Document:

REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the 19th
      day of April, 2007, by and among Pinpoint Advance Corp., a Delaware corporation
      (the “Company”), and the undersigned parties listed under Investors on the
      signature page hereto (each, an “Investor” and collectively, the
“Investors”).

     

    WHEREAS,
      the Investors currently hold all of the issued and outstanding securities of
      the
      Company;

     

    WHEREAS,
      the Investors currently hold an aggregate of 1,500,000 warrants (“Warrants”),
      exercisable into an aggregate of 1,500,000 shares of the Company’s Common Stock
      (“Warrant Shares”), each of the Warrants and the Warrant Shares shall be
      referred to herein as the “Warrant Securities”;

     

    WHEREAS,
      the Investors and the Company desire to enter into this Agreement to provide
      the
      Investors with certain rights relating to the registration of shares of Common
      Stock and Warrant Securities held by them;

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    1.  DEFINITIONS.
      The
      following capitalized terms used herein have the following
      meanings:

     

    “Agreement”
means
      this Agreement, as amended, restated, supplemented, or otherwise modified from
      time to time.

     

    “Commission”
means
      the Securities and Exchange Commission, or any other federal agency then
      administering the Securities Act or the Exchange Act.

     

    “Common
      Stock”
means
      the common stock, par value $0.0001 per share, of the Company.

     

    “Company”
is
      defined in the preamble to this Agreement.

     

     “Demand
      Registration”
is
      defined in Section 2.1.1.

     

     “Demanding
      Holder”
is
      defined in Section 2.1.1.

     

     “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      of the Commission promulgated thereunder, all as the same shall be in effect
      at
      the time.

     

     “Form
      S-3”
is
      defined in Section 2.3.

     

     “Indemnified
      Party”
is
      defined in Section 4.3.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     “Indemnifying
      Party”
is
      defined in Section 4.3.

     

     “Investor”
is
      defined in the preamble to this Agreement.

     

     “Investor
      Indemnified Party”
is
      defined in Section 4.1.

     

     “Maximum
      Number of Shares”
is
      defined in Section 2.1.4.

     

     “Notices”
is
      defined in Section 6.3.

     

     “Piggy-Back
      Registration”
is
      defined in Section 2.2.1.

     

     “Register,”
      “registered”
and
      “registration”
mean
      a
      registration with respect to the Registrable Securities effected by preparing
      and filing a registration statement or similar document in compliance with
      the
      requirements of the Securities Act, and the applicable rules and regulations
      promulgated thereunder, and such registration statement becoming
      effective.

     

     “Registrable
      Securities”
mean
      the 625,000 shares of Common Stock, 1,500,000 Warrants and 1,500,000
      Warrant Shares owned or held by Investors prior to the effective date of the
      Company’s initial public offering of securities. Registrable Securities include
      any warrants, shares of capital stock or other securities of the Company issued
      as a dividend or other distribution with respect to or in exchange for or in
      replacement of such shares of Common Stock. As to any particular Registrable
      Securities, such securities shall cease to be Registrable Securities when:
      (a) a
      Registration Statement with respect to the sale of such securities shall have
      become effective under the Securities Act and such securities shall have been
      sold, transferred, disposed of or exchanged in accordance with such Registration
      Statement; (b) such securities shall have been otherwise transferred, new
      certificates for them not bearing a legend restricting further transfer shall
      have been delivered by the Company and subsequent public distribution of them
      shall not require registration under the Securities Act; (c) such securities
      shall have ceased to be outstanding, or (d) the Securities and Exchange
      Commission makes a definitive determination to the Company that the Registrable
      Securities are saleable under Rule 144(k).

     

     “Registration
      Statement”
means
      a
      registration statement filed by the Company with the Commission in compliance
      with the Securities Act and the rules and regulations promulgated thereunder
      for
      a public offering and sale of Common Stock (other than a registration statement
      on Form S-4 or Form S-8, or their successors, or any registration statement
      covering only securities proposed to be issued in exchange for securities or
      assets of another entity).

     

     “Release
      Date I”
means
      the date on which shares of Common Stock are disbursed from escrow pursuant
      to
      Section 3 of that certain Stock Escrow Agreement dated as of April 19, 2007
      by
      and among the parties hereto and American Stock Transfer & Trust
      Company.

     

    “Release
      Date II”
means
      the date on which the Company publicly announces that it has entered into a
      letter of intent with respect to a proposed business combination.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations of the
      Commission promulgated thereunder, all as the same shall be in effect at the
      time.

     

    
      
         

      

      
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    “Underwriter”
means
      a
      securities dealer who purchases any Registrable Securities as principal in
      an
      underwritten offering and not as part of such dealer’s market-making
      activities.

     

    2.   REGISTRATION
      RIGHTS.

     

    2.1  Demand
      Registration.

     

    2.1.1.   Request
      for Registration.
      At any
      time and from time to time on or after each of Release Date I as it relates
      to
      the 625,000 shares of Common Stock and Release Date II as it relates to the
      Warrant Securities, as applicable, the holders of a majority-in-interest of
      the
      625,000 shares of Common Stock or Warrant Securities, as the case may be, held
      by the Investors or the transferees of the Investors, may make a written demand
      for registration under the Securities Act of all or part of their Registrable
      Securities (a “Demand
      Registration”).
      Any
      demand for a Demand Registration shall specify the number and type of
      Registrable Securities proposed to be sold and the intended method(s) of
      distribution thereof. The Company will notify all holders of Registrable
      Securities of the demand, and each holder of Registrable Securities who wishes
      to include all or a portion of such holder’s Registrable Securities in the
      Demand Registration (each such holder including shares of Registrable Securities
      in such registration, a “Demanding
      Holder”)
      shall
      so notify the Company within fifteen (15) days after the receipt by the holder
      of the notice from the Company. Upon any such request, the Demanding Holders
      shall be entitled to have their Registrable Securities included in the Demand
      Registration, subject to Section 2.1.4 and the provisos set forth in Section
      3.1.1. The Company shall not be obligated to effect more than an aggregate
      of
      two (2) Demand Registrations with respect to the 625,000 shares of Common Stock
      and two (2) Demand Registrations with respect to the Warrant Securities under
      this Section 2.1.1 in respect of Registrable Securities. In no event shall
      a
      registration statement that has been filed with respect to the Warrant
      Securities be declared effective until the Company has completed its initial
      business combination.

     

    2.1.2.  Effective
      Registration.
      A
      registration will not count as a Demand Registration until the Registration
      Statement filed with the Commission with respect to such Demand Registration
      has
      been declared effective and the Company has complied with all of its obligations
      under this Agreement or otherwise with respect thereto; provided,
      however,
      that
      if, after such Registration Statement has been declared effective, the offering
      of Registrable Securities pursuant to a Demand Registration is interfered with
      by any stop order or injunction of the Commission or any other governmental
      agency or court, the Registration Statement with respect to such Demand
      Registration will be deemed not to have been declared effective, unless and
      until, (i) such stop order or injunction is removed, rescinded or otherwise
      terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter
      elect to continue the offering; provided
      ,
further
      , that
      the Company shall not be obligated to file a second Registration Statement
      until
      a Registration Statement that has been filed is counted as a Demand Registration
      or is terminated.

     

    2.1.3.  Underwritten
      Offering.
      If a
      majority-in-interest of the Demanding Holders so elect and such holders so
      advise the Company as part of their written demand for a Demand Registration,
      the offering of such Registrable Securities pursuant to such Demand Registration
      shall be in the form of an underwritten offering. In such event, the right
      of
      any holder to include its Registrable Securities in such registration shall
      be
      conditioned upon such holder’s participation in such underwriting and the
      inclusion of such holder’s Registrable Securities in the underwriting to the
      extent provided herein. All Demanding Holders proposing to distribute their
      securities through such underwriting shall enter into an underwriting agreement
      in customary form with the Underwriter or Underwriters selected for such
      underwriting by a majority-in-interest of the holders initiating the Demand
      Registration.

     

    
      
         

      

      
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    2.1.4.  Reduction
      of Offering.
      If the
      managing Underwriter or Underwriters for a Demand Registration that is to be
      an
      underwritten offering advises the Company and the Demanding Holders in writing
      that the dollar amount or number of shares of Registrable Securities which
      the
      Demanding Holders desire to sell, taken together with all other shares of Common
      Stock or other securities which the Company desires to sell and the shares
      of
      Common Stock, if any, as to which registration has been requested pursuant
      to
      written contractual piggy-back registration rights held by other shareholders
      of
      the Company who desire to sell, exceeds the maximum dollar amount or maximum
      number of shares that can be sold in such offering without adversely affecting
      the proposed offering price, the timing, the distribution method, or the
      probability of success of such offering (such maximum dollar amount or maximum
      number of shares, as applicable, the “Maximum
      Number of Shares”),
      then
      the Company shall include in such registration: (i) first, the Registrable
      Securities as to which Demand Registration has been requested by the Demanding
      Holders ( pro
      rata
      in
      accordance with the number of shares of Registrable Securities which such
      Demanding Holders have requested be included in such registration, regardless
      of
      the number of shares of Registrable Securities held by each Demanding Holder)
      that can be sold without exceeding the Maximum Number of Shares;
      (ii) second, to the extent that the Maximum Number of Shares has not been
      reached under the foregoing clause (i), the shares of Common Stock or other
      securities that the Company desires to sell that can be sold without exceeding
      the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number
      of Shares has not been reached under the foregoing clauses (i) and (ii), the
      shares of Common Stock for the account of other persons that the Company is
      obligated to register pursuant to written contractual arrangements with such
      persons and that can be sold without exceeding the Maximum Number of Shares;
      and
      (iv) fourth, to the extent that the Maximum Number of Shares have not been
      reached under the foregoing clauses (i), (ii), and (iii), the shares of Common
      Stock that other shareholders desire to sell that can be sold without exceeding
      the Maximum Number of Shares.

     

    2.1.5.   Withdrawal.
      If a
      majority-in-interest of the Demanding Holders disapprove of the terms of any
      underwriting or are not entitled to include all of their Registrable Securities
      in any offering, such majority-in-interest of the Demanding Holders may elect
      to
      withdraw from such offering by giving written notice to the Company and the
      Underwriter or Underwriters of their request to withdraw prior to the
      effectiveness of the Registration Statement filed with the Commission with
      respect to such Demand Registration. In such event, the Company need not seek
      effectiveness of such Registration Statement for the benefit of other Investors.
      If the majority-in-interest of the Demanding Holders withdraws from a proposed
      offering relating to a Demand Registration, then such registration shall not
      count as a Demand Registration provided for in Section 2.1.1.

     

    2.2  Piggy-Back
      Registration.

     

    
      
         

      

      
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    2.2.1.  Piggy-Back
      Rights.
      If at
      any time on or after the Release Date the Company proposes to file a
      Registration Statement under the Securities Act with respect to an offering
      of
      equity securities, or securities or other obligations exercisable or
      exchangeable for, or convertible into, equity securities, by the Company for
      its
      own account or for shareholders of the Company for their account (or by the
      Company and by shareholders of the Company including, without limitation,
      pursuant to Section 2.1), other than a Registration Statement (i) filed in
      connection with any employee stock option or other benefit plan, (ii) for an
      exchange offer or offering of securities solely to the Company’s existing
      shareholders, (iii) for an offering of debt that is convertible into equity
      securities of the Company or (iv) for a dividend reinvestment plan, then the
      Company shall (x) give written notice of such proposed filing to the holders
      of
      Registrable Securities as soon as practicable but in no event less than ten
      (10)
      days before the anticipated filing date, which notice shall describe the amount
      and type of securities to be included in such offering, the intended method(s)
      of distribution, and the name of the proposed managing Underwriter or
      Underwriters, if any, of the offering, and (y) offer to the holders of
      Registrable Securities in such notice the opportunity to register the sale
      of
      such number of shares of Registrable Securities as such holders may request
      in
      writing within five (5) days following receipt of such notice (a “Piggy-Back
      Registration”).
      The
      Company shall cause such Registrable Securities to be included in such
      registration and shall use its best efforts to cause the managing Underwriter
      or
      Underwriters of a proposed underwritten offering to permit the Registrable
      Securities requested to be included in a Piggy-Back Registration to be included
      on the same terms and conditions as any similar securities of the Company and
      to
      permit the sale or other disposition of such Registrable Securities in
      accordance with the intended method(s) of distribution thereof. All holders
      of
      Registrable Securities proposing to distribute their securities through a
      Piggy-Back Registration that involves an Underwriter or Underwriters shall
      enter
      into an underwriting agreement in customary form with the Underwriter or
      Underwriters selected for such Piggy-Back Registration.

     

    2.2.2.  Reduction
      of Offering.
      If the
      managing Underwriter or Underwriters for a Piggy-Back Registration that is
      to be
      an underwritten offering advises the Company and the holders of Registrable
      Securities in writing that the dollar amount or number of shares of Common
      Stock
      which the Company desires to sell, taken together with shares of Common Stock,
      if any, as to which registration has been demanded pursuant to written
      contractual arrangements with persons other than the holders of Registrable
      Securities hereunder, the Registrable Securities as to which registration has
      been requested under this Section 2.2, and the shares of Common Stock, if any,
      as to which registration has been requested pursuant to the written contractual
      piggy-back registration rights of other shareholders of the Company, exceeds
      the
      Maximum Number of Shares, then the Company shall include in any such
      registration:

     

    (i)  If
      the
      registration is undertaken for the Company’s account: (A) first, the shares
      of Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (B) second, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clause (A), the shares of Common Stock, if any, including the Registrable
      Securities, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights of security holders ( pro
      rata
      in
      accordance with the number of shares of Common Stock which each such person
      has
      actually requested to be included in such registration, regardless of the number
      of shares of Common Stock with respect to which such persons have the right
      to
      request such inclusion) that can be sold without exceeding the Maximum Number
      of
      Shares; and

     

    
      
         

      

      
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    (ii)  If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the shares of Common Stock for the
      account of the demanding persons that can be sold without exceeding the Maximum
      Number of Shares; (B) second, to the extent that the Maximum Number of Shares
      has not been reached under the foregoing clause (A), the shares of Common Stock
      or other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Number of Shares; and (C) third, to the extent that the
      Maximum Number of Shares has not been reached under the foregoing clauses (A)
      and (B), the Registrable Securities as to which registration has been requested
      under this Section 2.2 ( pro
      rata
      in
      accordance with the number of shares of Registrable Securities held by each
      such
      holder); and (D) fourth, to the extent that the Maximum Number of Shares has
      not
      been reached under the foregoing clauses (A), (B) and (C), the shares of Common
      Stock, if any, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights which other shareholders desire
      to
      sell that can be sold without exceeding the Maximum Number of
      Shares.

     

    2.2.3.  Withdrawal.
      Any
      holder of Registrable Securities may elect to withdraw such holder’s request for
      inclusion of Registrable Securities in any Piggy-Back Registration by giving
      written notice to the Company of such request to withdraw prior to the
      effectiveness of the Registration Statement. The Company may also elect to
      withdraw a registration statement at any time prior to the effectiveness of
      the
      Registration Statement. Notwithstanding any such withdrawal, the Company shall
      pay all expenses incurred by the holders of Registrable Securities in connection
      with such Piggy-Back Registration as provided in Section 3.3.

     

    2.2.4.   Registrations
      on Form S-3.
      The
      holders of Registrable Securities may at any time and from time to time, request
      in writing that the Company register the resale of any or all of such
      Registrable Securities on Form S-3 or any similar short-form registration which
      may be available at such time (“Form
      S-3”);
      provided,
      however,
      that
      the Company shall not be obligated to effect such request through an
      underwritten offering. Upon receipt of such written request, the Company will
      promptly give written notice of the proposed registration to all other holders
      of Registrable Securities, and, as soon as practicable thereafter, effect the
      registration of all or such portion of such holder’s or holders’ Registrable
      Securities as are specified in such request, together with all or such portion
      of the Registrable Securities of any other holder or holders joining in such
      request as are specified in a written request given within fifteen (15) days
      after receipt of such written notice from the Company; provided,
      however,
      that
      the Company shall not be obligated to effect any such registration pursuant
      to
      this Section 2.2: (i) if Form S-3 is not available for such offering; or (ii)
      if
      the holders of the Registrable Securities, together with the holders of any
      other securities of the Company entitled to inclusion in such registration,
      propose to sell Registrable Securities and such other securities (if any) at
      any
      aggregate price to the public of less than $500,000. Registrations effected
      pursuant to this Section 2.2 shall not be counted as Demand Registrations
      effected pursuant to Section 2.1.

     

    2.3  No
      Net
      Cash Settlement Value.
      In
      connection with the exercise of the Warrants, the Company will not be obligated
      to deliver securities, and there are no contractual penalties for failure to
      deliver securities, if a registration statement is not effective at the time
      of
      exercise; however, the Company may satisfy its obligation by delivering
      unregistered shares of Common Stock.  In no event will the Company be
      required to net cash settle an exercise of a Warrant.

     

    
      
         

      

      
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    3.  REGISTRATION
      PROCEDURES.

     

    3.1   Filings;
      Information.
      Whenever the Company is required to effect the registration of any Registrable
      Securities pursuant to Section 2, the Company shall use its best efforts to
      effect the registration and sale of such Registrable Securities in accordance
      with the intended method(s) of distribution thereof as expeditiously as
      practicable, and in connection with any such request:

     

    3.1.1.  Filing
      Registration Statement.
      The
      Company shall, as expeditiously as possible and in any event within sixty (60)
      days after receipt of a request for a Demand Registration pursuant to Section
      2.1, prepare and file with the Commission a Registration Statement on any form
      for which the Company then qualifies or which counsel for the Company shall
      deem
      appropriate and which form shall be available for the sale of all Registrable
      Securities to be registered thereunder in accordance with the intended method(s)
      of distribution thereof, and shall use its best efforts to cause such
      Registration Statement to become and remain effective for the period required
      by
      Section 3.1.3; provided
      ,
however
      , that
      the Company shall have the right to defer any Demand Registration for up to
      thirty (30) days, and any Piggy-Back Registration for such period as may be
      applicable to deferment of any demand registration to which such Piggy-Back
      Registration relates, in each case if the Company shall furnish to the holders
      a
      certificate signed by the Chief Executive Officer of the Company stating that,
      in the good faith judgment of the Board of Directors of the Company, it would
      be
      materially detrimental to the Company and its shareholders for such Registration
      Statement to be effected at such time; provided
      further, however
      , that
      the Company shall not have the right to exercise the right set forth in the
      immediately preceding proviso more than once in any 365-day period in respect
      of
      a Demand Registration hereunder.

     

    3.1.2.  Copies.
      The
      Company shall, prior to filing a Registration Statement or prospectus, or any
      amendment or supplement thereto, furnish without charge to the holders of
      Registrable Securities included in such registration, and such holders’ legal
      counsel, copies of such Registration Statement as proposed to be filed, each
      amendment and supplement to such Registration Statement (in each case including
      all exhibits thereto and documents incorporated by reference therein), the
      prospectus included in such Registration Statement (including each preliminary
      prospectus), and such other documents as the holders of Registrable Securities
      included in such registration or legal counsel for any such holders may request
      in order to facilitate the disposition of the Registrable Securities owned
      by
      such holders.

     

    3.1.3.  Amendments
      and Supplements.
      The
      Company shall prepare and file with the Commission such amendments, including
      post-effective amendments, and supplements to such Registration Statement and
      the prospectus used in connection therewith as may be necessary to keep such
      Registration Statement effective and in compliance with the provisions of the
      Securities Act until all Registrable Securities and other securities covered
      by
      such Registration Statement have been disposed of in accordance with the
      intended method(s) of distribution set forth in such Registration Statement
      (which period shall not exceed the sum of one hundred eighty (180) days plus
      any
      period during which any such disposition is interfered with by any stop order
      or
      injunction of the Commission or any governmental agency or court) or such
      securities have been withdrawn.

     

    
      
         

      

      
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    3.1.4.  Notification.
      After
      the filing of a Registration Statement, the Company shall promptly, and in
      no
      event more than two (2) business days after such filing, notify the holders
      of
      Registrable Securities included in such Registration Statement of such filing,
      and shall further notify such holders promptly and confirm such advice in
      writing in all events within two (2) business days of the occurrence of any
      of
      the following: (i) when such Registration Statement becomes effective; (ii)
      when
      any post-effective amendment to such Registration Statement becomes effective;
      (iii) the issuance or threatened issuance by the Commission of any stop order
      (and the Company shall take all actions required to prevent the entry of such
      stop order or to remove it if entered); and (iv) any request by the Commission
      for any amendment or supplement to such Registration Statement or any prospectus
      relating thereto or for additional information or of the occurrence of an event
      requiring the preparation of a supplement or amendment to such prospectus so
      that, as thereafter delivered to the purchasers of the securities covered by
      such Registration Statement, such prospectus will not contain an untrue
      statement of a material fact or omit to state any material fact required to
      be
      stated therein or necessary to make the statements therein not misleading,
      and
      promptly make available to the holders of Registrable Securities included in
      such Registration Statement any such supplement or amendment; except that before
      filing with the Commission a Registration Statement or prospectus or any
      amendment or supplement thereto, including documents incorporated by reference,
      the Company shall furnish to the holders of Registrable Securities included
      in
      such Registration Statement and to the legal counsel for any such holders,
      copies of all such documents proposed to be filed sufficiently in advance of
      filing to provide such holders and legal counsel with a reasonable opportunity
      to review such documents and comment thereon, and the Company shall not file
      any
      Registration Statement or prospectus or amendment or supplement thereto,
      including documents incorporated by reference, to which such holders or their
      legal counsel shall object.

     

    3.1.5.  State
      Securities Laws Compliance.
      The
      Company shall use its best efforts to (i) register or qualify the Registrable
      Securities covered by the Registration Statement under such securities or “blue
      sky” laws of such jurisdictions in the United States as the holders of
      Registrable Securities included in such Registration Statement (in light of
      their intended plan of distribution) may request and (ii) take such action
      necessary to cause such Registrable Securities covered by the Registration
      Statement to be registered with or approved by such other Governmental
      Authorities as may be necessary by virtue of the business and operations of
      the
      Company and do any and all other acts and things that may be necessary or
      advisable to enable the holders of Registrable Securities included in such
      Registration Statement to consummate the disposition of such Registrable
      Securities in such jurisdictions; provided
      ,
however
      , that
      the Company shall not be required to qualify generally to do business in any
      jurisdiction where it would not otherwise be required to qualify but for this
      paragraph 3.1.5 or subject itself to taxation in any such
      jurisdiction.

     

    3.1.6.  Agreements
      for Disposition.
      The
      Company shall enter into customary agreements (including, if applicable, an
      underwriting agreement in customary form) and take such other actions as are
      reasonably required in order to expedite or facilitate the disposition of such
      Registrable Securities. The representations, warranties and covenants of the
      Company in 

     

    
      
         

      

      
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    any
      underwriting agreement which are made to or for the benefit of any Underwriters,
      to the extent applicable, shall also be made to and for the benefit of the
      holders of Registrable Securities included in such registration statement.
      No
      holder of Registrable Securities included in such registration statement shall
      be required to make any representations or warranties in the underwriting
      agreement except, if applicable, with respect to such holder’s organization,
      good standing, authority, title to Registrable Securities, lack of conflict
      of
      such sale with such holder’s material agreements and organizational documents,
      and with respect to written information relating to such holder that such holder
      has furnished in writing expressly for inclusion in such Registration Statement.
      Holders of Registrable Securities shall agree to such covenants and
      indemnification and contribution obligations for selling stockholders as are
      customarily contained in agreements of that type. Further, such holders shall
      cooperate fully in the preparation of the registration statement and other
      documents relating to any offering in which they include securities pursuant
      to
      Section 2 hereof. Each holder shall also furnish to the Company such information
      regarding itself, the Registrable Securities held by such holder and the
      intended method of disposition of such securities as shall be reasonably
      required to effect the registration of the Registrable Securities.

     

    3.1.7.  Cooperation.
      The
      principal executive officer of the Company, the principal financial officer
      of
      the Company, the principal accounting officer of the Company and all other
      officers and members of the management of the Company shall cooperate fully
      in
      any offering of Registrable Securities hereunder, which cooperation shall
      include, without limitation, the preparation of the Registration Statement
      with
      respect to such offering and all other offering materials and related documents,
      and participation in meetings with Underwriters, attorneys, accountants and
      potential investors.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    3.1.8.   Records.
      The
      Company shall make available for inspection by the holders of Registrable
      Securities included in such Registration Statement, any Underwriter
      participating in any disposition pursuant to such registration statement and
      any
      attorney, accountant or other professional retained by any holder of Registrable
      Securities included in such Registration Statement or any Underwriter, all
      financial and other records, pertinent corporate documents and properties of
      the
      Company, as shall be necessary to enable them to exercise their due diligence
      responsibility, and cause the Company’s officers, directors and employees to
      supply all information requested by any of them in connection with such
      Registration Statement.

     

    3.1.9.  Opinions
      and Comfort Letters.
      The
      Company shall furnish to each holder of Registrable Securities included in
      any
      Registration Statement a signed counterpart, addressed to such holder, of (i)
      any opinion of counsel to the Company delivered to any Underwriter and (ii)
      any
      comfort letter from the Company’s independent public accountants delivered to
      any Underwriter. In the event no legal opinion is delivered to any Underwriter,
      the Company shall furnish to each holder of Registrable Securities included
      in
      such Registration Statement, at any time that such holder elects to use a
      prospectus, an opinion of counsel to the Company to the effect that the
      Registration Statement containing such prospectus has been declared effective
      and that no stop order is in effect.

     

    3.1.10.  Earnings
      Statement.
      The
      Company shall comply with all applicable rules and regulations of the Commission
      and the Securities Act, and make available to its shareholders, as soon as
      practicable, an earnings statement covering a period of twelve (12) months,
      beginning within three (3) months after the effective date of the registration
      statement, which earnings statement shall satisfy the provisions of Section
      11(a) of the Securities Act and Rule 158 thereunder.

     

    3.1.11.  Listing.
      The
      Company shall use its best efforts to cause all Registrable Securities included
      in any registration to be listed on such exchanges or otherwise designated
      for
      trading in the same manner as similar securities issued by the Company are
      then
      listed or designated or, if no such similar securities are then listed or
      designated, in a manner satisfactory to the holders of a majority of the
      Registrable Securities included in such registration.

     

    3.2  Obligation
      to Suspend Distribution.
      Upon
      receipt of any notice from the Company of the happening of any event of the
      kind
      described in Section 3.1.4(iv), or, in the case of a resale registration on
      Form
      S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant
      to a written insider trading compliance program adopted by the Company’s Board
      of Directors, of the ability of all “insiders” covered by such program to
      transact in the Company’s securities because of the existence of material
      non-public information, each holder of Registrable Securities included in any
      registration shall immediately discontinue disposition of such Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such holder receives the supplemented or amended prospectus
      contemplated by Section 3.1.4(iv) or the restriction on the ability of
“insiders” to transact in the Company’s securities is removed, as applicable,
      and, if so directed by the Company, each such holder will deliver to the Company
      all copies, other than permanent file copies then in such holder’s possession,
      of the most recent prospectus covering such Registrable Securities at the time
      of receipt of such notice.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

     

    3.3  Registration
      Expenses.
      The
      Company shall bear all costs and expenses incurred in connection with any Demand
      Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant
      to
      Section 2.2, and any registration on Form S-3 effected pursuant to Section
      2.3,
      and all expenses incurred in performing or complying with its other obligations
      under this Agreement, whether or not the Registration Statement becomes
      effective or whether any or all Holders of Registrable Securities withdraw
      from
      any Registration Statement, including, without limitation: (i) all registration
      and filing fees; (ii) fees and expenses of compliance with securities or “blue
      sky” laws (including fees and disbursements of counsel in connection with blue
      sky qualifications of the Registrable Securities); (iii) printing expenses;
      (iv)
      the Company’s internal expenses (including, without limitation, all salaries and
      expenses of its officers and employees); (v) the fees and expenses incurred
      in
      connection with the listing of the Registrable Securities as required by Section
      3.1.11; (vi) National Association of Securities Dealers, Inc. fees; (vii) fees
      and disbursements of counsel for the Company and fees and expenses for
      independent certified public accountants retained by the Company (including
      the
      expenses or costs associated with the delivery of any opinions or comfort
      letters requested pursuant to Section 3.1.9); (viii) the fees and expenses
      of
      any special experts retained by the Company in connection with such registration
      and (ix) the fees and expenses of one legal counsel selected by the holders
      of a
      majority-in-interest of the Registrable Securities included in such
      registration. The Company shall have no obligation to pay any underwriting
      discounts or selling commissions attributable to the Registrable Securities
      being sold by the holders thereof, which underwriting discounts or selling
      commissions shall be borne by such holders. Additionally, in an underwritten
      offering, all selling shareholders and the Company shall bear the expenses
      of
      the underwriter pro
      rata
      in
      proportion to the respective amount of shares each is selling in such
      offering.

     

    3.4  Information.
      The
      holders of Registrable Securities shall provide such information as may
      reasonably be requested by the Company, or the managing Underwriter, if any,
      in
      connection with the preparation of any Registration Statement, including
      amendments and supplements thereto, in order to effect the registration of
      any
      Registrable Securities under the Securities Act pursuant to Section 2 and in
      connection with the Company’s obligation to comply with federal and applicable
      state securities laws.

     

    3.5  Holder
      Obligations.
      No
      holder of Registrable Securities may participate in any underwritten offering
      pursuant to this Section 3 unless such holder (i) agrees to sell only such
      holder’s Registrable Securities on the basis reasonably provided in any
      underwriting agreement, and (ii) completes, executes and delivers any and all
      questionnaires, powers of attorney, custody agreements, indemnities,
      underwriting agreements and other documents reasonably required by or under
      the
      terms of any underwriting agreement or as reasonably requested by the
      Company.

     

    4.  INDEMNIFICATION
      AND CONTRIBUTION.

     

    4.1  Indemnification
      by the Company.
      The
      Company agrees to indemnify and hold harmless each Investor and each other
      holder of Registrable Securities, and each of their respective officers,
      employees, affiliates, directors, partners, members, attorneys and agents,
      and
      each person, if any, who controls an Investor and each other holder of
      Registrable Securities

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (within
      the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
      Act) (each, an “Investor
      Indemnified Party”),
      from
      and against any expenses, losses, judgments, claims, damages or liabilities,
      whether joint or several, arising out of or based upon any untrue statement
      (or
      allegedly untrue statement) of a material fact contained in any Registration
      Statement under which the sale of such Registrable Securities was registered
      under the Securities Act, any preliminary prospectus, final prospectus or
      summary prospectus contained in the Registration Statement, or any amendment
      or
      supplement to such Registration Statement, or arising out of or based upon
      any
      omission (or alleged omission) to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, or any
      violation by the Company of the Securities Act or any rule or regulation
      promulgated thereunder applicable to the Company and relating to action or
      inaction required of the Company in connection with any such registration;
      and
      the Company shall promptly reimburse the Investor Indemnified Party for any
      legal and any other expenses reasonably incurred by such Investor Indemnified
      Party in connection with investigating and defending any such expense, loss,
      judgment, claim, damage, liability or action; provided
      ,
however
      , that
      the Company will not be liable in any such case to the extent that any such
      expense, loss, claim, damage or liability arises out of or is based upon any
      untrue statement or allegedly untrue statement or omission or alleged omission
      made in such Registration Statement, preliminary prospectus, final prospectus,
      or summary prospectus, or any such amendment or supplement, in reliance upon
      and
      in conformity with information furnished to the Company, in writing, by such
      selling holder expressly for use therein or for the use by any Investor
      Indemnified Party of a prospectus in violation of any stop order or other
      suspension of the Registration Statement; and (b) the foregoing indemnity shall
      not inure to the benefit of any holder (or benefit of any person controlling
      such holder) from whom the person asserting such expense, loss, claim, damage
      or
      liability purchased the Registrable Securities, if a copy of the Prospectus
      (as
      then amended or supplemented if the Company shall have furnished any amendments
      or supplements thereto) was not sent or given by or on behalf of such holder
      to
      such person, if required by law so to have been delivered at or prior to the
      written confirmation of the sale of the Registrable Securities to such person,
      and if the Prospectus (as so amended or supplemented) would have cured the
      defect giving rise to such expense, loss, claim, damage or liability, unless
      such failure is the result of noncompliance by the Company with Section 3.1.3
      hereof. The Company also shall indemnify any Underwriter of the Registrable
      Securities, their officers, affiliates, directors, partners, members and agents
      and each person who controls such Underwriter on substantially the same basis
      as
      that of the indemnification provided above in this Section 4.1.

     

    4.2   Indemnification
      by Holders of Registrable Securities.
      Each
      selling holder of Registrable Securities will, in the event that any
      registration is being effected under the Securities Act pursuant to this
      Agreement of any Registrable Securities held by such selling holder, indemnify
      and hold harmless the Company, each of its directors and officers and each
      underwriter (if any), and each other person, if any, who controls the company
      or
      any such underwriter within the meaning of the Securities Act or Section 20
      of
      the Exchange Act, against any losses, claims, judgments, damages or liabilities,
      whether joint or several, insofar as such losses, claims, judgments, damages
      or
      liabilities (or actions in respect thereof) arise out of or are based upon
      any
      untrue statement or allegedly untrue statement of a material fact contained
      in
      any Registration Statement under which the sale of such Registrable Securities
      was registered under the Securities Act, any preliminary prospectus, final
      prospectus or summary prospectus contained in the Registration Statement, or
      any
      amendment or supplement to the Registration 

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Statement,
      or arise out of or are based upon any omission or the alleged omission to state
      a material fact required to be stated therein or necessary to make the statement
      therein not misleading, if the statement or omission was made in reliance upon
      and in conformity with information furnished in writing to the Company by such
      selling holder expressly for use therein or for the use by any Investor
      Indemnified Party of a prospectus in violation of any stop order or other
      suspension of the Registration Statement, and shall reimburse the Company,
      its
      directors and officers, and each such controlling person for any legal or other
      expenses reasonably incurred by any of them in connection with investigation
      or
      defending any such loss, claim, damage, liability or action. Each selling
      holder’s indemnification obligations hereunder shall be several and not joint
      and shall be limited to the amount of any net proceeds actually received by
      such
      selling holder in connection with the sale of the Registrable Securities by
      such
      selling holder pursuant to the Registration Statement containing such untrue
      statement.

     

    4.3  Conduct
      of Indemnification Proceedings.
      Promptly after receipt by any person of any notice of any loss, claim, damage
      or
      liability or any action in respect of which indemnity may be sought pursuant
      to
      Section 4.1 or 4.2, such person (the “Indemnified
      Party”)
      shall,
      if a claim in respect thereof is to be made against any other person for
      indemnification hereunder, notify such other person (the “Indemnifying
      Party”)
      in
      writing of the loss, claim, judgment, damage, liability or action; provided,
      however, that the failure by the Indemnified Party to notify the Indemnifying
      Party shall not relieve the Indemnifying Party from any liability which the
      Indemnifying Party may have to such Indemnified Party hereunder, except and
      solely to the extent the Indemnifying Party is actually prejudiced by such
      failure. If the Indemnified Party is seeking indemnification with respect to
      any
      claim or action brought against the Indemnified Party, then the Indemnifying
      Party shall be entitled to participate in such claim or action, and, to the
      extent that it wishes, jointly with all other Indemnifying Parties, to assume
      control of the defense thereof with counsel satisfactory to the Indemnified
      Party. After notice from the Indemnifying Party to the Indemnified Party of
      its
      election to assume control of the defense of such claim or action, the
      Indemnifying Party shall not be liable to the Indemnified Party for any legal
      or
      other expenses subsequently incurred by the Indemnified Party in connection
      with
      the defense thereof other than reasonable costs of investigation; provided,
      however, that in any action in which both the Indemnified Party and the
      Indemnifying Party are named as defendants, the Indemnified Party shall have
      the
      right to employ separate counsel (but no more than one such separate counsel)
      to
      represent the Indemnified Party and its controlling persons who may be subject
      to liability arising out of any claim in respect of which indemnity may be
      sought by the Indemnified Party against the Indemnifying Party, with the fees
      and expenses of such counsel to be paid by such Indemnifying Party if, based
      upon the written opinion of counsel of such Indemnified Party, representation
      of
      both parties by the same counsel would be inappropriate due to actual or
      potential differing interests between them. No Indemnifying Party shall, without
      the prior written consent of the Indemnified Party, consent to entry of judgment
      or effect any settlement of any claim or pending or threatened proceeding in
      respect of which the Indemnified Party is or could have been a party and
      indemnity could have been sought hereunder by such Indemnified Party, unless
      such judgment or settlement includes an unconditional release of such
      Indemnified Party from all liability arising out of such claim or
      proceeding.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    4.4  Contribution.

     

    4.4.1.   If
      the
      indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
      unavailable to any Indemnified Party in respect of any loss, claim, damage,
      liability or action referred to herein, then each such Indemnifying Party,
      in
      lieu of indemnifying such Indemnified Party, shall contribute to the amount
      paid
      or payable by such Indemnified Party as a result of such loss, claim, damage,
      liability or action in such proportion as is appropriate to reflect the relative
      fault benefits received by the Indemnified Parties and the Indemnifying Parties
      from the offering. If, however, the allocation provided by the immediately
      preceding sentence is not permitted by applicable law or if the Indemnified
      Party failed to give the notice required under Section 4.3 above, then each
      Indemnifying Parties shall contribute to such amount paid or payable by such
      Indemnified Party in such proportion as is appropriate to reflect not only
      such
      relative benefits but also the relative of the Indemnified Parties and the
      Indemnifying Parties in connection with the actions or omissions which resulted
      in such loss, claim, damage, liability or action, as well as any other relevant
      equitable considerations. The relative fault of any Indemnified Party and any
      Indemnifying Party 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 such Indemnified Party or such Indemnifying Party and the parties’
relative intent, knowledge, access to information and opportunity to correct
      or
      prevent such statement or omission.

     

    4.4.2.  The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 4.4 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 the immediately preceding Section
      4.4.1. The amount paid or payable by an Indemnified Party as a result of any
      loss, claim, damage, liability or action referred to in the immediately
      preceding paragraph shall be deemed to include, subject to the limitations
      set
      forth above, any legal or other expenses incurred by such Indemnified Party
      in
      connection with investigating or defending any such action or claim.
      Notwithstanding the provisions of this Section 4.4, no holder of Registrable
      Securities shall be required to contribute any amount in excess of the dollar
      amount of the net proceeds (after payment of any underwriting fees, discounts,
      commissions or taxes) actually received by such holder from the sale of
      Registrable Securities which gave rise to such contribution obligation. 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.

     

    5.   UNDERWRITING
      AND DISTRIBUTION.

     

    5.1  Rule
      144.
      The
      Company covenants that it shall file any reports required to be filed by it
      under the Securities Act and the Exchange Act and shall take such further action
      as the holders of Registrable Securities may reasonably request, all to the
      extent required from time to time to enable such holders to sell Registrable
      Securities without registration under the Securities Act within the limitation
      of the exemptions provided by Rule 144 under the Securities Act, as such Rules
      may be amended from time to time, or any similar Rule or regulation hereafter
      adopted by the Commission.

     

    6.  MISCELLANEOUS.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    6.1  Other
      Registration Rights.
      The
      Company represents and warrants that except for the securities underlying the
      unit purchase option held by the Maxim Group LLC, or its assigns, no person,
      other than a holder of the Registrable Securities has any right to require
      the
      Company to register any shares of the Company’s capital stock for sale or to
      include shares of the Company’s capital stock in any registration filed by the
      Company for the sale of shares of capital stock for its own account or for
      the
      account of any other person.

     

    6.2  Assignment;
      No Third Party Beneficiaries.
      This
      Agreement and the rights, duties and obligations of the Company hereunder may
      not be assigned or delegated by the Company in whole or in part. This Agreement
      and the rights, duties and obligations of the holders of Registrable Securities
      hereunder may be freely assigned or delegated by such holder of Registrable
      Securities in conjunction with and to the extent of any transfer of Registrable
      Securities by any such holder in accordance with applicable law. This Agreement
      and the provisions hereof shall be binding upon and shall inure to the benefit
      of each of the parties and their respective successors and the permitted assigns
      of the Investor or holder of Registrable Securities or of any assignee of the
      Investor or holder of Registrable Securities. This Agreement is not intended
      to
      confer any rights or benefits on any persons that are not party hereto other
      than as expressly set forth in Article 4 and this Section 6.2.

     

    6.3  Notices.
      All
      notices, demands, requests, consents, approvals or other communications
      (collectively, “Notices”)
      required or permitted to be given hereunder or which are given with respect
      to
      this Agreement shall be in writing and shall be personally served, delivered
      by
      reputable air courier service with charges prepaid, or transmitted by hand
      delivery, telegram, telex or facsimile, addressed as set forth below, or to
      such
      other address as such party shall have specified most recently by written
      notice. Notice shall be deemed given on the date of service or transmission
      if
      personally served or transmitted by telegram, telex or facsimile; provided,
      that
      if such service or transmission is not on a business day or is after normal
      business hours, then such notice shall be deemed given on the next business
      day.
      Notice otherwise sent as provided herein shall be deemed given on the next
      business day following timely delivery of such notice to a reputable air courier
      service with an order for next-day delivery.

     

     

    
      	
                To
                the Company:

            	
              Pinpoint
                Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

            	
               

              ;
                or

            
	 	 	 
	
               with
                a copy to:

            	
              Ellenoff
                Grossman & Schole LLP

              370
                Lexington Avenue

              New
                York, New York 10017

              Attn:
                Douglas S. Ellenoff, Esq.

            	
              ;
                or

            
	 	 	 
	
              To
                an Investor, to:

            	
              [Name
                of Investor]

              c/o
                Pinpont Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

            	 

    

     

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    6.4  Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof. Furthermore, in lieu
      of
      any such invalid or unenforceable term or provision, the parties hereto intend
      that there shall be added as a part of this Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible and be
      valid
      and enforceable.

     

    6.5   Counterparts;
      Facsimile Signatures.
      This
      Agreement may be executed in multiple counterparts, each of which shall be
      deemed an original, and all of which taken together shall constitute one and
      the
      same instrument. Facsimile signatures shall be deemed to be original signatures
      for all purposes of this Agreement.

     

    6.6   Entire
      Agreement.
      This
      Agreement (including all agreements entered into pursuant hereto and all
      certificates and instruments delivered pursuant hereto and thereto) constitutes
      the entire agreement of the parties with respect to the subject matter hereof
      and supersede all prior and contemporaneous agreements, representations,
      understandings, negotiations and discussions between the parties, whether oral
      or written.

     

    6.7  Modifications
      and Amendments.
      No
      amendment, modification or termination of this Agreement shall be binding upon
      any party unless executed in writing by such party.

     

    6.8  Titles
      and Headings.
      Titles
      and headings of sections of this Agreement are for convenience only and shall
      not affect the construction of any provision of this Agreement.

     

    6.9  Waivers
      and Extensions.
      Any
      party to this Agreement may waive any right, breach or default which such party
      has the right to waive, provided that such waiver will not be effective against
      the waiving party unless it is in writing, is signed by such party, and
      specifically refers to this Agreement. Waivers may be made in advance or after
      the right waived has arisen or the breach or default waived has occurred. Any
      waiver may be conditional. No waiver of any breach of any agreement or provision
      herein contained shall be deemed a waiver of any preceding or succeeding breach
      thereof nor of any other agreement or provision herein contained. No waiver
      or
      extension of time for performance of any obligations or acts shall be deemed
      a
      waiver or extension of the time for performance of any other obligations or
      acts.

     

    6.10  Remedies
      Cumulative.
      In the
      event that the Company fails to observe or perform any covenant or agreement
      to
      be observed or performed under this Agreement, the Investor or any other holder
      of Registrable Securities may proceed to protect and enforce its rights by
      suit
      in equity or action at law, whether for specific performance of any term
      contained in this Agreement or for an injunction against the breach of any
      such
      term or in aid of the exercise of any power granted in this Agreement or to
      enforce any other legal or equitable right, or to take any one or more of such
      actions, without being required to post a bond. None of the rights, powers
      or
      remedies conferred under this Agreement shall be mutually exclusive, and each
      such right, power or remedy shall be cumulative and in addition to any other
      right, power or remedy, whether conferred by this Agreement or now or hereafter
      available at law, in equity, by statute or otherwise.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    6.11  Governing
      Law.
      This
      Agreement shall be governed by, interpreted under, and construed in accordance
      with the internal laws of the State of Delaware applicable to agreements made
      and to be performed within the State of Delaware, without giving effect to
      any
      choice-of-law provisions thereof that would compel the application of the
      substantive laws of any other jurisdiction.

     

    6.12  Waiver
      of Trial by Jury.
      Each
      party hereby irrevocably and unconditionally waives the right to a trial by
      jury
      in any action, suit, counterclaim or other proceeding (whether based on
      contract, tort or otherwise) arising out of, connected with or relating to
      this
      Agreement, the transactions contemplated hereby, or the actions of the Investor
      in the negotiation, administration, performance or enforcement
      hereof.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

     

     IN
      WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
      to
      be executed and delivered by their duly authorized representatives as of the
      date first written above.

    
      	
               

            	
               

            	
               

            
	
               

            	
              PINPOINT
                ADVANCE CORP.

            
	
               

               

            	
               

               

            	
               

               

            
	
               

            	
              By:

            	
              /s/
                Adiv
                Baurch                                               
                

            
	
               

            	
              Name:
                Adiv Baruch

            
	
               

            	
              Title:
                Chief Executive Officer and
                President

            

    

     

     

    

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

     IN
      WITNESS WHEREOF, the parties have caused this Registration Rights Agreement
      to
      be executed and delivered by their duly authorized representatives as of the
      date first written above.

    

     

    
      	 	
              INVESTORS:

            
	 	 
	 	
              /s/
                Adiv Baruch

            
	 	
              Adiv
                Baruch

            
	 	 
	 	
              /s/
                Ronen Zadok

            
	 	
              Ronen
                Zadok

            
	 	 
	 	
              /s/
                Yaron Schwalb

            
	 	
              Yaron
                Schwalb

            
	 	 
	 	
              /s/
                Yoav Schwalb

            
	 	
              Yaov
                Schwalb

            
	 	 
	 	
              /s/
                Jacob Perry

            
	 	
              Jacob
                Perry

            

    

    
 

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    SCHEDULE
      OF BUYERS

     

    
      	
               

              Investor

            	
              Investors
                Address

              and
                Facsimile Number

            
	 	 
	
              Adiv
                Baruch

            	
              c/o
                Pinpoint Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

              Facsimile
                Number: 972-995-70894

            
	 	 
	
              Ronen
                Zadok

            	
              c/o
                Pinpoint Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

              Facsimile
                Number: 972-995-70894

            
	 	 
	
              Yaron
                Schwalb

            	
              c/o
                Pinpoint Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

              Facsimile
                Number: 972-995-70894

            
	 	 
	
              Yaov
                Schwalb

            	
              c/o
                Pinpoint Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

              Facsimile
                Number: 972-995-70894

            
	 	 
	
              Jacob
                Perry

            	
              c/o
                Pinpoint Advance Corp.

              4
                Maskit Street

              Herzeliya,
                Israel 46700

              Attn:
                Adiv Baruch

              Facsimile
                Number: 972-995-70894

            

    

     

    

    
      
         

      

      
        20Exhibit
          10.1

         

        CONSULTING
          AGREEMENT

         

        THIS
          AGREEMENT
          is made
          on April 19, 2007, by and between Quintek Technologies, Inc.
          (“QUINTEK”),
          and
          Kernan Consulting, Inc. (“Consultant”),
          with
          reference to the following facts:

         

        
          	 	
                  A.

                	
                  QUINTEK
                    is in the business of providing hardware, software and services
                    for the
                    Document Imaging and Business Process
                    market;

                

        

         

        
          	 	
                  B.

                	
                  QUINTEK
                    desires to retain Consultant to provide executive advisory assistance,
                    pursuant to which James Kernan (“Executive”) will become the
                    President and Chief Executive Officer
                    of
                    QUINTEK.

                

        

         

        
          	 	
                  C.

                	
                  Consultant
                    desires to accept such agreement upon the terms and conditions
                    set forth
                    herein.

                

        

         

        NOW,
          THEREFORE,
          in
          consideration of the mutual promises contained herein, and for other valuable
          consideration, the receipt and sufficiency of which are hereby acknowledged,
          the
          parties hereby agree as follows:

         

        1.
          Scope
          of the Engagement.
          

         

        1.1
          For
          purposes of this engagement, Consultant will provide the services of Executive
          to serve as the President and Chief Executive Officer of QUITEK. Executive
          will
          provide the standard services of a contract CEO to include overseeing the
          day-to-day operations of QUINTEK, SEC filings, sales, financial analysis
          and
          capital raising, projections, banking and strategic analysis. 

         

        1.2 Executive
          shall do and perform all services and actions necessary or advisable to
          promote
          the continued success of QUINTEK’S business, subject to the instructions,
          policies and limitations which may be set from time to time by its Board
          of
          Directors (the “Board”). 

         

        1.3 Consultant
          shall devote its time, ability and attention to the business of QUINTEK
          during
          the term of this Agreement with the exceptions noted in 1.4 below. Consultant
          shall not directly or indirectly render any services of a business, commercial
          or professional nature to any other person or organization, whether for
          compensation or otherwise, without the prior written consent of the Board.
          

         

        1.4 QUINTEK
          hereby provides consent for Consultant to continue working in an advisory
          and
          consulting capacity which is not in competition with QUINTEK, as long such
          involvement does not detract from its responsibilities to QUINTEK. 

         

        1.5 Consultant
          acknowledges and agrees that Executives services to QUINTEK are of a special,
          unique and extraordinary character and further acknowledges and agrees
          that a
          breach of any of the covenants or agreements contained in this Agreement
          (including but not limited to Sections 2.2 and 7 hereof) is likely to result
          in
          irreparable and continuing damage to QUINTEK for which there will be no
          adequate
          remedy at law. Accordingly, in the event of such breach QUINTEK shall be
          entitled to injunctive relief and/or a decree for specific performance,
          and such
          other and further relief as may be proper (including monetary damages,
          if
          appropriate).

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        2. Term.
          

         

        2.1 The
          term
          of this Agreement shall be for five (5) years.

         

        2.2 Consultant
          agrees to provide QUINTEK with ninety (90) days written notice prior to
          terminating this Agreement. 

         

        2.3 If
          Consultant is terminated prior to the fifth anniversary of this Agreement
          for
          reasons other than “for cause” or if Executive becomes “Disabled” (as defined
          herein), QUINTEK will provide Consultant with twelve (12) months’ notice prior
          to terminating this Agreement. If, however, QUINTEK does not provide Consultant
          with twelve (12) months’ notice or provides less than twelve (12) months’
notice, it shall provide Consultant with an equivalent amount of pay in
          lieu of
          notice for all or any portion of the twelve (12) months’ notice not provided.
          Such pay in lieu of notice is in addition to any other sums which may be
          owed to
          Consultant pursuant to this Agreement. Any pay in lieu of notice shall
          constitute severance pay (“Severance”) and shall be paid over the course of the
          pay in lieu of notice period in accordance with QUINTEK’s regular payroll
          practices at the rate of the then-current compensation. In no event shall
          QUINTEK be required to pay Severance if Consultant resigns, is terminated
          after
          the fifth anniversary of this Agreement for any or no reason, if Consultant
          is
          terminated because Executive has become “Disabled” or if Consultant is
          terminated at any time “for cause”, other than as set forth in Paragraph 2.6. In
          the event that QUINTEK’s Recast Profits (as defined in Paragraph 3.3) for the
          twelve (12) month period prior to termination amount to less than Two Million
          Dollars ($2,000,000), QUINTEK shall pay a separation benefit equivalent
          to three
          month’s compensation at the then-current rate.

         

        2.4 As
          used
          herein, the term “for cause” shall be limited to the following:

         

        2.4.1 Consultant’s
          continued failure or habitual neglect to perform its duties as set forth
          in
          Section 1 of this Agreement after receiving written notice of the alleged
          deficiencies and having had an opportunity to improve; or

         

        2.4.2 Consultant’s
          engaging in any activity or conduct which is specifically precluded by
          this
          Agreement, including any activity competitive with or intentionally injurious
          to
          QUINTEK; or 

         

        2.4.3 Intentional
          malfeasance or misfeasance or gross neglect of duty engaged in by Consultant
          while carrying out its duties owing to QUINTEK under this Agreement; or
          

         

        2.4.4 Executive’s
          impairment due to alcohol or other substance abuse which in the reasonable
          judgment of QUINTEK affects or interferes with, or may affect or interfere
          with,
          Executive’s performance or capacity to properly discharge Executive’s duties,
          such impairment not to include an isolated incident occurring off the premises
          during non-working hours; or

         

        
          
             

          

          
            -2-

            
              

            

          

          
             

          

        

         

        2.4.5 The
          commission by Executive of a felony or a crime involving moral turpitude
          (whether or not prosecuted), the charge or indictment of Executive by a
          governmental or prosecutorial authority of the same or the pleading by
          Executive
          of no contest (or similar plea) to the same, whether or not committed in
          the
          course of his employment; or

         

        2.4.6 Consultant’s
          committing any act of dishonesty against QUINTEK or using or appropriating
          for
          its personal use or benefit any funds or properties of QUINTEK, unless
          such use
          or appropriation was specifically authorized by the Board in
          writing.

         

        2.5 This
          Agreement shall not be terminated by any merger or consolidation where
          QUINTEK
          is not the consolidated or surviving corporation or by any transfer of
          all or
          substantially all of the assets of QUINTEK. In the event of any such merger
          or
          consolidation or transfer of assets, the surviving or resulting corporation
          or
          the transferee of the assets of QUINTEK shall be bound by and shall have
          the
          benefit of the provisions of this Agreement, and QUINTEK shall take all
          steps
          necessary to ensure that such corporation or transferee is bound by the
          provisions of this Agreement. 

         

        2.6 If
          Consultant is terminated prior to the fifth anniversary of this Agreement
“for
          cause” as defined by Paragraphs 2.4.1 and 2.4.4, QUINTEK shall pay Consultant
          a
          separation benefit equivalent to one month’s base compensation at the
          then-current rate (“Separation Benefit”). 

         

        2.7 QUINTEK
          may terminate Consultant if Executive becomes Disabled, such termination
          to be
          made in QUINTEK’s sole discretion. For
          the
          purposes of this Agreement, “Disabled” shall mean that Executive is unable to
          perform his duties hereunder, either with or without a reasonable accommodation,
          as the result of his incapacity due to physical or mental illness or condition,
          and such inability continues for at least thirty (30) consecutive calendar
          days
          or equals or exceeds sixty (60) calendar days during any consecutive twelve
          (12)-month period. If Consultant is terminated prior to the fifth anniversary
          of
          this Agreement due to Executive becoming Disabled, QUINTEK shall pay Consultant
          a separation benefit equivalent to three month’s base compensation at the
          then-current rate (“Disability Benefit”). 

         

        2.8 As
          a
          precondition to paying the foregoing Severance, Separation Benefit or Disability
          Benefit, QUINTEK may require that Consultant re-confirm its obligations
          under
          Paragraph 7 and execute a general release of any and all claims it might
          have
          against QUINTEK, whether arising out of its consulting agreement or termination
          of the consulting agreement, other than QUINTEK’s obligation to pay the
          Severance, Separation Benefit or Disability Benefit, as the case may be.
          Furthermore, any compensation, severance, separation benefit or disability
          benefit or other amounts due to Consultant following termination may be
          offset
          against any amounts due to QUINTEK from Consultant.

         

        3.
          Compensation. 

         

        3.1 As
          compensation for services hereunder, Consultant shall receive monthly
          compensation of $15,000 per month (the “Compensation”), during the term of this
          Agreement, subject to adjustment as set forth in Paragraph 3.2
          below.

         

        
          
             

          

          
            -3-

            
              

            

          

          
             

          

        

         

        3.2 Compensation
          shall remain unchanged until such time as QUINTEK’s quarterly Gross Revenue
          shall exceed or equal the sum of $900,000. If QUINTEK’s quarterly Gross Revenue
          shall exceed or equal the sum of $900,000, Compensation for the following
          quarter shall be increased to the sum of $18,000 per month. If QUINTEK’s
          quarterly Gross Revenue shall exceed or equal the sum of $1,200,000,
          Compensation for the following quarter shall be increased to the sum of
          $21,000
          per month. If QUINTEK’s quarterly Gross Revenue decreases at any time,
          Compensation shall be decreased to the corresponding monthly compensation
          described in this Paragraph, subject to a final reduction to the base
          Compensation amount set forth in Paragraph 3.1 above. For the purposes
          of this
          Agreement, “Gross Revenue” shall be defined as QUINTEK’s gross revenue for the
          applicable quarter as calculated by QUINTEK’s regular accountant(s).

         

        3.3 In
          addition, Consultant will be eligible to receive an annual bonus based
          upon the
          Recast Profits of QUINTEK over the prior twelve (12) month calendar/fiscal
          year
          period. If QUINTEK’s Recast Profit Margin for the prior twelve (12) month
          calendar/fiscal year period is less than six (6%) percent then Consultant
          will
          not receive any bonus. If QUINTEK’s Recast Profit Margin for the prior twelve
          (12) month calendar/fiscal year period equal or exceed six (6%) percent,
          then
          Consultant will be paid a bonus of three (3%) percent of Recast Profits,
          within
          thirty (30) days of such year end. For each additional one (1%) percent
          of
          Recast Profits over and above six (6%) percent of Recast Profits for the
          prior
          twelve (12) month calendar/fiscal year period, Consultant will receive
          an
          additional bonus of one (1%) percent of Recast Profits within thirty (30)
          days
          of such year end, such additional bonus to be prorated for each additional
          one
          (1%) percent in Recast Profit Margin over and above the sum of six (6%)
          percent
          of Recast Profit Margin for the prior twelve (12) month calendar/fiscal
          year
          period. For example, if at the end of calendar/fiscal year 2007, QUINTEK’s
          Recast Profits for the prior year amount to $994,200 then Consultant would
          be
          paid the sum of $59,552 within thirty (30) days. For the purposes of this
          agreement, “Executive’s Compensation” is defined as Executive’s salary, car
          allowance (not to exceed Five Hundred Dollars ($500) per month and interest
          paid
          on Executive’s loans (if any) to QUINTEK, as calculated by QUINTEK’s regular
          accountant(s). For the purposes of this Agreement, “Recast Profits” shall be
          defined as net profits before interest, taxes, depreciation and amortization
          (EBITDA), less Executive’s Compensation. For the purposes of this Agreement,
“Recast Profit Margin” shall be defined as the quotient of Recast Profits
          divided by Gross Revenue

         

        3.4 Consultant
          will be paid a car allowance of Five Dollars ($500) per month during the
          term of
          this Agreement. This automobile allowance will be QUINTEK’s sole obligation with
          respect to Consultant’s leased or owned automobile; Consultant will maintain the
          costs of license, insurance and maintenance during this period. In addition,
          Consultant accepts such automobile allowance on such terms and conditions
          as
          QUINTEK may establish from time to time regarding the payment of an automobile
          allowance to its employees.

         

        3.5 Other
          Benefits. Executive shall be entitled to continue to participate in or
          receive
          benefits under all of the Employee Benefit Plans of QUINTEK under which
          Employee
          may participate in accordance with applicable laws and the terms of such
          plans
          in effect on the date hereof, or under plans or arrangements that provide
          Executive with at least substantially equivalent benefits to those provided
          under such Employee Benefit Plans. As used herein, "Employee Benefit Plans"
          include, without limitation, each pension, and retirement plan; supplemental
          pension, retirement, and deferred compensation plan; savings and profit-sharing
          plan; stock ownership plan; stock purchase plan; stock option plan; life
          insurance plan; medical insurance plan; disability plan; and health and
          accident
          plan or arrangement established and maintained by QUINTEK on the date hereof.
          Executive shall be entitled to participate in or receive benefits under
          any
          employee benefit plan or arrangement which may, in the future, be made
          available
          to QUINTEK's executives and key management employees, subject to and on
          a basis
          consistent with the terms, conditions, and overall administration of such
          plan
          or arrangement. Nothing paid to Executive under the Employee Benefit Plans
          presently in effect or any employee benefit plan or arrangement which may
          be
          made available in the future shall be deemed to be in lieu of compensation
          payable to Executive. Any payments or benefits payable to Executive under
          a plan
          or arrangement in respect of any calendar year during which Executive is
          employed by QUINTEK for less than the whole of such year shall, unless
          otherwise
          provided in the applicable plan or arrangement, be prorated in accordance
          with
          the number of days in such calendar year during which he is so employed.
          Should
          any such payments or benefits accrue on a fiscal (rather than calendar)
          year,
          then the proration in the preceding sentence shall be on the basis of a
          fiscal
          year rather than calendar year.

         

        
          
             

          

          
            -4-

            
              

            

          

          
             

          

        

         

        3.6 Offices.
          Executive agrees to serve as a director of QUINTEK, if elected or appointed
          thereto, provided he is indemnified for serving in such capacity on a basis
          no
          less favorable than is currently provided by QUINTEK's By-laws and any
          indemnification agreement with any other director.

         

        4. Business
          Expenses.
          Consultant is
          authorized to incur reasonable expenses for promoting and conducting the
          business of QUINTEK, including reasonable expenditures for entertainment
          and
          travel. QUINTEK shall reimburse Consultant monthly for all such business
          expenses upon presentation of documentation establishing the amount, date,
          place
          and essential character of the expenditures, in such form as QUINTEK may
          require
          and sufficient to satisfy any Internal Revenue Code requirements for such
          expenses to be deductible to QUINTEK.. 

         

        5. Health
          Insurance.
          Consultant shall be entitled to receive such medical and dental insurance
          benefits as are designated and made available by QUINTEK for its employees
          generally, which benefits are subject to change or revocation at QUINTEK’ sole
          discretion. 

         

        6. Independent
          Contractor Relationship.
          This
          Agreement is intended to create an independent contractor relationship
          between
          Consultant and Company, which is described in Section 3508 of the Internal
          Revenue Service Code, and shall be interpreted to effectuate such intent
          between
          the parties.

         

        6.1 QUINTEK
          will not withhold any taxes from any compensation paid to Consultant according
          to this Agreement. It is acknowledged and agreed by the parties that QUINTEK
          has
          not, is not, and shall not be obligated to make, and that it is the sole
          responsibility of Consultant to make, in connection with compensation paid
          to
          Consultant according to this Agreement, all periodic filings and payments
          required to be made in connection with any withholding taxes, FICA taxes,
          Federal unemployment taxes, and any other federal, state or local taxes,
          payments or filings required to be paid, made or maintained.

         

        
          
             

          

          
            -5-

            
              

            

          

          
             

          

        

         

        7.
          Issuance
          of Equity. 

         

        7.1 QUINTEK
          agrees that is will issue to Consultant 2,000,000 options to purchase common
          stock under the Company’s stock purchase plan. Stock options granted under the
          Company's stock purchase plan will have the following criteria: they will
          expire
          5 years from the date of vesting or upon termination of this Agreement;
          they
          will give the Consultant the right to purchase stock in the Company at
          and
          exercise price equal to the prior day closing bid price as quoted on the
          OTCBB,
          vesting to occur immediately. QUINTEK acknowledges that it has committed
          to sell
          to Consultant additional shares of common stock (or grant to Consultant
          rights
          to purchase additional shares of common stock) in QUINTEK so that, including
          all
          options or shares previously issued to or purchased by Consultant, Consultant
          would own, in the aggregate, shares of common stock or rights to purchase
          shares
          of common stock representing ten percent (10%) of the current outstanding
          common
          stock in QUINTEK prior to taking into account the issuance of such additional
          shares to Consultant. QUINTEK and Consultant acknowledge and agree that
          the
          purchase price for such shares (or the exercise price for such options)
          will be
          the lesser of $.0662 per share or the “Fixed Conversion Price” of the Secured
          Convertible Debentures issued by the Company and held by Cornell Capital
          Partners. These options shall expire five years from the date of vesting.
          It is
          contemplated that QUINTEK and Consultant will enter into a separate agreement
          or
          agreements on these additional shares and/or options within 90 days of
          the date
          of this Agreement. Specifically, it is presently anticipated that the new
          stock
          agreement(s) will have, at minimum, new termination and repurchase provisions,
          with the termination provisions to be consistent with the termination provisions
          set forth in this Agreement. Options shall vest according to the following
          schedule: Options giving Consultant the right to 2.5% of outstanding common
          stock at the time of execution of this agreement, options giving Consultant
          the
          right to purchase an additional 2.5% of outstanding common stock will be
          granted
          to Consultant upon the 1 year anniversary of this agreement for the following
          three years. In the event of a sale of QUINTEK, termination of this agreement
          by
          the Company, or any other event that may impede QUINTEK’s ability to fulfill its
          obligations under this Agreement, all options will immediately vest.

         

        7.1.1 Consultant
          shall receive grant(s) of Preferred Stock upon achieving certain milestone
          to be
          determined within 30 days of the execution of this agreement. 

         

        7.2 Manner
          of Exercise of Options. 
          The
          options or rights to purchase common stock described in Paragraph 7.1 above
          (collectively, the “Option”) may be exercised in whole at any time, or in part
          from time to time, during the period commencing on the date of issuance
          (“Base
          Date”) and expiring on the date of expiration (“Expiration Date”) or, if any
          such day is a day on which banking institutions in the City of New York,
          New
          York are authorized by law to close, then on the next succeeding day that
          shall
          not be such a day, by presentation and surrender of Options to QUINTEK
          at its
          principal office, or at the office of its stock transfer agent, if any,
          with
          QUINTEK’s Option Exercise Form duly executed and accompanied by payment (either
          in cash or by certified or official bank check, payable to the order of
          QUINTEK)
          of the Exercise Price for the number of shares specified in such Form and
          instruments of transfer, if appropriate, duly executed by the Holder or
          its duly
          authorized attorney.

        

        7.3
          Partial Exercise; Taxes. If
          Option
          should be exercised in part only, QUINTEK shall, upon surrender of Option
          for
          cancellation, execute and deliver a new Option evidencing the rights of
          Consultant thereof to purchase the balance of the shares purchasable hereunder.
          Upon receipt by QUINTEK of Option, together with the Exercise Price, at
          its
          office, or by the stock transfer agent of QUINTEK at its office, in proper
          form
          for exercise, Consultant 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 QUINTEK shall then be closed or that certificates
          representing such shares of Common Stock shall not then be actually delivered
          to
          Consultant. QUINTEK shall pay any and all documentary stamp or similar
          issuer
          taxes

         

        
          
             

          

          
            -6-

            
              

            

          

          
             

          

        

         

        8. Property
          Rights, Confidential Information, and Trade Secrets of
          QUINTEK.
          

         

        8.1 As
          used
          in this Agreement, the terms “Confidential Information” and “Trade Secrets”,
          collectively or individually, shall mean the following:

         

        8.1.1 QUINTEK’s
          contracts, marketing plans, purchases and sales, whether realized or in
          development, including, without limitation, any source of ideas or
          projects;

         

        8.1.2 Information
          relating to QUINTEK’s business, whether or not such information is in writing;

         

        8.1.3 Information
          relating to QUINTEK’s clients and candidates, including such persons’ resumes,
          job descriptions, hiring needs and preferences, computer systems, expertise,
          business endeavors, purchasing habits, and other information concerning
          QUINTEK’s business relations with its clients and candidates; 

         

        8.1.4 Information
          of a personal nature relating to QUINTEK’s employees, officers and managers,
          including such persons’ salaries, benefits, special skills and knowledge,
          identities and performance; and

         

        8.1.5 QUINTEK’
          records, including, but not limited to, electronic, written, typed, or
          printed,
          including without limitation client and candidates lists and charts, other
          lists
          and charts, memoranda, notebooks, correspondence, notes, letters, plans,
          proposals, contracts, files, resumes, job descriptions, employee files,
          manuals,
          blank forms, materials and supplies, and all information therein contained,
          and
          similar items affecting or relating to the business of QUINTEK, whether
          prepared
          by QUINTEK, Executive, or otherwise, and any other tangible source of
          information (whether or not written) relating to QUINTEK.

         

        8.2 Consultant,
          for the duration of this agreement has had and will have access to and
          become
          acquainted with Trade Secrets and/or Confidential Information of QUINTEK which
          are owned by QUINTEK and which are regularly used in the operation of the
          business of QUINTEK. Consultant shall not disclose any of the aforesaid
          Trade
          Secrets and/or Confidential Information, directly or indirectly, or use
          Trade
          Secrets and/or Confidential Information in any way, either during the term
          of
          this Agreement or at any time thereafter, except actions undertaken for
          the
          benefit of QUINTEK as required in the course of Consultant’s performance under
          this Agreement. All Trade Secrets and/or Confidential Information coming
          into
          its possession shall remain the exclusive property of QUINTEK and shall
          not be
          copied and/or removed from the premises of QUINTEK under any circumstances
          whatsoever without the prior written consent of QUINTEK, except in the
          normal
          course of Consultant’s performance under this Agreement. Under no circumstance
          can such Trade Secrets and/or Confidential Information be allowed to fall
          directly or indirectly into the hands of or be used by any competitor or
          potential competitor of QUINTEK’s. To the extent that Consultant originates,
          develops, or reduces to writing Trade Secrets and/or Confidential Information,
          Consultant does so within the scope of its performance under this agreement.
          QUINTEK possesses all right, title, and interest in all Confidential Information
          and/or Trade Secrets, whether created by QUINTEK or Consultant.

         

        
          
             

          

          
            -7-

            
              

            

          

          
             

          

        

         

        8.3 In
          the
          event of any termination of this Agreement, Consultant agrees to deliver
          promptly to QUINTEK all files, records, documents, drawings, client or
          candidate
          lists, resumes, job descriptions, plans, proposals, contracts, charts,
          other
          lists and charts, equipment, books, notebooks, memoranda, reports,
          correspondence, or other written, electronic or graphic records and the
          like,
          and all other Trade Secrets and/or Confidential Information relating to
          QUINTEK’s business, which are or have been in his possession or under his
          control, in good condition, ordinary wear and tear and damage by any cause
          beyond the control of Consultant excepted.

         

        8.4 Consultant
          shall not, following the termination of this Agreement, either directly
          or
          indirectly, or by action in concert with others, either for Consultant’s own
          benefit or for the benefit of any other person or entity:

         

        8.4.1 Make
          known to any person the names, addresses or telephone numbers or any of
          the
          candidates, clients or projects of QUINTEK or any other Trade Secrets and/or
          Confidential Information pertaining to them;

         

        8.4.2 For
          a
          period of twelve (12) months following the termination of this Agreement,
          call
          on, solicit, divert, interfere with or take away, or attempt to call on,
          solicit, divert, interfere with or take away, any of the projects, clients
          or
          candidates of QUINTEK, including without limitation all those clients,
          candidates and projects with whom Consultant became acquainted during his
          employment with QUINTEK, either for Consultant’s own benefit or for any other
          person or entity; 

         

        8.4.3 Induce
          in
          any way, directly or indirectly, QUINTEK’s employees, and/or persons working
          with and/or contracting with QUINTEK, to disclose QUINTEK’s Trade Secrets and/or
          Confidential Information to any person;

         

        8.4.4 For
          a
          period of twelve (12) months following the termination of this Agreement,
          hire
          or take away, or attempt to hire or take away, any of QUINTEK’s employees,
          and/or independent contractors, and/or persons working with and/or contracting
          with QUINTEK; and

         

        8.4.5 For
          a
          period of twelve (12) months following the termination of this Agreement,
          induce
          or influence (or seek to induce or influence) any person who is engaged
          (as an
          employee, agent, independent contractor, or otherwise) by QUINTEK to terminate
          his or her employment or engagement or breach their duties of obligations
          owed
          to QUINTEK.

         

        8.5 For
          the
          duration of this Agreement, Consultant shall not, directly or indirectly,
          either
          as an employee, employer, consultant, agent, principal, partner, stockholder,
          corporate officer, director or in any other individual or representative
          capacity, engage or participate in any business that is in competition
          in any
          manner whatsoever with the business of QUINTEK, without the prior written
          consent of the Board. “Directly or indirectly” means that Consultant will not
          benefit in any way, shape or form from any affiliation or consultation
          with any
          business that is engaged in film based imaging, custom application development,
          staffing and permanent placements, whether or not he is an owner, director,
          officer, shareholder, employee or consultant for such firm or entity.

         

        
          
             

          

          
            -8-

            
              

            

          

          
             

          

        

         

        9. Entire
          Agreement, Etc.
          This
          Agreement contains the entire and exclusive agreement of the parties hereto.
          No
          prior written or oral representations between them originating before the
          date
          of the Agreement not embodied herein shall be of any force or effect. The
          parties have mutually participated in the negotiation and preparation of
          this
          Agreement and no rule of construction that the Agreement shall be construed
          against the drafting party shall apply hereto. 

         

        10. Modification.
          This
          Agreement may not be superseded and none of the terms of this Agreement
          can be
          waived or modified except by an express written agreement signed by all
          parties
          hereto. Any oral representations or modifications concerning this Agreement
          (including any fully executed oral agreements or modifications) shall be
          of no
          force or effect unless contained in a subsequent written modification signed
          by
          all parties. 

         

        11. Release
          of Any Prior Bonus Claims.
          As
          further consideration for this Agreement, Consultant, on its own behalf
          and on
          behalf of its officers, managers, directors, partners, employees, predecessors,
          successors, assigns, stockholders, representatives and agents, individually
          and
          collectively, hereby releases and discharges QUINTEK and its parents,
          subsidiaries and affiliates, and each of their respective officers, managers,
          directors, partners, employees, predecessors, successors, assigns, stockholders,
          representatives and agents, individually and collectively, of and from
          any and
          all known or unknown liabilities, claims, demands or any other thing for
          which
          he or any of them have or may have a known or unknown cause of action,
          claim, or
          demand for damages, whether certain or speculative, which may have at any
          time
          prior hereto come into existence or which may be brought in the future
          in
          connection with obligations by QUINTEK to pay any bonus of any kind to
          Consultant which have arisen at any time prior to the date of this
          Agreement.

         

        12. Severability.
          If any
          term, provision, covenant, or condition of this Agreement (the “Provision”) is
          held by an arbitrator or a court of competent jurisdiction to be invalid,
          void,
          or unenforceable, the remaining provisions of this Agreement shall remain
          in
          full force and effect and in no way shall be affected, impaired, or invalidated.
          If possible, the Provision shall remain in effect but shall be modified
          by the
          court only to the extent necessary to make it reasonable.

         

        13. Arbitration.
          Upon the
          demand of either party, any dispute, controversy or claim arising out of
          or
          relating to this Agreement, or the breach, termination or invalidity thereof,
          or
          that arises out of the relationship of the parties shall be resolved by
          mandatory binding arbitration in Huntington Beach, California. If despite
          demand, an action is commenced or prosecuted in any court, the party demanding
          arbitration may bring any action in any court of competent jurisdiction
          to
          compel arbitration of such matters. Any party who fails or refuses to submit
          to
          binding arbitration following lawful demand shall bear all costs and expenses
          incurred by the opposing party in compelling arbitration of such matter.
          All
          matters submitted to arbitration shall be resolved by binding arbitration
          administered by the American Arbitration Association (herein referred to
          as
“AAA”), in Huntington Beach, California, in accordance with the Commercial
          Arbitration Rules of the AAA, the Federal Arbitration Act (Title 9 of the
          United
          States Code), and, to the extent that the foregoing are inapplicable,
          unenforceable, or invalid, the laws of Orange County, the State of California.
          Any arbitrator selected must be a practicing attorney, a member of the
          State Bar
          of California, and must be experienced and knowledgeable in the substantive
          laws
          applicable to the dispute in question. The substantive laws of Orange County,
          the State of California shall govern any such arbitration. The parties
          will
          agree to a single arbitrator to resolve their dispute or AAA shall appoint
          an
          independent, third party neutral within 30 days of being requested by either
          party to decide all matters. The parties expressly agree to waive any and
          all
          appeal or other legal rights with respect to any decision reached by arbitration
          hereunder

         

        
          
             

          

          
            -9-

            
              

            

          

          
             

          

        

         

        14. Choice
          of Law.
          This
          Agreement shall be governed by and interpreted with the laws of the State
          of
          California. 

         

        15. Waiver.
          The
          failure of either party to insist on strict compliance with any of the
          terms of
          this Agreement shall not be deemed a waiver of that term or of that party’s
          right to subsequently enforce that term. 

         

        16. Attorneys’
          Fees.
          The
          parties hereto agree to bear their own costs and attorneys’ fees incurred in the
          negotiation and drafting of this Agreement or otherwise incurred prior
          to the
          date of execution hereof.

         

        17. Notice.
          Any
          notices, requests, demands, or other communications with respect to this
          Agreement shall be in writing and shall be (i) personally delivered, (ii)
          sent
          by facsimile transmission, (iii) sent by the United States Postal Service,
          registered or certified mail, return receipt requested, or (iv) delivered
          by a
          nationally recognized express overnight courier service, charges prepaid,
          to the
          addresses set forth below except that any communications from Executive
          to
          QUINTEK shall also be sent to ________________________________________
          (such
          addresses to be changed by parties as they may specify from time to time
          in
          accordance with this Section). Any such notice shall, when sent in accordance
          with the preceding sentence, be deemed to have been given and received
          on the
          earliest of (i) the day delivered to such address, (ii) the day sent by
          facsimile transmission, (iii) the third business day following the date
          deposited with the United States Postal Service, or (iv) 24 hours after
          shipment
          by such courier service. 

         

        18. Binding
          Effect and Assignment.
          This
          Agreement shall be binding upon the parties hereto, their heirs, personal
          representatives and successors and assigns. This Agreement may not be assigned
          by either party without first obtaining the written consent of the other
          party.

         

        19. References.
          For
          purposes of this agreement, references to Consultant shall be deemed to
          include
          Executive and references to Executive shall be deemed to include
          Consultant.

         

        
          
             

          

          
            -10-

            
              

            

          

          
             

          

        

         

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

         

        
          	 	 	 
	 	QUINTEK
                  TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	/s/
                  Robert
                  Steele
	 	 	 
	 	Its: 	Chairman
&
                  CEO 

        

         

        
          	 	 	 
	 	KERNAN
                  CONSULTING,
                  INC.
	 
 	 
 	 
 
	 	By:  	/s/
                  JAMES
                  KERNAN
	 	 	 
	 	Its: 	CEO 

        

         

        
          
             

          

          
            -11-

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