Document:

exh10_2.htm

     

    Exhibit
10.2

     

    
      THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), AND THIS NOTE MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER
THE ACT AND THE RULES AND REGULATIONS THEREUNDER.

       

      EACH
HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO BE
BOUND BY THE PROVISIONS OF THIS NOTE.  THIS NOTE AND THE RIGHTS AND
OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE TO CERTAIN INDEBTEDNESS AS SET
FORTH HEREIN.

       

      THIS NOTE
MAY NOT BE ASSIGNED, NEGOTIATED OR TRANSFERRED EXCEPT AS SET FORTH
HEREIN.

       

      SUBORDINATED
PROMISSORY NOTE

       

      
        	
                $308,877

              	
                February
      28, 2008

              

      

      

      FOR VALUE
RECEIVED, the undersigned, MTM TECHNOLOGIES, INC., a New York corporation (the
"Borrower"),
promises to pay to PEQUOT OFFSHORE PRIVATE EQUITY PARTNERS III, L.P. (the "Holder"), the
principal sum of three hundred eight thousand eight hundred seventy seven
dollars ($308,877) with interest on the unpaid balance from the date hereof, at
the rate of eight and one-half percent (8.5%) per annum in lawful money of the
United States of America, at c/o Pequot Capital Management, Inc., 500 Nyala Farm
Road, Westport, Connecticut 06880, or at such other place as the Holder may
designate in writing.

       

      The
principal of and interest on this Note shall be due and payable in full on
the
later of (a) March 29, 2008, or (b) the date that the Borrower has obtained all
necessary consents from its Senior Lenders (as hereinafter defined) to such
payment (the "Maturity
Date").  Interest on this Note shall be due and payable in cash
or, at the option of the Borrower, in shares of the series of preferred stock of
the Borrower next designated by the Borrower after the date hereof, at a price
per share of $.561.

       

      On the
date hereof, in addition to the issuance of this Note, the Borrower issued to
another lender another note. All such notes issued by the Borrower on the date
hereof were for the aggregate amount of $2,500,000. All such notes issued by the
Borrower on the date hereof are referred to herein as the “February 28, 2008
Notes”.

       

      All
computations of interest payable hereunder shall be made on the basis of the
actual number of days in the period for which such interest is payable and a
year of 365 or 366 days, as applicable.  Notwithstanding any other
provision of this Note, to the extent permitted by applicable law, interest
shall be due and payable on any overdue unpaid installment of principal or
interest on this Note (including amounts due and unpaid upon any acceleration of
this Note) within five (5) days of its due date at a rate equal to the lesser of
(i) ten and one-half percent (10.5%) and (ii) the maximum rate permitted by
applicable law.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      1.           Payment and Prepayment of
the Note.  The principal of this Note and the interest accrued
hereon may be prepaid in whole at any time.

       

      2.           Event of Default;
Remedies.  (a)  Upon the occurrence and during the
continuance of an Event of Default, this Note may be accelerated upon the
written consent and direction of the holders holding a majority of the then
outstanding aggregate principal balance of the February 28, 2008 Notes and as
provided in this Section 2 and the Holder shall have all of the rights and
remedies provided herein.  An Event of Default shall mean the
occurrence or existence of one or more of the following events or conditions
(for any reason, whether voluntary, involuntary or effected or required by
law):

       

      (i)           The
Borrower shall fail to pay when due the principal of this  Note or any
of the February 28, 2008 Notes.

       

      (ii)           The
Borrower shall fail to pay when due the interest on this Note or any of the
February 28, 2008 Notes and such failure shall have continued for a period of
three Business Days; provided, however, that for the avoidance of doubt, any
accrual of interest permitted under this Note or any of the February 28, 2008
Notes (in lieu of payment thereof) shall not constitute an Event of
Default.   For the purposes of this Note a “Business Day” shall
mean any day other than a Saturday, Sunday, public holiday under the laws of the
State of New York or any other day on which banking institutions are authorized
to close in New York City

       

      (iii)           A
proceeding shall have been instituted in respect of the Borrower or any of its
material subsidiaries (each, a “Material
Party”):

       

        (A)    seeking to have an
order for relief entered in respect of such Material Party, or seeking a
declaration or entailing a finding that such Material Party is insolvent or a
similar declaration or finding, or seeking dissolution, winding-up, charter
revocation or forfeiture, liquidation, reorganization, arrangement, adjustment,
composition or other similar relief with respect to such Material Party, its
assets or its debts under any law relating to bankruptcy, insolvency, relief of
debtors or protection of creditors, termination of legal entities or any other
similar law now or hereafter in effect, or

       

        (B)    seeking appointment
of a receiver, trustee, liquidator, assignee, sequestrator or other custodian
for such Material Party or for all or any substantial part of its property, and
such proceeding shall result in the entry, making or grant of any such order for
relief, declaration, finding, relief or appointment, or such proceeding shall
remain undismissed and unstayed for a period of 60 consecutive
days.

       

      (iv)           Any
Material Party shall voluntarily suspend transaction of its business; shall make
a general assignment for the benefit of creditors; shall institute (or fail to
controvert in a timely and appropriate manner) a proceeding

       

      
        
          
          

        

        
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      described
in Section 2(a)(iii)(A) or (whether or not any such proceeding has been
instituted) shall consent to or acquiesce in any such order for relief,
declaration, finding or relief described therein; shall institute (or fail to
controvert in a timely and appropriate manner) a proceeding described in Section
2(a)(iii)(B), or (whether or not any such proceeding has been instituted) shall
consent to or acquiesce in any such appointment or to the taking of possession
by any such custodian of all or any substantial part of its property; shall
dissolve, wind-up, revoke or forfeit its charter or liquidate itself or any
substantial part of its property; or shall take any action in furtherance of any
of the foregoing.

       

      (v)           An
event or condition shall have occurred which the Holder reasonably believes
creates a Material Adverse Effect. For the purposes of this Note, a “Material Adverse
Effect” shall mean an effect which is materially adverse to the business,
assets, properties, operations, results of operations or condition (financial or
otherwise) of the Borrower individually or of the Borrower and its subsidiaries
taken as a whole (excluding general economic conditions or acts of war or
terrorism).

       

      (b)           Exercise
of Remedies.   If an Event of Default has occurred and is
continuing hereunder:

       

      (i)           the
Holder may declare the entire unpaid principal and interest due on the Note,
immediately due and payable, without presentment, notice or demand, all of which
are hereby expressly waived by the Borrower;

       

      (ii)           upon
the occurrence of any Event of Default specified in Section 2(a)(iii), above,
the entire unpaid principal and interest, shall become automatically and
immediately due and payable; and

       

      (iii)           the
Holder may exercise any remedy permitted by this Note or at law or in
equity.

       

      3.           Waiver of Certain
Rights.  Subject to any applicable notice periods, all parties
to this Note, including Borrower and any sureties, endorsers, or guarantors,
hereby waive protest, presentment, notice of dishonor, and notice of
acceleration of maturity and agree to continue to remain bound for the payment
of principal, interest and all other sums due under this Note notwithstanding
any change or changes by way of release, surrender, exchange, modification or
substitution of any security for this Note or by way of any extension or
extensions of time for the payment of principal and interest; and all such
parties waive all and every kind of notice of such change or changes and agree
that the same may be without notice or consent of any of them.  No
Event of Default shall be waived by the Holder except in a writing signed by the
Holder.  No waiver of any Event of Default shall extend to any other
or further Event of Default.

       

      4.           Pro-Rata
Payment.  If the Borrower is not able to pay to the holders of the
February 28, 2008 Notes the full amounts due at any time when payments under the
February 28, 2008 Notes become due and payable by the Borrower, either on
the

       

      
        
          
          

        

        
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      Maturity
Date or upon the occurrence of an Event of Default, the holders of the February
28, 2008 Notes shall share ratably in any distribution of the Borrower pro rata
in proportion to the respective amounts of each such holder’s February 28, 2008
Notes.

       

      5.            
Subordination.

       

      The right of repayment of principal of
and interest on this Note shall be subordinated to the rights and security
interest of (i) GE Commercial Distribution Finance Corporation (“CDF”) in connection
with the August 21, 2007, secured Credit Facilities Agreement (“Credit Facilities
Agreement”) with CDF, as Administrative Agent, GECC Capital Markets
Group, Inc., as Sole Lead Arranger and Sole Bookrunner, and CDF and the other
lenders listed in the Credit Facilities Agreement, and (ii)  Columbia Partners, L.L.C. Investment Management, as
Investment Manager and National Electric Benefit Fund (“NEBF”) in connection
with the November 23, 2005, secured credit agreement (the “CP/NEBF Credit
Agreement”) with Columbia Partners, L.L.C. Investment Management, as
Investment Manager, and NEBF, as Lender (CDF and NEBF collectively, the “Senior Lenders” and
the Credit Facilities Agreement and the CP/NEBF Credit Agreement collectively
the “Senior
Debt”).  The issuance of this Note requires the consent of the
Senior Lenders pursuant to the Senior Debt. The Borrower is seeking such
consent.  While any default or event of default has occurred and
is continuing with respect to any Senior Debt, the Borrower shall not make and
the Holder shall not accept any payments or distribution in respect of this Note
of any kind.  The Holder agrees that this Note shall remain unsecured at
all times and the Holder shall not accept any collateral security in respect
hereof.  For so long as any Senior Debt remains outstanding or any
Senior Lender shall have any obligation to lend to the Borrower, the Holder
shall not exercise any remedies or take any enforcement action against the
Borrower with respect to this Note.

       

      6.            
Representations and
Warranties of the Borrower

       

      (a)           Organization and
Qualification.  Each of the Borrower and its subsidiaries is
duly organized, validly existing and in good standing under the laws of its
respective jurisdiction of incorporation or organization and has the requisite
power and authority to own, lease and operate its assets, properties and
business and to carry on its business as it is now being conducted or proposed
to be conducted.  Each of the Borrower and its subsidiaries is duly
qualified as a foreign corporation to transact business, and is in good
standing, in each jurisdiction where it owns or leases real property or
maintains employees or where the nature of its activities make such
qualification necessary, except where such failure to qualify would not have a
Material Adverse Effect.

       

      (b)           Certificate of Incorporation
and Bylaws.  The Borrower has delivered to the Holder true,
correct, and complete copies of the Borrower’s certificate of incorporation as
in effect on the date hereof (the “Existing
Certificate”) and the Borrower’s bylaws as in effect on the date hereof
(the “Bylaws”).

       

      (c)           Corporate Power and
Authority.  The Borrower has all requisite corporate power and
authority to execute and deliver this Note.  The Borrower has all
requisite corporate power and authority to carry out and perform its obligations
under the terms of this Note.

       

      (d)           Authorization.  The
execution, delivery and performance by the Borrower of this Note, and the
performance of all of the obligations of the Borrower under this Note have been
authorized by the Board of Directors (or a duly authorized committee thereof),
and no other corporate action on the part of the Borrower and no other corporate
or other approval or authorization is required on the part of the
Borrower,

       

      
        
          
          

        

        
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      or any
person by law or otherwise in order to make this Note the valid, binding and
enforceable obligations (subject to (i) laws of general application relating to
bankruptcy, insolvency, and the relief of debtors, and (ii) rules of law
governing specific performance, injunctive relief, or other equitable remedies)
of the Borrower.  This Note constitutes a valid and legally binding
obligation of the Borrower, enforceable against the Borrower in accordance with
its respective terms, subject to (i) laws of general application relating to
bankruptcy, insolvency, and the relief of debtors, and (ii) rules of law
governing specific performance, injunctive relief, or other equitable
remedies.

       

      (e)           Consents.  No
consent, approval, waiver or authorization, or designation, declaration,
notification, or filing with any person or entity (governmental or private), on
the part of the Borrower is required in connection with the valid execution,
delivery and performance of this Note or the consummation of any other
transaction contemplated hereby (other than such notifications or filings
required under applicable federal or state securities laws, if any), except for
such consents, approvals, waivers, authorizations, designations, declarations,
notifications, or filings that have been received prior to the date
hereof.

       

      (f)           Brokers or
Finders.  The Borrower has not incurred, directly or
indirectly, as a result of any action taken by the Borrower, any liability for
brokerage or finders’ fees or agents’ commissions or any similar charges in
connection with this Note or any transaction contemplated hereby or
thereby.

       

      (g)           Offering
Exemption.  Assuming the truth and accuracy of the
representations and warranties contained in Section 7, this issuance and
delivery to the Holder of this Note is exempt from registration under the
Securities Act of 1933, as amended (the “Securities Act”), and
will be registered or qualified (or exempt from registration or qualification)
under applicable state securities and “blue sky” laws, as currently in
effect.

       

      (h)           SEC Reports. 
(A)  The Borrower has filed all required forms, reports and documents with
the Securities and Exchange Commission (the “SEC”) since April 1,
2001, each of which has complied in all material respects with all applicable
requirements of the Securities and the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”), and the rules and regulations promulgated thereunder, each as in
effect on the date such forms, reports and documents were filed. (B) None of the
following contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained herein in
light of the circumstances under which they were made not misleading: (i) this
Note, (ii) the Borrower’s Existing Certificate, (iii) the Bylaws, or (iv) the
SEC Reports.  There is no fact which, to the Knowledge of the
Borrower, has not been disclosed to the Holder, which could be expected to have
a Material Adverse Effect on the ability of the Borrower to perform its
obligations under the Existing Certificate, Bylaws or this Note. (C) The
Borrower is not aware of any correspondence (other than routine communications),
action or proposed or threatened action by the SEC or Nasdaq with regard to the
Borrower since April 1, 2006, other than such correspondence that has been
disclosed by the Company in its SEC Reports. For the purposes of this Note,
“Knowledge”
shall mean with respect to the

       

      
        
          
          

        

        
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      Borrower,
the knowledge, after diligent investigation, of the directors, officers and
senior management of the Borrower and of the person or persons in such entity
with responsibility for the matter with respect to which the knowledge is
applicable.

       

      (i)           Financial
Statements.  Included in the Borrower’s filings with the SEC
are the audited financial statements of the Borrower and its subsidiaries as at
and for the years ended March 31, 2007, 2006 and 2005 (the “Financial
Statements”).  The Financial Statements have been prepared in
accordance with GAAP and fairly present the financial condition and operating
results of the Borrower and its subsidiaries as of the date, and for the period,
indicated therein.

       

      (j)           Absence of Conflicts.
The Borrower is not in violation of or default under any provision of its
Existing Certificate or Bylaws. The execution, delivery, and performance of, and
compliance with this Note and the consummation of the transactions contemplated
hereby, have not and will not:

       

      (i)    violate,
conflict with or result in a breach of any provision of or constitute a default
(or an event which, with notice or lapse of time or both, would constitute a
default), under, or result in the termination of, or accelerate the performance
required by, or result in the creation of any lien upon any of the assets,
properties or business of the Borrower and the subsidiaries under, any of the
terms, conditions or provisions of the Existing Certificate or the Bylaws, or
any material contract of the Borrower (for purposes of this Section 6(j)(i) a
material contract of the Borrower shall be only those agreements that are
included as exhibits to the Borrower filings with the SEC); or

       

      (ii)    violate any
judgment, ruling, order, writ, injunction, award, decree, or any law or
regulation of any court or federal, state, county or local government or any
other governmental, regulatory or administrative agency or authority which is
applicable to the Borrower or any subsidiary or any of their assets, properties
or business, which violation would have a Material Adverse Effect.

       

      7.            
Representations and
Warranties of Holder

       

      The Holder hereby represents and
warrants that:

       

      (a)           Organization and
Qualification.  The Holder is duly organized, validly existing
and in good standing under the laws of its jurisdiction of incorporation or
organization to carry on its business as it is now being conducted or proposed
to be conducted.

       

      (b)           Power and
Authority.  The Holder has all requisite power and authority to
execute and deliver this Note, and to carry out and perform its obligations
under the terms of this Note.

       

      (c)           Authorization.  The
execution, delivery and performance by the Holder of this Note, and the
performance of all of the obligations of the Holder under this Note has been
duly and validly authorized, and no other action, approval or
authorization

       

      
        
          
          

        

        
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      is
required on the part of the Holder or any Person by Law or otherwise in order to
make this Note the valid, binding and enforceable obligations (subject to (i)
laws of general application relating to bankruptcy, insolvency, and the relief
of debtors, and (ii) rules of law governing specific performance, injunctive
relief, or other equitable remedies) of the Holder.  This Note when
executed and delivered by the Holder will constitute a valid and legally binding
obligation of the Holder, enforceable against the Holder in accordance with its
terms subject to: (i) laws of general application relating to bankruptcy,
insolvency, and the relief of debtors, and (ii) rules of law governing specific
performance, injunctive relief, or other equitable remedies.

       

      (d)           Acquired Entirely for Own
Account.  This Note will be acquired for investment for the
Holder’s own account, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof.  The Holder’s principal
office is 500 Nyala Farm Road, Westport Connecticut 06880.  The Holder
is aware that the Borrower is issuing this Note pursuant to Section 4(2) of the
Securities Act and Regulation D promulgated thereunder without complying with
the registration provisions of the Securities Act or other applicable federal or
state securities laws.  The Holder is also aware that the Borrower is
relying upon, among other things, the representations and warranties of the
Holder contained in this Note for purposes of complying with Regulation
D.

       

      (e)           Disclosure of
Information.  The Holder has received and carefully reviewed
all the information it considers necessary or appropriate for deciding whether
to enter into this Note.  The Holder further represents that the
Borrower has made available to the Holder, at a reasonable time prior to the
date of this Note, an opportunity to (a) ask questions and receive answers from
the Borrower regarding the terms and conditions of this Note and the business,
properties and financial condition of the Borrower, all of which questions (if
any) have been answered to the reasonable satisfaction of the Holder, and (b)
obtain additional information, all of which was furnished by the Borrower to the
reasonable satisfaction of the Holder.  The foregoing, however, does
not limit or modify the representations and warranties of the Borrower in
Section 6 of this Note or the right of the Holder to rely thereon.

       

      (f)           Investment
Experience.  The Holder acknowledges that it is able to fend
for itself, can bear the economic risk of its investment, and has such knowledge
and experience in investing in companies similar to the Borrower and in
financial or business matters such that it is capable of evaluating the merits
and risks of this Note.  The Holder has made the determination to
enter into this Note based upon its own independent evaluation and assessment of
the value of the Borrower and its present and prospective business
prospects.

       

      (g)           Accredited
Investor.  The Holder is an “accredited investor”
within the meaning of SEC Rule 501 of Regulation D, as presently in
effect.

       

      (h)           Restricted Securities;
Legends.  The Holder recognizes that this Note will not be
registered under the Securities Act or other applicable federal or state
securities laws.  The Holder understands that the Note is
characterized as “restricted

       

      
        
          
          

        

        
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      securities”
under the federal securities laws inasmuch as it is being acquired from the
Borrower in a transaction not involving a public offering.  The Holder
acknowledges that it may not to sell or transfer this Note unless it is
registered under the Securities Act and under any other applicable securities
laws

       

      (i)           No General
Solicitation.  The Holder acknowledges that this Note was not
offered to the Holder by means of: (a) any advertisement, article, notice or
other communication published in any newspaper, magazine or similar medium, or
broadcast over television or radio, or (b) any other form of general
solicitation or advertising.

       

      (j)           Absence of
Conflicts.  The Holder’s execution, delivery, and performance
of, and compliance with this Note and the consummation of the transactions
contemplated hereby , have not and will not:

       

      (i)    violate,
conflict with or result in a breach of any provision of or constitute a default
(or an event which, with notice or lapse of time or both, would constitute a
default) under, or result in the termination of, or accelerate the performance
required by, or result in the creation of any lien upon any of the assets,
properties or business of the Holder under, any of the terms, conditions or
provisions of (i) its certificate/articles of formation or organization or any
of its other formation or organizational documents, or (ii) any material
contract to which it is a party; or

       

      (ii)    violate any
judgment, ruling, order, writ, injunction, award, decree, or any law or
regulation of any court or federal, state, county or local government or any
other governmental, regulatory or administrative agency or authority which is
applicable to the Holder or any of its assets, properties or businesses, which
violation would have a Material Adverse Effect.

       

      (k)           Brokers or
Finders.  The Holder has not incurred, nor will it incur,
directly or indirectly, as a result of any action taken by the Holder, any
liability for brokerage or finders’ fees or agents’ commissions or any similar
charges in connection with this Note or any transaction contemplated
hereby.  The Holder r agrees to indemnify and hold the Borrower
harmless from any liability for any commission or compensation in the nature of
a finders’ fee (and the costs and expenses of defending against such liability
or asserted liability) for which the Holder, or any of its respective officers,
employees or representatives is responsible.

       

      8.           Miscellaneous.  The
following general provisions apply:

       

      (a)           This
Note, and the obligations and rights of the Borrower hereunder, shall be binding
upon and inure to the benefit of the Borrower, the Holder, and their respective
heirs, personal representatives, successors and assigns.  The Holder
may not transfer this Note without the consent of the Borrower, which consent
shall not be unreasonably withheld.

       

      (b)           No
amendment or waiver of any provision of the Note, nor consent to any departure
by a party herefrom, shall in any event be effective unless the same
shall

       

      
        
          
          

        

        
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      be in
writing and signed by the holders holding a majority of the then outstanding
aggregate principal balance of the February 28, 2008 Notes.  Any
amendment, waiver or consent so made or effected shall be binding upon all of
the holders of the February 28, 2008 Notes; provided, however, the principal
amount of this Note shall not be reduced without the prior written consent of
the holders of at least a majority of the then outstanding principal amount of
the February 28, 2008 . Any principal so reduced shall be so reduced
proportionally for all holders of the February 28, 2008 Notes.

       

      (c)           All
payments shall be made in such coin and currency of the United States of America
as at the time of payment shall be legal tender therein for the payment of
public and private debts.

       

      All
notices and other communications required or permitted hereunder shall be in
writing.  Notices shall be delivered personally, via recognized
overnight courier (such as Federal Express, DHL or Airborne Express) or via
certified or registered mail.  All notices shall be effective upon
receipt.  Notices may be delivered via facsimile or e-mail, provided
that by no later than two days thereafter such notice is confirmed in writing
and sent via one of the methods described in the previous
sentence.  Notices shall be addressed as follows:

       

      (i)    if to the
Borrower, to MTM Technologies, Inc., 1200 High Ridge Road, Stamford, Connecticut
06905, Attention: Stephen Hicks, with a copy to Thelen Reid Brown Raysman &
Steiner LLP, 875 Third Avenue, New York, New York 10022, Attention: E. Ann Gill,
facsimile number (212) 829-2299.

       

      (ii)    if to the
Holder, to c/o Pequot Capital Management, Inc., 500 Nyala Farm Road, Westport,
Connecticut 06880, with a copy to Mark Deitelbaum, c/o Pequot Capital
Management, Inc., 500 Nyala Farm Road, Westport, Connecticut 06880.

       

      (d)           Whenever
possible, each provision of this Note will be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Note
is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction,
but this Note will be reformed, construed and enforced in such jurisdiction to
the greatest extent possible to carry out the intentions of the parties
hereto.

       

      (e)           This
Note shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of New York.

       

      Signature
on the following page

       

      
        
          
          

        

        
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      IN
WITNESS WHEREOF, the Borrower has caused this instrument to be executed in its
corporate name by a duly authorized officer, by order of its Board of Directors
as of the day and year first above written.

       

      
        	 
      	
                MTM
      TECHNOLOGIES, INC.

                 

                 

              
	 
      	
                By:

              	/s/
      Steve Stringer
	 
      	 
      	
                Name:
      Steve Stringer

                Title:   President
      and Chief Operating Officer

              

      

    

     

    
      
        
        

      

      
        
          Signature
Page to MTM Technologies, Inc. Subordinated Promissory Note

          for Pequot
Offshore Private Equity Partners, L.P.exh10_3.htm

     

    Exhibit
10.3

     

    
      THIS
WARRANT AND THE SHARES OF PREFERRED STOCK WHICH MAY BE PURCHASED PURSUANT TO THE
EXERCISE OF THIS WARRANT (AND THE SHARES OF COMMON STOCK WHICH MAY BE ISSUED
UPON CONVERSION OF SUCH SHARES OF PREFERRED STOCK) HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND SUCH SECURITIES
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE ACT AND THE RULES AND
REGULATIONS THEREUNDER.

       

      THE
SECURITIES REPRESENTED HEREBY MAY BE SUBJECT TO THE TERMS AND CONDITIONS OF AN
AMENDED AND RESTATED SHAREHOLDERS AGREEMENT WHICH MAY PLACE CERTAIN RESTRICTIONS
ON THE VOTING OF SUCH SECURITIES (INCLUDING THE GRANT OF AN IRREVOCABLE PROXY
RELATIVE TO VOTING MATTERS).  A COPY OF SUCH AGREEMENT WILL BE
FURNISHED TO THE RECORD HOLDER OF THIS SECURITY WITHOUT CHARGE UPON WRITTEN
REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                No.
      W-P1

              	
                Void
      After Expiration Date

                (as
      defined below)

              

      

      

      WARRANT

      

      TO
PURCHASE PREFERRED STOCK OF

      

      MTM
TECHNOLOGIES, INC.

      

      Dated
February 28,  2008

      

      

      THIS
WARRANT CERTIFIES THAT, for value received, PEQUOT PRIVATE EQUITY FUND III, L.P.
or its permitted transferees (the “Holder”) is entitled
to purchase from MTM TECHNOLOGIES, INC., a New York corporation (the “Company”), up to the
number of fully paid and nonassessable shares (the “Shares”) of the next
series of preferred stock, $.001 par value, per share of the Company, to be
designated by the Company after the date hereof, (“Preferred Stock”), as
further described and defined below.

       

      Section  1.  Number of
Shares.  The maximum number of Preferred Stock which may be
purchased upon the exercise of this Warrant is 343,705. This Warrant shall not
be exercised prior to the date upon which the Company designates the next series
of preferred stock.

      

      Section  2.  Exercise
Price.  The price per share at which the Holder may purchase
the Preferred Stock shall be$.6375 per share (the “Exercise
Price”).

      

      Section  3.  Expiration
Date.  This Warrant shall expire at 5:00 p.m. New York Time on
March 29, 2012 (the “Expiration
Date”).  On the Expiration Date, all rights of the Holder to
purchase Preferred Stock pursuant to this Warrant shall immediately
terminate.

      

      Section  4.  Exercise and
Payment.

       

      Section  4.1  Exercise. The
purchase rights represented by this Warrant may be exercised by the Holder, in
whole or in part at any time, by the surrender of this Warrant (together with a
duly executed notice of exercise in the form attached hereto as Exhibit A-1) at the
principal office of the Company, and by the payment to the Company, by wire
transfer of immediately available funds, of an amount equal to the aggregate
Exercise Price of the Shares being purchased.

      

      Section  4.2  Net Issue
Election.  The Holder may elect to receive, without the payment
by the Holder of any additional consideration, shares equal to the value of this
Warrant or any portion hereof by the surrender of this Warrant or such portion
(together with a duly executed notice of exercise in the form attached hereto as
Exhibit A-2) at
the principal office of the Company.  Thereupon, the Company shall
issue to the Holder such number of shares of Preferred Stock as is computed
using the following formula:

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      X = Y (A-B)

      A

      
        	
                 
      

              	
                Where

              

      

      

      
        	
                 
      

              	
                X
      =

              	
                the
      number of shares of Preferred Stock to be issued to the Holder pursuant to
      this Section  4.2.

              

      

       

      
        	
                 
      

              	
                Y
      =

              	
                the
      number of shares of Preferred Stock covered by this Warrant in respect of
      which the net issue election is made pursuant to this Section  4.2.

              

      

      

      
        	
                 
      

              	
                A
      =

              	
                the
      Fair Market Value of one share of Preferred Stock, as determined in
      accordance with Section  6
      herein, as at the time the net issue election is made pursuant to this
      Section  4.2.

              

      

      

      
        	
                 
      

              	
                B
      =

              	
                the
      Exercise Price in effect under this Warrant at the time the net issue
      election is made pursuant to this Section  4.2.

              

      

      

      Section  4.3  Stock
Certificates.  In the event of the exercise of all or any
portion of this Warrant, certificates for the shares of Preferred Stock so
purchased shall be delivered to the Holder by the Company at the Company's own
expense (including the payment by the Company of any applicable issue taxes or
governmental charges imposed in connection with the issuance or delivery of the
Preferred Stock) within a reasonable time, which shall in no event be later than
ten (10) days thereafter and, unless this Warrant has been fully exercised or
has expired, a new Warrant representing the Shares with respect to which this
Warrant shall not have been exercised shall also be issued to the Holder within
such time.

       

      If this
Warrant shall be surrendered for exercise within any period during which the
transfer books for shares of the Preferred Stock or other securities purchasable
upon the exercise of this Warrant are closed for any purpose, the Company shall
not be required to make delivery of certificates for the securities purchasable
upon such exercise until the date of the reopening of said transfer
books.

      

      Section  5.  Stock Fully Paid;
Reservation of Shares.  All of the Shares issuable upon the
exercise of this Warrant will, upon issuance and receipt of the Exercise Price
therefor, be duly authorized, validly issued, fully paid and nonassessable with
no personal liability attaching to the ownership thereof, and free and clear of
all taxes, liens, encumbrances and charges with respect to the issue
thereof.  During the period within which this Warrant may be
exercised, the Company shall at all times have authorized and reserved for
issuance sufficient shares of its Preferred Stock to provide for the exercise of
this Warrant.

      

      Section  6.  Adjustment of Exercise Price
and Number of Shares.  The number and kind of securities
purchasable upon the exercise of this Warrant and the Exercise Price therefor
shall be subject to adjustment from time to time upon the occurrence of certain
events, as follows:

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Section  6.1  Adjustments for Subdivisions
of Preferred Stock.  If the number of shares of Preferred Stock
outstanding at any time is increased by a stock dividend payable in shares of
Preferred Stock or by a subdivision or split up of stock, then the Exercise
Price then in effect shall, concurrently with the effectiveness of such
dividend, subdivision or split up, be proportionately decreased and the number
of shares of Preferred Stock issuable upon exercise of this Warrant shall be
increased in proportion to such increase of outstanding shares of Preferred
Stock.

      

      Section  6.2  Adjustments for Combinations
Preferred Stock.  If the number of shares of Preferred Stock
outstanding at any time is decreased by a combination of the outstanding shares
of Preferred Stock, then the Exercise Price then in effect shall, concurrently
with the effectiveness of such combination, be proportionately increased and the
number of shares of Preferred Stock issuable upon exercise of this Warrant shall
be decreased in proportion to such decrease in outstanding shares of Preferred
Stock.

      

      Section  6.3  Adjustments for
Reclassification, Exchange and Substitution.  Upon a Notice
Event (as defined below), if the Preferred Stock issuable upon exercise of this
Warrant shall be changed into the same or a different number of shares of any
other class or classes of stock, whether by capital reorganization, merger,
reclassification or otherwise (other than a subdivision or combination of shares
provided for above) this Warrant shall thereafter be exercisable into, in lieu
of the number of shares of Preferred Stock which the Holder would otherwise have
been entitled to receive, a number of shares of such other class or classes of
stock equivalent to the number of shares of Preferred Stock that would have been
subject to receipt by the Holder upon exercise of this Warrant immediately
before that change.

      

      Section  6.4  Notice of Certain
Events. In
the event (each, a “Notice
Event”):  (a) the Company authorizes the issuance to all
holders of Common Stock and/or Preferred Stock rights or warrants to subscribe
for or purchase shares of its capital stock, or any other subscription rights or
warrants; (b) the Company authorizes the distribution to all holders of
Common Stock and/or Preferred Stock evidences of indebtedness or assets or other
securities; (c) of any capital reorganization or reclassification of Common
Stock and/or Preferred Stock, other than a subdivision or combination of the
outstanding Common Stock and/or Preferred Stock and other than a change in par
value of the Common Stock and/or Preferred Stock; (d) of any liquidation or
merger to which the Company is a party and for which approval of any of the
Company's holders of Common Stock and/or Preferred Stock is required, other than
a consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or change of the shares of
Preferred Stock issuable upon the exercise of this Warrant; (e) of the
conveyance or transfer of the Company's properties and assets, substantially as
an entirety; or (f) of the Company's voluntary or involuntary dissolution,
liquidation or winding-up; then, in each case, the Company shall cause to be
mailed by certified mail to the Holder, at least 10 days prior to the
applicable record or effective date hereinafter

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      specified,
a notice stating the material terms relating to the exercise of the Warrants,
the name, title and telephone number of a Company representative who shall be
available to answer any questions relating to such exercise and the dates as of
which (i) the holders of Common Stock and/or Preferred Stock of record will be
entitled to receive any such rights, warrants or distributions are to be
determined, (ii) such Notice Event is expected to become effective and
(iii) that Holders of record of Warrants shall be entitled to exchange or
sell their shares of Preferred Stock issuable upon the exercise of this Warrant
for securities or other property, if any, deliverable upon such Notice
Event.  In addition, if the Company receives written notice that a
purchase, tender or exchange offer has been made to the holders of more than 50%
of the outstanding Common Stock and/or Preferred Stock, the Company shall give
the Holder reasonable notice (but will not be required to give not more than 10
days notice) thereof.

      

      Section  7.  Fractional
Shares.  No fractional shares of Preferred Stock will be issued
in connection with any exercise hereunder.  In lieu of such fractional
shares the Company shall make a cash payment therefor based upon the fair market
value of the Preferred Stock on such date as determined by the board of
directors of the Company (the “Board of
Directors”).

      

      Section  8.  Preemptive
Rights.

      

      (a)    Each Holder shall
be entitled to purchase its pro rata share (calculated by multiplying the number
of securities to be issued in such equity offering including those issued
pursuant to this Section 8 by a fraction, the numerator of which is the number
of shares of Common Stock held by such holder on a Fully Diluted Basis and the
denominator of which is the number of shares of Common Stock held by all such
holders of securities of the Corporation on a Fully Diluted Basis) of any future
private equity offering by the Corporation.  "Fully Diluted Basis"
means when used in reference to the number of shares of Common Stock held by a
Person at any time, a number of shares of Common Stock equal to the sum of (x)
the number of issued and outstanding shares of Common Stock then held by or such
Person, plus (y) the total number of shares of Common Stock issuable upon the
exercise, conversion or exchange of all warrants or other rights to subscribe
for or to purchase, or any options for the purchase of, Common Stock or any
stock or security convertible into or exchangeable for Common Stock (such
warrants, rights or options being called “Options” and such
convertible or exchangeable stock or securities being called “Convertible
Securities”) issued and outstanding at such time that are then held by
such Person.

      

      (b)    Notwithstanding
anything contained in Section 8(a) to the contrary, the preemptive rights of the
Holder shall not apply to (a) shares of Common Stock sold to, or options to
purchase Common Stock granted by the Company to, employees, consultants,
officers, or directors of the Company pursuant to any option plan, agreement or
other arrangement duly adopted by the Company and approved by a majority of the
Board of Directors; (b) any shares of Common Stock upon the conversion of shares
of Series A Preferred Stock; (c) any shares of Common Stock pursuant to which
the Series A Conversion Price (as such term is defined in the Company’s
Certificate of Incorporation)

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      is
adjusted under Section 6; (d) any shares of Common Stock issued pursuant to the
exchange, conversion or exercise of any Options or Convertible Securities that
have previously been incorporated into computations hereunder on the date when
such Options or Convertible Securities were issued; (e) the issuance and sale of
securities in connection with a strategic investment or similar transaction
approved by a majority of the Board of Directors; (f) securities issued for
consideration other than cash pursuant to a merger, consolidation or similar
business combination or acquisition of assets as approved by a majority of the
Board of Directors; (g) the issuance of shares in connection with a firm
commitment underwritten public offering of Common Stock with a nationally
recognized investment banking firm at a price per share offered to the public of
at least $5.00 per share of Common Stock which results in gross cash proceeds to
the Company of at least $25,000,000; (h) any shares of Series A Preferred Stock
issued in the form of a dividend to any holder of Series A Preferred Stock; and
(i) any shares of Common Stock issued on exercise of any warrants issued by the
Company, on or prior to the date of issuance of this Warrant and warrants issued
in connection with subordinated debt of the Company outstanding on the date of
issuance of this Warrant.

      

      Section  9.  Restrictions on
Transfer.

       

      Section  9.1  Transfer.  The
Holder may transfer this Warrant and the shares of Preferred Stock issuable upon
exercise of this Warrant, and the rights and obligations attached thereto, so
long as any such transfer(s) comply with applicable securities laws

      

      Section  9.2  Restrictive
Legend.  Unless a registration statement is in effect with
respect thereto, each certificate representing (i) the Shares and (ii) any other
securities issued in respect of the Shares upon any stock split, stock dividend
or recapitalization (collectively, the “Restricted
Securities”), shall be endorsed as follows:

      

      THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), AND SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
UNDER THE ACT AND THE RULES AND REGULATIONS THEREUNDER.

       

      THIS
SECURITY MAY BE SUBJECT TO THE TERMS AND CONDITIONS OF AN AMENDED AND RESTATED
SHAREHOLDERS AGREEMENT WHICH MAY PLACE CERTAIN RESTRICTIONS ON THE VOTING OF
SUCH SECURITIES (INCLUDING THE GRANT OF AN IRREVOCABLE PROXY RELATIVE TO VOTING
MATTERS).  A COPY OF SUCH AGREEMENT WILL BE FURNISHED TO THE RECORD
HOLDER OF THIS SECURITY WITHOUT CHARGE UPON WRITTEN REQUEST TO THE COMPANY AT
ITS PRINCIPAL PLACE OF BUSINESS.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Section  10.  No Rights of
Stockholders.  This Warrant does not entitle the Holder to any
voting rights as a stockholder of the Company prior to the exercise of the
Warrant.  Nothing in this Warrant shall obligate the Holder to
exercise this Warrant, it being understood that the decision as to whether to
exercise the Warrant shall be made exclusively by the Holder.

      

      Section  11.  No
Impairment.  The Company will not, by amendment of its
Certificate of Incorporation, as amended and restated, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Company, but it will at all times in good faith assist in the
carrying out of all of the provisions of this Warrant and in the taking of all
such action as may be necessary or appropriate in order to protect the rights of
the holder of this Warrant against impairment.

      

      Section  12.  Loss, Theft, Destruction or
Mutilation of Warrant.  Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon surrender and cancellation of
this Warrant, if mutilated, the Company will make and deliver a new Warrant of
like tenor and dated as of such cancellation, in lieu of this
Warrant.

      

      Section  13.  Saturdays, Sundays,
Holidays, etc.  If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall be a
Saturday or a Sunday or shall be a legal holiday, then such action may be taken
or such right may be exercised on the next succeeding day not a Saturday or a
Sunday or a legal holiday.

      

      Section  14.  Miscellaneous.

       

      Section  14.1  Governing
Law.  This Warrant shall be governed by and construed in all
respects in accordance with the laws of the State of New York, without giving
effect to the conflicts of laws provisions thereof.

      

      Section  14.2  Entire Agreement;
Amendment.  Each party hereby acknowledges that no other party
or any other person or entity has made any promises, warranties, understandings
or representations whatsoever, express or implied, not contained in this Warrant
and acknowledges that it has not executed this Warrant in reliance upon any such
promises, representations, understandings or warranties not contained herein and
that this Warrant supersede all prior agreements and understandings between the
parties with respect thereto.  There are no promises, covenants or
undertakings other than those expressly set forth or provided for in this
Warrant.  Neither this Warrant nor any term hereof may be amended,
waived, discharged, or terminated other than by a written instrument signed by
the parties hereto.

       

      Section  14.3  Successors and
Assigns.  Except as otherwise provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the permitted
successors and assigns, heirs, executors, and administrators of the Company and
the Holder.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      Section  14.4  Severability.  Whenever
possible, each provision of this Warrant will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Warrant is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction,
but this Warrant will be reformed, construed and enforced in such jurisdiction
to the greatest extent possible to carry out the intentions of the parties
hereto.

       

      Section  14.5  Notices,
etc.  All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, by overnight courier, or otherwise delivered by
hand or by messenger or sent by facsimile and confirmed by mail,
addressed:

       

      (i)         if
to the Company, at to MTM Technologies, Inc., 1200 High Ridge Road, Stamford,
Connecticut 06905, Attention: Chief Executive Officer; and

      

      (ii)        if
to the Holder, c/o Pequot Capital Management, Inc., 500 Nyala Farm Road,
Westport, Connecticut 06880.

      

      All
notices shall be effective upon receipt.

       

      Section  14.6  Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

      

      Section  14.7  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

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the undersigned have executed this Warrant as of the date first
above written.

      

      
        	 
      	
                MTM
      TECHNOLOGIES, INC.

                 

                 

              
	 
      	
                By:

              	/s/
      Steve Stringer
	 
      	 
      	
                Name:
      Steve Stringer

                Title:   President
      and Chief Operating Officer

              

      

      

      
        
          
          

        

        
          Signature
Page to Pequot Private Equity Fund III, L.P. Warrant

          
            

          

        

        
          
          

        

      

      

      
        	
                WARRANT
      HOLDER:

                 

                PEQUOT
      PRIVATE EQUITY FUND III, L.P.

                 

              	 
      
	
                By:

              	
                Pequot
      Capital Management, Inc.,

                its
      Investment Manager

                 

                 

              	 
      
	 
      	
                By:

              	/s/
      Carlos Rodrigues	 
      
	 
      	 
      	
                Name: 
      Carlos Rodrigues

                Title:   
      Chief Financial Officer

              	 
      

      

      

      
        
          
          

        

        
          Signature
Page to Pequot Private Equity Fund III, L.P. Warrant

          
            

          

        

        
          
          

        

      

       

      THE
EXERCISE OF THIS WARRANT IS SUBJECT TO THE APPLICABLE

      PROVISIONS
OF THE HART-SCOTT-RODINO ANTITRUST

      IMPROVEMENTS
ACT OF 1976, AS AMENDED

      

      EXHIBIT
A-1

      

      NOTICE OF
EXERCISE

      

       

      
        	
                 
      

              	
                TO:

              	
                MTM
      Technologies, Inc.

              

      

      
        	
                 
      

              	
                1200
      High Ridge Road

              

      

      
        	
                 
      

              	
                Stamford,
      Connecticut 06905

              

      

      
        	
                 
      

              	
                Attention:
      Chief Executive Officer

              

      

      

      

      1.  The
undersigned hereby elects to purchase _________ shares of Preferred Stock, par
value $.001 per share, of MTM TECHNOLOGIES, INC. pursuant to the terms of this
Warrant, and tenders herewith payment of the purchase price of such shares in
full.

      

      2.  Please
issue a certificate or certificates representing said shares of Preferred Stock
in the name of the undersigned or in such other name as is specified
below:

      

      ______________________________

      (Name)

      ______________________________

      

      ______________________________

      (Address)

      

       

      ___________________________________

      (Signature)          

      Title:_______________________________

      

      __________________________

      (Date)

      

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      THE
EXERCISE OF THIS WARRANT IS SUBJECT TO THE APPLICABLE

      PROVISIONS
OF THE HART-SCOTT-RODINO ANTITRUST

      IMPROVEMENTS
ACT OF 1976, AS AMENDED

      

      EXHIBIT
A-2

      

      NET ISSUE NOTICE OF
EXERCISE

      

      
         

        
          	
                   
      

                	
                  TO:

                	
                  MTM
      Technologies, Inc.

                

        

        
          	
                   
      

                	
                  1200
      High Ridge Road

                

        

        
          	
                   
      

                	
                  Stamford,
      Connecticut 06905

                

        

        
          	
                   
      

                	
                  Attention:
      Chief Executive Officer

                

        

        
 

      

      1.   The undersigned
hereby elects to purchase _________ shares of Preferred Stock, par value $.001
per share, of MTM TECHNOLOGIES, INC. pursuant to the terms of this Warrant, and
hereby elects under Section 4.2 of this Warrant to surrender the right to
purchase _______ shares of Preferred Stock pursuant to this Warrant for a net
issue exercise with respect to ________ shares of Preferred Stock.

      

      2.   Please issue a
certificate or certificates representing said shares of Preferred Stock in the
name of the undersigned or in such other name as is specified
below:

      

      ______________________________

      (Name)

      ______________________________

      

      ______________________________

      (Address)

      

      

      ___________________________________

      (Signature)          

      

      

      Title:_______________________________

      

      _______________________

                         (Date)

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
B

      

      ASSIGNMENT
FORM

      (To be
signed only upon transfer of Warrant)

      

      

      

      

      FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
______________________________, whose address is _____________________, the
right represented by the attached Warrant to purchase _________ shares of
Preferred Stock of MTM TECHNOLOGIES, INC., to which the attached Warrant
relates.

       

      Dated:____________________

       

      

      

      
        

        
          	 
      	
                  ____________________________________

                  (Signature
      must conform in all respects to

                  name
      of Holder as specified on the face of

                  the
      Warrant)

                   

                   

                
	 
      	
                  ____________________________________

                  (Address)

                

        

      

      

      

      Signed in
the presence of:

      

      

      _____________________________

       

      
        
          
          

        

        
          B-1

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