Document:

Exhibit
      10.4

     

    Ethanex
      Energy, Inc.

    

    Omnibus
      Equity Incentive Plan

    

    Restricted
      Stock Agreement

    

    This
      Restricted Stock Agreement (the “Agreement”) is entered into effective as of the
      date of grant set forth below (the “Date of Grant”) by and between ETHANEX
      ENERGY, INC. (the “Company”) and the participant named below (the
“Participant”). Capitalized terms not defined herein shall have the meaning
      ascribed to them in the Company’s Omnibus Equity Incentive Plan (the “Plan”).

        

      	Participant:  	David J. McKittrick
	 	 
	
              Address:

            	
              5111 Cary Street Road

              Richmond, Virginia 23226

            
	 	 
	Total Restricted Shares:   	1,000,000
	 	 
	Date of Grant:  	December 1, 2006
	 	 

  

    1. GRANT
      OF RESTRICTED STOCK. 

    

    The
      Company hereby grants to Participant shares of Restricted Stock in the amount
      set forth above (the “Restricted Shares”), subject to all of the terms and
      conditions of this Agreement and the Plan. The Company shall retain custody
      of
      the Restricted Shares during the restriction period. 

     

    

    2. RESTRICTION
      PERIOD. 

    

    (a) Provided
      Participant continues to be employed by the Company, the Restricted Shares
      shall
      become vested as follows:

    

    
      	 	
              (i)

            	
              The
                Restricted Shares shall not vest until April 9, 2007.
                

            

    

    

    
      	(ii)        
                	
              On
                April 9, 2007, 25% of the Restricted Shares shall
                vest.

            

    

    

    
      	(iii)          
              	
              On
                the last day of each month beginning May 31, 2007, an additional
                2.5% of
                the Restricted Shares shall vest (e.g., on May 31, 2007 a total of
                27.5%
                Restricted Shares shall be vested, on June 30, 2007 a total of 30%
                of the
                Restricted Shares shall be vested, etc.).

            

    

    

    
      	(iv)       
               	
              Notwithstanding
                the foregoing, the Restricted Shares shall become fully vested upon
                the
                Participant’s termination of employment: (i) by the Participant for Good
                Reason (as defined in the Participant’s Employment Agreement, dated on or
                around October 9, 2006 (the “Employment Agreement”)); (ii) by the Company
                for reasons other than for Cause (as defined in the Employment Agreement);
                (iii) in connection with a Change in Control (as defined in the
                Employment Agreement); or (iv) upon death or Disability (as defined
                in the
                Employment Agreement). (Whether a termination occurs in connection
                with a
                Change in Control will be determined by the Committee in its sole
                discretion.)

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	(v)      
                	
              If
                application of the vesting percentage causes a fractional share,
                such
                share shall be rounded down to the nearest whole share.
                

            

    

    

    (b) Restricted
      Shares that are vested pursuant to the schedule set forth in Section 2 are
      “Vested Shares.” Restricted Shares that are not vested pursuant to the schedule
      set forth in Section 2 are “Unvested Restricted Shares.”

    

    3. TERMINATION.
      

    

    If
      Participant’s employment with the Company is terminated (i) by the Participant
      for any reason other than Good Reason or (ii) by the Company for Cause, then
      all
      Unvested Restricted Shares or any right or claim to such shares shall be
      immediately forfeited as of the termination date.

    

    4. NO
      OBLIGATION TO EMPLOY. 

    

    Nothing
      in the Plan or this Agreement shall confer on Participant any right to continue
      in the employ of, or other relationship with the Company or limit in any way
      the
      right of the Company to terminate Participant’s employment or other relationship
      at any time, with or without Cause. 

     

    5. TAX
      WITHHOLDING. 

    

    Prior
      to
      the delivery of Vested Shares to the Participant, the Participant shall pay
      or
      provide for any applicable withholding obligations of the Company. The
      Participant may provide for payment of withholding taxes by requesting that
      the
      Company retain the minimum number of Vested Shares with a Fair Market Value
      on
      such date equal to the minimum amount of taxes required to be withheld. In
      such
      case, the Company shall issue the net number of Vested Shares to the Participant
      by deducting the Vested Shares retained from the Vested Shares issuable.

     

    6. COMPLIANCE
      WITH LAWS AND REGULATIONS. 

    

    (a) The
      grant
      of Restricted Shares and the issuance and transfer of Restricted Shares shall
      be
      subject to compliance by the Company and Participant with all applicable
      requirements of applicable securities laws. If at any time the Committee
      determines that issuing or delivering Restricted Shares would violate applicable
      securities laws, the Company will not be required to issue or deliver such
      shares. The Committee may declare any provision of this Agreement or action
      of
      its own null and void, if it determines the provision or action fails to comply
      with the short-swing trading rules. As a condition to issuing or delivering
      any
      Restricted Shares, the Company may require the Participant to make written
      representations it deems necessary or desirable to comply with applicable
      securities laws.

    

    (b) No
      person
      who acquires Restricted Shares under this Agreement may sell the Restricted
      Shares, unless the offer and sale are made pursuant to an effective registration
      statement under the Securities Act of 1933, as amended (the "Securities Act"),
      that is current and includes the Restricted Shares to be sold, or an exemption
      from the registration requirements of the Securities Act.

     

    7. NONTRANSFERABILITY
      OF RESTRICTED SHARES. 

    

    The
      Restricted Shares may not be transferred in any manner other than by will or
      by
      the laws of descent and distribution, unless and until the (i) restrictions
      lapse, (ii) Vested Shares are delivered to the Participant, and (iii) either
      (A)
      the Fair Market Value of the Common Stock beneficially owned by the Participant
      following the sale or disposition would equal or exceed four (4) times the
      Participant’s then current base salary or (B) the Board consents to the sale or
      disposition of such Vested Shares. The terms of this Agreement shall be binding
      upon the executors, administrators, successors and assigns of Participant.
      

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    8. PRIVILEGES
      OF STOCK OWNERSHIP. 

    

    Participant
      shall, subject to the restrictions set forth in sections 6 and 7 above, have
      all
      the rights of a stockholder with respect to the Restricted Shares, including,
      but not limited to, the right to vote such Restricted Shares and the right
      to
      receive all dividends and other distributions paid thereon. Certificates
      representing the Restricted Shares shall bear a legend referring to the
      restrictions set forth in the Plan and this Agreement. Any dividends or other
      distributions on the Restricted Shares shall be paid no later than the end
      of
      the calendar year in which the dividends or other distributions are paid to
      stockholders of Common Stock or, if later, the fifteenth day of the third month
      following the date on which the dividends or other distributions are paid to
      such stockholders.

    

    9. INTERPRETATION.
      

    

    Any
      dispute regarding the interpretation of this Agreement shall be submitted by
      Participant or the Company to the Committee for review. The resolution of such
      a
      dispute by the Committee shall be final and binding on the Company and
      Participant. 

    

    10. ENTIRE
      AGREEMENT. 

    

    The
      Plan
      is incorporated herein by reference. This Agreement and the Plan constitute
      the
      entire agreement and understanding of the parties with respect to the subject
      matter of this Agreement, and supersede all prior understandings and agreements,
      whether oral or written, between or among the parties hereto with respect to
      the
      specific subject matter hereof. 

    

    11. NOTICES.
      

    

    Any
      and
      all notices required or permitted to be given to a party pursuant to the
      provisions of this Agreement shall be in writing and shall be effective and
      deemed to provide such party sufficient notice under this Agreement on the
      earliest of the following: 

    

    (a)
       at
      the
      time of personal delivery, if delivery is in person; 

    

    (b)
       2
      business days after deposit with an express overnight courier; 

    

    (c)
       3
      business days after deposit by regular mail. 

    

    All
      notices not delivered personally shall be sent with postage and/or other charges
      prepaid and properly addressed to the party to be notified at the address set
      forth below on the signature lines of this Agreement, or at such other address
      as such party may designate by one of the indicated means of notice herein
      to
      the other parties hereto. Notices to the Company shall be marked “Attention:
      Chief Financial Officer.” 

    

    12. SUCCESSORS
      AND ASSIGNS. 

    

    The
      Company may assign any of its rights under this Agreement. No other party to
      this Agreement may assign, whether voluntarily or by operation of law, any
      of
      its rights and obligations under this Agreement, except as expressly permitted
      herein or under the Plan or with the prior written consent of the Company.
      This
      Agreement shall be binding upon and inure to the benefit of the successors
      and
      assigns of the Company. Subject to the restrictions on transfer set forth
      herein, this Agreement shall be binding upon Participant and Participant’s
      heirs, executors, administrators, legal representatives, successors and assigns.
      

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    13. NO
      LIMITATION ON RIGHTS OF THE COMPANY.

     

    The
      grant of the Restricted Shares does not and will not in any way affect the
      right
      or power of the Company to make adjustments, reclassifications or changes in
      its
      capital or business structure, or to merge, consolidate, dissolve, liquidate,
      sell or transfer all or any part of its business or assets.

    

    14. PLAN
      DOCUMENT CONTROLS.

     

    The
      rights granted under this Agreement are in all respects subject to the
      provisions set forth in the Plan to the same extent and with the same effect
      as
      if set forth fully in this Agreement. If the terms of this Agreement conflict
      with the terms of the Plan document, the Plan document will
      control.

    

    15. GOVERNING
      LAW.

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      state of New York.

     

    16. ACCEPTANCE.
      

    

    The
      Participant hereby acknowledges receipt of a copy of the Plan and this
      Agreement. Participant has read and understands the terms and provisions
      thereof, and accepts the Restricted Shares subject to all the terms and
      conditions of the Plan and this Agreement. 

    

    17. FURTHER
      ASSURANCES. 

    

    The
      parties agree to execute such further documents and instruments and to take
      such
      further actions as may be reasonably necessary to carry out the purposes and
      intent of this Agreement. 

     

    18. TITLES
      AND HEADINGS. 

    

    The
      titles, captions and headings of this Agreement are included for ease of
      reference only and shall be disregarded in interpreting or construing this
      Agreement. Unless otherwise specifically stated, all references herein to
“sections” and “exhibits” shall mean “sections” and “exhibits” to this
      Agreement. 

    

    19. COUNTERPARTS.
      

    

    This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed and delivered shall be deemed an original, and all of which together
      shall constitute one and the same agreement. 

    

    20. CODE
      SECTION 409A NOT TO APPLY.

    

    It
      is the
      Company’s intention that Code Section 409A shall not apply to the Restricted
      Shares granted hereunder. There shall be no deferral of compensation with
      respect to the Restricted Shares other than the deferral of recognition of
      income until the vesting of the Restricted Shares under Section 1.83-7 of the
      Income Tax Regulations.

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    21. SEVERABILITY.
      

    

    If
      any
      provision of this Agreement is determined by any court or arbitrator of
      competent jurisdiction to be invalid, illegal or unenforceable in any respect,
      such provision shall be enforced to the maximum extent possible given the intent
      of the parties hereto. If such clause or provision cannot be so enforced, such
      provision shall be stricken from this Agreement and the remainder of this
      Agreement shall be enforced as if such invalid, illegal or unenforceable clause
      or provision had (to the extent not enforceable) never been contained in this
      Agreement. Notwithstanding the forgoing, if the value of this Agreement based
      upon the substantial benefit of the bargain for any party is materially
      impaired, which determination as made by the presiding court or arbitrator
      of
      competent jurisdiction shall be binding. 

    

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be executed in
      duplicate by its duly authorized representative and Participant has executed
      this Agreement in duplicate, effective as of the Date of Grant.

     

    

    
      	
              ETHANEX
                ENERGY, INC. 

               

               

              By
                /s/
                Albert W. Knapp, III

              Albert
                W. Knapp, III

              President
                and Chief Executive Officer

            	
              PARTICIPANT:

               

               

              /s/
                David J. McKittrick

              David
                J. McKittrick

            

    

    

    

    
      
        
        

      

      
        -5-CENTREPATH
      BRIDGE NOTE
      PURCHASE AGREEMENT

     

    THIS
      CENTREPATH BRIDGE NOTE PURCHASE AGREEMENT (“Agreement”) is made as of November
      30, 2006, by and among Capital
      Growth Systems, Inc.,
      a
      Florida corporation (“Borrower” or “Company”), and the lenders (each
      individually a “Lender,” and collectively the “Lenders”) executing a counterpart
      copy of this Agreement. Capitalized terms not otherwise defined in this
      Agreement shall have the meanings ascribed to them in Section 1
      below.

     

    WHEREAS,
      each of the Lenders intends to fund a bridge loan to Company (individually,
      a
“Loan” and collectively, the “Loans”), which Loans are anticipated to be repaid
      from the proceeds of an equity financing by Borrower of not less than $7,000,000
      (the “Pipe Financing”) as set forth below, together with the proceeds from
      additional debt financing for the Company. The proceeds of Loans shall be used
      for the acquisition of 100% of the capital stock of CentrePath, Inc., a Delaware
      corporation (“CentrePath”) by way of merger of a wholly owned subsidiary of the
      Company into CentrePath, with the capital stock of CentrePath to be pledged
      as
      collateral security for the Loans; in addition, with the consent of the Majority
      Note holders, the principal amount of the Loans may be increased to fund
      additional working capital needs of the Company or CentrePath. A copy of the
      purchase agreement for CentrePath has been provided to each of the
      Lenders.

     

    WHEREAS,
      the Pipe Financing shall be structured as an issuance of Units comprised of
      Series AA Preferred Stock and warrants (the “Units Warrants”) to purchase Series
      AA Preferred Stock. The Series AA Preferred Stock shall automatically convert
      to
      Common Stock of the Company upon the amendment of its articles of incorporation
      to authorize the issuance of not less than 200,000,000 shares of Common Stock.
      The “Pipe Common Stock Price” shall be the Unit purchase price divided by the
      number of shares of Common Stock issuable to Units purchasers on conversion
      of
      the Series AA Preferred Stock to Common Stock before giving effect to the Units
      Warrants. It is anticipated that he Pipe Common Stock Price shall be $0.45
      per
      share, as specified in the November 14, 2006 private placement memorandum for
      the Units (“Memorandum”), a copy of which have been made available for review by
      each Lender (and which will be supplemented to reflect the terms of this
      Agreement);

     

    WHEREAS,
      the Company has received a proposal dated November 21, 2006 from Hilco for
      the
      provision of a line of credit of up to $15,000,000, which the Company is
      considering (a copy of which has been made available for review by the
      prospective Lenders), and which may be modified or superseded by another
      proposal from Hilco or other prospective lenders; the Company has advised the
      Lenders that there can be no guarantees that the Company will be able to meet
      the conditions to the breaking of escrow with respect to the
      Memorandum.

     

    WHEREAS,
      the parties wish to provide for the sale and issuance of the Notes in return
      for
      the provision by the Lenders of the Consideration to the Company on the terms
      and subject to the conditions set forth in this Agreement, and the collateral
      security set forth below. 

     

    NOW,
      THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    1.  Definitions.

     

    (a)  “Aggregate
      Loan Amount”
shall
      mean Notes with an aggregate principal amount of up to $7,900,000, or such
      greater amount as is mutually agreed between the Company on the one hand and
      the
      Majority Note Holders. 

     

    (b)  “Consideration”
shall
      mean the amount of money paid by each Lender pursuant to execution of a
      counterpart of this Agreement, or the value as set forth on the counterpart
      signature page of this Agreement “Price”
shall
      mean the purchase price for Equity Units.

     

    (c)  “Initial
      Closing Date”
shall
      be the date on which at least $10,000,000 of Pipe Financing (or such lesser
      amount as is agreeable to the Company and the Majority Note Holders) has been
      consummated.

     

    (d)  “Knowledge”
shall
      mean the actual knowledge of any officer of the Company.

     

    (e)  “Majority
      Note Holders”
shall
      mean the holders of a majority in interest of the aggregate principal amount
      of
      Notes.

     

    (f)  “Maturity
      Date”
shall
      mean as to each Note, 60 days following the date of the Note.

     

    (g)  “Pipe
      Common Stock Price”
shall
      have the meaning set forth in the preamble hereof.

     

    (h)  “Pipe
      Financing”
shall
      have the meaning set forth in the preamble hereof;

     

    (i)  “Notes”
shall
      mean the one or more secured promissory notes issued to each Lender pursuant
      to
Section 2.1
      below,
      the form of which is attached hereto as Exhibit A.

     

    (j)  “Securities”
shall
      have the meaning set forth in Section 6.2
      below.

     

    (k)  “Warrants”
shall
      mean the detachable warrants issuable pursuant to Section 2
      below.

     

    2.  Terms
      of the Notes
      and
      Warrants.
      In
      return for the Consideration paid by each Lender, the Borrower shall sell and
      issue to such Lender one or more unsecured Notes in the principal amount equal
      to the dollar amount set forth below the Lender’s name on the signature page
      hereof (the aggregate principal amount so sold being the “Aggregate Note
      Amount”), bearing interest at eight percent (8%) per annum. Borrower in its sole
      discretion may increase the Aggregate Note Amount with respect to any Lender.
      The proceeds of the Notes shall be used for the funding of the cash deposit
      for
      the purchase of CentrePath and the funding of the balance of the purchase price
      of CentrePath, and any remainder for general working capital purposes of the
      Company. Effective as of the date of application of the proceeds of a Lender’s
      funding as aforesaid, the Company shall issue to the Lender a warrant (the
      “Warrant”) to purchase 225.00225 shares of Series AA Preferred Stock (in the
      form attached as Exhibit B, and which equates to 500,000 shares of Common Stock
      on an as converted basis assuming the Series AA Preferred Stock is issued at
      $0.45 per share) for each $1,000,000 of Loan funded (prorated for fractional
      amounts) In addition, in consideration for the funding of the initial $1,000,000
      of the Loans, which has been put at risk with CentrePath as of this date, the
      initial Lender (Thomas G. Hudson) shall receive an additional warrant to
      purchase 450.0045 shares of Series AA Preferred Stock (which equates to
      1,000,000 shares of Common Stock on an as converted basis assuming the Series
      AA
      Preferred Stock is issued at $0.45 per share). 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    3.  Closing.
      Each
      closing for the purchase of the Notes shall take place at the offices of the
      Borrower at 12:00 p.m., on the date of counterpart execution of this Agreement
      by the Lender in question, or at such other time and place as the Borrower
      and
      each Lender shall agree. At each Closing, each Lender shall deliver the
      Consideration to the Borrower and the Borrower shall deliver to each Lender
      one
      or more executed Notes in return for the respective Consideration provided
      to
      the Borrower.

     

    4.  Use
      of
      Consideration.
      Subscription proceeds from the Notes other than the initial $1,000,000 issued
      to
      Thomas G. Hudson shall be deposited in an escrow account to be established
      by
      the Company with Shefsky & Froelich Ltd. or such other entity as Company
      shall select, and shall be held in escrow pending the sale of at least
      $6,750,000 of Notes (or such lesser amount agreeable to the Company and the
      Majority Note Holders), to be released from escrow in connection with the
      closing of the acquisition of CentrePath. by the Company; provided however,
      in
      lieu of deposit of the Notes proceeds in escrow a Lender may make direct payment
      to the account designated by the Company for the purchase of CentrePath, in
      which event the proceeds of any such funding shall be deemed to have been funded
      to the Company for purposes of the Loans called for hereunder. Interest shall
      accrue on the Notes effective as of the date of the closing of the acquisition
      of CentrePath (with the exception of the initial $1,000,000 funding which shall
      accrue interest effective as of the date first set forth above). The Notes
      shall
      be secured by a collateral pledge of the capital stock of CentrePath (effective
      as of its acquisition) pursuant to the form of Note Administration and Security
      Agreement attached as Exhibit C.

     

    5.  Representations
      and Warranties of the Borrower.
      In
      connection with the transactions provided for herein, the Borrower hereby
      represents and warrants to the Lenders that:

     

    5.1  Organization,
      Good Standing and Qualification.
      The
      Borrower is a corporation, validly existing, and in good standing under the
      laws
      of the State of Florida and has all requisite corporate power and authority
      to
      carry on its business as now conducted. The Borrower is duly qualified to
      transact business and is in good standing in each jurisdiction in which the
      failure to so qualify would have a material adverse effect on its business
      or
      properties.

     

    5.2  Authorization.
      All
      corporate action has been taken on the part of the Borrower, its shareholders,
      officers, and directors necessary for the authorization, execution, delivery
      and
      performance, of this Agreement and the Notes and Warrants. Except as may be
      limited by applicable bankruptcy, insolvency, reorganization, or similar laws
      relating to or affecting the enforcement of creditors’ rights, the Borrower has
      taken all corporate action required to make all of the obligations of the
      Borrower reflected in the provisions of this Agreement and the Notes and
      Warrants the valid and enforceable obligations they purport to be.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    5.3  Compliance
      with Other Instruments.
      Neither
      the authorization, execution and delivery of this Agreement or the Notes and
      Warrants, nor the issuance and delivery of the Notes and Warrants, will
      constitute or result in a default or violation of any law or regulation
      applicable to the Borrower or any term or provision of the Borrower’s current
      Articles, Bylaws or any material agreement or instrument by which it is bound
      or
      to which its properties or assets are subject.

     

    5.4  Valid
      Issuance.
      The
      Common Stock or Series AA Preferred Stock issuable upon exercise of the Warrants
      will be, when issued in accordance with the terms of this Agreement, duly and
      validly issued, fully paid and nonassessable and, based in part upon the
      representations and warranties of the Lenders in this Agreement, will be issued
      in compliance with all applicable federal and state securities
      laws.

     

    5.5  No
      Violation.
      The
      Borrower is not in violation of any order of any court, arbitrator or
      governmental body, material laws, ordinances or governmental rules or
      regulations (domestic or foreign) to which it is subject.

     

    5.6  No
      Litigation.
      There
      are no suits or proceedings pending or, to the Knowledge of the Borrower,
      threatened in any court or before any regulatory commission, board or other
      governmental administrative agency against or affecting the Borrower except
      as
      set forth in the Memorandum.

     

    5.7  
      Arms’
Length Transactions.
      The
      transactions evidenced by this Agreement and the Notes and the other documents
      and instruments delivered in connection herewith or therewith (a) are the result
      of arms’ length negotiations among the parties hereto, (b) are made on
      commercially reasonable terms and (c) are undertaken by the Borrower without
      any
      intent to hinder, delay or defraud any entity to which the Borrower is or may
      become indebted.

     

    6.  Representations
      and Warranties of the Lenders.
      In
      connection with the transactions provided for herein, each Lender hereby
      represents and warrants to the Borrower that:

     

    6.1  Authorization.
      This
      Agreement constitutes such Lender’s valid and legally binding obligation,
      enforceable in accordance with its terms, except as may be limited by (i)
      applicable bankruptcy, insolvency, reorganization, or similar laws relating
      to
      or affecting the enforcement of creditors’ rights and (ii) laws relating to the
      availability of specific performance, injunctive relief or other equitable
      remedies. Each Lender represents that the execution, delivery and performance
      of
      this Agreement has been duly authorized and approved by such
      Lender.

     

    6.2  Purchase
      Entirely for Own Account.
      Each
      Lender acknowledges that this Agreement is made with Lender in reliance upon
      such Lender’s representation to the Borrower that the Notes and any capital
      stock issuable upon exercise of the Warrants (collectively, the “Securities”)
      will be acquired for investment for Lender’s own account, as principal and not
      as a nominee or agent, and not with a view to the resale or distribution of
      any
      part thereof, and that such Lender has no present intention of selling, granting
      any participation in, or otherwise distributing the same. By executing this
      Agreement, each Lender further represents that such Lender does not have any
      contract, undertaking, agreement or arrangement with any person to sell,
      transfer or grant participations to such person or to any third person, with
      respect to the Securities.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    6.3  Disclosure
      of Information.
      Each
      Lender acknowledges that he or it has received all the information, documents
      and materials he or it considers necessary or appropriate for deciding whether
      to acquire the Notes, and has been provided access to all public filings of
      Borrower with the Securities & Exchange Commission. Each Lender confirms
      that he or it has made such further investigation of the Borrower as was deemed
      appropriate to evaluate the merits and risks of this investment. Each Lender
      further represents that he or it has had an opportunity to ask questions and
      receive answers from the Borrower regarding the terms and conditions of the
      offering of the Notes and Warrants.

     

    6.4  Investment
      Experience.
      Each
      Lender is an investor in securities of companies in the development stage and
      acknowledges that he or it is able to fend for itself, can bear the economic
      risk of its investment and has such knowledge and experience in financial or
      business matters that it is capable of evaluating the merits and risks of the
      investment in the Notes and the Equity Units. If other than an individual,
      each
      Lender also represents he or it has not been organized solely for the purpose
      of
      acquiring the Notes and the Equity Units.

     

    6.5  Accredited
      Investor.
      Each
      Lender is an “accredited investor” within the meaning of Rule 501 of Regulation
      D of the Securities Act of 1933, as presently in effect (the “Securities
      Act”).

     

    6.6  Restricted
      Securities.
      Each
      Lender understands that the Securities are characterized as “restricted
      securities” under the federal securities laws inasmuch as they are being
      acquired from the Borrower in a transaction not involving a public offering
      and
      that under such laws and applicable regulations such securities may not be
      resold except through a valid registration statement or pursuant to a valid
      exemption from the registration requirements under the Securities Act and
      applicable state securities laws. Each Lender represents that he or it is
      familiar with Rule 144 of the Securities Act, and understands the resale
      limitations imposed thereby and by the Securities Act and applicable state
      securities laws.

     

    6.7  Further
      Limitations on Disposition.
      Without
      in any way limiting the representations and warranties set forth above, each
      Lender further agrees not to make any disposition of all or any portion of
      the
      Securities unless and until the transferee has agreed in writing for the benefit
      of the Borrower to be bound by this Section 6
      and:

     

    (a)  There
      is
      then in effect a registration statement under the Securities Act covering such
      proposed disposition and such disposition is made in accordance with such
      registration statement; or

     

    (b)  (i)Lender
      has notified the Borrower of the proposed disposition and has furnished the
      Borrower with a detailed statement of the circumstances surrounding the proposed
      disposition and (ii) if reasonably requested by the Borrower, Lender shall
      have
      furnished the Borrower with an opinion of counsel, reasonably satisfactory
      to
      the Borrower, that such disposition will not require registration of such shares
      under the Securities Act.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (c)  All
      transferees agree in writing to be subject to the terms hereof, and any other
      agreements to which such Securities may be subject, to the same extent as if
      they were Lenders hereunder, including but not limited to the Note
      Administration and Security Agreement in the form attached hereto as Exhibit
      C.

     

    6.8  Legends.
      It is
      understood that the certificates evidencing the Securities, or any other
      securities issued in respect of the Securities upon any stock split, stock
      dividend, recapitalization, merger, consolidation, conversion, exercise or
      similar event, shall bear the legends required by applicable law as well as
      such
      agreements to which such Securities may be subject, including, without
      limitation, legends relating to restrictions on transfer under federal and
      state
      securities laws and legends required under applicable state securities laws,
      as
      well as the following legend:

     

    “THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR REGISTERED UNDER ANY STATE SECURITIES LAWS. THEY MAY
      NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED
      EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED, (B) AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER
      THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT, OR (C) AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
      (IF
      AVAILABLE), IN EACH OF CASES (A) THROUGH (C) IN ACCORDANCE WITH ANY APPLICABLE
      STATE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.”

     

    7.  Defaults
      and Remedies.

     

    7.1  Events
      of Default.
      The
      following events shall be considered Events of Default with respect to each
      Note:

     

    (a)  The
      Borrower shall default in the payment of any part of the principal or unpaid
      accrued interest on any Note for more than thirty (30) days after the Maturity
      Date or at a date fixed by acceleration or otherwise;

     

    (b)  The
      Borrower shall make an assignment for the benefit of creditors, or shall admit
      in writing its inability to pay its debts as they become due, or shall file
      a
      voluntary petition for bankruptcy, or shall file any petition or answer seeking
      for itself any reorganization, arrangement, composition, readjustment,
      dissolution or similar relief under any present or future statute, law or
      regulation, or shall file any answer admitting the material allegations of
      a
      petition filed against the Borrower in any such proceeding, or shall seek or
      consent to or acquiesce in the appointment of any trustee, receiver or
      liquidator of the Borrower, or of all or any substantial part of the properties
      of the Borrower, or the Borrower or its respective manager, officers or majority
      members shall take any action looking to the dissolution or liquidation of
      the
      Borrower;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (c)  Within
      sixty (60) days after the commencement of any proceeding against the Borrower
      seeking any bankruptcy reorganization, arrangement, composition, readjustment,
      liquidation, dissolution or similar relief under any present or future statute,
      law or regulation, such proceeding shall not have been dismissed, or within
      sixty (60) days after the appointment without the consent or acquiescence of
      the
      Borrower of any trustee, receiver or liquidator of the Borrower or of all or
      any
      substantial part of the properties of the Borrower, such appointment shall
      not
      have been vacated; or

     

    (d)  The
      Borrower or any of its subsidiaries shall fail to observe or perform any other
      obligation to be observed or performed by it under this Agreement or the Notes
      or the Note Administration and Security Agreement attached hereto as Exhibit
      C
      within 30 (thirty) days after written notice from the Servicer named therein
      (the “Servicer”) or the Majority Note Holders to perform or observe the
      obligation, or any representation or warranty made by the Borrower hereunder
      or
      thereunder shall be false in any material respect as of the date made and such
      representation or warranty is not cured, if susceptible to cure, within 30
      (thirty) days after the Borrower’s Knowledge of such failure.

     

    7.2  Remedies.
      Upon
      the occurrence of an Event of Default under Section 7.1
      hereof,
      at the option and upon the declaration of the Servicer or the Majority Note
      Holders, acting pursuant to the form of Note Administration and Security
      Agreement, the entire unpaid principal and accrued and unpaid interest on each
      Note, and all other amounts owing under this Agreement shall, without
      presentment, demand, protest, or notice of any kind, all of which are hereby
      expressly waived, be forthwith due and payable, and the Servicer named therein
      and acting on behalf of all of the Note holders may, immediately and without
      expiration of any period of grace, enforce payment of all amounts due and owing
      under each Note and exercise any and all other remedies granted to it at law,
      in
      equity or otherwise; provided, however, that if any Event of Default occurs
      under Sections 7.1(b)
      or 7.1(c),
      all
      unpaid principal and accrued and unpaid interest on such Note, and all other
      amounts owing under this Agreement, shall automatically become immediately
      due
      and payable.

     

    8.  Miscellaneous.

     

    8.1  Successors
      and Assigns.
      Except
      as otherwise provided herein, the terms and conditions of this Agreement shall
      inure to the benefit of and be binding upon the respective successors and
      assigns of the parties, provided, however, that the Borrower may not assign
      its
      obligations under this Agreement without the written consent of the Servicer
      or
      Majority Note Holders (which shall not be unreasonably withheld), and no Lender
      may, without the written consent of the Borrower (which shall not be
      unreasonably withheld), assign all or any portion of a Note to any person or
      entity. Nothing in this Agreement, express or implied, is intended to confer
      upon any party other than the parties hereto or their respective successors
      and
      assigns any rights, remedies, obligations or liabilities under or by reason
      of
      this Agreement, except as expressly provided in this Agreement.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    8.2  Governing
      Law.
      This
      Agreement and the Notes shall be governed by and construed under the laws of
      the
      State of Illinois as applied to agreements among Illinois residents, made and
      to
      be performed entirely within the State of Illinois. Any action to enforce this
      Agreement or any of the rights or obligations hereunder shall be litigated
      by
      bench trial, with all parties hereto waiving their right to trial by
      jury.

     

    8.3  Counterparts,
      Power of Attorney.
      This
      Agreement, and any of the other agreements, documents and instruments
      contemplated hereby, may be executed in two or more counterparts, whether by
      original, photocopy, facsimile or email pdf, each of which shall be deemed
      an
      original, but all of which together shall constitute one and the same
      instrument. Delivery of an executed signature page to this Agreement, and any
      of
      the other Agreements, documents and instruments contemplated hereby, by
      facsimile transmission shall be effective as delivery of a manually signed
      counterpart hereof or thereof. By execution of this Agreement, each Lender
      grants an irrevocable power of attorney to each of Thomas G. Hudson, Lee
      Wiskowski, Douglas Stukel and any Servicer named in the Note Administration
      and
      Security Agreement, and any officer of the Servicer (each an “Attorney”) to
      execute in the name, place and stead of each Lender and such Lender’s successors
      in interest: (i) the Note Administration and Security Agreement; and (ii) any
      document requiring the execution of the Lender related to any action to be
      taken
      by the Servicer on behalf of such Lender pursuant to the Note Administration
      and
      Security Agreement..

     

    8.4  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    8.5  Notices.
      All
      notices and other communications given or made pursuant hereto shall be in
      writing and shall be deemed effectively given: (i) upon personal delivery to
      the
      party to be notified, (ii) when sent by confirmed electronic mail or facsimile
      if sent during normal business hours of the recipient, if not so confirmed,
      then
      on the next business day, (iii) five (5) days after having been sent by
      registered or certified mail, return receipt requested, postage prepaid or
      (iv)
      one (1) day after deposit with a nationally recognized overnight courier,
      specifying next day delivery, with written verification of receipt. All
      communications shall be sent to the respective parties at the following
      addresses (or at such other addresses as shall be specified by notice given
      in
      accordance with this Section 8.5):

     

    
      	 	
              If
                to the Borrower:

            	
              Capital
                Growth Systems, Inc.

              50
                East Commerce Drive - Suite A

              Schaumburg,
                IL 60173

              Attention: Thomas
                Hudson, CEO

            
	 	
               

            	 
	 	
              If
                to Lenders:

            	
              At
                the respective addresses shown on the signature page
                hereof.

            

    

    

    8.6  Expenses.
      If any
      action at law or in equity is necessary to enforce or interpret the terms of
      this Agreement, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and necessary disbursements in addition to any other relief to
      which
      such party may be entitled. The Borrower shall pay all costs and expenses that
      it incurs with respect to the negotiation, execution, delivery and performance
      of this Agreement.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    8.7  Entire
      Agreement; Amendments and Waivers; Counsel.
      This
      Agreement and the Notes and the other documents delivered pursuant hereto
      constitute the full and entire understanding and agreement between the parties
      with regard to the subjects hereof and thereof. The Borrower’s agreements with
      each of the Lenders are separate agreements, and the sales of the Notes to
      each
      of the Lenders are separate sales. Nonetheless, any term of this Agreement
      or
      the Notes may be amended and the observance of any term of this Agreement or
      the
      Notes may be waived (either generally or in a particular instance and either
      retroactively or prospectively), with the written consent of the Borrower and
      either the Majority Note Holders. Any waiver or amendment effected in accordance
      with this Section 8.8
      shall be
      binding upon each party to this Agreement and any holder of any Note purchased
      under this Agreement at the time outstanding and each future holder of all
      such
      Notes. Each Lender has been advised by Shefsky & Froelich Ltd. (“SF”) that:
      (i) in preparation of this Agreement it has acted as counsel solely on behalf
      of
      the Company and not on behalf of any of the Lenders or the Servicer; (ii) in
      the
      past it has represented one or more of the Lenders and may do so in the future
      with respect to matters other than the subject matter of this Agreement, which
      representation may be deemed to constitute a conflict of interest; (iii) it
      has
      advised each of the Lenders and the Servicer to retain separate counsel with
      respect to the subject matter of this Agreement; and (iv) the Illinois Code
      of
      Professional Responsibility requires SF to advise the Lenders and Servicer
      of
      this conflict of interest and to obtain the consent of the Company and of the
      Lenders and Servicer to SF’s representation of the Company with respect to this
      Agreement and future matters. By execution of this Agreement each Lender
      consents (and by execution of the Note Administration and Security Agreement,
      the Servicer consents) to SF’s representation of Company as aforesaid and
      further acknowledges and agrees that in the event of a dispute in the future
      between the Company and any of the Lenders, each of the Lenders agrees that
      it
      will not take any action to preclude SF from representing the Company in the
      future.

     

    8.8  Effect
      of Amendment or Waiver.
      Each
      Lender acknowledges that by the operation of Section 8.8
      hereof,
      the Majority Note Holders will have the right and power to diminish or eliminate
      all rights of such Lender under this Agreement and each Note issued to such
      Lender.

     

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

     

    8.10  Exculpation
      Among Lenders.
      Each
      Lender acknowledges that it is not relying upon any person, firm, corporation
      or
      stockholder, other than the Company and its officers and directors in their
      capacities as such, in making its investment or decision to invest in the
      Borrower. Each Lender agrees that no other Lender nor the respective controlling
      persons, officers, directors, partners, agents, stockholders or employees of
      any
      other Lender shall be liable for any action heretofore or hereafter taken or
      omitted to be taken by any of them in connection with the purchase and sale
      of
      the Securities.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

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

     

    
      	
              BORROWER:

            	 	
              LENDERS:

            
	 	 	 
	
              Capital
                Growth Systems, Inc.

            	 	**
	 	 	
              [Signature]

            
	 	 	 
	
              By:

            	
              /s/
                Thomas Hudson

            	 	 
	
              Its:

            	
              Chief
                Executive Officer

            	 	
              [Print
                Name]

            
	 	 	 
	 	 	 
	 	 	
              Amount:

            	
              $

            	 	
              (Cash);
                or

            
	 	 	 	
              $

            	 	
              Value
                for other 

            
	 	 	 	 	
              consideration
                

            
	 	 	 	 	
              provided

            
	 	 	 
	 	 	
              Address:

            	 
	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
              [Signature]

            
	 	 	 
	 	 	 
	 	 	
              [Print
                Name]

            
	 	 	 
	 	 	 
	 	 	
              Amount:

            	
              $

            	 	
              (Cash);
                or

            
	 	 	 	
              $

            	 	
              Value
                for other 

            
	 	 	 	 	
              consideration
                

            
	 	 	 	 	
              provided

            
	 	 	 
	 	 	
              Address:

            	 
	 	 	 	 

    

     

    **/s/
      Thomas Hudson, /s/ David  Lies, /s/ Don Larsen, /s/ Robert Geras, /s/
      Geroge Mellon

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        A

       

      THIS
        NOTE
        AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF OR IN CONNECTION HEREWITH
        HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
        “SECURITIES ACT”), OR REGISTERED UNDER ANY STATE SECURITIES LAWS. THEY MAY NOT
        BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED
        EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
        ACT OF 1933, AS AMENDED, (B) AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER
        THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT, OR (C) AN EXEMPTION
        FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
        (IF
        AVAILABLE), IN EACH OF CASES (A) THROUGH (C) IN ACCORDANCE WITH ANY APPLICABLE
        STATE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

       

      CGSI
        CENTREPATH PROMISSORY NOTE

       

      
        	
                $

              	 	 	
                __________,
                  2006

              

      

      

      FOR
        VALUE
        RECEIVED, Capital
        Growth Systems, Inc.,
        a
        Florida corporation (the “Borrower”), hereby promises to pay to the order of
        [_________________(the “Lender”), the principal sum of __________________
        ($__________), together with interest thereon from the date of this Promissory
        Note (the “Note”). Simple interest shall accrue on the principal balance of this
        Note at eight percent (8%) per annum. The principal and accrued interest
        shall
        be due and payable by the Borrower on the Maturity Date. Following the Maturity
        Date the principal balance of this Note shall bear simple interest at ten
        percent (10%) per annum.

       

      This
        Note
        is one of the Notes issued pursuant to the CentrePath Bridge Note Purchase
        Agreement dated as of November 30, 2006, pursuant to which this form of Note
        is
        attached as an exhibit (“Purchase Agreement”), and capitalized terms not defined
        herein shall have the meaning set forth in the Purchase Agreement.

       

      1. Payment.
        All
        payments shall be made in lawful money of the United States of America at
        the
        principal office of the Borrower, or at such other place as the holder hereof
        may from time to time designate in writing to the Borrower. Payment shall
        be
        credited first to Costs (as defined below), if any, then to accrued interest
        due
        and payable and any remainder applied to principal. Prepayment may be made
        in
        whole or part without penalty, and the Company shall fund prepayments as
        provided for in the Purchase Agreement. In connection with the delivery,
        acceptance, performance or enforcement of this Note, the Borrower hereby
        waives
        demand, notice, presentment, protest, notice of dishonor and other notice
        of any
        kind, and asserts to extensions of the time of payment, release, surrender
        or
        substitution of security, or forbearance or other indulgence, without notice.
        The Borrower agrees to pay all amounts under this Note without offset,
        deduction, claim, counterclaim, defense or recoupment, all of which are hereby
        waived.

       

      2. Amendments
        and Waivers; Resolutions of Dispute; Notice.
        The
        amendment or waiver of any term of this Note, the resolution of any controversy
        or claim arising out of or relating to this Note and the provision of notice
        shall be conducted pursuant to the terms of the Purchase Agreement.

       

      3. Successors
        and Assigns.
        This
        Note applies to, inures to the benefit of, and binds the successors and assigns
        of the parties hereto; provided, however, that the Borrower may not assign
        its
        obligations under this Note without the written consent of the Servicer or
        Majority Note Holders and the Lender may not, without the written consent
        of the
        Borrower (which shall not be unreasonably withheld), assign all or any portion
        of this Note to any person or entity. Any transfer of this Note may be effected
        only pursuant to the Purchase Agreement and by surrender of this Note to
        the
        Borrower and reissuance of a new note to the transferee, who agrees in writing
        in form satisfactory to Lender to be bound by the terms of the Purchase
        Agreement. The Lender and any subsequent holder of this Note receives this
        Note
        subject to the foregoing terms and conditions, and agrees to comply with
        the
        foregoing terms and conditions for the benefit of the Borrower and any other
        Lenders.

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      4. Officers
        and Directors not Liable.
        In no
        event shall any officer or director of the Borrower or Servicer be liable
        for
        any amounts due and payable pursuant to this Note.

       

      5. Expenses.
        The
        Borrower and hereby agrees, subject only to any limitation imposed by applicable
        law, to pay all expenses, including reasonable attorneys’ fees and legal
        expenses, incurred by the holder of this Note (“Costs”) in endeavoring to
        collect any amounts payable hereunder which are not paid when due, whether
        by
        declaration or otherwise. The Borrower agrees that any delay on the part
        of the
        holder in exercising any rights hereunder will not operate as a waiver of
        such
        rights. The holder of this Note shall not by any act, delay, omission or
        otherwise be deemed to have waived any of its rights or remedies, and no
        waiver
        of any kind shall be valid unless in writing and signed by the party or parties
        waiving such rights or remedies.

       

      6. Governing
        Law.
        This
        Note shall be governed by and construed under the laws of the State of Illinois
        as applied to other instruments made by Illinois residents to be performed
        entirely within the State of Illinois. Any dispute with respect to this Note
        shall be litigated in the state or federal courts situated in Cook County,
        Illinois.

       

      7. Approval.
        The
        Borrower hereby represents that it has approved the Borrower’s execution of this
        Note based upon a reasonable belief that the principal provided hereunder
        is
        appropriate for the Borrower after reasonable inquiry concerning the Borrower’s
        financing objectives and financial situation. In addition, the Borrower hereby
        represents that it intends to use the principal of this Note primarily for
        the
        operations of its business, and not for any personal, family or household
        purpose.

       

      IN
        WITNESS WHEREOF, the Borrower has executed this Note on the day and year
        first
        above written.

       

      
        	 	 	
                Capital
                  Growth Systems, Inc..

              
	 	 	 
	 	 	
                By:

              	 
	 	 	
                Its:

              	 

      

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      THE
        SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED BY THE HOLDER HEREOF FOR
        ITS
        OWN ACCOUNT FOR INVESTMENT WITH NO INTENTION OF MAKING OR CAUSING TO BE MADE
        A
        PUBLIC DISTRIBUTION OF ALL OR ANY PORTION THEREOF. SUCH SECURITIES HAVE NOT
        BEEN
        REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS
        AND MAY
        NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED, EXCEPT PURSUANT TO
        AN
        EFFECTIVE REGISTRATION STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN
        EXEMPTION FROM REGISTRATION UNDER SUCH ACT.

       

      
        	
                No.

              	
                ____________,
                  200_

              
	 	
                Chicago,
                  Illinois

              

      

      

      CAPITAL
        GROWTH SYSTEMS, INC.

      FORM
        OF CENTREPATH BRIDGE NOTE WARRANT TO PURCHASE

       

      SERIES
        AA PREFERRED STOCK AT $1,000 PER PREFERRED SHARE, OR $0.45

      PER
        COMMON SHARE ON AS CONVERTED BASIS

       

      Void
        after December 31, 2009, Unless Extended

       

      Capital
        Growth Systems, Inc., a Florida corporation (the “Company”), hereby certifies
        that, for value received, _______________________________________ (including
        any
        successors and assigns, “Holder”), is entitled, subject to the terms set forth
        below, to purchase from the Company at any time or from time to time before
        5:00
        PM Central time, on December 31, 2009 (the “Expiration Date”), which date is
        subject to extension as set forth in Section
        7
        fully
        paid and nonassessable shares of the Company’s Series AA Preferred Stock (the
“Warrant Shares”) under the terms set forth herein. Holder acknowledges that
        effective upon the filing of an amendment to the Articles of Incorporation
        of
        the Company increasing its authorized Common Stock to not less than 200,000,000
        shares (the “Amendment”), each share of Series AA Preferred Stock shall
        automatically be converted into 2,222.2 shares of $0.0001 par value Company
        common stock (“Common Stock”) and for purposes of this Warrant, effective as of
        the filing of the Amendment, all references hereto to Warrant Shares shall
        be
        automatically amended to refer to the corresponding number of shares of Common
        Stock into which the shares of Series AA Preferred Stock have been
        converted.

       

      1. Number
        of Warrant Shares; Exercise Price.
        This
        Warrant shall evidence the right of the Holder to purchase up to __________
        Warrant Shares (which number of Warrant Shares will remain fixed and is not
        subject to any adjustment except as provided in Section
        6
        below)
        at an initial exercise price per Warrant Share of $1,000 per share of Series
        AA
        Preferred Stock (i.e. $0.45 per share of Common Stock following the Amendment)
        (the “Exercise Price”), subject to adjustment as provided in Sections
        6 and  7
        below.

       

      2. Definitions.
        As used
        herein the following terms, unless the context otherwise requires, have the
        following respective meanings:

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

       

      (a) The
        term
“Common Stock” shall mean the common stock, par value $0.0001 of the
        Company.

       

      (b) The
        term
“Company” shall mean Capital Growth Systems, Inc. and shall include any company
        which shall succeed to or assume the obligations of the Company
        hereunder.

       

      (c) The
        term
“Corporate Transaction” shall mean (i) a sale, lease transfer or conveyance of
        all or substantially all of the assets of the Company; (ii) a consolidation
        of
        the Company with, or merger of the Company with or into, another corporation
        or
        other business entity in which the stockholders of the Company immediately
        prior
        to such consolidation or merger own less than 50% of the voting power of
        the
        surviving entity immediately after such consolidation or merger; or (iii)
        any
        transaction or series of related transactions to which the Company is a party
        in
        which in excess of 50% of the Company’s voting power is transferred, excluding
        any consolidation or merger effected exclusively to change the domicile of
        the
        Company and/or an effective change of the number of issued and outstanding
        shares of the Company (i.e. reverse or forward split), and further including
        any
        of the issuances of capital stock with respect to any of the transactions
        contemplated in the Memorandum. 

       

      (d) The
        term
“Memorandum” shall mean the private placement memorandum dated November 14, 2006
        of the Company, as amended from time to time.

       

      (e) The
        term
“Offering Warrants” shall mean this Warrant and each other warrant issued to
        purchasers of Notes pursuant to the CentrePath Bridge Note Purchase Agreement,
        to which this form of Warrant is attached as an Exhibit.

       

      3. Exercise
        Date; Expiration.
        Subject
        to the terms hereof, this Warrant may be exercised by the Holder at any time
        or
        from time to time before the Expiration Date (the “Exercise
        Period”).

       

      4. Exercise
        of Warrant; Partial Exercise.
        This
        Warrant may be exercised in full by the Holder by surrender of this Warrant,
        together with the Holder’s duly executed form of subscription attached hereto as
Exhibit A,
        to the
        Company at its principal office, accompanied by payment, in cash or by certified
        or official bank check payable to the order of the Company, of the aggregate
        exercise price (as determined above) of the number of Warrant Shares to be
        purchased hereunder. The exercise of this Warrant pursuant to this Section 4
        shall be
        deemed to have been effected immediately prior to the close of business on
        the
        business day on which this Warrant is surrendered to the Company as provided
        in
        this Section 4,
        and at
        such time the person in whose name any certificate for Warrant Shares shall
        be
        issuable upon such exercise shall be deemed to be the record holder of such
        Warrant Shares for all purposes. As soon as practicable after the exercise
        of
        this Warrant, the Company at its expense will cause to be issued in the name
        of
        and delivered to the Holder, or as the Holder may direct, a certificate or
        certificates for the number of fully paid and nonassessable full shares of
        Warrant Shares to which the Holder shall be entitled on such exercise, together
        with cash, in lieu of any fraction of a share, equal to such fraction of
        the
        current fair market value of one full Warrant Share as determined in good
        faith
        by the Board of Directors and as set forth in Section
        7,
        and, if
        applicable, a new warrant evidencing the balance of the shares remaining
        subject
        to the Warrant.

       

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

       

      5. Weighted
        Average Anti-Dilution Price Protection.
        The
        purchase price of Warrant Shares (or any shares of stock or other securities
        which may be) issuable upon the exercise of this Warrant shall be subject
        to
        adjustment from time to time, as follows:

       

      (a) “New
        Securities” shall mean any Common Stock or preferred stock of Company issued
        during the term of this Warrant, whether now authorized or not, and rights,
        options or warrants to purchase said Common Stock or preferred stock, and
        securities of any type whatsoever that are, or may become, convertible into
        said
        Common Stock or preferred stock (including but not limited to convertible
        debt
        or any other instrument exercisable for or convertible into Common Stock);
        provided, however, that “New Securities” does not include (i) any securities
        issued or issuable pursuant to any of the notes, options, warrants or other
        securities outstanding as of the date of the closing of the offering pursuant
        to
        the Memorandum, including all Offering Warrants; (ii) up to 5,000,000 shares
        of
        Common Stock issued pursuant to the stock option plan contemplated in the
        Memorandum; any stock option plan maintained by Company; or (iii) shares
        of
        Company's Common Stock issued in connection with any stock split, stock
        dividend, or recapitalization by Company.

       

      (b) In
        the
        event that Company issues New Securities for a consideration of less than
        $0.45
        per share of Common Stock (on an as converted to Common Stock basis, as adjusted
        per this Section
        5
        hereof)
        (the “Original Purchase Price”), or if the Original Purchase Price shall have
        been adjusted hereunder, and the Company issues New Securities for a purchase
        price below the adjusted Purchase Price, then the then-current Purchase Price
        shall be adjusted downward to a price determined by dividing

       

      (i) the
        sum
        of (w) the Purchase Price in effect before the issuance of such New Securities
        multiplied by the number of shares of the Company’s Common Stock then issued and
        outstanding plus the number of shares of Company preferred stock then issued
        as
        converted into shares of Common Stock (including shares of common stock reserved
        pursuant to the issued Offering Warrants) immediately prior to the issuance
        of
        such New Securities and (x) the consideration, if any, received by or deemed
        to
        have been received by the Company on the issue of such New Securities
        by:

       

      (ii) the
        sum
        of (y) the number of shares of the Company’s Common Stock then issued and
        outstanding plus the number of shares of the Company’s preferred stock then
        issued as converted into shares of Common Stock (including shares of Common
        Stock reserved pursuant to the issued Offering Warrants) immediately prior
        to
        the issuance of such New Securities and (z) the number of Additional Shares
        of
        Common Stock issued or deemed to have been issued in the issuance of such
        New
        Securities.

       

      (c) In
        the
        case of the issuance of Common Stock for cash, the consideration shall be
        deemed
        to be the amount of cash paid.

       

      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

       

      (d) In
        the
        case of the issuance of Common Stock for a consideration in whole or in part
        other than cash, the consideration other than cash shall be deemed to be
        the
        fair value thereof as reasonably determined by the Company’s board of directors
        consistent with its fiduciary duties irrespective of any accounting
        treatment.

       

      (e) The
        Company will not by reorganization, transfer of assets, consolidation, merger,
        dissolution, or otherwise, avoid or seek to avoid observance or performance
        of
        any of the terms of this Section
        5,
        but
        will at all times in good faith assist in the carrying out and performance
        of
        all provisions of this Section
        5
        in order
        to protect the rights of the Holder against impairment.

       

      6. Adjustments
        to Number of Warrants and Conversion Price.
        The
        number and kind of Warrant Shares (or any shares of stock or other securities
        which may be) issuable upon the exercise of this Warrant and the exercise
        price
        hereunder shall be subject to adjustment from time to time upon the happening
        of
        certain events, as follows:

       

      (a) Splits
        and Subdivisions.
        In the
        event the Company should at any time or from time to time fix a record date
        for
        the effectuation of a split or subdivision of the outstanding shares of Series
        AA Preferred Stock (or following the Amendment, of the Common Stock) or the
        determination of the holders of Series AA Preferred Stock (or following the
        Amendment, of the Common Stock) entitled to receive a dividend or other
        distribution payable in additional shares of Series AA Preferred Stock (or
        following the Amendment, of the Common Stock) or other securities or rights
        convertible into, or entitling the holder thereof to receive directly or
        indirectly, additional shares of Series AA Preferred Stock (hereinafter referred
        to as the “Series AA Preferred Stock Equivalents”) (or following the Amendment,
        of the Common Stock, with the entitlement for the holder thereof to receive
        directly or indirectly, additional shares of Common Stock, hereinafter referred
        to as the “Common Stock Equivalents”) without payment of any consideration by
        such holder for the additional shares of Series AA Preferred Stock (or following
        the Amendment, of the Common Stock) or Series AA Preferred Stock Equivalents,
        (or following the Amendment, of the Common Stock Equivalents), then, as of
        such
        record date (or the date of such distribution, split or subdivision if no
        record
        date is fixed), the Exercise Price shall be appropriately decreased and the
        number of Warrant Shares for which this Warrant is exercisable shall be
        appropriately increased in proportion to such increase of outstanding
        shares.

       

      (b) Combination
        of Shares.
        If the
        number of shares of Series AA Preferred Stock (or following the Amendment,
        of
        the number of shares of Common Stock) outstanding at any time after the date
        hereof is decreased by a combination of the outstanding shares of Series
        AA
        Preferred Stock (or following the Amendment, of the number of shares of Common
        Stock), the Exercise Price shall be appropriately increased and the number
        of
        Warrant Shares for which this Warrant is exercisable shall be appropriately
        decreased in proportion to such decrease in outstanding shares.

       

      (c) Reclassification
        or Reorganization.
        If the
        Warrant Shares issuable upon the exercise of this Warrant shall be changed
        into
        the same or different number of shares of any class or classes of stock,
        whether
        by capital reorganization, reclassification or otherwise (other than a split,
        subdivision or stock dividend provided for in Section 6(a)
        above or
        a combination of shares provided for in Section 6(b)
        above,
        or a reorganization, merger or consolidation provided for in Section 6(d)
        below,
        then and in each such event the Holder shall be entitled to receive upon
        the
        exercise of this Warrant the kind and amount of shares of stock and other
        securities and property receivable upon such reorganization, reclassification
        or
        other change, to which a holder of the number of Warrant Shares issuable
        upon
        the exercise of this Warrant would have received if this Warrant had been
        exercised immediately prior to such reorganization, reclassification or other
        change, all subject to further adjustment as provided herein.

       

      
        
          
          

        

        
          B-4

          
            

          

        

        
          
          

        

      

       

      (d) Merger
        or Consolidation.
        If at
        any time or from time to time there shall be a capital reclassification or
        reorganization of the Warrant Shares or a Corporate Transaction (other than
        a
        subdivision, combination, reclassification or exchange of shares provided
        for
        elsewhere in this Section 6)
        of the
        Company, then as a part of such reorganization or Corporate Transaction,
        adequate provision shall be made so that the Holder shall thereafter be entitled
        to receive upon the exercise of this Warrant, the number of shares of stock
        or
        other securities or property of the Company, resulting from such reorganization,
        recapitalization or Corporate Transaction to which a holder of the number
        of
        Warrant Shares issuable upon the exercise of this Warrant would have received
        if
        this Warrant had been exercised immediately prior to such reorganization
        or
        Corporate Transaction. In any such case, the Company will make appropriate
        provision to insure that the provisions of this Section 6(d)
        hereof
        will thereafter be applicable as nearly as may be in relation to any shares
        of
        stock or securities thereafter deliverable upon the exercise of this Warrant.
        The Company shall not effect any such Corporate Transaction unless prior
        to or
        simultaneously with the consummation thereof the successor corporation (if
        other
        than the Company) resulting from such Corporate Transaction or the corporation
        purchasing or acquiring such assets or other appropriate corporation or entity
        shall assume the obligation to deliver to the Holder, at the last address
        of the
        Holder appearing on the books of the Company, such shares of stock, securities
        or assets as, in accordance with the foregoing provisions, the Holder may
        be
        entitled to purchase, and the other obligations under this Warrant. The
        provisions of this paragraph 7(d) shall similarly apply to successive
        reorganizations, reclassifications, or Corporate Transactions. Notwithstanding
        anything to the contrary contained herein, in the event at least 30 days
        prior
        to the closing of the reorganization or Corporate Transaction the Company
        receives the written consent from holders of Offering Warrants outstanding
        which
        represent the right to purchase eighty-five percent (85%) of the shares of
        Common Stock purchasable under the Offering Warrants (the “Offering Warrant
        Majority”) that all Offering Warrants shall be cancelled effective as of the
        closing of the reorganization or Corporate Transaction, then provided the
        Company provides notice to the Holder of this Warrant at least 20 days prior
        to
        the closing of such reorganization or Corporate Transaction of such approval,
        then effective upon the closing of such reorganization or Corporate Transaction,
        this Warrant shall be cancelled.

       

      (e) Notice
        of Record Dates; Adjustments.
        In the
        event of a Corporate Transaction, the Company shall provide to the Holder
        twenty
        (20) days advance written Notice of such Corporate Transaction. The Company
        shall promptly notify the Holder in writing of each adjustment or readjustment
        of the Exercise Price hereunder and the number of Warrant Shares issuable
        upon
        the exercise of this Warrant. Such Notice shall state the adjustment or
        readjustment and show in reasonable detail the facts on which that adjustment
        or
        readjustment is based, as well as whether this Warrant will be cancelable
        as
        specified above.

       

      
        
          
          

        

        
          B-5

          
            

          

        

        
          
          

        

      

       

      7. Registration
        Rights.
        The
        Company hereby agrees that the Holder shall be entitled, with respect to
        all
        shares of Common Stock issuable upon exercise of this Warrant or conversion
        of
        the Warrant Shares issued upon the exercise of this Warrant, to the registration
        rights set forth in the Registration Rights Agreement, in the form included
        in
        the Memorandum, as may be amended or supplemented from time to time, the
        terms
        of which are hereby incorporated by this reference, with the same force and
        effect as if specifically set forth herein. In addition, in the event that
        the
        Company has failed or expects to fail to register the shares of Common Stock
        underlying this Warrant by the Expiration Date, then the Expiration Date
        shall
        be automatically extended until delivery by the Company to the Warrant holder
        of
        a Notice of Warrant Extension, which notice may be delivered at any time
        on or
        after December 31, 2008, indicating the Company’s election to extend the
        Expiration Date until: (a) 365 days following the date of such Notice of
        Warrant
        Extension, if at the date of such notice an effective registration statement
        covering the resale of shares of Common Stock issuable upon exercise of this
        Warrant is in effect; or (b) until 365 days following the date of such Notice
        of
        Warrant Extension, if the Company states in the notice that it has elected
        to
        add the following cashless exercise provision to the Warrant, irrespective
        of
        whether the shares of Common Stock issuable upon exercise of the Warrant
        are
        registered or are anticipated to be registered: 

       

      (a) Upon
        execution of the cashless exercise of the shares subject to this Warrant
        (the
“Converted Warrant Shares”), the Company shall deliver to the Holder (without
        payment by the Holder of any exercise price or any cash or other consideration)
        that number of fully paid and nonassessable Warrant Shares computed using
        the
        following formula:

       

      
        	
                X
                  =

              	
                Y
                  (A - B)

              
	 	
                A

              

      

      

      
        	
                Where:

              	
                X
                  =

              	
                the
                  number of shares of Warrant Shares to be delivered to the
                  Holder;

              
	 	
                Y
                  =

              	
                the
                  number of Converted Warrant Shares;

              
	 	
                A
                  =

              	
                the
                  fair market value of one Warrant Share on the Conversion Date (as
                  defined
                  below); and

              
	 	
                B
                  =

              	
                the
                  Exercise Price (as adjusted to the Conversion
                  Date).

              

      

      

      (b) No
        fractional shares shall be issuable upon cashless exercise of the Warrant,
        and
        if the number of shares to be issued determined in accordance with the foregoing
        formula is other than a whole number, the Company shall pay to the Holder
        an
        amount in cash equal to the fair market value of the resulting fractional
        share
        on the Conversion Date (as defined below). 

       

      
        
          
          

        

        
          B-6

          
            

          

        

        
          
          

        

      

       

      (i) Method
        of Exercise.
        The
        Holder may execute the cashless exercise by the surrender of this Warrant
        at the
        principal office of the Company together with a written statement specifying
        that the Holder thereby intends to execute a cashless exercise and indicating
        the total number of shares under this Warrant that the Holder is exercising
        through the cashless exercise. Such conversion shall be effective upon receipt
        by the Company of this Warrant together with the aforesaid written statement,
        or
        on such later date as is specified therein (the “Conversion Date”). Certificates
        for the shares issuable upon execution of the cashless exercise shall be
        delivered to the Holder within three business days following the Conversion
        Date.

       

      (ii) Determination
        of Fair Market Value.
        For
        purposes of this Section 7,
        fair
        market value of a Warrant Share on the Conversion Date shall be determined
        as
        follows:

       

      (1) If
        the
        Common Stock is traded on a stock exchange or the Nasdaq Stock Market (or
        a
        similar national quotation system), the fair market value of a Warrant Share
        shall be deemed to be the average of the closing selling prices of the Common
        Stock on the stock exchange or system determined by the Board to be the primary
        market for the Common Stock over the ten (10) trading day period ending on
        the
        date prior to the Conversion Date, as such prices are officially quoted in
        the
        composite tape of transactions on such exchange or system;

       

      (2) If
        the
        Common Stock is traded over-the-counter, the fair market value of a Warrant
        Share shall be deemed to be the average of the closing bid prices (or, if
        such
        information is available, the closing selling prices) of the Common Stock
        over
        the ten (10) trading day period ending on the date prior to the Conversion
        Date,
        as such prices are reported by the National Association of Securities Dealers
        through its NASDAQ system or any successor system; and

       

      (3) If
        there
        is no public market for the Common Stock, then the fair market value of a
        Warrant Share shall be determined by the Board of Directors of the Company
        in
        good faith, and, upon request of the Holder, the Board (or a representative
        thereof) shall, as promptly as reasonably practicable but in any event not
        later
        than 15 days after such request, notify the Holder of the Fair Market Value
        per
        share of Common Stock.

       

      8. Replacement
        of Warrants.
        On
        receipt by the Company of evidence reasonably satisfactory to the Company
        of the
        loss, theft, destruction or mutilation of this Warrant and, in the case of
        any
        such loss, theft or destruction of this Warrant, on delivery of an indemnity
        agreement reasonably satisfactory in form and amount to the Company or, in
        the
        case of any such mutilation, on surrender and cancellation of such Warrant,
        the
        Company at its expense will execute and deliver to the Holder, in lieu thereof,
        a new Warrant of like tenor.

       

      
        
          
          

        

        
          B-7

          
            

          

        

        
          
          

        

      

       

      9. No
        Rights or Liability as a Stockholder.
        This
        Warrant does not entitle the Holder hereof to any voting rights or other
        rights
        as a stockholder of the Company. No provisions hereof, in the absence of
        affirmative action by the Holder to purchase Warrant Shares, and no enumeration
        herein of the rights or privileges of the Holder, shall give rise to any
        liability of the Holder as a stockholder of the Company.

       

      10. No
        Impairment.
        The
        Company will not, by amendment of its charter or through reorganization,
        consolidation, merger, dissolution, sale of assets or any other voluntary
        action, avoid or seek to avoid the observance or performance of any of the
        terms
        of this Warrant but will at all times carry out all such terms and take all
        such
        action as may be reasonably necessary or appropriate in order to protect
        the
        rights of the holder of this Warrant against impairment, subject to any
        amendment or waiver as permitted pursuant to Section
        11(e).
        

       

      11. Miscellaneous.

       

      (a) Transfer
        of Warrant.
        The
        Holder agrees not to make any disposition of this Warrant, the Warrant Shares
        or
        any rights hereunder without the prior written consent of the Company. Any
        such
        permitted transfer must be made by the Holder in person or by duly authorized
        attorney, upon delivery of this Warrant and the form of assignment attached
        hereto as Exhibit B
        to any
        such permitted transferee. As a condition precedent to such transfer, the
        transferee shall sign an investment letter in form and substance satisfactory
        to
        the Company. Subject to the foregoing, the provisions of this Warrant shall
        inure to the benefit of and be binding upon any successor to the Company
        and
        shall extend to any holder hereof. 

       

      (b) Titles
        and Subtitles.
        The
        titles and subtitles used in this Warrant are for convenience only and are
        not
        to be considered in construing or interpreting this Warrant.

       

      (c) Notices.
        Any
        notice required or permitted to be given to a party pursuant to the provisions
        of this Warrant shall be in writing and shall be effective and deemed delivered
        to such party under this Warrant on the earliest of the following: (a) the
        date
        of personal delivery; (b) two (2) business days after transmission by facsimile,
        addressed to the other party at its facsimile number, with confirmation of
        transmission; (c) four (4) business days after deposit with a return receipt
        express courier for United States deliveries; or (d) five (5) business days
        after deposit in the United States mail by registered or certified mail (return
        receipt requested) for United States deliveries. All notices not delivered
        personally or by facsimile will be sent with postage and/or other charges
        prepaid and properly addressed to such party at the address set forth on
        the
        signature page hereto, or at such other address as such party may designate
        by
        ten (10) days advance written notice to the other party hereto. Notices to
        the
        Company will be marked “Attention: Chief Financial Officer.”

       

      (d) Attorneys’
        Fees.
        If any
        action at law or in equity is necessary to enforce or interpret the terms
        of
        this Warrant, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and disbursements in addition to any other relief to which such
        party may be entitled.

       

      
        
          
          

        

        
          B-8

          
            

          

        

        
          
          

        

      

       

      (e) Amendments
        and Waivers.
        Any
        term of this Warrant may be amended and the observance of any term of this
        Warrant may be waived (either generally or in a particular instance and either
        retroactively or prospectively) with the written consent of either: (i) the
        Holder and the Company; or (ii) the Offering Warrant Majority and the Company.
        Any amendment or waiver effected in accordance with this Section 11(e)
        shall be
        binding upon the Holder of this Warrant (and of any securities into which
        this
        Warrant is convertible), each future holder of all such securities, and the
        Company.

       

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

       

      (g) Governing
        Law.
        This
        Warrant shall be governed by and construed and enforced in accordance with
        the
        laws of the State of Illinois, without giving effect to its conflicts of
        laws
        principles.

       

      (h) Counterparts.
        This
        Warrant may be executed in any number of counterparts, each of which shall
        be
        deemed an original, but all of which together shall constitute one and the
        same
        instrument.

       

      [REMAINDER
        OF THIS PAGE INTENTIONALLY LEFT BLANK]

       

      
        
          
          

        

        
          B-9

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Company has caused this CentrePath Bridge Note Warrant
        to
        be executed by its duly authorized officer as of the date first written
        above.

       

      
        	 	 	
                CAPITAL
                  GROWTH SYSTEMS, INC.

              
	 	 	 
	 	 	 
	 	 	
                By:

              	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
                HOLDER
                  NAME:

              	 
	 	 	 
	 	 	
                Address:

              	 
	 	 	 	 

      

      

      
        
          
          

        

        
          B-10

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A

       

      FORM
        OF SUBSCRIPTION OF CENTREPATH BRIDGE NOTE $0.45 WARRANT

       

      (To
        be signed only on exercise of Warrant)

       

      
        	
                To:

              	
                COMPANY
                  NAME.

              

      

       

      The
        undersigned, pursuant to the provisions set forth in the attached Warrant,
        hereby irrevocably elects to purchase _____ shares of the Series AA Preferred
        Stock covered by such Warrant and herewith makes payment of $ _________,
        representing the full purchase price for such shares at the price per share
        provided for in such Warrant. 

       

      Please
        issue a certificate or certificates representing ________ shares in the name
        of
        the undersigned or in such other name or names as are specified
        below:

       

      
        	 	 	 
	 	
                (Name)

              	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                (Address)

              	 

      

      

      The
        undersigned represents that the aforesaid shares are being acquired for the
        account of the undersigned for investment and not with a view to, or for
        resale
        in connection with, the distribution thereof and that the undersigned has
        no
        present intention of distributing or reselling such shares, all except as
        in
        compliance with applicable securities laws.

       

      

      
        	
                Dated:

              	 	 	 
	 	 	
                (Signature
                  must conform in all respects to name of the Holder as specified
                  on the
                  face of the Warrant)

              
	 	 	 
	 	 	 
	 	 	
                (Print
                  Name)

              
	 	 	 
	 	 	 
	 	 	
                Address:

              	 
	 	 	 	 

      

      

      
        
          
          

        

        
          B-A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      FORM
        OF ASSIGNMENT OF $0.45 WARRANT

       

      (To
        assign the foregoing Warrant, execute this form and supply

      required
        information. Do not use this form to purchase shares.)

       

      FOR
        VALUE
        RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
        assigned to:

       

      
        	
                Name:

              	 
	 	
                (Please
                  Print)

              
	 
	
                Address:

              	 
	 	
                (Street)

              
	 	 
	 	
                (City)

              	
                (State)

              	
                (Zip
                  Code)

              
	 
	
                Date:

              	 
	 
	 
	
                Holder’s
                  Signature:

              	 
	 
	
                Holder’s
                  Address:

              	 
	 	
                (Street)

              
	 	 
	 	
                (City)

              	
                (State)

              	
                (Zip
                  Code)

              

      

      

      NOTE:
        The
        signature to this Form of Assignment must correspond with the name as it
        appears
        on the face of the Warrant, without alteration or enlargement or any change
        whatever. Officers of corporations and those acting in a fiduciary or other
        representative capacity should file proper evidence of authority to assign
        the
        foregoing Warrant.

       

      
        
          
          

        

        
          B-B-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C

       

      CENTREPATH
        BRIDGE NOTE ADMINISTRATION AND SECURITY AGREEMENT

       

      THIS
        CENTREPATH BRIDGE NOTE ADMINISTRATION AND SECURITY AGREEMENT dated as of
        November 30, 2006, is by and among Capital Growth Systems, Inc., a Florida
        corporation (“Company”), 20/20 Technologies, Inc. (“22/20”), Frontrunner Network
        Systems Corporation (“Frontrunner”—together with 20/20 and Company, hereinafter
        collectively referred to as “Debtors”), CGSI Mandatory Note Servicer, Inc.
        (“Servicer”) and each holder of a CentrePath Bridge Note (each a “Note” and
        collectively, the “Notes,” and the holder of each Note being a “Holder” and
        collectively, the “Holders”) issued pursuant to the form of CentrePath Bridge
        Note Purchase Agreement dated as of November 30, 2006 (“Purchase Agreement”)
        between Debtor and the purchasers executing counterpart copies
        thereof.

       

      RECITALS: 

       

      A. Debtors
        are in need of bridge financing to be funded by the Holders to Company in
        accordance with the terms of the Purchase Agreement, the proceeds of which
        will
        be used by Company to fund its acquisition of 100% of the capital stock of
        CentrePath, Inc., a Delaware corporation (“CentrePath”) by way of merger of a
        wholly owned subsidiary of Company with CentrePath, and the balance to fund
        the
        working capital needs of Debtors. The obligations of Company with respect
        to the
        Purchase Agreement are collectively referred to as the “Obligations,” which
        shall be secured by the security interest granted herein in 100% of the capital
        stock of CentrePath effective as of the date of acquisition of CentrePath
        by the
        Company., and by execution hereof, 20/20 and Frontrunner acknowledge that
        a
        portion of the Purchase Agreement proceeds are going to be used to fund their
        respective working capital needs as well, and accordingly they by execution
        hereof agree, in order to induce the funding of the Purchase Agreement, to
        grant
        a security agreement in their assets as well to further secure the
        Obligations.

       

      B. The
        parties desire to enter into this Agreement to set forth the terms and
        conditions governing the Obligations and related transactions (the
“Transactions”), and further to confirm acknowledgment that the Notes shall be
        secured by substantially the same Collateral, and be subject to administration
        as provided by the Servicer on behalf of all of the Holders pro rata in
        accordance with the Obligations. Servicer has been formed to act as collateral
        agent on behalf of all the Holders as set forth below.

       

      NOW,
        THEREFORE, in consideration of the foregoing, and for the covenants and
        agreements contained herein, the parties hereto agree as follows:

       

      1. Recitals.
        The
        recitals set forth above are incorporated by reference herein and made a
        part
        herewith as if fully rewritten.

       

      2. Loan
        to Debtors.
        Simultaneously with the execution of each counterpart to the Purchase Agreement,
        the Holder signing such counterpart shall loan the sum set forth below Holder’s
        signature on the signature page thereof for an amount agreed to between that
        Holder and Company, and with the sum set forth as to each Holder on the Purchase
        Agreement constituting that Holder’s “Loan” to the Company, and all of which are
        collectively referred to as the “Loans. 

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

      3. Grant
        of Security Interest.

       

      (a) As
        security for the Obligations, the Debtors hereby assign to the Holders and
        grant
        to the Holders a continuing security interest in the following assets, whether
        now owned or hereafter existing or acquired by any of the Debtors (collectively,
        the “Collateral”): (i) 100% of the capital stock (“Shares”) of CentrePath and
        all proceeds therefrom and all dividends with respect thereto; (ii) a security
        interest in all assets of 20/20 of every nature and kind, including but not
        limited to its equipment, accounts receivable and contract rights and all
        proceeds therefrom; and (iii) a security interest in all assets of Frontrunner
        of every nature and kind, including but not limited to its equipment, accounts
        receivable and contract rights and all proceeds therefrom. Holders acknowledge
        that the security interests in all assets other than the capital stock of
        CentrePath are junior to existing security interests of the Debtors.
        Simultaneous with the execution hereof by Company, Company agrees to deliver
        to
        Servicer the stock certificate representing 100% of the capital stock of
        CentrePath immediately upon the Company’s acquisition of CentrePath, together
        with an assignment separate from certificate duly executed in blank. If Company
        now is or hereafter becomes entitled (with or without additional consideration)
        to other or additional securities related to the capital stock of CentrePath
        as
        the result of any corporate reorganization, merger, consolidation, stock
        split,
        stock dividend, conversion, preemptive right, partnership action, distribution
        or otherwise, such additional securities shall constitute a portion of the
        Collateral and be subject to this Agreement in the same manner and to the
        same
        extent as the Shares are with respect to this Agreement. Company shall deliver
        to Servicer or its designees any certificates and assignments separate from
        certificate endorsed in blank with respect to all of the securities referenced
        in the preceding sentence.

       

      (b) The
        security interest of each Holder under this Agreement extends to all Collateral
        of the kind which is the subject of this Agreement. By counterpart execution
        hereof, each Holder hereby appoints Servicer to act as his, her or its
        collateral agent with respect to the Collateral called for hereunder and
        with
        respect to the enforcement of the rights of the Holders as more fully set
        forth
        below, with any such action taken to be taken on behalf of all of the Holders
        on
        a pro rata basis based upon the percentage of total Obligations owing to
        each of
        the Holders from time to time (the percentage as to each Holder being the
        Holder’s “Ownership Percentage”). All references herein to “Servicer” shall
        include the Servicer named above or any successor person or entity appointed
        by
        written consent signed by Holders holding a majority of the outstanding unpaid
        principal with respect to the Notes from time to time (such majority in interest
        being the “Majority Holders” and each such successor being named by the Majority
        Holders hereinafter sometimes referred to as a “Successor Servicer”), and in the
        event the Servicer ceases to serve for any reason and there is no Successor
        Servicer, then all actions to be taken by Servicer on behalf of the Holders
        shall be valid if taken at the direction of the Majority Holders, which action
        shall be binding upon all of the Holders if taken by a duly appointed Servicer,
        Successor Servicer or the Majority Holders.

       

      (c) Each
        Debtor hereby authorizes the Servicer on behalf of the Holders to file such
        Uniform Commercial Code financing statements and such other public or private
        filings as the Servicer deems necessary and proper to evidence or perfect
        the
        Holders’ security interest in the Collateral, including but not limited to, such
        filings as the Servicer deems necessary and proper to file with the Office
        of
        the Delaware Secretary of State or the Florida Secretary of State. Each Debtor
        hereby grants to Servicer (and any successor Servicer as called for hereunder)
        an irrevocable power of attorney to execute any of the documents referenced
        in
        this Section
        3(c)
        in the
        name, place and stead of such Debtor, as Holder deems necessary and proper.
        This
        power of attorney is coupled with an interest.

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

       

      4. Company
        Covenants.
        From
        and after the date hereof and so long as any amount remains unpaid on any
        of the
        Notes, except to the extent compliance in any case or cases is waived in
        writing
        by the Holder, each Debtor hereby covenants and agrees with Servicer on behalf
        of each of the Holders as follows:

       

      (a) Servicer
        and each Holder or their respective designees shall at all reasonable times
        have
        full access to, and the right to audit, check, inspect and make abstracts
        and
        copies from such Debtor’s and CentrePath’s’ books, records and audits. Servicer,
        each Holder and their respective designees shall keep all such information
        obtained from each Debtor and Servicer confidential.

       

      (b) Each
        Debtor will at any times and from time to time upon request of Servicer take
        or
        cause to be taken any action and execute, acknowledge, deliver or record
        any
        further documents, opinions, security agreements or other instruments which
        Servicer in its reasonable discretion deems necessary or appropriate to carry
        out the purposes of this Agreement and to preserve, protect and perfect the
        security intended to be created and preserved in the Collateral and to
        establish, preserve and protect the security interest of Holders in and to
        the
        Collateral.

       

      (c) Except
        as
        set forth in Section
        3(d),
        above
        or as otherwise permitted by Servicer or by Holders by written consent of
        Majority Holders, each Debtor shall not sell, transfer, convey or otherwise
        dispose of any of the Collateral or any of the assets of CentrePath other
        than
        dispositions of inventory in the ordinary course of business.

       

      5. Default.
        Any one
        of the following shall constitute an Event of Default hereunder: 

       

      (a) Company
        fails to make a payment when due under any Note;

       

      (b) Company
        fails to timely perform or observe any term, covenant or agreement contained
        in
        this Agreement or the CentrePath Bridge Note Purchase Agreement;

       

      (c) Any
        representation or warranty made by any Debtor herein is false in any material
        respect on the date hereof; 

       

      (d) Any
        Debtor or CentrePath suspends the operation of its business;

       

      (e) Any
        Debtor or CentrePath becomes the subject of state insolvency proceedings,
        or
        makes an assignment for the benefit of creditors; or a receiver, trustee,
        custodian or other similar official is appointed for, or takes possession
        of any
        substantial part of the property of any Debtor or CentrePath; or

       

      
        
          
          

        

        
          C-3

          
            

          

        

        
          
          

        

      

       

      (f) Any
        Debtor or CentrePath takes corporate action to authorize such organization
        to
        become the subject of proceedings under the United States Bankruptcy Code
        or the
        execution by any Debtor or CentrePath of a petition to become a debtor under
        the
        United States Bankruptcy Code or the filing of any involuntary petition against
        Company or CentrePath under the United States Bankruptcy Code which remains
        undismissed for a period of 30 days; or the entry of an order for relief
        under
        the United States Bankruptcy Code against Company or CentrePath.

       

      (g) Whenever
        an Event of Default shall be existing hereunder, Servicer on behalf of Holders
        may exercise from time to time any rights and remedies available to any Holder
        under applicable law. Any notification of and intended disposition of any
        of the
        Collateral required by law shall be deemed reasonable if properly given at
        least
        ten (10) days before such disposition. Any proceeds of any disposition by
        Servicer on behalf of the Holders of the Collateral may be applied by Servicer
        to the payment of expenses in connection with the Collateral, including
        reasonable attorneys' fees and legal expenses of Servicer, and any balance
        of
        such proceeds may be applied by Servicer toward the payment of the Notes,
        pro
        rata among the Holders in accordance with the Ownership Percentages
        (i.e.,
        the
        relative outstanding principal amounts of the varying Notes).

       

       

      Each
        Debtor hereby appoints Servicer its true and lawful attorney, irrevocably,
        with
        full power after the occurrence of an Event of Default, to act, require,
        demand,
        receive, compound and give acquittance for any and all monies and claims
        for
        monies due or to become due to such Debtor or CentrePath under or arising
        out of
        the Collateral, to endorse any checks or other instruments or orders in
        connection therewith and to file any claims or take any actions or institute
        any
        proceedings which Servicer may deem to be necessary or advisable in the
        premises, which appointment as attorney is coupled with an
        interest.

      

      6. Specific
        Rights and Obligations of Servicer.

       

      (a) Appointment
        of Servicer.
        Holders
        appoint Servicer to act as their attorney in fact to take all actions to
        enforce
        the rights of the Holders under the Notes, including, without limitation,
        the
        institution of and prosecution of lawsuits and taking all other actions relating
        to the enforcement of the Holders’ rights. Servicer shall maintain a list of
        Holders outstanding from time, which Servicer shall append hereto in counterpart
        as Exhibit A.

       

      (b) Default
        Under Notes.
        Upon
        Servicer’s receipt of notice from a Holder (which may be an Affiliate of
        Servicer) or from Company that Company has defaulted in its obligations under
        any of the Notes or this Agreement, which default is not timely cured, the
        Servicer shall promptly send written notice to each of the Holders of the
        Notes
        which describes the nature of the default. Such notice shall also include
        one or
        more possible courses of action to be pursued in connection with such default,
        which action may include but not be limited to any of the following: (i)
        extension of due date and/or payment date with respect to the Notes; (ii)
        release of Collateral; (iii) subordination of Notes; (iv) other modifications
        to
        Notes’ terms; and (v) conversion of Notes to equity. The Servicer shall take the
        action which is approved in writing by the Majority Holders; provided,
        however,
        the
        Servicer need not take any proposed action unless it receives from the Holders
        a
        sufficient advance payment (pro rata based on the principal balance of
        outstanding Notes) against prospective fees to render it comfortable in
        undertaking such action. Should any Holder not pay the Holder’s proportionate
        share of any Servicer fee assessment, then such Holder shall nonetheless
        be
        liable therefor (on a nonrecourse basis, to the extent of the value of the
        Holder’s Note) and further directs the Company and Servicer to deduct and pay
        over to the Servicer, together with interest at twelve percent (12%) per
        annum,
        such amount from the next proceeds payable to such Holder with respect to
        the
        Holder’s Note.

       

      
        
          
          

        

        
          C-4

          
            

          

        

        
          
          

        

      

       

      (c) Compensation
        of a Servicer.
        In
        consideration for performing its duties under this Agreement, the Company
        agrees
        to pay Servicer in the case of a default, a fee of equal to Servicer’s regular
        hourly rates which Servicer may charge for services plus reimbursement for
        all
        out-of-pocket costs including fees and expenses of attorneys and other
        associated professionals as may be retained by Servicer for purposes of
        providing its services. The Holders direct the Company and Servicer to deduct
        and pay over to Servicer and its associated service providers any amounts
        payable by the Holders from the first proceeds otherwise payable to each
        Holder
        to the extent such Holder has not advanced his pro rata share thereof to
        Servicer.

       

      (d) Written
        Direction Upon Majority Holders.
        In
        carrying out its duties under this Agreement, the Servicer shall abide by
        the
        direction of the Majority Holders and not in number of the Holders. Unless
        the
        direction from the Majority Holders indicates otherwise, a direction to the
        Servicer to enforce the rights of the Holders under the Notes shall authorize
        the Servicer to pursue, or elect not to pursue, one or more remedies as the
        Servicer, in its sole discretion, shall determine. The Holders acknowledge
        that
        the Servicer’s affiliates may hold a majority-in-interest of the Notes
        individually or in concert with a minority of the remaining Holders, which
        may
        provide Servicer the ability to determine the cause of action in question.
        The
        parties further acknowledge that any net proceeds after costs and expenses
        that
        are realized with respect to collection of the Notes shall be allocated pro
        rata
        among all Holders based upon the outstanding sums due to them from time to
        time
        with respect to the Notes.

       

      (e) Voting.
        All
        actions and votes of the Holders required or permitted under the terms of
        this
        Agreement or the Notes shall be conducted pursuant to either written consent
        by
        the Majority Holders or a vote per the following terms and
        provisions:

       

      (i) The
        Holder of each Note shall have the right to cast the number of votes determined
        by dividing the outstanding principal balance of the Note of such Holder
        by
        1,000.

       

      (ii) All
        votes
        of the Holders shall be taken with or without a meeting, as determined by
        the
        Servicer. In connection with each vote (where written consent is not sought
        by
        Servicer), the Servicer shall provide each Holder the following:

       

      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

       

      (1) a
        ballot
        providing for each Holder to cast the Holders’ number of votes for or against
        each matter being voted upon;

       

      (2) a
        statement that each Holder’s ballot must be received by the Servicer within
        fifteen (15) days from the date on which such ballots are deposited in the
        United States mail, postage prepaid, or otherwise delivered to the Holders;
        and

       

      (3) an
        envelope self-addressed to the Servicer.

       

      (iii) All
        ballots must be returned to the Servicer not later than the date indicated
        above. Ballots received after such fifteen (15) day period shall be considered
        void.

       

      (iv) No
        later
        than ten (10) days after the date indicated on the ballot pursuant to
Section 6(f)(2)(b)
        above
        the Servicer shall count the votes. All votes returned or received after
        the
        fifteen (15) day period shall not be counted. The Servicer shall, within
        ten
        (10) days after tallying the votes, notify the Holders of the outcome of
        said
        vote by written notice. Notwithstanding the foregoing, if holders of a
        Majority-in-Interest of the Holders’ Notes approve a proposed course of action,
        the Servicer may take such action immediately and need not wait until subsequent
        votes are tallied.

       

      (v) Should
        a
        deadline fall on a weekend or holiday, the applicable time period shall be
        extended to the end of the next business day.

       

      7. Amendment
        to Notes, Security Agreement.
        In
        addition to the enforcement actions referenced above, each Holder agrees
        that
        the Majority Holders of the Notes shall have the right to act on behalf of
        each
        Holder:

       

      (a) modify
        the terms of all the Notes, which modifications include but are not limited
        to
        extension of the due date of the Notes, modification of the interest called
        for
        thereunder or the conversion to equity of the Notes or any portion
        thereof;

       

      (b) modify
        the term of the this Agreement, including coverage and for release of the
        Collateral therefor or modify the terms of the Purchase Agreement;
        and

       

      (c) enter
        into such forms of subordination agreement or standstill agreement as the
        Servicer deems necessary and proper. By execution of this Agreement, each
        Holder
        grants to Servicer and its officers (each an “Attorney”) an irrevocable power of
        attorney to execute in such Holder’s name, place and stead any document said
        Attorney deems necessary and proper to carryout the purpose or interest of
        this
        Agreement or any actions contemplated hereunder, including but not limited
        to
        each of :

       

      
        
          
          

        

        
          C-6

          
            

          

        

        
          
          

        

      

       

      (i) any
        future amendments to the Notes, this Agreement or the Purchase
        Agreement;

       

      (ii) any
        intercreditor agreement they deem necessary and proper;

       

      (iii) any
        amendments to any of the foregoing; and

       

      (iv) such
        form
        of UCC-3 amendment or termination to financing statement and such form of
        comparable document or notice filing and such form of debenture as necessary
        to
        perfect the Holder’s security interest in the Collateral.

       

      8. Notices.
        All
        notices required or permitted to be given in writing and may be delivered
        personally to the person to whom it is authorized to be given, or sent by
        registered, certified or first class mail, postage paid, addressed as follows
        (or such other address as the party entitled to notice shall provide to the
        other parties hereto from time to time):

       

      
        	
                To
                  the Servicer or any Debtor:

              	
                c/o
                  Capital Growth Systems, Inc.

                50
                  E. Commerce Drive - Suite A

                Schaumburg,
                  IL 60173

              
	 	 
	 	
                c/o
                  CGSI Mandatory Note Servicer, Inc.

                50
                  East Commerce Drive - Suite A

                Schaumburg,
                  IL 60173

              
	 	 
	
                To
                  each Holder:

              	
                At
                  the address of record in the Company’s
                  offices.

              

      

      

      9. Indemnification
        of Servicer; Conflicts of Interest.
        Holders
        acknowledge that Servicer is acting as their agent and attorney in fact as
        set
        forth above and each agrees to indemnify, hold harmless and defend Servicer,
        its
        officers, directors, employees, agents, attorneys, subcontractors and assigns
        (collectively, the “Indemnitees) against all claims, actions, damages and
        expenses of any kind arising out of or in connection with the Servicer’s actions
        taken under this Agreement, or services taken with respect to this Agreement
        or
        reasonably believed to be in the scope of the Indemnitee’s authority, provided
        that the Indemnitee in question has not acted with willful misconduct or
        fraud
        in connection with its actions.

       

      10. Successors.
        Should
        Servicer wish to resign from its responsibilities hereunder, it may do so
        upon
        delivery of fifteen (15) days’ prior notice to the parties hereto; in such event
        or should the Holders seek to elect a new party to assume Servicer’s obligations
        hereunder, they may do so upon approval in writing of the Majority Holders
        and
        delivery of notice to Servicer and to the Company, which shall promptly
        disseminate said notice to the other parties hereto.

       

      11. Removal.
        The
        Majority Holders may remove the Servicer and/or replace the Servicer with
        a
        Substitute Servicer. Any such removal shall be effective only after ten (10)
        days’ prior written notice is provided to Servicer that the removal has been
        approved (or such shorter period of time as is mutually agreed by Servicer
        and
        the Holders).

       

      
        
          
          

        

        
          C-7

          
            

          

        

        
          
          

        

      

       

      12. General.

       

      (a) Debtors
        agree to pay all expenses (including reasonable attorneys' fees and legal
        expenses) paid or incurred by Servicer on behalf of the Holders in endeavoring
        to collect the Notes, and in enforcing this Agreement. No delay on the part
        of
        Servicer on behalf of the Holders in the exercise of any rights or remedies
        shall operate as a waiver thereof, and no single or partial exercise by Holder
        of any right or remedy shall preclude other or further exercise thereof or
        the
        exercise of any other right or remedy.

       

      (b) This
        Agreement shall remain in full force and effect until the payment in full
        of the
        Notes or the conversion of the Notes into equity in the sole discretion of
        the
        Holder of each Note. This Agreement has been delivered at Chicago, Illinois,
        and
        shall be construed in accordance with and governed by the internal laws of
        the
        State of Illinois. Any dispute with respect to this Agreement shall be litigated
        in the state or federal courts situated in Cook County, Illinois to which
        jurisdiction and venue all parties consent, and shall be adjudicated by bench
        trial, with all parties waiving their right to trial by jury. The rights
        and
        privileges of Holder hereunder shall inure to the benefit of their respective
        successors and assigns.

       

      (c) This
        Agreement contains the entire agreement among the parties hereto with respect
        to
        the matters set forth herein. This Agreement shall be binding upon and inure
        to
        the benefit of the parties hereto and their successors and assigns.

       

      (d) This
        Agreement may be executed in any number of counterparts and by the different
        parties hereto and on separate counterparts and each such counterpart shall
        be
        deemed to be an original, but all such counterparts shall together constitute
        one and the same agreement. 

       

      (e) The
        Company shall reimburse the Servicer for its reasonable costs, including
        attorneys’ fees, in connection with the documentation, review and negotiation of
        this Transaction, including costs for the formation of the Holder as a limited
        liability company.

       

      13. Counsel.
        THE
        PARTIES ACKNOWLEDGE AND AGREE THAT SHEFSKY & FROELICH (“S&F”) IS ACTING
        SOLELY IN ITS CAPACITY AS COUNSEL FOR COMPANY WITH RESPECT TO THE TRANSACTIONS
        CONTEMPLATED HEREIN AND NOT ON BEHALF OF ANY HOLDER OR SERVICER. THE TERMS
        OF
        SECTION 8.7 OF THE CENTREPATH BRIDGE NOTE PURCHASE AGREEMENT REGARDING CONFLICTS
        OF INTEREST ARE INCORPORATED BY REFERENCE HEREIN AND MADE A PART HEREOF AS
        IF
        FULLY REWRITTEN. 

       

      
        
          
          

        

        
          C-8

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, this Agreement has been duly executed as of the day and
        the
        year first above written.

       

      
        	
                DEBTORS:

              	 	
                HOLDER
                  (executing other than per power of 

              
	 	 	
                attorney):

              
	
                CAPITAL
                  GROWTH SYSTEMS, INC.

              	 	 
	 	 	 
	 	 	
                [Print
                  Name]

              
	
                By:

              	 	 	 
	
                Its:

              	 	 	
                By:

              	 
	 	 	
                Its:

              	 
	 	 	 
	
                20/20
                  TECHNOLOGIES, INC.

              	 	
                Principal
                  Amount of Note:

              	
                $

              	 
	 	 	 
	 	 	 
	
                By:

              	 	 	
                HOLDERS
                  LISTED ON EXHIBIT
                  A
                  (pursuant

              
	
                Its:

              	 	 	
                to
                  Power of Attorney in favor of the undersigned 

              
	 	 	
                on
                  behalf of all such Holders):

              
	 	 	 
	
                FRONTRUNNER
                  NETWORK SYSTEMS CORPORATION

              	 	
                By:

              	 
	 	
                Its:

              	 
	 	 	 
	 	 	 
	
                By:

              	 	 	
                CGSI
                  MANDATORY NOTE SERVICER, INC.

              
	
                Its:

              	 	 	 
	 	 	 
	 	 	
                By:

              	 
	 	 	
                Its:

              	 

      

      

      
        
          
          

        

        
          C-9

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