Document:

EXHIBIT
      4.8

    

    THIS
      WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
      OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES REPRESENTED HEREBY ARE
      RESTRICTED AND MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED OR
      OTHERWISE DISPOSED OF, UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF THE
      SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL,
      ACCEPTABLE TO THE COMPANY, IS OBTAINED STATING THAT SUCH DISPOSITION IS IN
      COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION.

    

    Dated
      as
      of ________________________________, 2004                No.
      W _______

    

    21ST
      CENTURY HOLDING COMPANY

    

    (INCORPORATED
      UNDER THE LAWS OF THE STATE OF FLORIDA)

    

    REDEEMABLE
      WARRANT FOR THE PURCHASE OF SHARES OF COMMON STOCK

    

    FOR
      VALUE
      RECEIVED, 21st Century Holding Company, a Florida corporation (the "Company"),
      hereby certifies that _________________________________, its successors and
      assigns (the "Holder"), is the owner of such number of warrants (the "Warrants")
      as set forth in Section 1 hereof. Each Warrant initially entitles the Holder,
      subject to the provisions hereof, to purchase from the Company at any time
      and
      from time to time on and after the date hereof until 5:00 p.m. Florida local
      time on the Expiration Date (as described in Section 3 herein), one fully paid
      and non-assessable share of Common Stock (as defined below) at the Exercise
      Price per share of Common Stock (as described in Section 2 herein) on the terms
      and conditions hereinafter set forth.

    

    The
      term
      "Common Stock" means the Common Stock, par value $0.01 per share, of the Company
      as constituted on the date hereof (the "Base Date"). The number of shares of
      Common Stock to be received upon the exercise of this warrant certificate may
      be
      adjusted from time to time as hereinafter set forth. The shares of Common Stock
      deliverable upon such exercise, and as adjusted from time to time, are
      hereinafter referred to as "Warrant Shares." The term "Other Securities" means
      any other equity or debt securities that may be issued by the Company in
      addition thereto or in substitution for the Warrant Shares. The term "Company"
      means and includes the corporation named above as well as any immediate
      successor corporation resulting from a reorganization.

    

    Upon
      receipt by the Company of documentation reasonably satisfactory to it of the
      loss, theft, destruction or mutilation of this warrant certificate, and (in
      the
      case of loss, theft or destruction) of reasonably satisfactory indemnification,
      and upon surrender and cancellation of this warrant certificate, if mutilated,
      the Company shall execute and deliver a new warrant certificate of like tenor
      and date. Any such new warrant certificate executed and delivered shall
      constitute an additional contractual obligation on the part of the Company,
      whether or not this warrant certificate so lost, stolen, destroyed or mutilated
      shall be at any time enforceable by anyone.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    The
      Holder agrees with the Company that this warrant certificate is issued, and
      all
      the rights hereunder shall be held subject to, all of the conditions,
      limitations and provisions set forth herein.

    

    1.
      NUMBER
      OF WARRANTS. The Holder is the owner of a number of warrants equal to the
      aggregate principal amount of the 6% Senior Subordinated Notes the Holder has
      purchased pursuant to the terms of the Unit Purchase Agreement (as hereinafter
      defined) divided by the Exercise Price.

    

    2.
      EXERCISE PRICE. The Exercise Price shall equal 115% of the weighted-average
      volume price for the Common Stock on Nasdaq as reported by Bloomberg Financial
      Markets ("Bloomberg") for the 5 consecutive trading days prior to the date
      of
      the Closing as set forth in the Unit Purchase Agreement; provided, however,
      that
      in no event shall the Exercise Price be lower than $12.75 per
      share.

    

    3.
      EXERCISE OF WARRANT. This warrant certificate may be exercised in whole or
      in
      part, at any time, or from time to time during the period commencing on the
      date
      hereof and expiring three years after the date hereof (the "Expiration Date").
      The Warrants must be exercised so as to purchase one full Warrant
      Share.

    

    4.
      NOTICE
      OF EXERCISE. Exercise of the Warrants shall be effected in any such case by
      presentation and surrender of this warrant certificate to the Company at its
      principal office, at the office of its stock transfer agent or any other warrant
      agent designated by the Company (the "Warrant Agent") if any, with the Warrant
      Exercise Form, a form of which is attached hereto as Exhibit A, duly executed
      and accompanied by payment (either in cash or by certified or official bank
      check, payable to the order of the Company) of the Exercise Price for the number
      of Warrant Shares specified in such form and instruments of transfer, if
      appropriate, duly executed by the Holder or its duly authorized attorney. If
      this warrant certificate should be exercised in part only, the Company
      shall, upon surrender of this warrant certificate for cancellation, execute
      and
      deliver a new warrant certificate evidencing the rights of the Holder thereof
      to
      purchase the balance of the Warrant Shares purchasable hereunder. Upon receipt
      by the Company of this warrant certificate, together with the Exercise Price,
      at
      its office, or by the Warrant Agent at its office, in proper form for exercise,
      the Holder shall be deemed to be the Holder of record of the shares of Common
      Stock issuable upon such exercise, notwithstanding that the stock transfer
      books
      of the Company shall then be closed or that certificates representing such
      shares of Common Stock shall not then be actually delivered to the Holder.
      The
      Company shall pay any and all documentary stamp or similar issue or transfer
      taxes payable in respect of the issue or delivery of shares of Common Stock
      on
      exercise of this warrant certificate, but in no event shall the Company be
      responsible or liable for income taxes or transfer taxes upon the issuance
      or
      transfer of the Warrants or the Warrant Shares.

    

    5.
      REDEMPTION RIGHTS. The Warrants may be redeemed, in whole or in part, at any
      time or from time to time, at the Company's sole option, commencing a year
      from
      the date hereof at a redemption price of $0.01 per Warrant Shares; provided,
      however, that before any such call for redemption of the Warrants the
      weighted-average volume price for the Company's Common Stock quoted on the
      Nasdaq National Market ("Nasdaq") shall have for 20 consecutive trading days
      ending not more than 10 days prior to the notice of redemption been in excess
      of
      150% of the Exercise Price, as such may be adjusted from time to time.
Redemption
      of the Warrants may only occur upon 30 days' prior written notice to the Holder,
      such notice to include certification of the trading price of the Company's
      Common Stock on Nasdaq as reported by Bloomberg. If the Company exercises its
      right to redeem the Warrants, in whole or in part, it shall mail a notice of
      redemption to the Holder, first class, postage prepaid, not later than the
      30th
      day before the date fixed for redemption, at such Holder's last address as
      shall
      appear on the records of the Company or the Company's Warrant Agent, if any.
      Any
      notice mailed in the manner provided herein shall be conclusively presumed
      to
      have been duly given whether or not the Holder receives such notice. The notice
      of redemption shall specify the redemption price, the date fixed for redemption,
      the place where the warrant certificate shall be delivered and the redemption
      price shall be paid, and that the right to exercise the Warrants shall terminate
      at 5:00 p.m. Florida local time on the business day immediately preceding the
      date fixed for redemption. The date fixed for the redemption of the Warrants
      shall be the Redemption Date. Any right to exercise a Warrant shall terminate
      at
      5:00 p.m. Florida local time on the business day immediately preceding the
      Redemption Date. On and after the Redemption Date, the Holder shall have no
      further rights except to receive, upon surrender of a certificate evidencing
      Warrants duly endorsed or accompanied by a written instrument or instruments
      of
      redemption in form satisfactory to the Company, the redemption price of $0.01,
      without interest, per Warrant Shares.

    
      
        
        

      

      
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    6.
      RESERVATION OF SHARES. The Company will at all times reserve for issuance and
      delivery upon exercise of this warrant certificate all shares of Common Stock
      or
      other shares of capital stock of the Company (and Other Securities) from time
      to
      time receivable upon exercise of this warrant certificate. All such shares
      (and
      Other Securities) shall be duly authorized and, when issued upon such exercise,
      shall be validly issued, fully paid and non-assessable and free of all
      preemptive rights.

    

    7.
      FRACTIONAL SHARES. No fractional shares or script representing fractional shares
      shall be issued upon the exercise of the Warrants, but the Company shall pay
      the
      Holder an amount equal to the fair market value of such fractional share of
      Common Stock in lieu of each fraction of a share otherwise called for upon
      any
      exercise of the Warrants, as determined by the Board of Directors of the
      Company.

    

    8.
      EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This warrant certificate
      is
      exchangeable, without expense, at the option of the Holder, upon presentation
      and surrender hereof to the Company or at the office of its Warrant Agent,
      if
      any, for other warrant certificates of different denominations, entitling the
      Holder to purchase in the aggregate the same number of shares of Common Stock
      purchasable hereunder. Upon surrender of this warrant certificate to the Company
      or at the office of its Warrant Agent, if any, with an appropriate form of
      assignment duly executed and funds sufficient to pay any transfer
      tax, the Company shall, without charge, execute and deliver a new warrant
      certificate in the name of the assignee named in such instrument of assignment
      and this warrant certificate shall promptly be canceled. This warrant
      certificate may be divided or combined with other warrant certificates that
      carry the same rights upon presentation hereof at the office of the Company
      or
      at the office of its Warrant Agent, if any, together with a written notice
      specifying the names and denominations in which new warrant certificates are
      to
      be issued and signed by the Holder hereof.

    
      
        
        

      

      
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    9.
      RIGHTS
      OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled to any rights
      as a shareholder in the Company, either at law or in equity, and the rights
      of
      the Holder are limited to those expressed in this warrant
      certificate.

    

    10.
      ANTI-DILUTION PROVISIONS.

    

    10.1
      ADJUSTMENT FOR RECAPITALIZATION. If the Company shall at any time subdivide
      its
      outstanding shares of Common Stock (or Other Securities at the time receivable
      upon the exercise of the Warrants) by recapitalization, reclassification or
      split-up thereof, or if the Company shall declare a stock dividend or distribute
      shares of Common Stock to its shareholders, the number of shares of Common
      Stock
      subject to this warrant certificate immediately prior to such subdivision shall
      be proportionately increased and the Exercise Price shall be proportionately
      decreased, and if the Company shall at any time combine the outstanding shares
      of Common Stock by recapitalization, reclassification or combination thereof,
      the number of shares of Common Stock or Other Securities subject to this warrant
      certificate immediately prior to such combination shall be proportionately
      decreased and the Exercise Price shall be proportionately increased. Any such
      adjustments pursuant to this Section 10.1 shall be effective

    at
      the
      close of business on the effective date of such subdivision or combination
      or if
      any adjustment is the result of a stock dividend or distribution then the
      effective date of such adjustment based thereon shall be the record date
      therefor.

    

    10.2
      ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION, MERGER, ETC. In the case of a
      reorganization of the Company after the Base Date, the Holder, upon the exercise
      thereof as provided in Section 1, at any time after the consummation of such
      reorganization, shall be entitled to receive, in lieu of the securities and
      property receivable upon the exercise of this warrant certificate prior to
      such
      consummation, the securities or property to which such Holder would have been
      entitled upon such consummation if such Holder had exercised this warrant
      certificate immediately prior thereto; in each such case, the terms of this
      warrant certificate shall be applicable to the securities or property receivable
      upon the exercise of this warrant certificate after such
      consummation.

    

    10.3
      ISSUANCES BELOW EXERCISE PRICE. Except in the case of the issuance of Common
      Stock issued (i) pursuant to any employee benefit plan of the Company now
      existing or to be implemented in the future, (ii) for consideration other than
      cash pursuant to a merger, consolidation, acquisition or similar business
      combination, (iii) in connection with any transaction referred to in, or
      contemplated by, this Section 10 hereof, (iv) pursuant to any equipment leasing
      or loan arrangement, or debt financing from a bank or similar financial or
      lending institution, (v) issued by the Company pursuant to a registration
      statement filed under the Securities Act, or (v) issued in connection with
      strategic transactions involving the Company and other entities, including
      (a)
      joint ventures, manufacturing, marketing or distribution arrangements or (b)
      technology transfer or development arrangements, if the Company at any time
      while the Warrants are outstanding, shall issue shares of Common Stock at a
      price per share (an "Issuance Price") less than the Exercise Price (or in the
      case of an issuance of Common Stock in a private placement at less than 80%
      of
      the Exercise Price), then the Exercise Price shall be multiplied by a fraction,
      the numerator of which shall be the number of shares of Common Stock outstanding
      immediately prior to the issuance of such Common Stock plus the number of shares
      of Common Stock which the price paid for such shares of Common Stock would
      purchase at the Exercise Price, and the denominator of which shall be the sum
      of
      the number of shares of Common Stock outstanding immediately prior to such
      issuance plus the number of shares of Common Stock so issued or issuable. Upon
      each adjustment of the Exercise Price pursuant to the provisions of this Section
      10.2, the number of Warrant Shares issuable upon the exercise of each Warrant
      shall be adjusted by multiplying a number equal to the Exercise Price in effect
      immediately prior to such adjustment by the number of Warrant Shares issuable
      upon exercise of the Warrant immediately prior to such adjustment and dividing
      the product so obtained by the adjusted Exercise Price.

    
      
        
        

      

      
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    10.4
      NOTICES OF RECORD DATE, ETC. In case:

    

    (a)
      the
      Company shall take a record of the holders of its Common Stock (or Other
      Securities at the time receivable upon the exercise of the Warrants) for the
      purpose of entitling them to receive any dividend (other than a cash dividend
      at
      the same rate as the rate of the last cash dividend theretofore paid) or other
      distribution, or any right to subscribe for, purchase or otherwise acquire
      any
      shares of stock of any class or any other securities, or to receive any other
      right; or

    

    (b)
      of
      any capital reorganization of the Company, any reclassification of the capital
      stock of the Company, or any consolidation or merger of the Company with or
      into
      another corporation; then, and in each such case, the Company shall mail or
      cause to be mailed to the Holder at the time outstanding a notice specifying,
      as
      the case may be, (i) the date on which a record is to be taken for the purpose
      of such dividend, distribution or right, and stating the amount and character
      of
      such dividend, distribution or right, or (ii) the date on which such
      reorganization, reclassification, consolidation or merger is to take place,
      and
      the time, if any, is to be fixed, as to which the holders of record of Common
      Stock (or such Other Securities at the time receivable upon the exercise of
      the
      Warrants) shall be entitled to exchange their shares of Common Stock (or such
      Other Securities) for securities or other property deliverable upon such
      reorganization, reclassification, consolidation or merger. Such notice shall
      be
      mailed at least 20 days prior to the date therein specified and the Warrants
      may
      be exercised prior to said date during the term of the Warrants.

    

    10.5
      LIMITATION ON ANTI-DILUTION ADJUSTMENTS. Notwithstanding anything to the
      contrary contained herein, the Company shall not adjust the number of Warrant
      Shares as provided in this Section 10, if such adjustment would, either
      individually or together with one or more other adjustments or together with
      one
      or more issuances of Transaction Shares (as defined in the Unit Purchase
      Agreement dated as of ___________________, 2004 (the "Unit Purchase Agreement")
      among the Company and the Purchasers named therein), cause the issuance of
      shares of Common Stock to exceed the number of shares that the Company
      could then issue under Section 4350(i) of the rules and regulations of Nasdaq
      (the "Nasdaq Rules") or any successor rule or regulation. Under Section 4350(i)
      of the Nasdaq Rules, a company may not issue shares, and may not issue
      securities convertible into shares, where the shares issued could in the
      aggregate equal 20% or more of the voting power of the shares outstanding,
      without obtaining shareholder approval. The foregoing limitation shall only
      apply until such time as the Company obtains the requisite approval of its
      shareholders for the issuance of the Transaction Shares, as required by Section
      4350(i) of the Nasdaq Rules or any successor rule or regulation. The Company
      covenants and agrees that it shall include a proposal for the approval of the
      issuance of the Transaction Shares in the Company's proxy statement for its
      next
      regular annual meeting of shareholders. If, due to the foregoing limitation,
      the
      Company cannot adjust the Warrant Shares as provided in Section 10.3 above,
      then, subject to NASD approval, the Company agrees that the Exercise Price
      hereof shall be reduced to equal the Issuance Price(s) of the shares of Common
      Stock that triggered the adjustment pursuant to Section 10.3.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11.
      TRANSFER TO COMPLY WITH THE SECURITIES ACT. The Warrants and any Warrant Shares
      or Other Securities may not be sold, transferred, pledged, hypothecated or
      otherwise disposed of unless registered under the Securities Act and any
      applicable state securities laws or pursuant to available exemptions from such
      registration, provided that the transferor delivers to the Company an opinion
      of
      counsel satisfactory to the Company confirming the availability of such
      exemption.

    

    12.
      REGISTRATION RIGHTS. The Warrants and the Warrant Shares issuable upon exercise
      of the Warrants shall be subject to certain registration rights as provided
      in
      the registration rights agreement (the "Registration Rights Agreement") among
      the Company and the initial holders of the Warrants. If the Company fails to
      comply with the terms of the Registration Rights Agreement, the Exercise Price
      shall be reduced by 10% for each full period of 30 consecutive days of such
      non-compliance (and there shall be no pro rata reduction of the Exercise Price
      if a period of non-compliance is not a full 30-day period).

    

    13.
      LEGEND. Unless the Warrant Shares or Other Securities have been registered
      under
      the Securities Act, upon exercise of any of the Warrants and the issuance of
      any
      of the Warrant Shares or Other Securities, all certificates representing such
      securities shall bear on the face thereof substantially the following
      legend:

     

    
      	
              "The
                securities represented by this certificate have not been registered
                under the Securities Act of 1933, as amended (the "Act"), or
                under applicable state securities laws and may not be sold, offered
                for sale, assigned, transferred or otherwise disposed of, unless
                registered pursuant to the provisions of the Act and any applicable
                state securities laws or unless an opinion of counsel to the
                Company is obtained stating that such disposition is in compliance
                with an available exemption from such
                registration."

            

    

     

    14.
      NOTICES. All notices required hereunder shall be in writing and shall be deemed
      given when sent by facsimile, delivered personally or within two days after
      mailing when mailed by certified or registered mail, return receipt requested,
      to the Company at its principal office, or to the Holder at the address set
      forth on the record books of the Company, or at such other address of which
      the
      Company or the Holder has been advised by notice hereunder.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    15.
      APPLICABLE LAW. The Warrants are issued under and shall for all purposes be
      governed by and construed in accordance with the laws of the State of Florida,
      without giving effect to the choice of law rules thereof.

    

    IN
      WITNESS WHEREOF, the Company has caused this warrant certificate to be signed
      on
      its behalf, in its corporate name, by its duly authorized officer, all as of
      the
      day and year first above written.

     

    
      	 	 	 
	 	21ST
              CENTURY
              HOLDING COMPANY,
a Florida corporation
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Richard
              A. Widdicombe,
	 	Chief
              Executive Officer

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    EXHIBIT
      A

    

    WARRANT
      EXERCISE FORM

    

    (To
      be
      executed by the Holder to exercise the right to purchase shares of Common Stock
      under the foregoing Warrant)

    

    To
      21st
      Century Holding Company:

    

    In
      accordance with the warrant certificate enclosed with this Warrant Exercise
      Form, the undersigned hereby irrevocably elects to purchase________ shares
      of
      Common Stock, $0.01 par value per share ("Common Stock"), of 21st
      Century
      Holding Company and, encloses herewith $__________ in cash, certified or
      official bank check or checks, which sum represents the aggregate Exercise
      Price
      (as defined in the Warrant) for the number of shares of Common Stock to which
      this Warrant Exercise Form relates, together with any applicable taxes payable
      by the undersigned pursuant to the warrant certificate.

    

    The
      undersigned requests that certificates for the shares of Common Stock issuable
      upon this exercise be issued in the name of:

    

    
      	 	 	 PLEASE
              INSERT SOCIAL SECURITY OR
TAX IDENTIFICATION NUMBER
	 
 	 
 	 
 
	 	 	 
	 	
              

            

    

     

    
      
        

      

    

    (Please
      print name and address)

    

    If
      the
      number of shares of Common Stock issuable upon this exercise shall not be all
      of
      the shares of Common Stock that the undersigned is entitled to purchase in
      accordance with the enclosed warrant certificate, the undersigned requests
      that
      a new warrant certificate evidencing the right to purchase the shares of Common
      Stock not issuable pursuant to the exercise evidenced hereby be issued in the
      name of and delivered to:

    

    
      
        

      

    

    (Please
      print name and address)

    

    
      
        

      

    

    

    

    
      
        

      

    

     

    Dated:______________________                      _______________________________________________

    (Print
      name of holder)

     

    By:
      ____________________________________________

     

    Name:
      __________________________________________

     

    Title:
      ___________________________________________

    

    (Signature
      must conform in all respects 

    to
      name
      of Holder as specified on the

    face
      of
      the Warrant)

    

    
      
        
        

      

      
        8EXHIBIT
      4.9

     

    REGISTRATION
      RIGHTS AGREEMENT

    

    THIS
      REGISTRATION RIGHTS AGREEMENT, dated
      as
      of September 29, 2004 (the “Agreement”), is entered into by and among
      21st
      Century
      Holding Company, a Florida corporation (the “Company”), J. Giordano Securities,
      LLC (the “Placement Agent”), and the Holders (the “Investors”) of the Company’s
      6% Senior Subordinated Notes due September ____, 2007 (the “Notes”), and
      Warrants (the “Warrants”) as set forth on Exhibit
      A
      hereto.

    

    WHEREAS,
      the
      Company desires to grant to the Investors (and with respect only to the Warrants
      and Warrant Shares, the Placement Agent) the registration rights set forth
      herein with respect to the shares of Common Stock issuable upon payment of
      principal (the “Principal Shares”) and interest (the “Interest Shares”) due on
      the Notes, and the prepayment of the Notes (the “Prepayment Shares”), shares of
      Common Stock issuable upon exercise of the Warrants (the "Warrant Shares”), and
      the Warrants (the Principal Shares, the Interest Shares, the Prepayment Shares,
      the Warrant Shares and the Warrants collectively and interchangeably, the
“Securities”).

    

    NOW,
      THEREFORE, the
      parties hereto mutually agree as follows:

    

    1.
      CERTAIN
      DEFINITIONS

    

    “Registrable
      Securities” means any of the Principal Shares, Interest Shares, Prepayment
      Shares, Warrant Shares or Warrants, until (i) the Registration Statement (as
      defined below) has been declared effective by the Securities and Exchange
      Commission (the “Commission”), and all Securities have been disposed of pursuant
      to the Registration Statement, or (ii) such time as, in the reasonable opinion
      of counsel to the Company, all Securities may be sold pursuant to Rule 144
      (or
      any similar provision then in effect). In the event of any merger,
      reorganization, consolidation, recapitalization or other change in corporate
      structure affecting the Common Stock, such adjustment shall be deemed to be
      made
      in the definition of “Registrable Securities” as is appropriate in order to
      prevent any dilution or enlargement of the rights granted pursuant to this
      Agreement.

    

    “Holder”
      means any Person owning or having the right to acquire Registrable Securities
      or
      any assignee thereof in accordance with Section 11 hereof.

    

    “Trading
      Day” means any business day on which the market on which the Common Stock trades
      is open for business.

    

    “Unit
      Purchase Agreement” means that certain unit purchase agreement dated as of
      September 29, 2004 by and among the Company and the Investors, pursuant to
      which
      the Company has issued the Notes and the Warrants.

    

    2.
      RESTRICTIONS
      ON TRANSFER

    

    Each
      of
      the Investors acknowledges and understands that prior to the registration of
      the
      Securities as provided herein, the Securities are “restricted securities” as
      defined in Rule 144. Each of the Investors understands that no disposition
      or
      transfer of the Securities may be made by any Investor in the absence of (i)
      an
      opinion of counsel to such Investor, in form and substance reasonably
      satisfactory to the Company, that such transfer may be made without registration
      under the Securities Act of 1933, as amended (the "Securities Act"), or (ii)
      such registration.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    3.
      COMPLIANCE
      WITH REPORTING REQUIREMENTS

    

    With
      a
      view to making available to the Holders the benefits of Rule 144 or any other
      similar rule or regulation of the Commission that may at any time permit the
      Holder of the Securities to sell securities of the Company to the public
      pursuant to Rule 144, the Company agrees to:

    

    (a)
      comply with the provisions of paragraph (c)(1) of Rule 144;

    

    (b)
      file
      with the Commission in a timely manner all reports and other documents required
      to be filed with the Commission pursuant to Section 13 or 15(d) under the
      Securities Exchange Act of 1934 (the “Exchange Act”) by companies subject to
      either of such sections, irrespective of whether the Company is then subject
      to
      such reporting requirements; and

    

    (c)
      Upon
      request by any Holder or the Company’s transfer agent, the Company shall provide
      an opinion of counsel, which opinion shall be reasonably acceptable to the
      Holder and/or the Company’s transfer agent, that the such Holder has complied
      with the applicable conditions of Rule 144 (or any similar provision then in
      force).

    

    4.
      REGISTRATION
      RIGHTS WITH RESPECT TO THE REGISTRABLE SECURITIES

    

    (a)
      The
      parties agree that on or before the dates specified in Section 7.1(a) and 9.1(c)
      of the Unit Purchase Agreement, the Company will file a Registration Statement
      on Form S-3 to cover the resale of the Principal Shares and Interest Shares
      to
      be issued by the Company in payment of the January 31, 2005 quarterly payment
      due on the Notes, and that thereafter, the Company shall file in subsequent
      quarters such additional registration statements as provided in Sections 7.1
      and
      9.1 of the Unit Purchase Agreement. The Company shall file a Registration
      Statement on Form S-3 on or before October 31, 2004 covering the resale of
      the
      Warrants and Warrant Shares. The Company will file a Registration Statement
      on
      Form S-3 covering the resale of the Prepayment Shares, if necessary, within
      10
      business days after issuance of Prepayment Shares. The Registration Statements
      referred to in this Section 4(a) are sometimes individually referred to as
      a
“Registration Statement” or collectively as “Registration
      Statements.”

    

    The
      Company shall use diligent best efforts to cause each Registration Statement
      to
      become effective within 120 days from the date of filing thereof. Each such
      Registration Statement shall include all of the Registrable Securities then
      issued and not covered by a previously filed Registration Statement, to the
      extent permitted by the rules and interpretations of the Commission as then
      in
      effect, and shall include appropriate language regarding reliance upon Rule
      416
      to the extent permitted by the Commission. The Company will notify the Holders
      and its transfer agent of the effectiveness of a Registration Statement within
      five Trading Days of such event.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (b)
      The
      Company will maintain the Registration Statement or post-effective amendment
      filed under this Section 4 effective under the Securities Act until the earlier
      of (i) the date that all of the Registrable Securities have been sold pursuant
      to such Registration Statement, or (ii) the date the Holders receive an opinion
      of counsel to the Company, which counsel shall be reasonably acceptable to
      the
      Holders, that the Registrable Securities may be sold under the provisions of
      Rule 144.

    

    (c)
      All
      fees, disbursements and out-of-pocket expenses and costs incurred by the Company
      in connection with the preparation and filing of the Registration Statement
      under this Section 4 and in complying with applicable securities and blue sky
      laws (including, without limitation, all attorneys’ fees of the Company) shall
      be borne by the Company. The Holders shall bear the cost of underwriting and/or
      brokerage discounts, fees and commissions, if any, applicable to the Registrable
      Securities being registered. The Company shall qualify any of the Registrable
      Securities for sale in such states as the Holders reasonably designate and
      shall
      furnish indemnification in the manner provided in Section 8 hereof. However,
      the
      company shall not be required to qualify in any state which will require an
      escrow or other restriction relating to the Company and/or the Holders, or
      which
      will require the Company to qualify to do business in such state or require
      the
      Company to file therein any general consent to service of process. The Company
      at its expense will supply each of the Holders with copies of the applicable
      Registration Statement and the prospectus included therein and other related
      documents in such quantities as may be reasonably requested by any of the
      Holders.

    

    (d)
      The
      Company shall not be required by this Section 4 to include the Registrable
      Securities in any Registration Statement which is to be filed if, in the opinion
      of counsel for the Company the proposed offering or other transfer as to which
      such registration is requested is exempt from applicable federal and state
      securities laws and would result in all purchasers or transferees obtaining
      securities which are not “restricted securities,” as defined in Rule
      144.

    

    (e)
      In
      the event that (i) the Registration Statement is not filed by the Company in
      a
      timely manner as set forth in this Section 4; or (ii) such Registration
      Statement is not declared effective by the Commission as set forth in this
      Section 4; or (iii) such Registration Statement is not maintained as effective
      by the Company for the period set forth in Section 4(b) above (each a
“Registration Default”), then the exercise price of the Warrants shall be
      reduced by ten percent (10%) every 30 days thereafter, as liquidated damages
      and
      not as a penalty, provided, however, that the such reduction in the Warrant
      exercise price shall not relieve the Company from its obligations to register
      the Registrable Securities pursuant to this Section.

    

    (f)
      If,
      at any time any Registrable Securities are not at the time covered by any
      effective Registration Statement, the Company shall determine to register under
      the Securities Act (including pursuant to a demand of any stockholder of the
      Company exercising registration rights) any of its shares of the Common Stock
      (other than in connection with a merger or other business combination
      transaction or pursuant to Form S-8) it shall send to each Holder written notice
      of such determination and, if within 20 days after receipt of such notice,
      such
      Holder shall so request in writing, the Company shall use its best efforts
      to
      include in such registration statement all or any part of the Registrable
      Securities that such Holders request to be registered. Notwithstanding the
      foregoing, if in connection with any offering involving an underwriting of
      the
      Common Stock to by issued by the Company, the managing underwriter shall impose
      a limitation on the number of shares of the Common Stock included in any such
      registration statement because, in such underwriter’s judgment, such limitation
      is necessary based on market conditions the Company may exclude, to the extent
      so advised by the underwriters, the Registrable Securities from the
      underwriting; provided, however, that if the underwriters do not entirely
      exclude the Registrable Securities from such registration statement, the Company
      shall be obligated to include in such registration statement, with respect
      to
      the requesting Holders, only an amount of Registrable Securities equal to the
      product of (i) the number of Registrable Securities that remain available for
      registration after the underwriter’s cutback and (ii) such Holder’s percentage
      of ownership of all the Registrable Securities then outstanding (on an
      as-converted basis). If any Holder disapproves of the terms of any underwriting
      referred to in this paragraph, it may elect to withdraw therefrom by written
      notice to the Company and the underwriter. No incidental right under this
      paragraph shall be construed to limit any registration required under the other
      provisions of this Agreement.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    5.
      COOPERATION
      WITH COMPANY

    

    Each
      Holder will cooperate with the Company in all respects in connection with this
      Agreement, including timely supplying all information reasonably requested
      by
      the Company (which shall include all information regarding such Holder and
      proposed manner of sale of the Registrable Securities required to be disclosed
      in any Registration Statement) and executing and returning all documents
      reasonably requested in connection with the registration and sale of the
      Registrable Securities and entering into and performing its obligations under
      any underwriting agreement, if the offering is an underwritten offering, in
      usual and customary form, with the managing underwriter or underwriters of
      such
      underwritten offering. Nothing in this Agreement shall obligate the Holder
      to
      consent to be named as an underwriter in any Registration Statement. The
      obligation of the Company to register the Registrable Securities shall be
      absolute and unconditional as to those Registrable Securities which the
      Commission will permit to be registered without naming the Holder as
      underwriter. Any delay or delays caused by a Holder by failure to cooperate
      as
      required hereunder shall not constitute a Registration Default as to such
      Holder.

    

    6.
      REGISTRATION
      PROCEDURES

    

    If
      and
      whenever the Company is required by any of the provisions of this Agreement
      to
      effect the registration of any of the Registrable Securities under the
      Securities Act, the Company shall (except as otherwise provided in this
      Agreement), as expeditiously as possible, subject to the Holder’s assistance and
      cooperation as reasonably required with respect to each Registration
      Statement:

    

    (a)
      (i)
      prepare and file with the Commission such amendments and supplements to the
      Registration Statement and the prospectus used in connection therewith as may
      be
      necessary to keep such Registration Statement effective and to comply with
      the
      provisions of the Securities Act with respect to the sale or other disposition
      of all Registrable Securities covered by such Registration Stateme nt whenever
      any of the Holder shall desire to sell or otherwise dispose of the same
      (including prospectus supplements with respect to the sales of Registrable
      Securities from time to time in connection with a registration statement
      pursuant to Rule 415 promulgated under the Securities Act) and (ii) take all
      lawful action such that each of (A) the Registration Statement and any amendment
      thereto does not, when it becomes effective, contain an untrue statement of
      a
      material fact or omit to state a material fa ct required to be stated therein
      or
      necessary to make the statements therein, in light of the circumstances under
      which they were made, not misleading and (B) the prospectus forming part of
      the
      Registration Statement, and any amendment or supplement thereto, does not at
      any
      time during the Registration Period include an untrue statement of a material
      fact or omit to state a material fact required to be stated therein or necessary
      to make the statements therein, in light of the circumstances under which they
      were made, not misleading;

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (b)
      (i)
      prior to the filing with the Commission of any Registration Statement (including
      any amendments thereto) and the distribution or delivery of any prospectus
      (including any supplements thereto), provide draft copies thereof to the Holder
      as required by Section 4(c) and reflect in such documents all such comments
      as
      the Holder (and its counsel) reasonably may propose; (ii) furnish to the Holder
      such numbers of copies of a prospectus including a preliminary prospectus or
      any
      amendment or supplement to any prospectus, as applicable, in conformity with
      the
      requirements of the Securities Act, and such other documents, as the Holder
      may
      reasonably request in order to facilitate the public sale or other disposition
      of the Registrable Securities owned by such Holder; and (iii) provide to the
      Holder copies of any comments and communications from the Commission relating
      to
      the Registration Statement, if lawful to do so;

    

    (c)
      register and qualify the Registrable Securities covered by the Registration
      Statement under such other securities or blue sky laws of such jurisdictions
      as
      any of the Holders shall reasonably request (subject to the limitations set
      forth in Section 4(c) above), and do any and all other acts and things which
      may
      be necessary or advisable to enable such Holders to consummate the public sale
      or other disposition in such jurisdiction of the Registrable Securities owned
      by
      such Holders;

    

    (d)
      list
      such Registrable Securities on the markets where the Common Stock of the Company
      is listed as of the effective date of the Registration Statement, if the listing
      of such Registrable Securities is then permitted under the rules of such
      markets;

    

    (e)
      notify the Holders at any time when a prospectus relating thereto covered by
      the
      Registration Statement is required to be delivered under the Securities Act,
      of
      the happening of any event of which it has knowledge as a result of which the
      prospectus included in the 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 in the light of the circumstances then existing, and the Company
      shall prepare and file a curative amendment under Section 6(a) as quickly as
      reasonably possible and during such period, the Holders shall not make any
      sales
      of Registrable Securities pursuant to the Registration Statement;

    

    (f)
      after
      becoming aware of such event, notify the Holders who holds Registrable
      Securities being sold (or, in the event of an underwritten offering, the
      managing underwriters) of the issuance by the Commission of any stop order
      or
      other suspension of the effectiveness of the Registration Statement at the
      earliest possible time and take all lawful action to effect the withdrawal,
      rescission or removal of such stop order or other suspension;

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (g)
      cooperate with the Holders to facilitate the timely preparation and delivery
      of
      certificates for the Registrable Securities to be offered pursuant to the
      Registration Statement and enable such certificates for the Registrable
      Securities to be in such denominations or amounts, as the case may be, as the
      Holders reasonably may request and registered in such names as the Holders
      may
      request; and, within five Trading Days after a Registration Statement which
      includes Registrable Securities is declared effective by the Commission, deliver
      and cause legal counsel selected by the Company to deliver to the transfer
      agent
      for the Registrable Securities (with copies to the Holders) an appropriate
      instruction and, to the extent necessary, an opinion of such
      counsel;

    

    (h)
      take
      all such other lawful actions reasonably necessary to expedite and facilitate
      the disposition by the Holders of Registrable Securities in accordance with
      the
      intended methods therefor provided in the prospectus which are customary for
      issuers to perform under the circumstances;

    

    (i)
      in
      the event of an underwritten offering, promptly include or incorporate in a
      prospectus supplement or post-effective amendment to the Registration Statement
      such information as the managers reasonably agree should be included therein
      and
      to which the Company does not reasonably object and make all required filings
      of
      such prospectus supplement or post-effective amendment as soon as practicable
      after it is notified of the matters to be included or incorporated in such
      prospectus supplement or post-effective amendment; and

    

    (j)
      maintain a transfer age nt and registrar for the Common Stock.

    

    7.
      LISTING
      OF WARRANTS

    

    The
      Company shall use its diligent best efforts to qualify the Warrants for listing
      on the Nasdaq National Market (“Nasdaq”) within 120 days from the date
      hereof.

    

    8.
      INDEMNIFICATION

    

    (a)
      To
      the maximum extent permitted by law, the Company agrees to indemnify and hold
      harmless the Holder, each person, if any, who controls a Holder within the
      meaning of the Securities Act, and each director, officer, shareholder,
      employee, agent, representative, accountant or attorney of the foregoing (each
      of such indemnified parties, a “Distributing Investor”) against any losses,
      claims, damages or liabilities, joint or several (which shall, for all purposes
      of this Agreement, include, but not be limited to, all reasonable costs of
      defense and investigation and all reasonable attorneys’ fees and expenses), to
      which the Distributing Investor may become subject, under the Securities Act
      or
      otherwise, insofar as such losses, claims, damages or liabilities (or actions
      in
      respect thereof) arise out of or are based upon any untrue statement or alleged
      untrue statement of any material fact contained in any Registration Statement,
      or any related final prospectus or amendment or supplement thereto, or arise
      out
      of or are based upon the omission or alleged omission to state therein a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading; provided, however, that the Company will not be liable
      in any such case to the extent, and only to the extent, that any such loss,
      claim, damage or liability arises out of or is based upon an untrue statement
      or
      alleged untrue statement or omission or alleged omission made in such
      Registration Statement, preliminary prospectus, final prospectus or amendment
      or
      supplement thereto in reliance upon, and in conformity with, written information
      furnished to the Company by the Distributing Investor, its counsel, or
      affiliates, specifically for use in the preparation thereof or (ii) by such
      Distributing Investor’s failure to deliver to the purchaser a copy of the most
      recent prospectus (including any amendments or supplements thereto). This
      indemnity agreement will be in addition to any liability which the Company
      may
      otherwise have.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (b)
      To
      the maximum extent permitted by law, each Distributing Investor agrees that
      it
      will indemnify and hold harmless the Company, and each officer and director
      of
      the Company or person, if any, who controls the Company within the meaning
      of
      the Securities Act, against any losses, claims, damages or liabilities (which
      shall, for all purposes of this Agreement, include, but not be limited to,
      all
      reasonable costs of defense and investigation and all reasonable attorneys’ fees
      and expenses) to which the Company or any such officer, director or controlling
      person may become subject under the Securities Act or otherwise, insofar as
      such
      losses, claims, damages or liabilities (or actions in respect thereof) arise
      out
      of or are based upon any untrue statement or alleged untrue statement of any
      material fact contained in any Registration Statement, or any related final
      prospectus or amendment or supplement thereto, or arise out of or are based
      upon
      the omission or the alleged omission to state therein a material fact required
      to be stated therein or necessary to make the statements therein not misleading,
      but in each case only to the extent that such untrue statement or alleged untrue
      statement or omission or alleged omission was made in such Registration
      Statement, final prospectus or amendment or supplement thereto in reliance
      upon,
      and in conformity with, written information furnished to the Company by such
      Distributing Investor, its counsel or affiliates, specifically for use in the
      preparation thereof. This indemnity agreement will be in addition to any
      liability which the Distributing Investor may otherwise have under this
      Agreement. Notwithstanding anything to the contrary herein, the Distributing
      Investor shall be liable under this Section 8(b) for only that amount as does
      not exceed the net proceeds to such Distributing Investor as a result of the
      sale of Registrable Securities pursuant to the Registration
      Statement.

    

    (c)
      Promptly after receipt by an indemnified party under this Section 8 of notice
      of
      the commencement of any action against such indemnified party, such indemnified
      party will, if a claim in respect thereof is to be made against the indemnifying
      party under this Section 8, notify the indemnifying party in writing of the
      commencement thereof; but the omission so to notify the indemnifying party
      will
      not relieve the indemnifying party from any liability which it may have to
      any
      indemnified party except to the extent the failure of the indemnified party
      to
      provide such written notification actually prejudices the ability of the
      indemnifying party to defend such action. In case any such action is brought
      against any indemnified party, and it notifies the indemnifying party of the
      commencement thereof, the indemnifying party will be entitled to participate
      in,
      and, to the extent that it may wish, jointly with any other indemnifying party
      similarly notified, assume the defense thereof, subject to the provisions herein
      stated and after notice from the indemnifying party to such indemnified party
      of
      its election so to assume the defense thereof, the indemnifying party will
      not
      be liable to such indemnified party under this Section 8 for any legal or other
      expenses subsequently incurred by such indemnified party in connection with
      the
      defense thereof other than reasonable costs of investigation, unless the
      indemnifying party shall not pursue the action to its final conclusion. The
      indemnified parties shall have the right to employ one or more separate counsel
      in any such action and to participate in the defense thereof, but the fees
      and
      expenses of such counsel shall not be at the expense of the indemnifying party
      if the indemnifying party has assumed the defense of the action with counsel
      reasonably satisfactory to the indemnified party unless (i) the employment
      of
      such counsel has been specifically authorized in writing by the indemnifying
      party, or (ii) the named parties to any such action (including any interpleaded
      parties) include both the indemnified party and the indemnifying party and
      the
      indemnified party shall have been advised by its counsel that there may be
      one
      or more legal defenses available to the indemnifying party different from or
      in
      conflict with any legal defenses which may be available to the indemnified
      party
      or any other indemnified party (in which case the indemnifying party shall
      not
      have the right to assume the defense of such action on behalf of such
      indemnified party, it being understood, however, that the indemnifying party
      shall, in connection with any one such action or separate but substantially
      similar or related actions in the same jurisdiction arising out of the same
      general allegations or circumstances, be liable only for the reasonable fees
      and
      expenses of one separate firm of attorneys for the indemnified party, which
      firm
      shall be designated in writing by the indemnified party). No settlement of
      any
      action against an indemnified party shall be made without the prior written
      consent of the indemnified party, which consent shall not be unreasonably
      withheld so long as such settlement includes a full release of claims against
      the indemnified party.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    All
      fees
      and expenses of the indemnified party (including reasonable costs of defense
      and
      investigation in a manner not inconsistent with this Section and all reasonable
      attorneys’ fees and expenses) shall be paid to the indemnified party, as
      incurred, within 10 Trading Days of written notice thereof to the indemnifying
      party; provided, that the indemnifying party may require such indemnified party
      to undertake to reimburse all such fees and expenses to the extent it is finally
      judicially determined that such indemnified party is not entitled to
      indemnification hereunder.

    

    9.
      CONTRIBUTION

    

    In
      order
      to provide for just and equitable contribution under the Securities Act in
      any
      case in which (i) the indemnified party makes a claim for indemnification
      pursuant to Section 8 hereof but is judicially determined (by the entry of
      a
      final judgme nt or decree by a court of competent jurisdiction and the
      expiration of time to appeal or the denial of the last right of appeal) that
      such indemnification may not be enforced in such case notwithstanding the fact
      that the express provisions of Section 8 hereof provide for indemnification
      in
      such case, or (ii) contribution under the Securities Act may be required on
      the
      part of any indemnified party, then the Company and the applicable Distributing
      Investor shall contribute to the aggregate losses, claims, damages or
      liabilities to which they may be subject (which shall, for all purposes of
      this
      Agreement, include, but not be limited to, all reasonable costs of defense
      and
      investigation and all reasonable attorneys’ fees and expenses), in either such
      case (after contribution from others) on the basis of relative fault as well
      as
      any other relevant equitable considerations. The relative fault shall be
      determined by reference to, among other things, whether the untrue or alleged
      untrue statement of a material fact or the omission or alleged omission to
      state
      a material fact relates to information supplied by the Company on the one hand
      or the applicable Distributing Investor on the other hand, and the parties’
relative intent, knowledge, access to information and opportunity to correct
      or
      prevent such statement or omission. The Company and the Distributing Investor
      agree that it would not be just and equitable if contribution pursuant to this
      Section 9 were determined by pro rata allocation or by any other method of
      allocation which does not take account of the equitable considerations referred
      to in this Section 9. The amount paid or payable by an indemnified party as
      a
      result of the losses, claims, damages or liabilities (or actions in respect
      thereof) referred to above in this Section 9 shall be deemed to include any
      legal or other expenses reasonably incurred by such indemnified party in
      connection with investigating or defending any such action or claim. No person
      guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
      of
      the Securities Act) shall be entitled to contribution from any person who was
      not guilty of such fraudulent misrepresentation.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    Notwithstanding
      any other provision of this Section 9, in no event shall (i) any of the
      Distributing Investors be required to undertake liability to any person under
      this Section 9 for any amounts in excess of the dollar amount of the proceeds
      received by such Distributing Investor from the sale of such Distributing
      Investor’s Registrable Securities (after deducting any fees, discounts and
      commissions applicable thereto) pursuant to any Registration Statement under
      which such Registrable Securities are registered under the Securities Act and
      (ii) any underwriter be required to undertake liability to any person hereunder
      for any amounts in excess of the aggregate discount, commission or other
      compensation payable to such underwriter with respect to the Registrable
      Securities underwritten by it and distributed pursuant to such Registration
      Statement.

    

    10.
      NOTICES

    

    Any
      notice required or permitted hereunder shall be given in writing (unless
      otherwise specified herein) and shall be effective upon personal delivery,
      via
      facsimile (upon receipt of confirmation of error- free transmission and mailing
      a copy of such confirmation, postage prepaid by certified mail, return receipt
      requested) or two business days following deposit of such notice with an
      internationally recognized courier service, with postage prepaid and addressed
      to each of the other parties thereunto entitled at the following addresses,
      or
      at such other addresses as a party may designate by five days advance written
      notice to each of the other parties hereto.

    

    
      	 	
              Company:

            	
              21st
                Century
                Holding Company

              3661
                West Oakland Park Boulevard

              Lauderdale
                Lakes, FL 33311

              Attention:
                General Counsel

              Telephone:
                (954) 581-9993

              Facsimile:
                (954) 316-9201

            
	 	 	 
	 	
              with
                a copy to:

            	
              Broad
                and Cassel

              201
                South Biscayne Boulevard

              Suite
                3000

              Miami,
                Florida 33131

              Attention:
                A. Jeffry Robinson, P.A.

              Telephone:
                (305) 373-9414

              Facsimile:
                (305) 995-6402

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	
              Placement
                Agent:

            	
              J.
                Giordano Securities, LLC

              1234
                Summer Street

              1st
                Floor

              Stamford,
                CT 06905

              Attention:
                President

              Telephone:
                (203) 975-1330

              Facsimile:
                (203) 541-8917

            
	 	 	 
	 	
              Investor:

            	
              At
                the address and facsimile set forth on the signature page
                hereof

            

    

    

    11.
      ASSIGNMENT

    

    The
      registration rights granted to any Holder under this Agreement ma y be
      transferred or assigned provided the transferee is bound by the terms of this
      Agreement and the Company is given written notice of such transfer or
      assignment.

    

    12.
      ADDITIONAL
      COVENANTS OF THE COMPANY

    

    For
      so
      long as it shall be required to maintain the effectiveness of the Registration
      Statement, it shall file all reports and information required to be filed by
      it
      with the Commission in a timely manner and take all such other action so as
      to
      maintain such eligibility for the use of the applicable form.

    

    13.
      CONFLICTING
      AGREEMENTS

    

    The
      Company shall not enter into any agreement with respect to its securities that
      is inconsistent with the rights granted to the Holder in this Agreement or
      otherwise prevents the Company from complying with all of its obligations
      hereunder.

    

    14.
      GOVERNING
      LAW; JURISDICTION

    

    This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of Florida, without regard to its principles of conflict of laws.
      Any
      action or proceeding seeking to enforce any provision of, or based on any right
      arising out of, this Agreement may be brought against any party in the federal
      courts of Florida or the state courts of the State of Florida, and each of
      the
      parties consents to the jurisdiction of such courts and hereby waives, to the
      maximum extent permitted by law, any objection, including any objections based
      on forum non conveniens, to the bringing of any such proceeding in such
      jurisdictions.

    

    15.
      MISCELLANEOUS

    

    (a)
      Entire
      Agreement. This
      Agreement supersedes all prior agreements and understandings among the parties
      hereto with respect to the subject matter hereof. This Agreement, together
      with
      the Notes, the Warrants, the Subsidiary Guarantee and the Unit Purchase
      Agreement (collectively, the “Transaction Documents”) including any certificate,
      schedule, exhibit or other document delivered pursuant to their terms,
      constitutes the entire agreement among the parties hereto with respect to the
      subject matters hereof and thereof, and supersedes all prior agreements and
      understandings, whether written or oral, among the parties with respect to
      such
      subject matters.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (b)
      Amendments.
      This
      Agreement may not be amended except by an instrument in writing signed by the
      party to be charged with enforcement.

    

    (c)
      Waiver.
      No
      waiver
      of any provision of this Agreement shall be deemed a waiver of any other
      provisions or shall a waiver of the performance of a provision in one or more
      instances be deemed a waiver of future performance thereof.

    

    (d)
      Construction.
      This
      Agreement and each of the Transaction Documents have been entered into freely
      by
      each of the parties, following consultation with their respective counsel,
      and
      shall be interpreted fairly in accordance with its respective terms, without
      any
      construction in favor of or against either party.

    

    (e)
      Binding
      Effect of Agreement. This
      Agreement shall inure to the benefit of, and be binding upon the successors
      and
      assigns of each of the parties hereto, including any transferees of the
      Securities.

    

    (f)
      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
      unenforceability of this Agreement in any other jurisdiction.

    

    (g)
      Attorneys’
      Fees. If
      any
      action should arise between the parties hereto to enforce or interpret the
      provisions of this Agreement, the prevailing party in such action shall be
      reimbursed for all reasonable expenses incurred in connection with such action,
      including reasonable attorneys’ fees.

    

    (h)
      Headings.
      The
      headings of this Agreement are for convenience of reference only and shall
      not
      form part of, or affect the interpretation of this Agreement.

    

    (i)
      Counterparts.
      This
      Agreement may be signed in one or more counterparts, each of which shall be
      deemed an original and all of which, when taken together, will be deemed to
      constitute one and the same agreement.

    

    

    [SIGNATURES
      ON FOLLOWING PAGE]

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

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

    

    

      21st
        CENTURY
        HOLDING COMPANY

      

      By:
        ______________________

      Name:
        ____________________

      Title:
        _____________________

      

      J.
        GIORDANO SECURITIES, LLC

      

      By:
        ______________________

      Name:
        ____________________

      Title:
        _____________________

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

         

      

      INVESTOR:

      

      _________________________

      Name:

      _________________________

      Address

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    EXHIBIT
      A

    

    

    
      	
              Name
                of Investor

            	
              Number
                of Warrants

            

    

    

    
      
        
        

      

      
        14

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