Document:

DC4536.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

CONSENT AND AMENDMENT AGREEMENT

     This Consent and Amendment Agreement (the “Agreement”), dated as of May ____, 2008, is by and among Universal Energy Corp., a
Delaware corporation (the “Company”) and the investors signatory hereto (each, a “Buyer” and collectively, the
“Buyers”).

     WHEREAS, pursuant to a Securities Purchase Agreement dated November 26, 2007 among the Company and the Buyers (the “November 2007
SPA”), the Buyers (the “November 2007 Buyers”) were issued debentures and warrants in the individual amounts set forth below such November 2007
Buyer’s name on the signature pages to the November 2007 SPA;

     WHEREAS, pursuant to the November 2007 SPA each November 2007 Buyer purchased the aggregate principal amount of the Company’s unsecured Convertible 8% Debentures
due October 31, 2009 (the “November 2007 Debentures”) and associated “D” Warrants, “E” Warrants, “F” Warrants, and “G” Warrants
(collectively the “November 2007 Warrants”) set forth in the Schedule of Buyers to the November 2007 SPA.

     WHEREAS, the Company is proposing to enter into a Securities Purchase Agreement to be dated on or about May 30, 2008 (the “May 2008
SPA”) relating to the purchase of up to a maximum aggregate Purchase Price (as defined in the May 2008 SPA) of $2,000,000 of the Company’s Unsecured Convertible 8% Debentures due April 30, 2010, on the
terms and conditions set forth in the May 2008 SPA (the “May 2008 Debentures”). Each Buyer who is party to the May 2008 SPA is herein sometimes referred to as a
“May 2008 Buyer”.

     WHEREAS, the May 2008 Debentures will be convertible into shares of the Company’s common stock at a price per share equal to the lesser of (i) $0.25 or (ii)
80% of the average of the three (3) lowest closing bid prices of the Common Stock as defined in the May 2008 Debentures over the twenty (20) Trading Day period ending on the Trading Day immediately preceding the applicable Conversion Date; and,
otherwise contain terms and conditions substantially similar to the November 2007 Debentures;

     WHEREAS, pursuant to the May 2008 SPA the May 2008 Buyers collectively will receive warrants to purchase up to an aggregate of 12,000,000 shares of the Company’s
Common Stock at a price of $0.25 per share;

     WHEREAS, the Company has heretofore entered into Securities Purchase Agreement dated September 10, 2007 (the “September 2007
SPA”) among the Company and each of the buyers listed in the Schedule of Buyers  to the September 2007 SPA (collectively, the “September 2007 Buyers,” and individually, a “September 2007 Buyer”), pursuant to which each September 2007 Buyer purchased the aggregate principal amount of the Company’s
unsecured Convertible 8% Debentures due August 30, 2009 (the “September 2007 Debentures”) and associated Warrants (the “September 2007
Warrants”)  set forth in the Schedule of Buyers to the September 2007 SPA;

     WHEREAS, simultaneously with the consummation of the transactions contemplated by the May 2008 SPA the Company intends to amend (the “2008 Amendments to the September

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2007 Financing”) by agreement of even date herewith (the “2008 Agreement Amending the September 2007 Financing”) certain of
the “Transaction Documents,” as defined in September 2007 SPA (collectively, herein referred to as the “September 2007 Transaction
Documents”), including the September 2007 Debentures and the September 2007 Warrants;

     WHEREAS, simultaneously with the consummation of the transactions contemplated by the  May 2008 SPA and the  2008 Agreement Amending the September 2007 Financing, the
parties hereto also wish to amend certain terms of the Transaction Documents, as defined in the November 2007 SPA (collectively herein referred to as the “November 2007 Transaction Documents”).

     NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Buyers and the Company agree as follows:

	
ARTICLE I

DEFINITIONS

     Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the November 2007 SPA.

ARTICLE II

AMENDMENTS AND OTHER AGREEMENTS

Section 2.1 Amendment of the November 2007 Debentures

     The November 2007 Debentures, simultaneously with and subject to the consummation of the transaction contemplated by the May 2008 SPA and the 2008 Agreement Amending the September 2007 Financing, are
amended by:

(a) deleting Section 3(b) thereof and substituting the following in lieu thereof:

“(b) Conversion Price. The "Conversion Price" shall initially equal the lesser of (i) $0.25
(subject to resets and adjustments pursuant to the terms of this Debenture and subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company's securities
or the securities of any Subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events) (the “Fixed Conversion Price”) or (ii) 80% of the average of the three (3) lowest Closing Bid Prices of the Common Stock over the twenty (20) Trading Day period ending on the Trading Day immediately
preceding the applicable Conversion Date”; 

     (b) changing the references to the “Closing Date” in Section 10 (c) of the November 2007 Debentures with respect to the filing of any registration statements required to be filed by the
Company to the date of this Agreement; and

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     (c) deleting Sections 6(c) and (d) of and Schedule 6(c) to the November 2007 Debenture and by deleting therefore references to “Milestones”, “Milestones Adjustment Price”,
“Milestones Adjustment Notice”, “Milestone Date”, “Milestone Period”, “Milestone Failure”, “Milestone Events”. 

Section 2.2 Amendment to the Exercise Price of the November 2007 Warrants

     The November 2007 Warrants, simultaneously with and subject to the consummation of the transaction contemplated by the May 2008 SPA and the 2008 Agreement Amending the September 2007 Financing, are
amended as follows:

     (a) the Exercise Price (as defined in, and in accordance with the terms of, the November 2007 Warrants) is  reduced to $0.25 per share (subject to reset and adjustments pursuant to the terms of
this Warrant and subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any Subsidiary of the Company, combinations, recapitalization,
reclassification, extraordinary distributions and similar events); and

     (b) Sections 5(g) and 5(h) are deleted in their entirety, and any references in the November 2007 Warrants to “Milestone Failure” and any other “milestones” references are
deleted.

Section 2.3 Amended and Restated Registration Rights Agreement

     Simultaneously with and subject to the consummation of the transactions contemplated by the May 2008 SPA and the 2008 Agreement Amending the September 2007 Financing, the Registration Rights Agreement
delivered pursuant to, and as defined in, the November 2007 SPA, are amended and restated in the form attached hereto as Exhibit A.

Section 2.4 Definition of Exempt Issuance in the November 2007 SPA

     The November 2007 SPA, simultaneously with and subject to the consummation of the transactions contemplated by the May 2008 SPA and the 2008
Agreement Amending the September 2007 Financing, is amended:

	
(a)      		
by amending the definition of “Exempt Issuance” by adding the following subsections:	
	 

“(e) securities issuable (i) pursuant to the Securities Purchase Agreement dated September 10, 2007 by and among the Company and the buyers who are signatories thereto (the “September 2007 SPA”) and upon conversion
of the debentures or exercise of the warrants issued pursuant to the September 2007 SPA (collectively, the “September 2007 Securities”),  (ii) pursuant to the Securities Purchase Agreement dated on or about May 30, 2008 by and among the
Company and the buyers who are signatories thereto (the “May 2008 SPA”) and upon

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conversion of the debentures or exercise of the warrants issued pursuant to the May 2008 SPA (collectively, the “May 2008 Securities”), and  (iii) upon conversion of the Debentures or exercise of the Warrants issued
pursuant to this Agreement (the “November 2007 Securities”). Collectively, the September 2007 Securities, the November 2007 Securities and the May 2008 Securities are referred to as the “Permitted Variable
Equity Securities”);(f) any Common Stock issued or issuable in connection with a fixed price offering provided that the price at which such Common Stock is issued is greater than the Initial Conversion Price (as
defined in the Debentures) as adjusted in accordance with the terms of the Debentures”; 

     (b) by amending the last sentence of the definition of “Exempt Issuance” to read as follows:

     “Notwithstanding anything to the contrary herein, except for the Permitted Variable Equity Securities, no issuance of Variable Equity Securities shall be an Exempt Issuance.”; and

     (c) by deleting Section 4(r) thereof in its entirety and substituting the following in lieu thereof:

“(r) Additional Registration Statements. Except for the filing of a registration statement on Form S-8 for Approved Stock Plans (as defined in the Debentures) and as
required in order to satisfy the Company’s obligations in connection with the Securities Purchase Agreement dated September 10, 2007 by and among the Company and the other signatories thereto and the Securities Purchase Agreement dated May 2008
by and among the Company and the other signatories who are parties thereto, until such time that all of the Conversion Shares and Warrant Shares can be sold under a registration statement declared effective by the SEC, the Company will not file a
registration statement under the 1933 Act relating to securities that are not the Securities without the prior written consent of the Buyers. 

	
Section 2.5

	
Conditions to Buyers Obligations

     The respective obligations of the Buyers hereunder are subject to the following conditions being met:

     (a) the Company shall have consummated the transactions contemplated by the May 2008 SPA and the 2008 Amendments to the September 2007 Financing ; and

(b) all Buyers shall have agreed to the terms and conditions of this

	
Agreement.

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ARTICLE III

CONSENT AND WAIVER

	 	
3.1 Consent

     In order to permit the Company and each of the Buyers to enter into and consummate the transactions contemplated by the  May 2008 SPA, and to effect and consummate the  2008 Amendments to the
September 2007 Financing, each Buyer, severally and not jointly, by its execution and delivery of this Agreement consents to the Company’s execution and delivery of the May 2008 SPA and the 2008 Agreement Amending the September 2007 Financing
and the consummation of the transactions contemplated by the May 2008 SPA and the September 2007 SPA and agrees that anything in the November 2007 SPA or the November 2007 Transaction Documents to the contrary notwithstanding, the delivery and
execution of the May 2008 SPA and the  2008 Agreement Amending the September 2007 Financing by the Company and the consummation of the transactions contemplated thereby, by the Company, will not and do not:

     (a) constitute a breach of any of the Company’s representations, warranties or covenants, including, but not limited to, any such representations, warranties or covenants purporting to impose
restrictions or limitations on the Company’s ability to effect any additional financings, regardless of form of any such financings, set forth in any of the November 2007 SPA or the September 2007 Transaction Documents; or 

     (b) trigger, or give rise to any rights under, any of the anti-dilution, re-pricing or share adjustment provisions set forth in any of the November 2007 Transaction Documents requiring the Company,
except as set forth herein, to reset or modify the Conversion Price of the Debentures or exercise price of the Warrants or the number of Warrants; or 

     (c) give rise to any right on the part of any Buyer otherwise to participate in the May 2008 SPA including, but not limited to any rights arising under Sections 4(d)(iv) and 4(d)(v) of the November
2007 SPA.

	 	
3.2. Conditions to Consent and Waiver

     Notwithstanding the above, this waiver by the Buyers is contingent upon the May 2008 Debentures being (i) junior and subordinate to the November 2007 Debentures and (ii) unsecured and being entitled
to no security interest in any property of the Company or its subsidiaries.

	 	
3.3 Waiver of Defaults

     The undersigned Buyer hereby acknowledges that there exist no defaults by the Company under the November 2007 SPA or the collateral documents, including but not limited to Sections 6 (c) and 10 (c) of
the November 2007 Debenture, as of the date hereof and to the extent such defaults may have existed such defaults are hereby waived. 

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     Except to the extent of the foregoing waiver of defaults, the November 2007 Buyers reserve all rights and remedies under the November 2007 Transaction Documents as amended by this agreement, including
but not limited to any defaults which occur after the date hereof.

	 	
3.4. Acknowledgement

All parties to this Agreement acknowledge, affirm and understand that the September  2007 Debentures are senior secured securities and there is nothing in this Agreement that changes or otherwise alters said senior secured status,
and confirms that the November 2007 Debentures represent and the May 2008 Debentures will represent, unsecured obligations of the Company.

3.5. Agreement and Acknowledgment Regarding Rule 144 Tacking Periods

     It is intended, understood and acknowledged by the Company and the Buyers that the Rule 144 holding period for the shares issuable upon conversion of the November 2007 Debentures, as amended hereby,
and for the shares issuable upon the cashless exercise of the November 2007 Warrants, as amended hereby, respectively, shall be deemed to have commenced on the date of the initial issuance of each such debenture and warrants, respectively,
notwithstanding the amendments to the conversion price of such debenture and to the exercise prices of such warrants pursuant to this Agreement. 

	
ARTICLE IV

REPRESENTATIONS AND WARRANTIES

Section 4.1   Representations and Warranties of the Company

     The Company hereby represents and warrants to the Buyers that as of the date of its execution of this Agreement:

	 	
(a) Authorization; Enforcement

     The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and
thereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Company and no further action is
required by such Company, its board of directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof will constitute the valid and binding
obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable law.

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(b) No Conflicts

     The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate
any provision of the Company’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
default) under, result in the creation of any lien upon any of the properties or assets of the Company, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any
material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or other material understanding to which the Company is a party or by which any property or asset of the Company is bound or affected, or
(iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws
and regulations), or by which any property or asset of the Company is bound or affected.

(c) Other Representations, Warranties and Covenants

      Except as set forth on Schedule 3(c), the Company hereby represents and warrants to each Buyer that the Company’s representations and
warranties set forth in the November 2007 SPA are true and correct as of the date hereof in all material respects.

Section 4.2   Representations and Warranties of the Buyers

     The Buyer hereby makes the representations and warranties set forth below to the Company that as of the date of its execution of this Agreement:

     (a) Due Authorization. Such Buyer represents and warrants that (i) the execution and delivery of this Agreement by it and the consummation by
it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and (ii) this Agreement has been duly executed and delivered by such Buyer and constitutes the valid and binding obligation of such Buyer,
enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

	
ARTICLE V

MISCELLANEOUS

	
Section 5.1

	
Notices

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     Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made in accordance with the provisions of the November 2007 SPA.

	
Section 5.2

	
Survival

      All warranties and representations (as of the date such warranties and representations were made) made herein or in any certificate or other instrument delivered by it or on its behalf under this
Agreement shall be considered to have been relied upon by the parties hereto and shall survive the transactions contemplated hereby. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the
parties; provided however that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties hereto.

	
Section 5.3

	
Counterparts; Signatures By Facsimile

      This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

	
Section 5.4

	
Severability

     If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this
Agreement or the validity or enforceability of this Agreement in any other jurisdiction.

	
Section 5.5

	
Filing of Form 8-K

     Within 4 Trading Days of the date hereof, the Company shall issue a Current Report on Form 8-K, reasonably acceptable to each Buyer disclosing the material terms of the transactions contemplated
hereby, which shall include this Agreement, and the schedules hereto, as an attachment thereto.

	
Section 5.6

	
Entire Agreement

     The Agreement, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

	
Section 5.7

	
Construction

     The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this

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

Section 5.8   Independent Nature of Buyers’ Obligations and Rights

     The obligations of each Buyer hereunder are several and not joint with the obligations of any other Buyers hereunder, and no Buyer shall be responsible in any way for the performance of the
obligations of any other Buyer hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Buyer pursuant hereto, shall be deemed to constitute the Buyers as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Buyers are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Buyer shall be entitled to
protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Buyer to be joined as an additional party in any proceeding for such purpose.

	
Section 5.9

	
Termination

      This Agreement may be terminated by any Buyer, as to such Buyer’s obligations hereunder, by written notice to the other parties, if the transactions contemplated by the May 2008 SPA and the 2008
Agreement Amending the September 2007 Financing have not been consummated on or before June 16, 2008.

	
Section 5.10

	
Fees and Expenses

     Except as expressly set forth herein, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities.

	
Section 5.11

	
Further Assurances

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

	
Section 5.12

	
No Strict Construction

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

	
Section 5.13

	
Effect on November 2007 SPA

     The foregoing consents and waivers are given solely in respect of the transactions described herein. Except as expressly set forth herein, all of the terms and conditions of the Transaction Documents
shall continue in full force and effect after the execution of this Agreement, and shall not be in any way changed, modified or superseded by the terms set forth herein.

	
Section 5.14

	
Governing Law

     All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined pursuant to the Governing Law provision of the November 2007 SPA.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

	
UNIVERSAL ENERGY CORP.

	
By:

Name:

Title:

[BUYER SIGNATURE PAGES COMMENCE ON THE NEXT PAGE]

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BUYER SIGNATURE PAGES TO

UNIVERSAL ENERGY CORP. AGREEMENT  DATED MAY <> 2008

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

Name of Buyer: 
_____________________________________________________________

Signature of Authorized Signatory of Buyer: 
______________________________________
 Name of Authorized Signatory: 
____________________________________________________
 Title of
Authorized Signatory: 
_____________________________________________________
 Email Address of Buyer: 
_______________________________________________________

	
Address for Notice of Buyer:

11DC4537.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
Amended and Restated

REGISTRATION RIGHTS AGREEMENT

     This Amended and Restated Registration Rights Agreement (this "Agreement"), dated as of May 
______
, 2008 by and between UNIVERSAL
ENERGY CORP., a Delaware corporation (the "Company"), and each buyer identified on the Schedule of Buyers attached hereto (collectively, the “BUYERS” and each individually, the
“BUYER”).

	
WHEREAS:

     A. In connection with the Securities Purchase Agreement by and among the parties hereto of dated September 10, 2007 (the "Securities Purchase Agreement"), the Company has agreed, upon the terms and subject to the conditions contained therein, to issue and sell to the Buyer Warrants in the amount described in the Securities Purchase Agreement, where each of the Warrants is exercisable
into shares of the Company's Common Stock, par value $0.001 per share (the "Common Stock"), upon the terms and conditions and subject to the limitations and conditions set forth in the
Warrants, all subject to the terms and conditions of the Securities Purchase Agreement; and

     B. To induce the Buyer to execute and deliver the Consent and Waiver dated May ____, 2008 the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended,
and the rules and regulations thereunder, or any similar successor statute (collectively, the "1933 Act"), and applicable state securities laws.

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

	
1.      		
DEFINITIONS. a. As used in this Agreement, the following terms shall have the following meanings:	
	 

     “Additional Registration Statement” shall have the meaning ascribed to it in Section 3(b) below.

     “Additional Registration Effectiveness Deadline” shall have the meaning ascribed to it in Section 3(b) below.

     “Additional Registration Filing Deadline” shall have the meaning ascribed to it in Section 3(b) below.

     "Buyer" means the purchaser of Debentures and Warrants pursuant to the Securities Purchase Agreement specified on the signature page hereof, and any transferee or
assignee who agrees to become bound by the provisions of this Agreement in accordance with Section 10 hereof.

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“Commission” shall mean the United States Securities and Exchange Commission.

     "Cutback Shares" means any of the Target Registration Amount of Registrable Securities not included in any of the Registration Statements
previously declared effective hereunder as a result of a limitation on the maximum number of shares of Common Stock of the Company permitted to be registered by the staff of the SEC pursuant to Rule 415.

     “Effective Date” shall mean the date that the initial Registration Statement is first declared effective by the Commission.

     "Effectiveness Period" means, as to any Registration Statement required to be filed pursuant to this Agreement, the period commencing on the Effective Date of such
Registration Statement and ending on the earliest to occur of (a) the fifth anniversary of such Effective Date, (b) such time as all of the Registrable Securities covered by such Registration Statement have been publicly sold by the Holders of the
Registrable Securities included therein, or (iii) such time as all of the Registrable Securities covered by such Registration Statement may be sold by the Holders pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a
written opinion letter to such effect, addressed and acceptable to the Company's transfer agent and the affected Holders.

     “Effectiveness Deadline,” (a) with respect to the Initial Registration Statement, shall mean the 120th calendar day after the date hereof and with respect to
any Additional Registration Statements which may be required pursuant to Section 3(b), the 90th calendar day following the date on which an additional Registration Statement is required to be filed hereunder; provided, however, that in the event the
Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth
Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, (b) with respect to any Additional Registration Statement, shall mean the Additional Registration Effectiveness Deadline and
(c) with respect to any Additional Warrant Registration Statement, shall mean the Additional Warrant Registration Effectiveness Deadline. 

“Exclusion Period” shall have the meaning set forth in Section 3(p) below.

     “Filing Deadline” shall mean the Initial Registration Filing Deadline, the Additional Warrant Registration Filing Deadline or any applicable Additional
Registration Filing Deadline.

     “Initial Registration Filing Deadline” shall mean, with respect to the Initial Registration Statement required hereunder, the 45th calendar day following the
date hereof.

     “Initial Registration Minimum” means a number of Registrable Securities equal to the lesser of (i) the total number of Registrable Securities and (ii) the
maximum number which would enable the Company to conduct such offering in accordance with the provisions of Rule 415 as advised by the staff of the Commission (the “Staff”) in a
written comment letter or otherwise (which number shall be no less than one-third of the number of issued and outstanding shares of Common

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Stock that are held by non-affiliates of the Company on the day immediately prior to the filing date of the Initial Registration Statement, unless the Staff expressly requires otherwise).

     "Investor" means a Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement and who agrees to
become bound by the provisions of this Agreement in accordance with Section 10 hereof and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of
this Agreement in accordance with Section 10.

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

     "Register," "Registered," and "Registration" refer to a registration effected by preparing and filing a
Registration Statement or Statements in compliance with the 1933 Act and pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on a continuous basis ("Rule 415"), and the declaration or ordering of effectiveness of such Registration Statement by the Commission.

     "Registrable Securities," for a given Registration, means (a) any shares of Common Stock (the “Warrant Shares”) issued or issuable upon exercise of or otherwise pursuant to the Warrant(s), and (b) any shares of capital stock issued or issuable as a dividend on or in exchange for or otherwise with respect to any of the foregoing, (c) any
additional shares of Common Stock issuable in connection with any anti-dilution provisions in the Warrants (in each case, without giving effect to any limitations on exercise set forth in the Warrant), (d) any shares of Common Stock issuable upon
exercise of warrants issued to any placement agent as compensation in connection with the financing that is the subject of the Purchase Agreement ("Placement Agent Warrant Shares"), (e) any
shares of common stock issued or issuable upon exercise of or otherwise pursuant to warrants issued and outstanding as of the date hereof (“Additional Warrant Shares”), and (f) any
securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.”

     "Registration Statement(s)" means a registration statement(s) of the Company under the 1933 Act.

“Registration Trigger Date” shall have the meaning set forth in Section 3(b) below.

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

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     “SEC Guidance” means (i) the Securities Act, and (ii) any publicly-available written or oral guidance, comments, requirements or requests of the Commission
staff.

“SEC Share Reduction” shall have the meaning ascribed to it in Section 2(a) below. “Securities” shall have the meaning
ascribed to it in the Securities Purchase Agreement. “Target Registration Amount” shall have the meaning set forth in Section 2(a) below. “Target
Registration Shortfall” shall have the meaning set forth in Section 2(a) below.

     “Warrants” means the warrants issued by the Company pursuant to the Securities Purchase Agreement in conjunction with the Debenture issued by the
Company.

     “Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

     b. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement.

	
2.      		
REGISTRATION. a. MANDATORY REGISTRATION. The Company shall prepare, and, on or prior	
	 

to the Initial Registration Filing Deadline (as defined above) file with the Commission a Registration Statement on Form S-1 (or, if Form S-1 is not then available, on such form of Registration Statement as is then available to
effect a registration of the Registrable Securities, subject to the consent of the Buyer, which consent will not be unreasonably withheld)(the “Initial Registration Statement”)
covering the resale of the Registrable Securities which Registration Statement, to the extent allowable under the 1933 Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration Statement also
covers such indeterminate number of additional shares of Common Stock as may become issuable upon exercise of or otherwise pursuant to the Warrants to prevent dilution resulting from stock splits, stock dividends or similar transactions. The number
of shares of Common Stock initially included in such Registration Statement shall be no less than the aggregate number of Warrant Shares that are then issuable upon exercise of or otherwise pursuant to the Warrants, without regard to any limitation
on the Buyer's ability to exercise the Warrants (collectively, the “Target Registration Amount”), provided that the Company shall not be required to register any of the shares
issuable upon exercise of the “B Warrants” and “C Warrants” (as each is defined in the Securities Purchase
Agreement) in the Initial Registration Statement. Notwithstanding the foregoing, if the Company is advised by the staff of the Commission in a written comment letter that it is not eligible to conduct the offering of the Debentures under Rule 415
promulgated under the 1933 Act because of the number of shares sought to be included in the Registration Statement, then the Company may reduce (an “SEC Share Reduction”) the
number of shares covered by such Registration Statement to the maximum number which would enable the Company to conduct such offering in accordance with the provisions of Rule 415 (“Rule 415
Eligible”).  In the event of an SEC Share Reduction, the inclusion of the Warrant Shares in such initial Registration Statement shall take precedence over
and shall not be cut back until the following securities of the Company are cut back and removed from such Registration

4

Statement (in the following order): (i) Placement Agent Warrant Shares (to be cut back on a pro-rata basis), (ii) any securities of the Company to be included in such Registration Statement pursuant to Section 3(r), and (iii) the
Warrant shares and the Additional Warrant Shares, on a prorate basis. Any cut back of Warrant Shares will be applied pro rata to each holder in proportion to the principal amount of Debentures held by each Holder. In the event that, due to an SEC
Share Reduction or otherwise, any Registration Statement filed hereunder shall (when combined with any previous Registration Statements that are current and effective) register a number of shares of Common Stock which less than the Target
Registration Amount (a “Target Registration Shortfall”), then the unregistered portion of the Target Registration Amount (the “Target Registration Shortfall Amount”) shall be included in the next Additional Registration Statement
(in accordance with Section 3(b) below).

The Company shall, by 9:30 a.m. New York City time on the Trading Day after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424. The Company acknowledges that the
number of shares initially included in each Registration Statement represents a good faith estimate of the maximum number of shares issuable upon exercise of or otherwise pursuant to the Warrants and shall be amended if not sufficient. Each
Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to (and subject to the approval of) the Buyer and its counsel prior to its filing or other
submission.

     b. PIGGY-BACK REGISTRATIONS. If at any time prior to the expiration of the Registration Period (as hereinafter defined) the Company shall determine to file with the
Commission a Registration Statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities (other than on Form S-4 or Form S-8 or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans), the Company shall send to Buyer written notice of such determination
and, if within fifteen (15) days after the effective date of such notice, the Buyer shall so request in writing, the Company shall include in such Registration Statement all or any part of the Registrable Securities the Buyer requests to be
registered, except that if, (i) inclusion of such shares would result in the offering not being Rule 415 Eligible, or (ii) in connection with any underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall
impose a limitation on the number of shares of Common Stock which may be included in the Registration Statement because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public
distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Buyer has requested inclusion hereunder (i) as would enable the offering to
be Rule 415 Eligible or (ii) as the underwriter shall permit;

     PROVIDED, HOWEVER, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which
are not entitled by contract to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities; and

5

     PROVIDED, FURTHER, HOWEVER, that, after giving effect to the immediately preceding proviso, any exclusion of Registrable Securities shall be made pro rata with holders
of other securities having the contractual right to include such securities in the Registration Statement other than holders of securities entitled to inclusion of their securities in such Registration Statement by reason of demand registration
rights. No right to registration of Registrable Securities under this Section 2(b) shall be construed to limit any registration required under Section 2(a) hereof. If an offering in connection with which the Buyer is entitled to registration under
this Section 2(d) is an underwritten offering, then the Buyer shall, unless otherwise agreed by the Company, offer and sell such Registrable Securities in an underwritten offering using the same underwriter or underwriters and, subject to the
provisions of this Agreement, on the same terms and conditions as other shares of Common Stock included in such underwritten offering. Notwithstanding anything to the contrary set forth herein, the registration rights of the Buyer pursuant to this
Section 2(b) shall only be available in the event the Company fails to timely file, obtain effectiveness or maintain effectiveness of any Registration Statement to be filed pursuant to Section 2(a) in accordance with the terms of this
Agreement.

     3.  OBLIGATIONS OF THE COMPANY.  In connection with the registration of the Registrable Securities, the Company shall have the following obligations:

     a.  The Company shall prepare promptly, and file with the Commission as soon as practicable after the date of the date hereof (but no later than the Filing Deadline), Registration Statements with
respect to the number of Registrable Securities provided in Section 2(a), and thereafter use its best efforts to cause each such Registration Statement relating to Registrable Securities to become effective as soon as possible after such filing, but
in any event shall cause each such Registration Statement relating to Registrable Securities to become effective no later than the Effectiveness Deadline, and shall keep the Registration Statement current and effective pursuant to Rule 415 at all
times until such date as is the earlier of (i) the date on which all of the Registrable Securities for such Registration Statement have been sold and (ii) the date on which all of the Registrable Securities for such Registration Statement (in the
opinion of counsel to the Buyer) may be immediately sold to the public without registration or restriction (including without limitation as to volume by each holder thereof) under the 1933 Act (the "REGISTRATION PERIOD"), which Registration
Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein not misleading.

     b.  The Company shall prepare and file with the Commission such amendments (including post-effective amendments) and supplements to each Registration Statements and the prospectus used in connection
with the Registration Statements as may be necessary to keep the Registration Statements current and effective at all times during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with respect to the
disposition of all Registrable Securities of the Company covered by the Registration Statements until such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller or
sellers thereof as set forth in the Registration Statements. In the event of a Target Registration Shortfall (the date of each of which is referred to as a “Registration Trigger Date”), or in the event that on any Trading Day (as defined in the Debenture) (each such Trading Day is also referred to as a "Registration Trigger Date") the number of shares
available under a

6

Registration Statement filed pursuant to this Agreement is otherwise insufficient to cover all of the Registrable Securities issued or issuable upon exercise of or otherwise pursuant to the Warrants (based on the Exercise  Price
[as defined in the Warrants] then in effect), and otherwise issuable pursuant to the Transaction Documents, without giving effect to any limitations on the Buyer' ability to exercise the Warrants or otherwise receive shares of Common Stock pursuant
to the Transaction Documents, the Company shall amend the Registration Statement, or file a new Registration Statement (on the short form available therefore, if applicable), or both (each, an “Additional
Registration Statement”), so as to cover at least 100% of the total number of Registrable Securities so issued or issuable (based on the Exercise Prices of
the Warrants, and other relevant factors on which the Company reasonably elects to rely, and without giving effect to any limitations on exercise contained in the Warrants or limitations on exercise contained in the Securities Purchase Agreement or
Warrant) as of the Registration Trigger Date (subject to an SEC Share Reduction, if applicable). The Company shall prepare and file each Additional Registration Statement as soon as practicable following any Registration Trigger Date, but not later
than not later than the date that is thirty (30) days following the applicable Registration Trigger Date (the “Additional Registration Filing Deadline”) provided that, if Cutback
Shares are required to be included in the Additional Registration Statement, the “Additional Registration Filing Deadline” shall mean the later of (i) the date that is sixty (60)
days after the date substantially all (as such term is then interpreted by the Commission) of the Registrable Securities registered under the immediately preceding Registration Statement are sold and (ii) the date that is six (6) months following
the date of effectiveness of the most recently effective Registration Statement or Additional Registration Statement filed hereunder. The Company shall use its best efforts to cause such amendment and/or new Registration Statement to become
effective as soon as practicable following the filing thereof, but in any event the Company shall cause such amendment and/or new Registration Statement to become effective within sixty (60) days of the Registration Trigger Date (the “Additional Registration Effectiveness Deadline”) or as promptly as practicable in the event the Company is required to increase its authorized shares.

     c. The Company shall furnish to the Buyer and its legal counsel (i) promptly after the same is prepared and publicly distributed, filed with the Commission, or received by the Company, one copy of
each Registration Statement and any amendment thereto, each preliminary prospectus and prospectus and each amendment or supplement thereto, and, in the case of the Registration Statement referred to in Section 2(a), each letter written by or on
behalf of the Company to the Commission or the staff of the Commission, and each item of correspondence from the Commission or the staff of the Commission, in each case relating to such Registration Statement (other than any portion of any thereof
which contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as the Buyer
may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Buyer. The Company will immediately notify the Buyer by facsimile of the effectiveness of each Registration Statement or any post-effective
amendment. The Company will promptly respond to any and all comments received from the Commission, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the Commission as soon as practicable and
shall file an acceleration request as soon as practicable, but no later than three (3) business days (the "Acceleration Request Deadline"), following the resolution or clearance of all
Commission comments or, if applicable, following notification by the Commission that any such Registration Statement or any amendment thereto will not be subject to review.

7

     d. The Company shall use reasonable efforts to (i) register and qualify the Registrable Securities covered by the Registration Statements under such other securities or "blue sky" laws of such
jurisdictions in the United States as the Buyer shall reasonably request, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary
to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;

     e. As promptly as practicable after becoming aware of such event, the Company shall notify the Buyer of the happening of any event, of which the Company has knowledge, as a result of which the
prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and use
its best efforts promptly to prepare a supplement or amendment to any Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment to the Buyer as the Buyer may reasonably
request; provided that, for not more than twenty (20) consecutive days (or a total of not more than sixty (60) days in any twelve (12) month period), the Company may delay the disclosure of material non-public information concerning the Company (as
well as prospectus or Registration Statement updating) the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company (an "Allowed Delay"); provided, further, that the Company shall promptly (i) notify the Buyer in writing of the existence of (but in no event, without the prior written consent of the Buyer, shall the Company disclose to the Buyer any of the facts or
circumstances regarding) material non-public information giving rise to an Allowed Delay and (ii) advise the Buyer in writing to cease all sales under such Registration Statement until the end of the Allowed Delay, provided the above actions are
consistent with the requirements of the 1933 Act and/or 1934 Act or other applicable law. Upon expiration of the Allowed Delay, the Company shall again be bound by the first sentence of this Section 3(e) with respect to the information giving rise
thereto.

     f. The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any Registration Statement, and, if such an order is issued, to obtain the
withdrawal of such order at the earliest possible moment and to notify the Buyer who holds Registrable Securities being sold (or, in the event of an underwritten offering, the managing underwriters) of the issuance of such order and the resolution
thereof.

     g.  The Company shall permit a single firm of counsel designated by the Buyer to review such Registration Statement and all amendments and supplements thereto (as well as all requests for acceleration
or effectiveness thereof), at Buyer’s own cost, a reasonable period of time prior to their filing with the Commission (not less than three (3) business days but not more then five (5) business days) and not file any document in a form to which
such counsel reasonably objects and will not request acceleration of such Registration Statement without prior notice to such counsel. 

     h. The Company shall hold in confidence and not make any disclosure of information concerning the Buyer provided to the Company unless (i) disclosure of such information is necessary

8

to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered
pursuant to a subpoena or other order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this or any other agreement. The
Company agrees that it shall, upon learning that disclosure of such information concerning the Buyer is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Buyer prior to making
such disclosure, and allow the Buyer, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

     i.  The Company shall use its best efforts to (i) cause all the Registrable Securities covered by the Registration Statement to be listed on each national securities exchange on which securities of
the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) to the extent the securities of the same class or series are not then
listed on a national securities exchange, secure the designation and quotation, of all the Registrable Securities covered by the Registration Statement on the NNM or, if not eligible for the NNM on the Nasdaq Small Cap or, if not eligible for the Nasdaq Small Cap, on the Over the Counter electronic bulletin board and, without limiting the generality of the foregoing, to arrange for at least two market makers to register with
the Financial Industry Regulatory Authority (“FINRA”) as such with respect to such Registrable Securities. 

     j.  The Company shall provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of the Registration Statement.

     k.  The Company shall cooperate with the Buyer who holds Registrable Securities being offered and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legends) representing Registrable Securities to be offered pursuant to such Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the managing
underwriter or underwriters, if any, or the Buyer may reasonably request and registered in such names as the managing underwriter or underwriters, if any, or the Buyer may request, and, within three (3) business days after a Registration Statement
which includes Registrable Securities is ordered effective by the Commission, the Company shall deliver, and shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registrable Securities (with copies to the
Buyer) an appropriate instruction and an opinion of such counsel in the form required by the transfer agent in order to issue the Registrable Securities free of restrictive legends.

     l. At the request of the holders of a majority-in-interest of the Registrable Securities, the Company shall prepare and file with the Commission such amendments (including post-effective amendments)
and supplements to a Registration Statement and any prospectus used in connection with the Registration Statement as may be necessary in order to change the plan of distribution set forth in such Registration Statement.

     m. The Company shall not, and shall not agree to, allow the holders of any securities of the Company to include any of their securities in any Registration Statement under Section 2(a) hereof or any
amendment or supplement thereto under Section 3(b) hereof without the consent of the

9

holders of a majority-in-interest of the Registrable Securities, except for securities which have contractual demand or piggyback registration rights in effect at the time of the date hereof. In addition, the Company shall not
offer any securities for its own account or the account of others in any Registration Statement under Section 2(a) hereof or any amendment or supplement thereto under Section 3(b) hereof without the consent of the holders of a majority-in-interest
of the Registrable Securities.

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

     o.  The Company shall comply with all applicable laws related to a Registration Statement and offering and sale of securities and all applicable rules and regulations of governmental authorities in
connection therewith (including without limitation the 1933 Act and the 1934 Act and the rules and regulations promulgated by the Commission).

     p. Further Registration Statements. Except for a registration statement filed on behalf of the Buyer pursuant to Section 2 or Section 3 of
this Agreement, and except for an underwritten public offering, the Company will not file any registration statements or amend any already filed registration statement with the Commission or with state regulatory authorities without the consent of
the Subscriber until the expiration of the "Exclusion Period," which shall be defined as the sooner of (i) the date that the Registration Statement shall have been current and available for
use in connection with the resale of the Registrable Securities for a period of 180 days, or (ii) until all the Warrant Shares have been resold or transferred by the Subscribers pursuant to the Registration Statement or are eligible for immediate
unrestricted resale pursuant to Rule 144(k), without volume limitations. The Exclusion Period will be tolled during the pendency of an Event of Default as defined in the Debenture or an Event of Default as defined in the Warrants. 

     q. NASD Rule 2710 Filing; Broker Compensation. The Company shall cooperate with any broker-dealer through which a Holder proposes to resell
its Registrable Securities in effecting a filing with the FINRA Corporate Financing Department pursuant to NASD Rule 2710, as requested by any such Holder. 

     r. No Piggyback On Registrations. Except as and to the extent expressly allowed by the Securities Purchase Agreement, neither the Company nor
any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities, and the Company shall not during the Effectiveness Period
enter into any agreement providing any such right to any of its security holders. Anything herein to the contrary notwithstanding, the provisions of this subsection r. shall not apply to the Additional Warrant Shares.

4. ADDITIONAL REGISTRATION STATEMENT FOR SHARES UNDERLYING B

WARRANTS AND C WARRANTS. Subject to SEC Guidance, the Company shall prepare and file each an additional registration statement (the “Additional Warrant
Registration Statement”) as soon as practicable following the date that the Holder exercises its B Warrant (the “Additional Warrant Registration Trigger Date”), but not later than not later than the 45th calendar day following the Additional Warrant Registration Trigger Date (the “Additional
Warrant

10

Registration Filing Deadline”). The Company shall use its best efforts to cause such amendment and/or new Registration Statement to become effective as soon as practicable following the filing
thereof, but in any event the Company shall cause such amendment and/or new Registration Statement to become effective by the 120th calendar day following the Registration Trigger
Date

(the “Additional Registration Effectiveness Deadline”).

     5.  OBLIGATIONS OF THE BUYER.  In connection with the registration of the Registrable Securities, the Buyer shall have the following obligations:

     a. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of the Buyer that the Buyer
shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least three (3) business days prior to the first anticipated filing date of the Registration Statement, the
Company shall notify the Buyer of the information the Company requires from each Buyer.

     b.  The Buyer, by the Buyer's acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of the
Registration Statements hereunder, unless the Buyer has notified the Company in writing of the Buyer's election to exclude all of the Buyer's Registrable Securities from the Registration Statements.

     c.  In the event of an underwritten offering pursuant to Section 2(b) in which any Registrable Securities are to be included, the Buyer agrees to enter into and perform the Buyer's obligations under
an underwriting agreement, in usual and customary form, including, without limitation, customary indemnification and contribution obligations, with the managing underwriter of such offering and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of the Registrable Securities, unless the Buyer has notified the Company in writing of the Buyer's election to exclude all of the Buyer's Registrable Securities from such Registration
Statement.

     d.  The Buyer agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(e) or 3(f), the Buyer will immediately discontinue disposition
of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until the Buyer's receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(e) or 3(f) and, if so directed by the
Company, the Buyer shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in the Buyer's possession, of the prospectus covering such Registrable Securities current
at the time of receipt of such notice.

     e.  No Buyer may participate in any underwritten registration hereunder unless the Buyer (i) agrees to sell the Buyer's Registrable Securities on the basis provided in any underwriting arrangements in
usual and customary form entered into by the Company, (ii) completes and executes

11

all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) agrees to pay its pro rata share of all underwriting
discounts and commissions and any expenses in excess of those payable by the Company pursuant to Section 5 below.

     f. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex A (a “Selling Shareholder
Questionnaire”) not less than two Trading Days prior to the Filing Date or by the end of the fourth Trading Day following the date on which such Holder receives draft materials in accordance with this
Section.

     6. EXPENSES OF REGISTRATION. All reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualification fees, printers and accounting fees, the fees and disbursements of counsel for the Company shall be borne by the
Company.

     7.  INDEMNIFICATION.  In the event any Registrable Securities are included in a Registration Statement under this Agreement:

     a.  To the extent permitted by law, the Company will indemnify, hold harmless and defend (i) the Buyer, (ii) the directors, officers, partners, managers, members, employees, agents and each person who
controls any Buyer within the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended (the "1934 Act"), if any, (iii) any underwriter (as defined in the 1933 Act) for the
Buyer in connection with an underwritten offering pursuant to Section 2(b) hereof, and (iv) the directors, officers, partners, employees and each person who controls any such underwriter within the meaning of the 1933 Act or the 1934 Act, if any
(each, an "Indemnified Person"), against any joint or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings or inquiries by any
regulatory or self-regulatory organization, whether commenced or threatened, in respect thereof, "Claims") to which any of them may become subject insofar as such Claims arise out of or are
based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or the omission or alleged omission to state therein a material fact required to be stated or necessary to make the statements therein
not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto with the Commission) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances
under which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation
thereunder relating to the offer or sale of the Registrable Securities (the matters in the foregoing clauses (i) through (iii) being, collectively, "Violations"). The Company shall reimburse
the Indemnified Person, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 7(a): (i) shall not apply to a Claim arising out of or based upon a Violation which

12

occurs in reliance upon and in conformity with information furnished in writing to the Company by any Indemnified Person or underwriter for such Indemnified Person expressly for use in connection with the preparation of such
Registration Statement or any such amendment thereof or supplement thereto; (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be
unreasonably withheld; and (iii) with respect to any preliminary prospectus, shall not inure to the benefit of any Indemnified Person if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected on a
timely basis in the prospectus, as then amended or supplemented, such corrected prospectus was timely made available by the Company pursuant to Section 3(c) hereof, and the Indemnified Person was promptly advised in writing not to use the incorrect
prospectus prior to the use giving rise to a Violation and such Indemnified Person, notwithstanding such advice, used it. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified
Person and shall survive the transfer of the Registrable Securities by the Buyer pursuant to Section 10.

     b. Promptly after receipt by an Indemnified Person under this Section 7 of notice of the commencement of any action (including any governmental action), such Indemnified Person shall, if Claim in
respect thereof is to be made against any the Company under this Section 7, deliver to the Company a written notice of the commencement thereof, and the Company shall have the right to participate in, and, to the extent the Company so desires, to
assume control of the defense thereof with counsel mutually satisfactory to the Company and the Indemnified Person, as the case may be. 

     PROVIDED, HOWEVER, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses to be paid by the Company, if, in the
reasonable opinion of counsel retained by the Company, the representation by such counsel of the Indemnified Person and the Company would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other
party represented by such counsel in such proceeding. The Company shall pay for only one separate legal counsel for the Indemnified Persons, and such legal counsel shall be selected by Buyer, if the Buyer is entitled to indemnification hereunder.
The failure to deliver written notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability to the Indemnified Person under this Section 6, except to the extent that the Company
is actually prejudiced in its ability to defend such action. The indemnification required by this Section 7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or
liability is incurred and is due and payable.

     c. To the extent permitted by law, the Buyer will indemnify, hold harmless and defend (i) the Company, and (ii) the directors, officers, partners, managers, members, employees, or agents of the
Company, if any (each, a "Company Indemnified Person"), against any joint or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings or
inquiries by any regulatory or self-regulatory organization, whether commenced or threatened, in respect thereof, "Claims") to which any of them may become subject insofar as such Claims
arise out of or are based upon a Claim arising out of or based upon any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation
thereunder relating to the offer or sale of the Registrable Securities, which occurs due to the inclusion by the Company in a Registration Statement of false or

13

misleading information about the Buyer, where such information was furnished in writing to the Company by the Buyer for the purpose of inclusion in such Registration Statement.

     8. CONTRIBUTION. To the extent any indemnification by the Company is prohibited or limited by law, the Company agrees to make the maximum contribution with respect to
any amounts for which it would otherwise be liable under Section 7 to the fullest extent permitted by law, based upon a comparative fault standard. 

     9. REPORTS UNDER THE 1934 ACT. With a view to making available to the Buyer the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or
regulation of the Commission that may at any time permit the Buyer to sell securities of the Company to the public without registration ("Rule 144"), the Company agrees to:

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

     b.  file with the Commission in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements
(it being understood that nothing herein shall limit the Company's obligations under Section 4(c) of the Securities Purchase Agreement) and the filing of such reports and other documents is required for the applicable provisions of Rule 144;
and

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

     10. ASSIGNMENT OF REGISTRATION RIGHTS. The rights under this Agreement shall be automatically assignable by the Buyers to any transferee of all or any portion of
Registrable Securities if: (i) the Buyer agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment, (ii) the Company is, within a
reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned,
(iii) following such transfer or assignment, the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act and applicable state securities laws, (iv) at or before the time the Company receives the written
notice contemplated by clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein, and (v) such transfer shall have been made in  accordance with the applicable
requirements of the Securities Purchase Agreement. In the event that the Buyer transfers all or any portion of its Registrable Securities pursuant to this Section, the Company shall have at least ten (10) days to file any amendments or supplements
necessary to keep the Registration Statement current and effective pursuant to Rule 415, and the commencement date of any Event of Default under the Debenture or the Warrants caused thereby will be extended by ten (10) days.

14

     11.  AMENDMENT OF REGISTRATION RIGHTS.  Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with written consent of the Company, the Buyer (to the extent such Buyer still owns Registrable Securities) and Buyers who hold a majority interest of the Registrable Securities. Any
amendment or waiver effected in accordance with this Section 10 shall be binding upon the Buyer and the Company.

	
12.      		
MISCELLANEOUS. a. A person or entity is deemed to be a holder of Registrable Securities whenever such	
	 

person or entity owns of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more persons or entities with respect to the same Registrable Securities, the Company
shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

     b. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return receipt requested) or delivered personally or by courier (including a
recognized overnight delivery service) or by facsimile and shall be effective five days after being placed in the mail, if mailed by regular United States mail, or upon receipt, if delivered personally or by courier (including a recognized overnight
delivery service) or by facsimile, in each case addressed to a party. The addresses for such communications shall be:

     If to the Company: To the address set forth immediately below such Company’s name on the signature pages hereto.

	 	
With copy to:

	 	
Joseph Sierchio, Esq.

Sierchio Greco & Greco, LLP

110 East 59th Street, 29th Floor

New York, New York 10022

Tel. (212) 246-3030

Fax (212) 486-0208

     If to a Buyer: To the address set forth immediately below such Buyer's name on the signature pages hereto.

Each party shall provide notice to the other party of any change in address.

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

     d. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance

15

with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the
City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The parties hereby
waive all rights to a trial by jury.  If either party shall commence an action or proceeding to enforce any provisions of the this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

     e. This Agreement and the Securities Purchase Agreement (including all schedules and exhibits thereto) constitute the entire agreement among the parties hereto with respect to the subject matter
hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement and the Securities Purchase Agreement supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

     f. Subject to the requirements of Section 10 hereof, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto.

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

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

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

16

     j.  Except as otherwise provided herein, all consents and other determinations to be made by the Buyer pursuant to this Agreement shall be made by Buyers holding a majority of the Registrable
Securities, determined as if the all of the Debenture and Warrants then outstanding have been converted or exercised into for Registrable Securities.

     k.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose of the transactions contemplated hereby.
Accordingly, the Company acknowledges that the remedy at law for breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or threatened breach by the Company of any of the provisions hereunder, that the Buyer shall
be entitled, in addition to all other available remedies in law or in equity, to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, without the
necessity of showing economic loss and without any bond or other security being required.

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

     m. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision
hereof.

     n. The initial number of Registrable Securities included in any Registration Statement and each increase to the number of Registrable Securities included therein shall be allocated pro rata among the
Buyers based on the number of Registrable Securities held by the Buyer at the time of such establishment or increase, as the case may be. In the event a Buyer shall sell or otherwise transfer any of such holder's Registrable Securities, each
transferee shall be allocated a pro rata portion of the number of Registrable Securities included in a Registration Statement for such transferor. Any shares of Common Stock included in a Registration Statement and which remain allocated to any
person or entity which does not hold any Registrable Securities shall be allocated to the remaining Buyers, pro rata based on the number of shares of Registrable Securities then held by the Buyers. For the avoidance of doubt, the number of
Registrable Securities held by a Buyer shall be determined as if all the Debenture and Warrants then outstanding and held by a Buyer were converted into or exercised for Registrable Securities, without regard to any limitation on the Buyer's ability
to convert the Debenture or exercise the Warrants.

     o.  There shall be no oral modifications or amendments to this Agreement.  This Agreement may be modified or amended only in writing.

17

     IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the 
_____
 day of May, 2008.

	
COMPANY:

	
UNIVERSAL ENERGY CORP.

By: 
________________________

Print Name: 
_________________

Title: 
_______________________

	
ADDRESS:

30 Skyline Drive

Lake Mary, FL 32746

Phone: 800-975-2076

Fax: 800-805-4561

	
BUYER: [Insert Name Of Buyer]

	
By: 
________________________

Print Name: 
_________________

Title: 
_______________________

	
ADDRESS:

___________________

___________________

___________________

Phone: 
_____________

Fax: 
_______________

18

SCHEDULE OF BUYERS

19

Annex A

     UNIVERSAL ENERGY CORP. Selling Securityholder Notice and Questionnaire

The undersigned beneficial owner of common stock (the “Registrable Securities”) of Universal Energy Corp., a Delaware corporation (the “Company”),
understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of
the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document is
annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.

     Certain legal consequences arise from being named as a selling securityholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable
Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Registration Statement and the related prospectus.

	
NOTICE

The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

	
1.      		
Name.	
	 
	 	
(a)      		
Full Legal Name of Selling Securityholder	
	 
	 	
(b)      		
Full Legal Name of Registered Holder (if not the same as (a) above) through	
	 

	
which Registrable Securities are held:

     (c) Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):

20

	
2. Address for Notices to Selling Securityholder:

	
Telephone: 
_____________________

Fax: 
___________________________

Contact Person: 
__________________

	
3.      		
Broker-Dealer Status:	
	 
	 	
(a) Are you a broker-dealer?	
	 

	
                          Yes 
		
 		
No 
		
 		
 
		
 		
 
		
 		
 
		
 		
 
	
	
 
	
	
                          (b) 
		
 		
If “yes” to Section 3(a), did you receive 
		
 		
your 
		
 		
Registrable 
		
 		
Securities 
		
 		
as 
	
	
compensation for investment banking services to the Company? 
		
 		
 
		
 		
 
		
 		
 
		
 		
 
	

Yes __ No __

     Note: If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

	
(c) 
		
 		
Are you an affiliate of a broker-dealer? 
	
	
Yes 
		
 		
No 
	

     (d) If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

	
Yes 
		
 		
No 
	
	
Note: 
		
 		
If “no” to Section 3(d), the Commission’s staff has indicated that you should be 
	

identified as an underwriter in the Registration Statement.

4. Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder.

Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the Purchase Agreement.

     (a) Type and Amount of other securities beneficially owned by the Selling Securityholder:

21

	
5. Relationships with the Company:

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or
has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

	 	
State any exceptions here:

The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains
effective.

By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus
and any amendments or supplements thereto.  The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus.

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Date: 
__________
 Beneficial Owner: 
__________________________

	
By: 
_____________________________

Print Name: 
______________________

Title: 
___________________________

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

22

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