
        clauses (i) through (iii) being, collectively, "Violations"). The Company
        shall
        reimburse the Investors and each such controlling person promptly as such
        expenses are incurred and are due and payable, for any legal fees or
        disbursements or other reasonable expenses incurred by them in connection
        with
        investigating or defending any such Claim. Notwithstanding anythmg to the
        contrary contained herein, the indemnification agreement contained in this
        Section 6(a): (x)
        shall
        not
        apply to a Claim by an Indemnified Person arising out of or based upon a
        Violation which occurs in reliance upon and in conformity with information
        furnished in writing to the Company by such Indemnified Person expressly
        for use
        in connection with the preparation of the Registration Statement or any such
        amendment thereof or supplement thereto; (y) shall not be available to the
        extent such Claim is based on a failure of the Investor to deliver or to
        cause
        to be delivered the prospectus made available by the Company, if such prospectus
        was timely made available by the Company pursuant to Section 3(c); and
(z)
        shall
        not
        apply to amounts paid in settlement of any Claim if such settlement is effected
        without the prior written consent of the Company, which consent shall not
        be
        unreasonably withheld. Such indemnity shall remain in full force and effect
        regardless of any investigation made by or on behalf of the Indemnified Person
        and shall survive the transfer of the Registrable Securities by the Investors
        pursuant to Section 9
        hereof.
        

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

      

      (b)
        In
        connection with a Registration Statement, ACDC agrees to severally and not
        jointly indemnify, hold harmless and defend, to the same extent and in the
        same
        manner as
        is set
        forth in Section 6(a), the Company, each of its directors, each of its officers,
        employees, representatives, or agents and each Person, if any, who controls
        the
        Company within the meaning of the 1933 Act or the 1934 Act (each an "Indemnified
        Party"), against any Claim or Indemnified Damages to which any of them may
        become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as
        such
        Claim or Indemnified Damages arise out of or is 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 to the
        Company by such Investor expressly for use in connection with such Registration
        Statement; and, subject to Section 6(d), such Investor will reimburse any
        legal
        or other expenses reasonably incurred by them in connection with investigating
        or defending any such Claim; provided, however, that the indemnity agreement
        contained in this Section 6(b) and the agreement with respect to contribution
        contained in Section 7 shall not apply to amounts paid in settlement of any
        Claim if such settlement is effected without the prior written consent of
        such
        Investor, which consent shall not be unreasonably withheld; provided, further,
        however, that the Investor shall be liable under this Section 6(b) for only
        that
        amount of a Claim or Indemnified Damages as does not exceed the net proceeds
        to
        such Investor as a result of the sale of Registrable Securities pursuant
        to such
        Registration Statement. Such indemnity shall remain in full force and effect
        regardless of any investigation made by or on behalf of such Indemnified
        Party
        and shall survive the transfer of the Registrable Securities by the Investors
        pursuant to Section 9. Notwithstanding anything to the contrary contained
        herein, the indemnification agreement contained in this Section 6@) with
        respect
        to any prospectus shall not inure to the benefit of any Indemnified Party
        if the
        untrue statement or omission of material fact contained in the prospectus
        was
        corrected and such new prospectus was delivered to ACDC prior to such Investor's
        use of the prospectus to which the Claim relates. 

       

      (c)
        Promptly after receipt by an Indemnified Person or Indemnified Party under
        this
        Section 6 of notice of the commencement of any action or proceeding (including
        any governmental action or proceeding) involving a Claim, such Indemnified
        Person or Indemnified Party shall, if a Claim in respect thereof is to be
        made
        against any indemnifylng party under this Section 6, deliver to the indemnifylng
        party a written notice of the commencement thereof, and the indemnifjmg party
        shall have the right to participate in, and, to the extent the indemnifylng
        party so desires, jointly with any other indemnifylng party similarly noticed,
        to assume control of the defense thereof with counsel mutually satisfactory
        to
        the indemnifylng party and the Indemnified Person or the Indemnified Party,
        as
        the case may be; provided, however, that an Indemnified Person or Indemnified
        Party shall have the right to retain its own counsel with the fees and expenses
        of not more than one (1) counsel for such Indemnified Person or Indemnified
        Party to be paid by the indemnifylng party, if, in the reasonable opinion
        of
        counsel retained by the indemnifylng party, the representation by such counsel
        of the Indemnified Person or Indemnified Party and the indemnifylng party
        would
        be inappropriate due to actual or potential differing interests between such
        Indemnified Person or Indemnified Party and any other party represented by
        such
        counsel in such proceeding. The Indemnified Party or Indemnified Person shall
        cooperate fully with the indemnifylng party in connection with any negotiation
        or defense of any such action or claim by the indemnifying party and shall
        furnish to the indemnifying party all information reasonably available to
        the
        Indemnified Party or Indemnified Person which relates to such action or claim.
        The indemnifylng party shall keep the Indemnified Party or Indemnified Person
        fully apprised at all times as to the status of the defense or any settlement
        negotiations with respect thereto. No indemnifying party shall be liable
        for any
        settlement of any action,
        claim or proceeding effected without its prior written consent; provided,
        however, that the indemnifylng party shall not unreasonably withhold, delay
        or
        condition its consent. No indemnifylng party shall, without the prior written
        consent of the Indemnified Party or Indemnified Person, consent to entry
        of any
        judgment or enter into any settlement or other compromise whch does not include
        as an unconditional term thereof the giving by the claimant or plaintiff
        to such
        Indemnified Party or Indemnified Person of a release from all liability in
        respect to such claim or litigation. Following indemnification as provided
        for
        hereunder, the indemnifymg party shall be subrogated to all rights of the
        Indemnified Party or Indemnified Person with respect to all third parties,
        firms
        or corporations relating to the matter for whch indemnification has been
        made.
        The failure to deliver written notice to the indemnifjmg party within a
        reasonable time of the commencement of any such action shall not relieve
        such
        indemnifylng party of any liability to the Indemnified Person or Indemnified
        Party under this Section 6, except to the extent that the indemnifylng party
        is
        prejudiced in its ability to defend such action. 

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      

      (d)
        The
        indemnification required by this Section 6 shall be made by periodic payments
        of
        the amount thereof during the course of the investigation or defense, as
        and
        when bills are received or Indemnified Damages are incurred. 

       

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

      

      7.
        CONTRIBUTION.

       

      To
        the
        extent any indemnification by an indemnifylng party is prohibited or limited
        by
        law, the indemnifylng party agrees to make the maximum contribution with
        respect
        to any amounts for which it would otherwise be liable under Section 6 to
        the
        fullest extent permitted by law; provided, however, that: (i) no seller of
        Registrable Securities guilty of fraudulent misrepresentation (within the
        meaning of Section 1 l(f) of the 1933 Act) shall be entitled to contribution
        from any seller of Registrable Securities who was not guilty of fraudulent
        misrepresentation; and (ii) contribution by any seller of Registrable Securities
        shall be limited in amount to the net amount of proceeds received by such
        seller
        from the sale of such Registrable Securities. 

      

      8.
        REPORTS
        UNDER THE 1934 ACT.

       

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

       

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

       

      (b)
        file
        with the SEC in a timely manner all reports and other documents required
        of the
        Company under the 1933 Act and the 1934 Act so long as the Company
        remains subject
        to such requirements and the filing of such reports and other documents as
        are
        required by the applicable provisions of Rule 144; and 
         

      

      

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

       

      (c)
        furnish to ACDC so long as such Investor owns Registrable Securities, promptly
        upon request, (i) a written statement by the Company that it has complied
        with
        the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii)
        a
        copy of the most recent annual or quarterly report of the Company and such
        other
        reports and documents so filed by the Company, and (iii) such other information
        as may be reasonably requested to permit the Investors to sell such securities
        pursuant to Rule 144 without registration. 

       

      9.
        AMENDMENT OF REGISTRATION RIGHTS.

       

      Provisions
        of this Agreement may be amended and the observance thereof may be waived
        (either generally or in a particular instance and either retroactively or
        prospectively), only with the written consent of the Company and Investors
        who
        then hold at least two-thirds (213) of the Registrable Securities. Any amendment
        or waiver effected in accordance with this Section 9 shall be binding upon
        ACDC
        and the Company. No such amendment shall be effective to the extent that
        it
        applies to fewer than all of the holders of the Registrable Securities. No
        consideration shall be offered or paid to any Person to amend or consent
        to a
        waiver or modification of any provision of any of this Agreement unless the
        same
        consideration also is offered to all of the parties to this Agreement.

       

      10. MISCELLANEOUS.

       

      (a)
A
        Person is deemed to be a
        holder of Registrable Securities whenever such Person
        owns or is deemed to own of record such Registrable Securities. If the Company
        receives conflicting instructions, notices or elections from two (2) or more
        Persons with respect to the same Registrable Securities, the Company shall
        act
        upon the basis of instructions, notice or election received fiom the registered
        owner of such Registrable Securities. 

       

      (b)
        Any
        notices, consents, waivers or other communications required or permitted
        to be
        given under the terms of this Agreement must be in writing and will be deemed
        to
        have been delivered: (i) upon receipt, when delivered personally; (ii) upon
        receipt, when sent by facsimile (provided confirmation of transmission is
        mechanically or electronically generated and kept on file by the sending
        party);
        or (iii) one (1) business day after deposit with a nationally recognized
        overnight delivery service, in each case properly addressed to the party
        to
        receive the same. The addresses and facsimile numbers for such communications
        shall be: 

      

      
        	
                If
                  to the Company, to:

              	
                 Global
                  IT Holdings Inc

              
	 	
                 535
                  5thAvenue,
                  Suite 1004

              
	 	
                 New
                  York, NY 10017

              
	 	
                 Attention:

              	Lloyd
                Glick, President
	 	
                 Telephone:

              	
                (212)
                  983-5630

              
	 	
                 Facsimile:

              	
                (2
                  12) 972-4712

              

      

       

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      

      
        	
                If
                  to the ACDC, to:

              	
                 Advantage
                  Capital Development Corp.

              
	 	
                 2999
                  NE 191StStreet, Penthouse 2

              
	 	
                 Aventura,
                  Florida 33 180

              
	 	
                 Attention:
                  Jeff Sternberg, President

              
	 	
                 Telephone:
                  

              	(56 l)692- 1832
	 	
                 Telefax:
                  

              	(561)692-1556

      

      

      Written
        confirmation of receipt (A) given by the recipient of such notice, consent,
        waiver or other communication, (B) mechanically or electronically generated
        by
        the sender's facsimile machine containing the time, date, recipient facsimile
        number and an image of the first page of such transmission or (C) provided
        by a
        courier or overnight courier service shall be rebuttable evidence of personal
        service, receipt by facsimile or receipt fkom a nationally recognized overnight
        delivery service in accordance with clause (i), (ii) or (iii) above,
        respectively. 

       

      

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

       

      

      (d)
        The
        laws of the State of Florida shall govern all issues concerning the relative
        rights of the Company and the Investors as its stockholders. All other questions
        concerning the construction, validity, enforcement ,and interpretation of
        this
        Agreement shall be governed by the internal laws of the State of Florida,
        without giving effect to any choice of law or conflict of law provision or
        rule
        (whether of the State of Florida or any other jurisdiction) that would cause
        the
        application of the laws of any jurisdiction other than the State of Florida.
        Each party hereby irrevocably submits to the non-exclusive jurisdiction of
        the
        Superior Courts of the State of Florida and federal courts for the District
        of
        Florida, for the adjudication of any dispute hereunder or in connection herewith
        or with any transaction contemplated hereby or discussed herein, and hereby
        irrevocably waives, and agrees not to assert in any suit, action or proceeding,
        any claim that it is not personally subject to the jurisdiction of any such
        court, that such suit, action or proceeding is brought in an inconvenient
        forum
        or that the venue of such suit, action or proceeding is improper. Each party
        hereby irrevocably waives personal service of process and consents to process
        being served in any such suit, action or proceeding by mailing a copy thereof
        to
        such party at the address for such notices to it under this Agreement and
        agrees
        that such service shall constitute good and sufficient service of process
        and
        notice thereof. Nothing contained herein shall be deemed to limit in any
        way any
        right to serve process in any manner permitted by law. If any provision of
        this
        Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
        or unenforceability shall not affect the validity or enforceability of the
        remainder of this Agreement in that jurisdiction or the validity or
        enforceability of any provision of this Agreement in any other jurisdiction.
        EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
        TO
        REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN
        CONNECTION
        HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
        HEREBY. 

      

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

       

      (e)
        This
        Agreement shall inure to the benefit of and be binding upon the permitted
        successors and assigns of each of the parties hereto. 

       

      (f)The
        headings in this Agreement are for convenience of reference only and shall
        not
        limit or otherwise affect the meaning hereof. 

       

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

       

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

       

      The
        language used in this Agreement will be deemed to be the language chosen
        by the
        parties to express their mutual intent and no rules of strict construction
        will
        be applied against any party. 

       

      (i)
        This
        Agreement is intended for the benefit of the parties hereto and their respective
        permitted successors and assigns, and is not for the benefit of, nor may
        any
        provision hereof be enforced by, any other Person. 

      

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

       

      

       

       

      
        
           

        

      
          -13-

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