Document:

EXHIBIT
      4.2

     

    [FORM
      OF WARRANT]

     

    NEITHER
      THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR
      THE
      SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
      LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
      (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
      TO
      THE HOLDER, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION
      IS
      NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
      144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
      PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
      ARRANGEMENT SECURED BY THE SECURITIES.

     

    WORKSTREAM
      INC.

     

    Warrant
      To Purchase Common Shares

     

    Warrant
      No.:    

    Date
      of
      Issuance: _________, 2007 (“Issuance
      Date”)

     

    Workstream
      Inc., a
      corporation existing pursuant to the Canada Business Corporations Act
(the
      “Company”),
      hereby certifies that, for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, [MAGNETAR CAPITAL MASTER FUND,
      LTD] [OTHER BUYERS], the registered holder hereof or its permitted assigns
      (the
“Holder”),
      is
      entitled, subject to the terms set forth below, to purchase from the Company,
      at
      the Exercise Price (as defined below) then in effect, upon exercise of this
      Warrant to Purchase Common Shares (including any Warrants to Purchase Common
      Shares issued in exchange, transfer or replacement hereof, the “Warrant”),
      at
      any time or times on or after the Issuance Date, but not after 11:59 p.m.,
      Chicago time, on the Expiration Date (as defined below), ______________ (subject
      to adjustment as provided herein) fully paid and nonassessable Common Shares
      (as
      defined below) (the
      “Warrant
      Shares”).
      Except as otherwise defined herein, capitalized terms in this Warrant shall
      have
      the meanings set forth in Section 16.
      This
      Warrant is one of the Warrants to purchase Common Shares (the “Transaction
      Agreement Warrants”)
      issued
      pursuant to Section 1 of that certain Transaction Agreement, dated as of July
      25, 2007, by and among the Company and the investors (the “Buyers”)
      referred to therein (the “Transaction
      Agreement”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              1.

            	
              EXERCISE
                OF WARRANT.

            

    

     

    (a) Mechanics
      of Exercise.
      Subject
      to the terms and conditions hereof (including, without limitation, the
      limitations set forth in Section 1(f)),
      this
      Warrant may be exercised by the Holder on any day on or after the Issuance
      Date,
      in whole or in part, by (i) delivery of a written notice, in the form
      attached hereto as Exhibit
      A
      (the
“Exercise
      Notice”),
      of
      the Holder’s election to exercise this Warrant and (ii) (A) payment to the
      Company of an amount equal to the then-applicable Exercise Price multiplied
      by
      the number of Warrant Shares as to which this Warrant is being exercised (the
      “Aggregate
      Exercise Price”)
      in
      cash or wire transfer of immediately available funds or (B) by notifying the
      Company that this Warrant is being exercised pursuant to a Cashless Exercise
      (as
      defined in Section 1(d)).
      The
      Holder shall not be required to deliver the original of this Warrant in order
      to
      effect an exercise hereunder. Execution and delivery of the Exercise Notice
      with
      respect to less than all of the Warrant Shares shall have the same effect as
      cancellation of the original of this Warrant and issuance of a new Warrant
      evidencing the right to purchase the remaining number of Warrant Shares.
      Execution and delivery of the Exercise Notice for all of the Warrant Shares
      shall have the same effect as cancellation of the original of this Warrant
      after
      delivery of the Warrant Shares in accordance with the terms hereof. On or before
      the second (2nd)
      Business Day following the date on which the Company has received each of the
      Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless
      Exercise) (the “Exercise
      Delivery Documents”),
      the
      Company shall transmit by facsimile an acknowledgment of confirmation of receipt
      of the Exercise Delivery Documents to the Holder and the Company’s transfer
      agent (the “Transfer
      Agent”).
      On or
      before the third (3rd)
      Business Day following the date on which the Company has received all of the
      Exercise Delivery Documents (the “Share
      Delivery Date”),
      the
      Company shall (X) provided that the Transfer Agent is participating in The
      Depository Trust Company (“DTC”)
      Fast
      Automated Securities Transfer Program, and the Holder has indicated on its
      Exercise Notice that it intends to immediately sell all or any portion of the
      Warrant Shares to be received upon such exercise
      pursuant to the registration statement covering the resale of such Warrant
      Shares and, to the extent applicable, in compliance with the prospectus delivery
      requirements of the 1933 Act (as defined in the Transaction
      Agreement),
      upon
      the request of the Holder, credit such aggregate number of Common Shares to
      which the Holder immediately intends to sell and is entitled pursuant to such
      exercise to the Holder’s or its designee’s balance account with DTC through its
      Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is
      not
      participating in the DTC Fast Automated Securities Transfer Program, issue
      and
      deliver to the Holder or, at Holder’s instruction pursuant to the Exercise
      Notice, Holder’s agent or designee, in each case, sent by reputable overnight
      courier to the address as specified in the Exercise Notice, a certificate,
      registered in the Company’s share register in the name of the Holder or its
      designee (as indicated in the Exercise Notice), for the number of Common Shares
      to which the Holder is entitled pursuant to such exercise. Upon delivery of
      the
      Exercise Delivery Documents, the Holder shall be deemed for all corporate
      purposes to have become the holder of record of the Warrant Shares with respect
      to which this Warrant has been exercised, irrespective of the date such Warrant
      Shares are credited to the Holder’s DTC account or the date of delivery of the
      certificates evidencing such Warrant Shares, as the case may be. If this Warrant
      is submitted in connection with any exercise pursuant to this Section
1(a)
      and the
      number of Warrant Shares represented by this Warrant submitted for exercise
      is
      greater than the number of Warrant Shares being acquired upon an exercise,
      then
      the Company shall as soon as practicable and in no event later than three (3)
      Business Days after any exercise and at its own expense, issue and deliver
      to
      the Holder (or its designee) a new Warrant (in accordance with Section
7(d))
      representing the right to purchase the number of Warrant Shares purchasable
      immediately prior to such exercise under this Warrant, less the number of
      Warrant Shares with respect to which this Warrant is exercised. No fractional
      Common Shares are to be issued upon the exercise of this Warrant, but rather
      the
      number of Common Shares to be issued shall be rounded up to the nearest whole
      number. The Company shall pay any and all taxes which may be payable with
      respect to the issuance and delivery of Warrant Shares upon exercise of this
      Warrant. 

    
      
         

      

      
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    (b) Exercise
      Price.
      For
      purposes of this Warrant, “Exercise
      Price”
means
      $1.40, subject to adjustment as provided herein. 

     

    (c) Company’s
      Failure to Timely Deliver Securities.
      If the
      Company shall fail, for any reason or for no reason, to issue to the Holder
      within three (3) Business Days of receipt of the Exercise Delivery Documents,
      a
      certificate for the number of Common Shares to which the Holder is entitled
      and
      register such Common Shares on the Company’s share register or to credit the
      Holder’s balance account with DTC for such number of Common Shares to which the
      Holder is entitled upon the Holder’s exercise of this Warrant (as the case may
      be), then, in addition to all other remedies available to the Holder, the
      Company shall pay in cash to the Holder on each day after such third
      (3rd)
      Business Day that the issuance of such Common Shares is not timely effected
      an
      amount equal to 1.5% of the product of (A) the sum of the number of Common
      Shares not issued to the Holder on a timely basis and to which the Holder is
      entitled and (B) the VWAP of the Common Shares for the five (5) Trading Day
      period immediately preceding the last possible date which the Company could
      have
      issued such Common Shares to the Holder without violating Section 1(a).
      In
      addition to the foregoing, if within three (3) Trading Days after the Company’s
      receipt of the facsimile copy of an Exercise Notice, the Company shall fail
      to
      issue and deliver a certificate to the Holder and register such Common Shares
      on
      the Company’s share register or credit the Holder’s balance account with DTC for
      the number of Common Shares to which the Holder is entitled upon such Holder’s
      exercise hereunder (as the case may be), and if on or after such third
      (3rd)
      Trading
      Day the Holder purchases (in an open market transaction or otherwise) Common
      Shares to deliver in satisfaction of a sale by the Holder of Common Shares
      issuable upon such exercise that the Holder anticipated receiving from the
      Company (a “Buy-In”),
      then
      the Company shall, within three (3) Business Days after the Holder’s request and
      in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal
      to the Holder’s total purchase price (including brokerage commissions, if any)
      for the Common Shares so purchased (the “Buy-In
      Price”),
      at
      which point the Company’s obligation to deliver such certificate (and to issue
      such Common Shares) shall terminate and the Holder shall have no further right
      to such Common Shares or the portion of this Warrant representing such Common
      Shares, or (ii) promptly honor its obligation to deliver to the Holder a
      certificate or certificates representing such Common Shares or credit the
      Holder’s balance account with DTC for the number of Common Shares to which the
      Holder is entitled upon such Holder’s exercise hereunder (as the case may be)
      and pay cash to the Holder in an amount equal to the excess (if any) of the
      Buy-In Price over the product of (A) such number of Common Shares times (B)
      the
      VWAP of the Common Shares for the five (5) Trading Day period immediately
      preceding the date of the Exercise Notice.

     

    
      
         

      

      
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    (d) Cashless
      Exercise.
      Notwithstanding anything contained herein to the contrary (other than Section
      1(f)
      below),
      the Holder may, in its sole discretion, exercise this Warrant in whole or in
      part and, in lieu of making the cash payment otherwise contemplated to be made
      to the Company upon such exercise in payment of the Aggregate Exercise Price,
      elect instead to receive upon such exercise the “Net Number” of Common Shares
      determined according to the following formula (a “Cashless
      Exercise”):

     

    Net
      Number = (A
      x
      B) - (A x C)

     

    B

     

    For
      purposes of the foregoing formula:

     

    A=
      the
      total number of shares with respect to which this Warrant is then being
      exercised.

     

    B=
      the
      VWAP of the Common Shares for the five (5) Trading Day period immediately
      preceding the date of the Exercise Notice.

     

    C=
      the
      Exercise Price then in effect for the applicable Warrant Shares at the time
      of
      such exercise.

    (e) Disputes.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the number of Warrant Shares to be issued pursuant
      to
      the terms hereof, the Company shall promptly issue to the Holder the number
      of
      Warrant Shares that are not disputed and resolve such dispute in accordance
      with
      Section 13.

     

    (f) Limitations
      on Exercises. Notwithstanding
      anything to the contrary contained in this Warrant, this Warrant shall not
      be
      exercisable by the Holder hereof to the extent (but only to the extent) that,
      if
      exercisable by the Holder, the Holder or any of its affiliates would
      beneficially own in excess of  4.99% (the “Maximum
      Percentage”)
      of the
      outstanding Common Shares. To the extent the above limitation applies, the
      determination of whether this Warrant shall be exercisable (vis-à-vis other
      convertible, exercisable or exchangeable securities owned by the Holder) and
      of
      which warrants shall be exercisable (as among all warrants owned by the Holder)
      shall, subject to such Maximum Percentage limitation, be determined on the
      basis
      of the first submission to the Company for conversion, exercise or exchange
      (as
      the case may be). No prior inability to exercise this Warrant pursuant to this
      paragraph shall have any effect on the applicability of the provisions of this
      paragraph with respect to any subsequent determination of exercisability.
      For the purposes of this paragraph, beneficial ownership and all determinations
      and calculations (including, without limitation, with respect to calculations
      of
      percentage ownership) shall be determined by the Holder in accordance with
      Section 13(d) of the 1934 Act (as defined in the Transaction Agreement) and
      the
      rules and regulations promulgated thereunder. The provisions of this paragraph
      shall be implemented in a manner otherwise than in strict conformity with the
      terms of this paragraph to correct this paragraph (or any portion hereof) which
      may be defective or inconsistent with the intended Maximum Percentage beneficial
      ownership limitation herein contained or to make changes or supplements
      necessary or desirable to properly give effect to such Maximum Percentage
      limitation. The limitations contained in this paragraph shall apply to a
      successor Holder of this Warrant. The holders of Common Shares shall
      be third party beneficiaries of this paragraph and the Company may not waive
      this paragraph without the consent of holders of a majority of
      its Common Shares. For purposes of this Warrant, in determining the
      number of outstanding Common Shares, the Holder may rely on the number of
      outstanding Common Shares as reflected in (1) the Company’s most recent Form
      10-K or Form 10-KSB (as the case may be), Form 10-Q or Form 10-QSB (as the
      case
      may be), Current Report on Form 8-K or other public filing with the SEC (as
      the
      case may be), (2) a more recent public announcement by the Company or (3) any
      other notice by the Company or the Transfer Agent setting forth the number
      of
      Common Shares outstanding. For any reason at any time, upon the written or
      oral
      request of the Holder, the Company shall within one (1) Business Day confirm
      orally and in writing to the Holder the number of Common Shares then
      outstanding, including by virtue of any prior conversion or exercise of
      convertible or exercisable securities into Common Shares, including, without
      limitation, pursuant to this Warrant or securities issued pursuant to the
      Transaction Agreement. By written notice to the Company, the Holder may increase
      or decrease the Maximum Percentage to any other percentage not in excess of
      9.99% specified in such notice, provided that (i) any such increase will not
      be
      effective until the sixty-first (61st)
      day
      after such notice is delivered to the Company, and (ii) any such increase or
      decrease will apply only to the Holder and not to any other holder of
      Transaction Agreement Warrants.

    
      
         

      

      
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    (g) Insufficient
      Authorized Shares.
      The
      Company shall at all times keep reserved for issuance under this Warrant a
      number of Common Shares as shall be necessary to satisfy the Company’s
      obligation to issue Common Shares hereunder (without regard to any limitation
      otherwise contained herein with respect to the number of Common Shares that
      may
      be acquirable upon exercise of this Warrant). If, notwithstanding the foregoing,
      and not in limitation thereof, at any time while any of the Transaction
      Agreement Warrants remain outstanding the Company does not have a sufficient
      number of authorized and unreserved Common Shares to satisfy its obligation
      to
      reserve for issuance upon exercise of the Transaction Agreement Warrants at
      least a number of Common Shares equal to the maximum number of Common Shares
      as
      shall from time to time be necessary to effect the exercise of all of the
      Transaction Agreement Warrants then outstanding (the “Required
      Reserve Amount”)
      (an
“Authorized
      Share Failure”),
      then
      the Company shall immediately take all action necessary to increase the
      Company’s authorized Common Shares to an amount sufficient to allow the Company
      to reserve the Required Reserve Amount for all the Transaction Agreement
      Warrants then outstanding. Without limiting the generality of the foregoing
      sentence, as soon as practicable after the date of the occurrence of an
      Authorized Share Failure, but in no event later than sixty (60) days after
      the
      occurrence of such Authorized Share Failure, the Company shall hold a meeting
      of
      its shareholders for the approval of an increase in the number of authorized
      Common Shares. In connection with such meeting, the Company shall provide each
      shareholder with a proxy statement and shall use its best efforts to solicit
      its
      shareholders’ approval of such increase in authorized Common Shares and to cause
      its board of directors to recommend to the shareholders that they approve such
      proposal.

     

    2. ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this Section
      2.

     

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time on or after the date of the Transaction Agreement, (i)
      pays
      a stock dividend on one or more classes of its then outstanding Common Shares
      or
      otherwise makes a distribution on any class of capital stock that is payable
      in
      Common Shares, (ii) subdivides (by any stock split, stock dividend,
      recapitalization or otherwise) one or more classes of its then outstanding
      Common Shares into a larger number of shares or (iii) combines (by combination,
      reverse stock split or otherwise) one or more classes of its then outstanding
      Common Shares into a smaller number of shares, then in each such case the
      Exercise Price shall be multiplied by a fraction of which the numerator shall
      be
      the number of Common Shares outstanding immediately before such event and of
      which the denominator shall be the number of Common Shares outstanding
      immediately after such event. Any adjustment made pursuant to clause (i) of
      this
      paragraph shall become effective immediately after the record date for the
      determination of shareholders entitled to receive such dividend or distribution,
      and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall
      become effective immediately after the effective date of such subdivision or
      combination. If any event requiring an adjustment under this paragraph occurs
      during the period that an Exercise Price is calculated hereunder, then the
      calculation of such Exercise Price shall be adjusted appropriately to reflect
      such event.

    (b) Adjustment
      Upon Issuance of Common Shares.
      If and
      whenever on or after the date of the Transaction Agreement, the Company issues
      or sells, or in accordance with this Section 2
      is
      deemed to have issued or sold, any Common Shares (including the issuance or
      sale
      of Common Shares owned or held by or for the account of the Company, but
      excluding any Excluded Securities (as defined in the Transaction Agreement)),
      for a consideration per share (the “New
      Issuance Price”)
      less
      than a price (the “Applicable
      Price”)
      equal
      to the Exercise Price in effect immediately prior to such issue or sale or
      deemed issuance or sale (the foregoing a “Dilutive
      Issuance”),
      then
      immediately after such Dilutive Issuance, the Exercise Price then in effect
      shall be reduced to an amount equal to the New Issuance Price. For purposes
      of
      determining the adjusted Exercise Price under this Section 2(b),
      the
      following shall be applicable:

     

    (i) Issuance
      of Options.
      If the
      Company in any manner grants or sells any Options and the lowest price per
      share
      for which one Common Shares is issuable upon the exercise of any such Option
      or
      upon conversion, exercise or exchange of any Convertible Securities issuable
      upon exercise of any such Option is less than the Applicable Price, then such
      Common Share shall be deemed to be outstanding and to have been issued and
      sold
      by the Company at the time of the granting or sale of such Option for such
      price
      per share. For purposes of this Section 2(b)(i),
      the
“lowest price per share for which one Common Share is issuable upon the exercise
      of any such Options or upon conversion, exercise or exchange of any Convertible
      Securities issuable upon exercise of any such Option” shall be equal to the sum
      of the lowest amounts of consideration (if any) received or receivable by the
      Company with respect to any one Common Share upon the granting or sale of the
      Option, upon exercise of the Option and upon conversion, exercise or exchange
      of
      any Convertible Security issuable upon exercise of such Option. Except as
      contemplated below, no further adjustment of the Exercise Price shall be made
      upon the actual issuance of such Common Shares or of such Convertible Securities
      upon the exercise of such Options or upon the actual issuance of such Common
      Shares upon conversion, exercise or exchange of such Convertible
      Securities.

     

    
      
         

      

      
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    (ii) Issuance
      of Convertible Securities.
      If the
      Company in any manner issues or sells any Convertible Securities and the lowest
      price per share for which one Common Share is issuable upon the conversion,
      exercise or exchange thereof is less than the Applicable Price, then such Common
      Share shall be deemed to be outstanding and to have been issued and sold by
      the
      Company at the time of the issuance or sale of such Convertible Securities
      for
      such price per share. For the purposes of this Section 2(b)(ii),
      the
“lowest price per share for which one Common Share is issuable upon the
      conversion, exercise or exchange thereof” shall be equal to the sum of the
      lowest amounts of consideration (if any) received or receivable by the Company
      with respect to one Common Share upon the issuance or sale of the Convertible
      Security and upon conversion, exercise or exchange of such Convertible Security.
      Except as contemplated below, no further adjustment of the Exercise Price shall
      be made upon the actual issuance of such Common Shares upon conversion, exercise
      or exchange of such Convertible Securities, and if any such issue or sale of
      such Convertible Securities is made upon exercise of any Options for which
      adjustment of this Warrant has been or is to be made pursuant to other
      provisions of this Section 2(b),
      except
      as contemplated below, no further adjustment of the Exercise Price shall be
      made
      by reason of such issue or sale. 

    (iii) Change
      in Option Price or Rate of Conversion.
      If the
      purchase or exercise price provided for in any Options, the additional
      consideration, if any, payable upon the issue, conversion, exercise or exchange
      of any Convertible Securities, or the rate at which any Convertible Securities
      are convertible into or exercisable or exchangeable for Common Shares increases
      or decreases at any time, the Exercise Price in effect at the time of such
      increase or decrease shall be adjusted to the Exercise Price which would have
      been in effect at such time had such Options or Convertible Securities provided
      for such increased or decreased purchase price, additional consideration or
      increased or decreased conversion rate, as the case may be, at the time
      initially granted, issued or sold. For purposes of this Section 2(b)(iii),
      if the
      terms of any Option or Convertible Security that was outstanding as of the
      date
      of issuance of this Warrant are increased or decreased in the manner described
      in the immediately preceding sentence, then such Option or Convertible Security
      and the Common Shares deemed issuable upon exercise, conversion or exchange
      thereof shall be deemed to have been issued as of the date of such increase
      or
      decrease. No adjustment pursuant to this Section 2(b)
      shall be
      made if such adjustment would result in an increase of the Exercise Price then
      in effect.

     

    (iv) Calculation
      of Consideration Received.
      In case
      any Option is issued in connection with the issue or sale of other securities
      of
      the Company, together comprising one integrated transaction in which no specific
      consideration is allocated to such Options by the parties thereto, the Options
      will be deemed to have been issued for a consideration of $0.01. If any Common
      Shares, Options or Convertible Securities are issued or sold or deemed to have
      been issued or sold for cash, the consideration received therefor will be deemed
      to be the net amount received by the Company therefor. If any Common Shares,
      Options or Convertible Securities are issued or sold for a consideration other
      than cash, the amount of such consideration received by the Company will be
      the
      fair value of such consideration, except where such consideration consists
      of
      securities, in which case the amount of consideration received by the Company
      for each such security will be the VWAP of such security for the five (5)
      Trading Day period immediately preceding the date of receipt. If any Common
      Shares, Options or Convertible Securities are issued to the owners of the
      non-surviving entity in connection with any merger in which the Company is
      the
      surviving entity, the amount of consideration therefor will be deemed to be
      the
      fair value of such portion of the net assets and business of the non-surviving
      entity as is attributable to such Common Shares, Options or Convertible
      Securities, as the case may be. The fair value of any consideration other than
      cash or securities will be determined jointly by the Company and the Holder.
      If
      such parties are unable to reach agreement within ten (10) days after the
      occurrence of an event requiring valuation (the “Valuation
      Event”),
      the
      fair value of such consideration will be determined within five (5) Trading
      Days
      after the tenth (10th)
      day
      following such Valuation Event by an independent, reputable appraiser jointly
      selected by the Company and the Holder. The determination of such appraiser
      shall be final and binding upon all parties absent manifest error and the fees
      and expenses of such appraiser shall be borne by the Company.

     

    
      
         

      

      
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    (v) Record
      Date.
      If the
      Company takes a record of the holders of Common Shares for the purpose of
      entitling them (A) to receive a dividend or other distribution payable in
      Common Shares, Options or in Convertible Securities or (B) to subscribe for
      or purchase Common Shares, Options or Convertible Securities, then such record
      date will be deemed to be the date of the issue or sale of the Common Shares
      deemed to have been issued or sold upon the declaration of such dividend or
      the
      making of such other distribution or the date of the granting of such right
      of
      subscription or purchase (as the case may be).

    (vi) Floor
      Price.
      No
      adjustment pursuant to Section 2(b)
      shall
      cause the Exercise Price to be less than $1.21 (the “Floor
      Price”),
      as
      adjusted for any stock dividend, stock split, stock combination,
      reclassification or similar transaction. The Company shall not directly or
      indirectly issue or sell, or, in accordance with this Section 2,
      be
      deemed to have issued or sold, any Common Shares (other than Excluded
      Securities) for less than the Floor Price at any time while this Warrant is
      outstanding without the prior written consent of the Holder, which consent
      may
      be granted or withheld in the Holder’s sole discretion. In
      no
      event shall any Excluded Securities be issued, or be deemed to be issued as
      contemplated hereby, for less than the fair market value of the Common Shares
      at
      the time such Excluded Securities are so issued or are so deemed to be
      issued.

     

    (c) Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to paragraphs
      (a) or (b) of this Section 2,
      the
      number of Warrant Shares that may be purchased upon exercise of this Warrant
      shall be increased or decreased proportionately, so that after such adjustment
      the aggregate Exercise Price payable hereunder for the adjusted number of
      Warrant Shares shall be the same as the aggregate Exercise Price in effect
      immediately prior to such adjustment (without regard to any limitations on
      exercise contained herein).

     

    
      
         

      

      
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    (d) Other
      Events.
      In the
      event that the Company (or any direct or indirect subsidiary thereof) shall
      take any action to which the provisions hereof are not strictly applicable,
      or,
      if applicable, would not operate to protect the Holder from dilution or if
      any
      event occurs of the type contemplated by the provisions of this Section
2
      but not
      expressly provided for by such provisions (including, without limitation, the
      granting of stock appreciation rights, phantom stock rights or other rights
      with
      equity features), then the Company’s Board of Directors shall in good faith
      determine and implement an appropriate adjustment in the Exercise Price and
      the
      number of Warrant Shares (if applicable) so as to protect the rights of the
      Holder; provided that no such adjustment pursuant to this Section 2(d)
      will
      increase the Exercise Price or decrease the number of Warrant Shares as
      otherwise determined pursuant to this Section 2,
      provided further that if the Holder does not accept such adjustments as
      appropriately protecting its interests hereunder against such dilution, then
      the
      Company’s Board of Directors and the Holder shall agree, in good faith, upon an
      independent investment bank of nationally recognized standing to make such
      appropriate adjustments, whose determination shall be final and binding and
      whose fees and expenses shall be borne by the Company.

     

    (e) Calculations.
      All
      calculations under this Section 2
      shall be
      made to the nearest cent or the nearest 1/100th
      of a
      share, as applicable. The number of Common Shares outstanding at any given
      time
      shall not include shares owned or held by or for the account of the Company,
      and
      the disposition of any such shares shall be considered an issue or sale of
      Common Shares.

     

    3. RIGHTS
      UPON DISTRIBUTION OF ASSETS.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of Common Shares, by way of return
      of capital or otherwise (including, without limitation, any distribution of
      cash, stock or other securities, property or options by way of a dividend,
      spin
      off, reclassification, corporate rearrangement, scheme of arrangement or other
      similar transaction) (a “Distribution”),
      at
      any time after the issuance of this Warrant, then, in each such case, the Holder
      shall be entitled to participate in such Distribution to the same extent that
      the Holder would have participated therein if the Holder had held the number
      of
      Common Shares acquirable upon complete exercise of this Warrant (without regard
      to any limitations on exercise hereof, including without limitation, the Maximum
      Percentage) immediately before the date on which a record is taken for such
      Distribution, or, if no such record is taken, the date as of which the record
      holders of Common Shares are to be determined for the participation in such
      Distribution (provided, however, that to the extent that the Holder’s right to
      participate in any such Distributions would result in the Holder exceeding
      the
      Maximum Percentage, then the Holder shall not be entitled to participate in
      such
      Distribution to such extent (or the beneficial ownership of any such Common
      Shares as a result of such Distribution to such extent) and such Distribution
      to
      such extent shall be held in abeyance for the benefit of the Holder until such
      time, if ever, as its right thereto would not result in the Holder exceeding
      the
      Maximum Percentage).

    
      	
              4.

            	
              PURCHASE
                RIGHTS; FUNDAMENTAL TRANSACTIONS.

            

    

     

    (a) Purchase
      Rights.
      In
      addition to any adjustments pursuant to Section 2
      above,
      if at any time the Company grants, issues or sells any Options, Convertible
      Securities or rights to purchase stock, warrants, securities or other property
      pro rata to all of the record holders of any class of Common Shares (the
“Purchase
      Rights”),
      then
      the Holder will be entitled to acquire, upon the terms applicable to such
      Purchase Rights, the aggregate Purchase Rights which the Holder could have
      acquired if the Holder had held the number of Common Shares acquirable upon
      complete exercise of this Warrant (without regard to any limitations on exercise
      hereof, including without limitation, the Maximum Percentage) immediately before
      the date on which a record is taken for the grant, issuance or sale of such
      Purchase Rights, or, if no such record is taken, the date as of which the record
      holders of Common Shares are to be determined for the grant, issue or sale
      of
      such Purchase Rights (provided, however, that to the extent that the Holder’s
      right to participate in any such Purchase Right would result in the Holder
      exceeding the Maximum Percentage, then the Holder shall not be entitled to
      participate in such Purchase Right to such extent (or beneficial ownership
      of
      such Common Shares as a result of such Purchase Right to such extent) and such
      Purchase Right to such extent shall be held in abeyance for the Holder until
      such time, if ever, as its right thereto would not result in the Holder
      exceeding the Maximum Percentage).

     

    
      
         

      

      
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    (b) Fundamental
      Transactions.
      The
      Company shall not enter into or be party to a Fundamental Transaction unless
      the
      Successor Entity assumes in writing all of the obligations of the Company under
      this Warrant and the other Transaction Documents (as defined in the Transaction
      Agreement) in accordance with the provisions of this Section 4(b)
      pursuant
      to written agreements in form and substance reasonably satisfactory to the
      Holder and approved by the Holder prior to such Fundamental Transaction,
      including agreements to deliver to the Holder in exchange for this Warrant
      a
      security of the Successor Entity evidenced by a written instrument substantially
      similar in form and substance to this Warrant, including, without limitation,
      which is exercisable for a corresponding number of shares of capital stock
      equivalent to the Common Shares acquirable and receivable upon exercise of
      this
      Warrant (without regard to any limitations on the exercise of this Warrant)
      prior to such Fundamental Transaction, and with an exercise price which applies
      the exercise price hereunder to such shares of capital stock (but taking into
      account the relative value of the Common Shares pursuant to such Fundamental
      Transaction and the value of such shares of capital stock, such adjustments
      to
      the number of shares of capital stock and such exercise price being for the
      purpose of protecting the economic value of this Warrant immediately prior
      to
      the consummation of such Fundamental Transaction), and which is reasonably
      satisfactory in form and substance to the Holder. Upon the occurrence of any
      Fundamental Transaction, the Successor Entity shall succeed to, and be
      substituted for (so that from and after the date of such Fundamental
      Transaction, the provisions of this Warrant and the other Transaction Documents
      referring to the “Company” shall refer instead to the Successor Entity), and may
      exercise every right and power of the Company and shall assume all of the
      obligations of the Company under this Warrant and the other Transaction
      Documents with the same effect as if such Successor Entity had been named as
      the
      Company herein. Upon consummation of the Fundamental Transaction, the Successor
      Entity shall deliver to the Holder confirmation that there shall be issued
      upon
      exercise of this Warrant at
      any
      time after the consummation of the Fundamental Transaction, in lieu of the
      Common Shares (or
      other
      securities, cash, assets or other property (except such items still issuable
      under Sections 3
      and
4(a)
      above,
      which shall continue to be receivable thereafter)) issuable
      upon the exercise of this Warrant
      prior
      to
      such Fundamental Transaction,
      such
      shares of the publicly traded Common Shares (or its equivalent) of the Successor
      Entity (including its Parent Entity) which the Holder would have been entitled
      to receive upon the happening of such Fundamental Transaction had this
Warrant
      been
      exercised immediately prior to such Fundamental Transaction (without
      regard to any limitations on the exercise of this Warrant),
      as
      adjusted in accordance with the provisions of this Warrant.
      In
      addition to and not in substitution for any other rights hereunder, prior to
      the
      consummation of any Fundamental Transaction pursuant to which holders of Common
      Shares are entitled to receive securities or other assets with respect to or
      in
      exchange for Common Shares (a “Corporate
      Event”),
      the
      Company shall make appropriate provision to insure that the Holder will
      thereafter have the right to receive upon an exercise of this Warrant
at
      any
      time after the consummation of
      the
      Fundamental Transaction but
      prior
      to the Expiration Date,
      in lieu
      of the Common Shares (or
      other
      securities, cash, assets or other property (except such items still issuable
      under Sections 3
      and
4(a)
      above,
      which shall continue to be receivable thereafter)) issuable
      upon the exercise of the Warrant prior to such Fundamental
      Transaction,
      such
      shares of stock, securities, cash, assets or any other property whatsoever
      (including warrants or other purchase or subscription rights) which the Holder
      would have been entitled to receive upon the happening of such Fundamental
      Transaction had the Warrant been exercised immediately prior to such Fundamental
      Transaction (without
      regard to any limitations on the exercise of this Warrant).
      Provision
      made pursuant to the preceding sentence shall be in a form and substance
      reasonably satisfactory to the Holder. The provisions of this Section
4
      shall
      apply similarly and equally to successive Fundamental Transactions and Corporate
      Events and shall be applied as if this Warrant (and any such subsequent
      warrants) were fully exercisable and without regard to any limitations on the
      exercise of this Warrant (provided that the Holder shall continue to be entitled
      to the benefit of the Maximum Percentage, applied however with respect to shares
      of capital stock registered under the 1934 Act and thereafter receivable upon
      exercise of this Warrant (or any such other warrant)).

     

    
      
         

      

      
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    5. NONCIRCUMVENTION.
      The
      Company hereby covenants and agrees that the Company will not, by amendment
      of
      its Articles of Incorporation, Bylaws or through any reorganization, transfer
      of
      assets, consolidation, merger, scheme of arrangement, dissolution, issue or
      sale
      of securities, or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms of this Warrant, and will at
      all
      times in good faith carry out all the provisions of this Warrant and take all
      action as may be required to protect the rights of the Holder. Without limiting
      the generality of the foregoing, the Company (i) shall not increase the par
      value of any Common Shares receivable upon the exercise of this Warrant above
      the Exercise Price then in effect, (ii) shall take all such actions as may
      be necessary or appropriate in order that the Company may validly and legally
      issue fully paid and nonassessable Common Shares upon the exercise of this
      Warrant, and (iii) shall, so long as any of the Transaction Agreement Warrants
      are outstanding, take all action necessary to reserve and keep available out
      of
      its authorized and unissued Common Shares, solely for the purpose of effecting
      the exercise of the Transaction Agreement Warrants, the maximum number of Common
      Shares as shall from time to time be necessary to effect the exercise of the
      Transaction Agreement Warrants then outstanding (without regard to any
      limitations on exercise).

    6. WARRANT
      HOLDER NOT DEEMED A SHAREHOLDER.
      Except
      as otherwise specifically provided herein, the Holder, solely in such Person’s
      capacity as a holder of this Warrant, shall not be entitled to vote or receive
      dividends or be deemed the holder of share capital of the Company for any
      purpose, nor shall anything contained in this Warrant be construed to confer
      upon the Holder, solely in such Person’s capacity as the Holder of this Warrant,
      any of the rights of a shareholder of the Company or any right to vote, give
      or
      withhold consent to any corporate action (whether any reorganization, issue
      of
      stock, reclassification of stock, consolidation, merger, conveyance or
      otherwise), receive notice of meetings, receive dividends or subscription
      rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares
      which such Person is then entitled to receive upon the due exercise of this
      Warrant. In addition, nothing contained in this Warrant shall be construed
      as
      imposing any liabilities on the Holder to purchase any securities (upon exercise
      of this Warrant or otherwise) or as a shareholder of the Company, whether such
      liabilities are asserted by the Company or by creditors of the Company.
      Notwithstanding this Section 6,
      the
      Company shall provide the Holder with copies of the same notices and other
      information given to the shareholders of the Company generally,
      contemporaneously with the giving thereof to the shareholders.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    7. REISSUANCE
      OF WARRANTS.

     

    (a) Transfer
      of Warrant.
      If this
      Warrant is to be transferred, the Holder shall surrender this Warrant to the
      Company, whereupon the Company will forthwith issue and deliver upon the order
      of the Holder a new Warrant (in accordance with Section 7(d)),
      registered as the Holder may request, representing the right to purchase the
      number of Warrant Shares being transferred by the Holder and, if less than
      the
      total number of Warrant Shares then underlying this Warrant is being
      transferred, a new Warrant (in accordance with Section 7(d))
      to the
      Holder representing the right to purchase the number of Warrant Shares not
      being
      transferred.

     

    (b) Lost,
      Stolen or Mutilated Warrant.
      Upon
      receipt by the Company of evidence reasonably satisfactory to the Company of
      the
      loss, theft, destruction or mutilation of this Warrant (as to which a written
      certification and the indemnification contemplated below shall suffice as such
      evidence), and, in the case of loss, theft or destruction, of any
      indemnification undertaking by the Holder to the Company in customary and
      reasonable form and, in the case of mutilation, upon surrender and cancellation
      of this Warrant, the Company shall execute and deliver to the Holder a new
      Warrant (in accordance with Section 7(d))
      representing the right to purchase the Warrant Shares then underlying this
      Warrant.

     

    (c) Exchangeable
      for Multiple Warrants.
      This
      Warrant is exchangeable, upon the surrender hereof by the Holder at the
      principal office of the Company, for a new Warrant or Warrants (in accordance
      with Section 7(d))
      representing in the aggregate the right to purchase the number of Warrant Shares
      then underlying this Warrant, and each such new Warrant will represent the
      right
      to purchase such portion of such Warrant Shares as is designated by the Holder
      at the time of such surrender; provided, however, that no warrants for
      fractional Common Shares shall be given.

    (d) Issuance
      of New Warrants.
      Whenever the Company is required to issue a new Warrant pursuant to the terms
      of
      this Warrant, such new Warrant (i) shall be of like tenor with this Warrant,
      (ii) shall represent, as indicated on the face of such new Warrant, the right
      to
      purchase the Warrant Shares then underlying this Warrant (or in the case of
      a
      new Warrant being issued pursuant to Section 7(a)
      or
      Section 7(c),
      the
      Warrant Shares designated by the Holder which, when added to the number of
      Common Shares underlying the other new Warrants issued in connection with such
      issuance, does not exceed the number of Warrant Shares then underlying this
      Warrant), (iii) shall have an issuance date, as indicated on the face of such
      new Warrant which is the same as the Issuance Date, and (iv) shall have the
      same
      rights and conditions as this Warrant.

     

    
      
         

      

      
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    8. NOTICES.
      Whenever notice is required to be given under this Warrant, unless otherwise
      provided herein, such notice shall be given in accordance with Section 9(f)
      of
      the Transaction Agreement. The Company shall provide the Holder with prompt
      written notice of all actions taken pursuant to this Warrant, including in
      reasonable detail a description of such action and the reason therefor. Without
      limiting the generality of the foregoing, the Company will give written notice
      to the Holder (i) immediately upon each adjustment of the Exercise Price and
      the
      number of Warrant Shares, setting forth in reasonable detail, and certifying,
      the calculation of such adjustment(s) and (ii) at least fifteen (15) days prior
      to the date on which the Company closes its books or takes a record (A) with
      respect to any dividend or distribution upon the Common Shares, (B) with respect
      to any grants, issuances or sales of any Options, Convertible Securities or
      rights to purchase stock, warrants, securities or other property pro rata to
      the
      holders of all of the Common Shares or (C) for determining rights to vote with
      respect to any Fundamental Transaction, dissolution or liquidation, provided
      in
      each case that such information shall be made known to the public prior to
      or in
      conjunction with such notice being provided to the Holder and (iii) at least
      ten
      (10) Trading Days prior to the consummation of any Fundamental Transaction
      (excluding any Fundamental Transaction for which the Company does not have
      prior
      knowledge or notice). To the extent that any notice provided hereunder
      constitutes, or contains, material, non-public information regarding the Company
      or any of its Subsidiaries (as defined in the Transaction Agreement), the
      Company shall simultaneously file such notice with the SEC (as defined in the
      Transaction Agreement) pursuant to a Current Report on Form 8-K.

     

    9. AMENDMENT
      AND WAIVER.
      Except
      as otherwise provided herein, the provisions of this Warrant (other than Section
      1(f))
      may be
      amended and the Company may take any action herein prohibited, or omit to
      perform any act herein required to be performed by it, only if the Company
      has
      obtained the written consent of the Holder. The Holder shall be entitled, at
      its
      option, to the benefit of any amendment of any other similar warrant issued
      under the Transaction Agreement.

     

    10. SEVERABILITY.
      If any
      provision of this Warrant or the application thereof becomes or is declared
      by a
      court of competent jurisdiction to be illegal, void or unenforceable, the
      remainder of the terms of this Warrant will continue in full force and
      effect.

    11. GOVERNING
      LAW.
      This
      Warrant shall be governed by and construed and enforced in accor-dance with,
      and
      all questions concerning the construction, validity, interpretation and
      performance of this Warrant shall be governed by, the internal laws of the
      State
      of Illinois, without giving effect to any choice of law or conflict of law
      provision or rule (whether of the State of Illinois or any other jurisdictions)
      that would cause the application of the laws of any jurisdictions other than
      the
      State of Illinois.

     

    12. CONSTRUCTION;
      HEADINGS.
      This
      Warrant shall be deemed to be jointly drafted by the Company and the Holder
      and
      shall not be construed against any Person as the drafter hereof. The headings
      of
      this Warrant are for convenience of reference and shall not form part of, or
      affect the interpretation of, this Warrant.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    13. DISPUTE
      RESOLUTION.
      In the
      case of a dispute as to the determination of the Exercise Price or fair market
      value or the arithmetic calculation of the Warrant Shares, the Company or the
      Holder (as the case may be) shall submit the disputed determinations or
      arithmetic calculations (as the case may be) via facsimile within two (2)
      Business Days of receipt of the applicable notice giving rise to such dispute
      to
      the Company or the Holder (as the case may be). If the Holder and the Company
      are unable to agree upon such determination or calculation of the Exercise
      Price
      or fair market value or the number of Warrant Shares (as the case may be) within
      three (3) Business Days of such disputed determination or arithmetic calculation
      being submitted to the Company or the Holder (as the case may be), then the
      Company shall, within two (2) Business Days submit via facsimile (a) the
      disputed determination of the Exercise Price or fair market value to an
      independent, reputable investment bank selected by the Company and approved
      by
      the Holder or (b) the disputed arithmetic calculation of the Warrant Shares
      to
      the Company’s independent, outside accountant. The Company shall cause at its
      expense the investment bank or the accountant (as the case may be) to perform
      the determinations or calculations (as the case may be) and notify the Company
      and the Holder of the results no later than ten (10) Business Days from the
      time
      it receives such disputed determinations or calculations (as the case may be).
      Such investment bank’s or accountant’s determination or calculation (as the case
      may be) shall be binding upon all parties absent demonstrable
      error.

     

    14. REMEDIES,
      OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.
      The
      remedies provided in this Warrant shall be cumulative and in addition to all
      other remedies available under this Warrant and the other Transaction Documents,
      at law or in equity (including a decree of specific performance and/or other
      injunctive relief), and nothing herein shall limit the right of the Holder
      to
      pursue actual damages for any failure by the Company to comply with the terms
      of
      this Warrant. The Company acknowledges that a breach by it of its obligations
      hereunder will cause irreparable harm to the Holder and that the remedy at
      law
      for any such breach may be inadequate. The Company therefore agrees that, in
      the
      event of any such breach or threatened breach, the holder of this Warrant shall
      be entitled, in addition to all other available remedies, to an injunction
      restraining any breach, without the necessity of showing economic loss and
      without any bond or other security being required. The issuance of shares and
      certificates for shares as contemplated hereby upon the exercise of this Warrant
      shall be made without charge to the Holder or such shares for any issuance
      tax
      or other costs in respect thereof, provided that the Company shall not be
      required to pay any tax which may be payable in respect of any transfer involved
      in the issuance and delivery of any certificate in a name other than the Holder
      or its agent on its behalf.

    15. TRANSFER. This
      Warrant may be offered for sale, sold, transferred or assigned without the
      consent of the Company, except as may otherwise be required by Section 2(g)
      of
      the Transaction Agreement.
      In
      connection with any such transfer, the Holder shall be entitled to disclose
      to
      the transferee any information about the Company, its Subsidiaries, and its
      and
      their securities, in the Holder’s possession. This Warrant shall not be
      transferred (other than to an affiliate of the Holder) unless and until the
      Company has received the opinion of counsel for the Holder (if so requested
      by
      the Company) that the securities may be transferred pursuant to an exemption
      from registration under the 1933 Act and applicable state securities laws,
      the
      availability of which is established to the reasonable satisfaction of the
      Company.

     

    
      
         

      

      
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    16. CERTAIN
      DEFINITIONS.
      For
      purposes of this Warrant, the following terms shall have the following
      meanings:

     

    (a) “Bloomberg”
means
      Bloomberg Financial Markets.

     

    (b) “Business
      Day”
means
      any day other than Saturday, Sunday or other day on which commercial banks
      in
      Chicago, Illinois are authorized or required by law to remain
      closed.

     

    (c) “Common
      Shares”
means
      (i) the Company’s common shares, no par value, and (ii) any capital
      stock into which such common shares shall have been changed or any share capital
      resulting from a reclassification of such common shares.

     

    (d) “Convertible
      Securities”
means
      any stock or securities (other than Options) directly or indirectly convertible
      into or exercisable or exchangeable for Common Shares.

     

    (e) “Eligible
      Market”
means
      the The New York Stock Exchange, Inc., the Nasdaq Global Market, the Nasdaq
      Global Select Market or the Principal Market.

     

    (f) “Expiration
      Date”
means
      the date that is the five (5) year anniversary of the Issuance Date or, if
      such
      date falls on a day other than a Business Day or on which trading does not
      take
      place on the Principal Market (a “Holiday”),
      the
      next date that is not a Holiday. 

     

    (g) “Fundamental
      Transaction”
means
      that the Company shall, directly or indirectly, in one or more related
      transactions, (i) consolidate or merge with or into (whether or not the Company
      is the surviving corporation) another Person, or (ii) sell, assign, transfer,
      convey or otherwise dispose of all or substantially all of the properties or
      assets of the Company to another Person, or (iii) allow another Person to make
      a
      purchase, tender or exchange offer that is accepted by the holders of more
      than
      the 50% of the outstanding Common Shares (not including any Common Shares held
      by the Person or Persons making or party to, or associated or affiliated with
      the Persons making or party to, such purchase, tender or exchange offer), or
      (iv) consummate a stock purchase agreement or other business combination
      (including, without limitation, a reorganization, recapitalization, spin-off
      or
      scheme of arrangement) with another Person whereby such other Person acquires
      more than the 50% of the outstanding Common Shares (not including any Common
      Shares held by the other Person or other Persons making or party to, or
      associated or affiliated with the other Persons making or party to, such stock
      purchase agreement or other business combination), or (v) reorganize,
      recapitalize or reclassify its Common Shares, or (vi) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the
      Exchange Act) is or shall become the “beneficial owner” (as defined in Rule
      13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate
      ordinary voting power represented by issued and outstanding Common
      Shares.

    (h) “Options”
means
      any rights, warrants or options to subscribe for or purchase Common Shares
      or
      Convertible Securities.

     

    (i) “Parent
      Entity”
of
      a
      Person means an entity that, directly or indirectly, controls the applicable
      Person and whose common stock or equivalent equity security is quoted or listed
      on an Eligible Market, or, if there is more than one such Person or Parent
      Entity, the Person or Parent Entity with the largest public market
      capitalization as of the date of consummation of the Fundamental
      Transaction.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    (j) “Person”
means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization, any other entity and
      a
      government or any department or agency thereof.

     

    (k) “Principal
      Market”
means
      The Nasdaq Capital Market.

     

    (l) “Successor
      Entity”
means
      the Person (or, if so elected by the Holder, the Parent Entity) formed by,
      resulting from or surviving any Fundamental Transaction or the Person (or,
      if so
      elected by the Holder, the Parent Entity) with which such Fundamental
      Transaction shall have been entered into.

     

    (m) “Trading
      Day”
means
      any day on which the Common Shares are traded on the Principal Market, or,
      if
      the Principal Market is not the principal trading market for the Common Shares,
      then on the principal securities exchange or securities market on which the
      Common Shares are then traded; provided that “Trading Day” shall not include any
      day on which the Common Shares are scheduled to trade on such exchange or market
      for less than 4.5 hours or any day that the Common Shares are suspended from
      trading during the final hour of trading on such exchange or market (or if
      such
      exchange or market does not designate in advance the closing time of trading
      on
      such exchange or market, then during the hour ending at 4:00:00 p.m., New York
      time).

     

    (n) “VWAP”
means,
      for any security as of any date, the dollar volume-weighted average price for
      such security on the Principal Market (or, if the Principal Market is not the
      principal trading market for such security, then on the principal securities
      exchange or securities market on which such security is then traded) during
      the
      period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m.,
      New
      York time, as reported by Bloomberg through its “Volume at Price” function or,
      if the foregoing does not apply, the dollar volume-weighted average price of
      such security in the over-the-counter market on the electronic bulletin board
      for such security during the period beginning at 9:30:01 a.m., New York time,
      and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if
      no
      dollar volume-weighted average price is reported for such security by Bloomberg
      for such hours, the average of the highest closing bid price and the lowest
      closing ask price of any of the market makers for such security as reported
      in
      the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau,
      Inc.). If VWAP cannot be calculated for such security on such date on any of
      the
      foregoing bases, the VWAP of such security on such date shall be the fair market
      value as mutually determined by the Company and the Holder. If the Company
      and
      the Holder are unable to agree upon the fair market value of such security,
      then
      such dispute shall be resolved in accordance with the procedures in Section
      13.
      All
      such determinations shall be appropriately adjusted for any share dividend,
      share split or other similar transaction during such period.

     

    [signature
      page follows]

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant to Purchase Common Shares to be duly executed
      as
      of the Issuance Date set out above.

    
      	 	 	 
	 	 
	 	 	WORKSTREAM INC.
	 
 	 
 	 
 
	 	 	By: 
	 	
              
Name:
	 	Title:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    EXERCISE
      NOTICE

    TO
      BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

    WARRANT
      TO PURCHASE COMMON SHARES

     

    WORKSTREAM
      INC.

    The
      undersigned holder hereby exercises the right to purchase _________________
      of
      the Common Shares (“Warrant
      Shares”)
      of
      Workstream Inc., a corporation existing pursuant to the Canada Business
      Corporations Act (the “Company”),
      evidenced by the Warrant to Purchase Common Shares (the “Warrant”)
      issued
      to the undersigned holder. Capitalized terms used herein and not otherwise
      defined shall have the respective meanings set forth in the
      Warrant.

     

    1. Form
      of Exercise Price.
      The
      Holder intends that payment of the Exercise Price shall be made as:

     

    ____________ a
      “Cash
      Exercise”
with
      respect to _________________ Warrant Shares; and/or

     

    ____________ a
      “Cashless
      Exercise”
with
      respect to _______________ Warrant Shares.

     

    2. Payment
      of Exercise Price.
      In the
      event that the holder has elected a Cash Exercise with respect to some or all
      of
      the Warrant Shares to be issued pursuant hereto, the holder shall pay the
      Aggregate Exercise Price in the sum of $___________________ to the Company
      in
      accordance with the terms of the Warrant.

     

    3. Delivery
      of Warrant Shares.
      The
      Company shall deliver to holder, or its designee or agent as specified below,
      __________ Warrant Shares in accordance with the terms of the Warrant. Delivery
      shall be made to holder, or for its benefit, to the following
      address:

     

    _______________________

    _______________________

    _______________________

    _______________________

     

    4. The
      holder intends to immediately sell ___________ Warrant Shares pursuant to the
      registration statement covering the resale of such Warrant Shares and, to the
      extent applicable, in compliance with the prospectus delivery requirements
      of
      the Securities Act of 1933, as amended.

     

    

     

    Date:
      _______________ __, ______

     

     

    
      	      	 	 	 
	
              Name
                of Registered Holder

            	 	 	 

     

    
      	 	 	 	 
	By:	 	 	 
	
              
                
Name:

            	 	 	
            
	
              Title:

            	 	 	 

    

       

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ACKNOWLEDGMENT

     

    The
      Company hereby acknowledges this Exercise Notice and hereby directs
      ______________ to issue the above indicated number of Common Shares in
      accordance with the Transfer Agent Instructions dated _____________, 2007 from
      the Company and acknowledged and agreed to by _______________.

    
      	 	 	 
	 	 
	 	 	WORKSTREAM INC.
	 
 	 
 	 
 
	 	  	By:
	 	
              
Name:
	 	Title:Unassociated Document

    

    EXHIBIT
      4.3

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      REGISTRATION RIGHTS AGREEMENT
      (this
“Agreement”),
      dated
      as of July ___, 2007, by and among Workstream Inc., a corporation existing
      pursuant to the Canada Business Corporations Act with headquarters located
      at
      495 March Road, Suite 300, Ottawa, Ontario K2K 3G1, Canada
      (the “Company”),
      and
      the undersigned buyers (each, a “Buyer”,
      and
      collectively, the “Buyers”).

    

    RECITALS

    

    A. In
      connection with the Transaction Agreement by and among the parties hereto,
      dated
      as of July 25, 2007 (the “Transaction
      Agreement”),
      the
      Company have agreed, upon the terms and subject to the conditions of the
      Transaction Agreement, to issue and sell to each Buyer (i) the Special Warrants
      (as defined in the Transaction Agreement) which will be convertible into
      Conversion Shares (as defined in the Transaction Agreement) in accordance with
      the terms of the Special Warrants and (ii) the Warrants (as defined in the
      Transaction Agreement) which will be exercisable to purchase Warrant Shares
      (as
      defined in the Transaction Agreement) in accordance with the terms of the
      Warrants.

    

    B. To
      induce
      the Buyers to execute and deliver the Transaction Agreement, the Company has
      agreed to provide certain registration rights under the Securities Act of 1933,
      as amended, and the rules and regulations thereunder, or any similar successor
      statute (collectively, the “1933
      Act”),
      and
      applicable state securities laws.

    

    AGREEMENT

    

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

    

    
      	
              1.

            	
              Definitions.

            

    

     

    Capitalized
      terms used herein and not otherwise defined herein shall have the respective
      meanings set forth in the Transaction Agreement. As used in this Agreement,
      the
      following terms shall have the following meanings:

    

    (a) “Business
      Day”
means
      any day other than Saturday, Sunday or any other day on which commercial banks
      in Chicago, Illinois are authorized or required by law to remain
      closed.

    

    (b) “Closing
      Date”
shall
      have the meaning set forth in the Transaction Agreement.

    

    (c) “Effective
      Date”
means
      the date that the applicable Registration Statement has been declared effective
      by the SEC.

    

    (d) “Effectiveness
      Deadline”
means
      (i) with respect to the initial Registration Statement required to be filed
      to
      cover the resale by the Investors of the Registrable Securities the
      100th
      calendar
      day after the Closing Date (or the 130th
      calendar
      day after the Closing Date in the event that such Registration Statement is
      subject to review by the SEC) and (b) with respect to any additional
      Registration Statements that may be required to be filed by the Company pursuant
      to this Agreement, the 100th
      calendar
      day following the date on which the Company was required to file such additional
      Registration Statement (or the 130th
      calendar
      day after such date in the event that such Registration Statement is subject
      to
      review by the SEC).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) “Filing
      Deadline”
means
      the (i) with respect to the initial Registration Statement required to be filed
      to cover the resale by the Investors of the Registrable Securities, the
      40th
      calendar
      day after the Closing Date and (ii) with respect to any additional Registration
      Statements that may be required to be filed by the Company pursuant to this
      Agreement, the date on which the Company was required to file such additional
      Registration Statement pursuant to the terms of this Agreement.

    

    (f) “Investor”
means
      a
      Buyer or any transferee or assignee
      of
      any Registrable Securities, Special Warrants or Warrants, as applicable, to
      whom
      a Buyer assigns its rights under this Agreement and who agrees to become bound
      by the provisions of this Agreement in accordance with Section 9
      and any
      transferee or assignee thereof to whom a transferee or assignee of any
      Registrable Securities, Special Warrants or Warrants, as applicable, assigns
      its
      rights under this Agreement and who agrees to become bound by the provisions
      of
      this Agreement in accordance with Section 9.

    

    (g) “Person”
means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization and a government or any
      department or agency thereof.

    

    (h) “register,”
      “registered,”
and
      “registration”
refer
      to a registration effected by preparing and filing one or more Registration
      Statements (as defined below) in compliance with the 1933 Act and pursuant
      to
      Rule 415 and the declaration of effectiveness of such Registration Statement(s)
      by the SEC.

    

    (i) “Registrable
      Securities”
means
      (i) the Conversion Shares issued or issuable upon conversion of the Special
      Warrants, (ii) the Warrant Shares issued or issuable upon exercise of the
      Warrants and (iii) any capital stock of the Company issued or issuable with
      respect to the Conversion Shares, the Warrant Shares, the Special Warrants
      or
      the Warrants, including, without limitation, (1) as a result of any share split,
      share dividend, recapitalization, exchange or similar event or otherwise and
      (2)
      shares of capital stock of the Company into which the Common Shares (as defined
      in the Transaction Agreement) are converted or exchanged and shares of capital
      stock of a Successor Entity (as defined in the Warrants) into which the Common
      Shares are converted or exchanged, in each case, without regard to any
      limitations on conversion of the Special Warrants or exercise of the
      Warrants.

    

    (j) “Registration
      Statement”
means
      a
      registration statement or registration statements of the Company filed under
      the
      1933 Act covering the Registrable Securities.

    

    (k) “Required
      Holders”
means
      the holders of at least a majority of the Registrable Securities.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (l) “Required
      Registration Amount”
means
      the sum of (i) the number of Conversion Shares issued and issuable pursuant
      to
      the Special Warrants and (ii) the number of Warrant Shares issued and issuable
      pursuant to the Warrants as of the Trading Day immediately preceding the
      applicable date of determination (without taking into account any limitations
      on
      the conversion of the Special Warrants or the exercise of the Warrants set
      forth
      therein), all subject to adjustment as provided in Section 2(d).

    

    (m) “Rule
      415”
means
      Rule 415 under the 1933 Act or any successor rule providing for offering
      securities on a continuous or delayed basis.

    

    (n) “SEC”
means
      the United States Securities and Exchange Commission.

     

    
      	
              2.

            	
              Registration.

            

    

     

    (a) Mandatory
      Registration.
      The
      Company shall prepare, and, as soon as practicable, but in no event later than
      the Filing Deadline, file with the SEC the Registration Statement on Form S-3
      covering the resale of all of the Registrable Securities. In the event that
      Form
      S-3 is unavailable for such a registration, the Company shall use such other
      form as is available for such a registration on another appropriate form
      reasonably acceptable to the Required Holders, subject to the provisions of
      Section 2(c).
      The
      Registration Statement prepared pursuant hereto shall register for resale at
      least the number of Common Shares equal to the Required Registration Amount
      as
      of the date the Registration Statement is initially filed with the SEC. The
      Registration Statement shall contain (except if otherwise directed by the
      Required Holders) the “Selling
      Shareholders”
and
      “Plan
      of Distribution”
      sections in substantially the form attached hereto as Exhibit
      B;
      provided that the Company may make any changes to such sections as requested
      by
      the SEC so long as none of such changes are materially inconsistent with the
      form attached hereto as Exhibit
      B or
      adversely affect any Investor (including, without limitation, any restrictions
      on the manner of disposition). The Company shall use its commercially reasonable
      efforts to have the Registration Statement declared effective by the SEC as
      soon
      as practicable, but in no event later than the Effectiveness Deadline. By 9:30
      a.m. on the Business Day immediately following the Effective Date of the
      applicable Registration Statement, the Company shall file with the SEC in
      accordance with Rule 424 under the 1933 Act the final prospectus to be used
      in
      connection with sales pursuant to such Registration Statement.
      Notwithstanding anything to the contrary contained in this Agreement, other
      than
      during an Allowable Grace Period, the Company shall ensure that, when filed
      and
      at all times while effective, each Registration Statement and the prospectus
      used in connection with such Registration Statement will disclose (whether
      directly or through incorporation by reference to other SEC filings to the
      extent permitted) all material information regarding the Company and its
      securities. In no event shall the Company include any securities other than
      Registrable Securities on any Registration Statement without the prior written
      consent of the Required Holders. The Company shall not after the date hereof
      until the Effective Date of the Registration Statement required to be filed
      pursuant to this Section 2(a)
      enter
      into any agreement providing any such right to any of its security
      holders.

    

    (b) Legal
      Counsel.
      Subject
      to Section 5
      hereof,
      Magnetar Capital Master Fund, Ltd shall have the right to select one (1) legal
      counsel to review and oversee, solely on its behalf, any registration pursuant
      to this Section 2
      (“Legal
      Counsel”),
      which
      shall be Greenberg Traurig, LLP or such other counsel as thereafter designated
      by Magnetar Capital Master Fund, Ltd.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c) Ineligibility
      for Form S-3.
      In the
      event that Form S-3 is not available for the registration of the resale of
      Registrable Securities hereunder, the Company shall (i) register the resale
      of
      the Registrable Securities on another appropriate form reasonably acceptable
      to
      the Required Holders and (ii) undertake to register the Registrable Securities
      on Form S-3 as soon as such form is available, provided
      that the
      Company shall maintain the effectiveness of the Registration Statement then
      in
      effect until such time as a Registration Statement on Form S-3 covering the
      Registrable Securities has been declared effective by the SEC.

     

    (d) Sufficient
      Number of Shares Registered.
      In the
      event the number of shares available under a Registration Statement filed
      pursuant to Section 2(a)
      is
      insufficient to cover the resale of all of the Registrable Securities required
      to be covered by such Registration Statement, the Company shall amend the
      applicable Registration Statement, or file a new Registration Statement (on
      the
      short form available therefor, if applicable), or both, so as to cover at least
      the Required Registration Amount as of the Trading Day immediately preceding
      the
      date of the filing of such amendment or new Registration Statement, in each
      case, as soon as practicable, but in any event not later than fifteen (15)
      days
      after the necessity therefor arises. The Company shall use its commercially
      reasonable efforts to cause such amendment and/or new Registration Statement
      to
      become effective as soon as practicable following the filing thereof. For
      purposes of the foregoing provision, the number of shares available under a
      Registration Statement shall be deemed “insufficient to cover all of the
      Registrable Securities” if at any time the number of Common Shares available for
      resale under the Registration Statement is less than the product determined
      by
      multiplying (i) the Required Registration Amount as of such time by (ii) 0.90.
      The calculation set forth in the foregoing sentence shall be made without regard
      to (i) any limitations on the conversion of the Special Warrants (and such
      calculation shall assume that the Special Warrants are then fully convertible
      into Common Shares at the then prevailing applicable Conversion Price) or (ii)
      any limitations on the exercise of the Warrants (and such calculation shall
      assume that the Warrants are then fully exercisable for Common Shares at the
      then prevailing applicable Exercise Price).

     

    (e) Effect
      of Failure to File and Obtain and Maintain Effectiveness of Registration
      Statement.
      If (i)
      a Registration Statement covering the resale of all of the Registrable
      Securities required to be covered thereby and required to be filed by the
      Company pursuant to this Agreement is (A) not filed with the SEC on or before
      the Filing Deadline (a “Filing
      Failure”)
      (it
      being understood that if the Company files a Registration Statement without
      affording each Investor the opportunity to review and comment on the same as
      required by Section 3(c)
      hereof,
      the
      Company shall not be deemed to have satisfied this clause (i)(A) and such event
      shall be deemed to be a Filing Failure);
      or (B)
      not declared effective by the SEC on or before the applicable Effectiveness
      Deadline (an “Effectiveness
      Failure”)
      (it
      being understood that if on the Business Day immediately following the Effective
      Date the Company shall not have filed a “final” prospectus for such Registration
      Statement with the SEC under Rule 424(b) in accordance with Section 2(a)
      above
      (whether or not such a prospectus is technically required by such rule), the
      Company shall not be deemed to have satisfied this clause (i)(B) and such event
      shall be deemed to be an Effectiveness Failure) or (ii) on any day after the
      Effective Date of such Registration Statement sales of all of the Registrable
      Securities required to be included on such Registration Statement cannot be
      made
      (other than during an Allowable Grace Period (as defined in Section 3(r))
      pursuant to such Registration Statement (including, without limitation, because
      of a failure to keep such Registration Statement effective, to disclose such
      information as is necessary for sales to be made pursuant to such Registration
      Statement, a suspension or delisting of (or a failure to timely list) the Common
      Shares on its principal trading market or exchange, or to register a sufficient
      number of Common Shares) (a “Maintenance
      Failure”)
      (provided that if an Investor transfers its rights hereunder pursuant to Section
      9
      and the
      transferee requests inclusion in such Registration Statement which requires
      the
      Company under applicable law to file a post-effective amendment to such
      Registration Statement, then a Maintenance Failure shall not be deemed to have
      occurred solely with respect to the filing of such post-effective amendment
      only
      if the Company is using its commercially reasonable efforts to file such
      amendment and have such amendment declared effective as soon as practicable),
      then, as partial relief for the damages to any holder by reason of any such
      delay in or reduction of its ability to sell the underlying Common Shares (which
      remedy shall not be exclusive of any other remedies available at law or in
      equity), the Company shall pay to each holder of Registrable Securities relating
      to such Registration Statement an amount in cash equal to one percent (1%)
      of
      such Investor’s initial Conversion Amount stated in such Investor’s Special
      Warrant on the Closing Date (1) on the date of such Filing Failure,
      Effectiveness Failure or Maintenance Failure, as applicable, and (2) on every
      thirty (30) day anniversary of (I) a Filing Failure until such Filing Failure
      is
      cured; (II) an Effectiveness Failure until such Effectiveness Failure is cured;
      and (III) a Maintenance Failure until such Maintenance Failure is cured (in
      each
      case, pro rated for periods totaling less than thirty (30) days). The payments
      to which a holder shall be entitled pursuant to this Section 2(e)
      are
      referred to herein as “Registration
      Delay Payments.”
      Following
      the initial Registration Delay Payment for any particular event or failure
      (which shall be paid on the date of such event or failure, as set forth above),
      without limiting the foregoing, if an event or failure giving rise to the
      Registration Delay Payments is cured prior to any thirtieth (30th)
      day
      anniversary of such event or failure, then such Registration Delay Payment
      shall
      be made on the third (3rd)
      Business Day after such cure. Notwithstanding anything contained in this Section
      2(e)
      to the
      contrary, in no event shall the Registration Delay Payments exceed $5,000,000
      in
      the aggregate.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (f) Offering.
      Notwithstanding anything to the contrary contained in this Agreement, but
      subject to the payment of the Registration Delay Payments pursuant to Section
      2(e),
      in the
      event the staff of the SEC (the “Staff”)
      or the
      SEC seeks to characterize any offering pursuant to a Registration Statement
      filed pursuant to this Agreement as constituting an offering of securities
      by or on behalf of the Company, or in any other manner, such that the Staff
      or the SEC do not permit such Registration Statement to become
      effective and used for resales in a manner that does not constitute such an
      offering and that permits the continuous resale at the market by the Investors
      participating therein (or as otherwise may be acceptable to each
      Investor) without being named therein as an “underwriter,” then the Company
      shall reduce the number of shares to be included in such Registration Statement
      by all Investors until such time as the Staff and the SEC shall so permit
      such Registration Statement to become effective as aforesaid.  In making
      such reduction, the Company shall reduce the number of shares to be included
      by
      all Investors on a pro rata basis (based upon the number of Registrable
      Securities otherwise required to be included for each Investor) unless the
      inclusion of shares by a particular Investor or a particular set of Investors
      are resulting in the Staff or the SEC’s “by or on behalf of the Company”
offering position, in which event the shares held by such Investor or set of
      Investors shall be the only shares subject to reduction (and if by a set of
      Investors on a pro rata basis by such Investors or on such other basis as would
      result in the exclusion of the least number of shares by all such
      Investors).  In addition, in the event that the Staff or the SEC requires
      any Investor seeking to sell securities under a Registration Statement
      filed pursuant to this Agreement to be specifically identified as
      an “underwriter” in order to permit such Registration Statement to
      become effective, and such Investor does not consent to being so named as an
      underwriter in such Registration Statement, then, in each such case, the
      Company shall reduce the total number of Registrable Securities to be
      registered on behalf of such Investor, until such time as the
      Staff or the SEC does not require such identification or until such Investor
      accepts such identification and the manner thereof. Any reduction pursuant
      to this paragraph will first reduce all Registrable Securities other than
      those issued pursuant to the Transaction Agreement. In the event of
      any reduction in Registrable Securities pursuant to this paragraph, an
      affected Investor shall have the right to require, upon delivery of a written
      request to the Company signed by such Investor, the Company to file a
      registration statement within 30 days of such request (subject to any
      restrictions imposed by Rule 415 or required by the Staff or the SEC)
      for resale by such Investor in a manner reasonably acceptable to such Investor,
      and the Company shall following such request cause to be and keep effective
      such registration statement in the same manner as otherwise contemplated in
      this Agreement for registration statements hereunder, in each case until
      such time as: (i) all Registrable Securities held by such Investor have
      been registered and sold pursuant to an effective Registration Statement in
      a
      manner acceptable to such Investor or (ii) the Registrable Securities may
      be resold by such Investor without restriction (including volume
      limitations) pursuant to Rule 144(k) of the 1933 Act (taking account of any
      Staff position with respect to “affiliate” status) or (iii) such Investor agrees
      to be named as an underwriter in any such Registration Statement in a manner
      acceptable to such Investor as to all Registrable Securities held by such
      Investor and that have not theretofore been included in a Registration Statement
      under this Agreement (it being understood that the special demand right under
      this sentence may be exercised by an Investor multiple times and with respect
      to
      limited amounts of Registrable Securities in order to permit the resale thereof
      by such Investor as contemplated above).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (g) Piggyback
      Registrations.
      If, at
      any time during the period in which a Registration Statement is required to
      be
      kept effective, there is not an effective Registration Statement covering all
      of
      the Registrable Securities and the Company shall determine to prepare and file
      with the SEC a registration statement relating to an offering for its own
      account or the account of others under the 1933 Act of any of its equity
      securities (other than on Form S-4 or Form S-8 (each as promulgated under the
      1933 Act) or their then equivalents relating to equity securities to be issued
      solely in connection with any acquisition of any entity or business or equity
      securities issuable in connection with the Company’s stock option or other
      employee benefit plans), then the Company shall deliver to each Investor a
      written notice of such determination and, if within fifteen (15) days after
      the
      date of the delivery of such notice, any such Investor shall so request in
      writing, the Company shall include in such registration statement all or any
      part of such Registrable Securities such Investor requests to be registered;
      provided, however, that the Company shall not be required to register any
      Registrable Securities pursuant to this Section 2(g) that are eligible for
      resale pursuant to Rule 144(k) promulgated by the SEC pursuant to the 1933
      Act
      or that are the subject of a then effective Registration Statement. Any
      Registrable Securities of an Investor that are to be included in a registered
      public offering pursuant to this Section 2(g) shall be offered and sold upon
      such terms as the managing underwriters thereof determine. The managing
      underwriters may condition an Investor’s participation in such a registered
      public offering upon such Investor’s execution of an underwriting agreement
      containing customary terms and conditions which would customarily be applicable
      to selling shareholders. If the managing underwriters for a registered public
      offering determine that the number of Common Shares proposed to be sold in
      such
      offering would adversely affect the marketing of the Common Shares to be sold
      by
      the Company therein or by the Person or Persons who exercised their right to
      require the Company to register such offering under the 1933 Act, then the
      number of Common Shares to be included in such offering shall be reduced until
      the number of such shares does not exceed the number that the managing
      underwriters believe can be sold without any such adverse effects; provided
      that
      any shares to be excluded shall be so excluded in the following order of
      priority: (i) securities held by any Person or Persons other than (A) the
      Investors or (B) any Person or Persons who exercised their demand right to
      require the Company to register such offering under the 1933 Act; (ii)
      securities to be registered on behalf of the Company, if any, if such registered
      offering was initiated by any Person or Persons exercising their demand right
      to
      require the Company to register such offering under the 1933 Act and (iii)
      the
      Registrable Securities sought to be included by the Investors as determined
      on a
      pro-rata basis (based upon the aggregate number of Registrable Securities sought
      to be included in such registered offering).

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              Related
                Obligations.

            

    

    

    The
      Company will use its commercially reasonable efforts to effect the registration
      of the Registrable Securities in accordance with the intended method of
      disposition thereof and, pursuant thereto, the Company shall have the following
      obligations:

     

    (a) The
      Company shall promptly prepare and file with the SEC a Registration Statement
      with respect to the Registrable Securities (but in no event later than the
      Filing Deadline) and use its commercially reasonable efforts to cause such
      Registration Statement relating to the Registrable Securities to become
      effective as soon as practicable after such filing (but in no event later than
      the Effectiveness Deadline). Subject to allowable Grace Periods (as defined
      below), the Company shall keep each Registration Statement effective pursuant
      to
      Rule 415 for sale on a continuous basis in an at-the-market offering at all
      times until the earlier of (i) the date as of which all of the Investors may
      sell all of the Registrable Securities required to be covered by such
      Registration Statement without restriction pursuant to Rule 144(k) (or any
      successor thereto) promulgated under the 1933 Act or (ii) the date on which
      the
      Investors shall have sold all of the Registrable Securities covered by such
      Registration Statement (the “Registration
      Period”).
      The
      Company shall ensure that each Registration Statement (including any amendments
      or supplements thereto and prospectuses contained therein) shall not contain
      any
      untrue statement of a material fact or omit to state a material fact required
      to
      be stated therein, or necessary to make the statements therein (in the case
      of
      prospectuses, in the light of the circumstances in which they were made) not
      misleading. The Company shall submit to the SEC, within two (2) Business Days
      after the later of the date that (i) the Company learns that no review of a
      particular Registration Statement will be made by the staff of the SEC or that
      the staff has no further comments on a particular Registration Statement (as
      the
      case may be) and (ii) the approval of Legal Counsel pursuant to Section
3(c)
      (which
      approval is immediately sought), a request for acceleration of effectiveness
      of
      such Registration Statement to a time and date not later than 48 hours after
      the
      submission of such request. 

     

    (b) Subject
      to Section 3(r)
      of this
      Agreement, the Company shall prepare and file with the SEC such amendments
      (including post-effective amendments) and supplements to a Registration
      Statement and the prospectus used in connection with such Registration
      Statement, which prospectus is to be filed pursuant to Rule 424 promulgated
      under the 1933 Act, as may be necessary to keep such Registration Statement
      effective at all times during the Registration Period, and, during such period,
      comply with the provisions of the 1933 Act with respect to the disposition
      of
      all Registrable Securities of the Company required to be covered by such
      Registration Statement until such time as all of such Registrable Securities
      shall have been disposed of. In the case of amendments and supplements to a
      Registration Statement which are required to be filed pursuant to this Agreement
      (including pursuant to this Section 3(b))
      by
      reason of the Company filing a report on Form 10-Q or Form 10Q-SB (as the case
      may be) or Form 10-K or Form 10-KSB (as the case may be) or any analogous report
      under the Securities Exchange Act of 1934, as amended (the “1934
      Act”),
      the
      Company shall have incorporated such report by reference into such Registration
      Statement, if applicable, or shall file such amendments or supplements with
      the
      SEC on the same day on which the 1934 Act report is filed which created the
      requirement for the Company to amend or supplement such Registration
      Statement.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (c) The
      Company shall (A) permit Legal Counsel and legal counsel for each other Investor
      to review and comment upon (i) a Registration Statement at least five (5)
      Business Days prior to its filing with the SEC and (ii) all amendments and
      supplements to all Registration Statements (except for Annual Reports on Form
      10-K or Form 10-KSB (as the case may be), Quarterly Reports on Form 10-Q or
      Form
      10-QSB (as the case may be), Current Reports on Form 8-K, and any similar or
      successor reports) within a reasonable number of days prior to their filing
      with
      the SEC, and (B) not file any Registration Statement or amendment or supplement
      thereto in a form to which Legal Counsel or any legal counsel for any other
      Investor reasonably objects. The Company shall not submit a request for
      acceleration of the effectiveness of a Registration Statement or any amendment
      or supplement thereto without the prior approval of Legal Counsel, which consent
      shall not be unreasonably withheld. The Company shall furnish to Legal Counsel
      and legal counsel for each other Investor, without charge, (i) copies of any
      correspondence from the SEC or the staff of the SEC to the Company or its
      representatives relating to any Registration Statement, provided
      that
      such correspondence shall not contain any material, non-public information
      regarding the Company or any of its Subsidiaries, (ii) promptly after the
      same is prepared and filed with the SEC, one (1) copy of any Registration
      Statement and any amendment(s) thereto, including financial statements and
      schedules, all documents incorporated therein by reference, if requested by
      an
      Investor, and all exhibits and (iii) upon the effectiveness of any
      Registration Statement, one (1) copy of the prospectus included in such
      Registration Statement and all amendments and supplements thereto. The Company
      shall reasonably cooperate with Legal Counsel and legal counsel for each other
      Investor in performing the Company’s obligations pursuant to this Section
3.

     

    (d) The
      Company shall furnish to each Investor whose Registrable Securities are included
      in any Registration Statement, without charge, (i) promptly after the same
      is
      prepared and filed with the SEC, at least one (1) copy of any Registration
      Statement and any amendment(s) thereto, including financial statements and
      schedules, all documents incorporated therein by reference, if requested by
      an
      Investor, all exhibits and each preliminary prospectus, (ii) upon the
      effectiveness of any Registration Statement, ten (10) copies of the prospectus
      included in such Registration Statement and all amendments and supplements
      thereto (or such other number of copies as such Investor may reasonably request
      from time to time) and (iii) such other documents, including copies of any
      preliminary or final prospectus, as such Investor may reasonably request from
      time to time in order to facilitate the disposition of the Registrable
      Securities owned by such Investor.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (e) The
      Company shall use its commercially reasonable efforts to (i) register and
      qualify, unless an exemption from registration and qualification applies, the
      resale by Investors of the Registrable Securities covered by a Registration
      Statement under such other securities or “blue sky” laws of all applicable
      jurisdictions in the United States, (ii) prepare and file in those
      jurisdictions, such amendments (including post-effective amendments) and
      supplements to such registrations and qualifications as may be necessary to
      maintain the effectiveness thereof during the Registration Period, (iii) take
      such other actions as may be necessary to maintain such registrations and
      qualifications in effect at all times during the Registration Period, and (iv)
      take all other actions reasonably necessary or advisable to qualify the
      Registrable Securities for sale in such jurisdictions; provided,
      however,
      that
      the Company shall not be required in connection therewith or as a condition
      thereto to (x) qualify to do business in any jurisdiction where it would not
      otherwise be required to qualify but for this Section 3(e),
      (y)
      subject itself to general taxation in any such jurisdiction, or (z) file a
      general consent to service of process in any such jurisdiction. The Company
      shall promptly notify Legal Counsel, legal counsel for each other Investor
      and
      each Investor who holds Registrable Securities of the receipt by the Company
      of
      any notification with respect to the suspension of the registration or
      qualification of any of the Registrable Securities for sale under the securities
      or “blue sky” laws of any jurisdiction in the United States or its receipt of
      actual notice of the initiation or threatening of any proceeding for such
      purpose.

     

    (f) The
      Company shall notify Legal Counsel, legal counsel for each other Investor and
      each Investor in writing of the happening of any event, as promptly as
      practicable after becoming aware of such event, as a result of which the
      prospectus included in a Registration Statement, as then in effect, includes
      an
      untrue statement of a material fact or omission to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      the light of the circumstances under which they were made, not misleading
      (provided
      that in
      no event shall such notice contain any material, non-public information
      regarding the Company or any of its Subsidiaries), and, subject to Section
      3(r),
      promptly prepare a supplement or amendment to such Registration Statement to
      correct such untrue statement or omission and deliver ten (10) copies of such
      supplement or amendment to Legal Counsel, legal counsel for each other Investor
      and each Investor (or such other number of copies as Legal Counsel, legal
      counsel for each other Investor or such Investor may reasonably request). The
      Company shall also promptly notify Legal Counsel, and legal counsel for each
      other Investor and each Investor in writing (i) when a prospectus or any
      prospectus supplement or post-effective amendment has been filed, when a
      Registration Statement or any post-effective amendment has become effective
      (notification of such effectiveness shall be delivered to Legal Counsel, legal
      counsel for each other Investor and each Investor by facsimile or e-mail on
      the
      same day of such effectiveness and by overnight mail), and when the Company
      receives written notice from the SEC that a Registration Statement or any
      post-effective amendment will be reviewed by the SEC, (ii) of any request by
      the
      SEC for amendments or supplements to a Registration Statement or related
      prospectus or related information, and (iii) of the Company’s reasonable
      determination that a post-effective amendment to a Registration Statement would
      be appropriate.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (g) The
      Company shall use its commercially reasonable efforts to prevent the issuance
      of
      any stop order or other suspension of effectiveness of a Registration Statement,
      or the suspension of the qualification of any of the Registrable Securities
      for
      sale in any jurisdiction and, if such an order or suspension is issued, to
      obtain the withdrawal of such order or suspension at the earliest possible
      moment and to notify Legal Counsel, legal counsel for each other Investor and
      each Investor who holds Registrable Securities being sold of the issuance of
      such order and the resolution thereof or its receipt of actual notice of the
      initiation or threat of any proceeding for such purpose.

    

    (h) If
      any
      Investor may be required under applicable securities law to be described in
      the
      Registration Statement as an underwriter and such Investor consents to so being
      named an underwriter, at the request of any Investor, the Company shall furnish
      to such Investor, on the date of the effectiveness of the Registration Statement
      and thereafter from time to time on such dates as an Investor may reasonably
      request (i) a letter, dated such date, from the Company’s independent certified
      public accountants in form and substance as is customarily given by independent
      certified public accountants to underwriters in an underwritten public offering,
      addressed to the Investors, and (ii) an opinion, dated as of such date, of
      counsel representing the Company for purposes of such Registration Statement,
      in
      form, scope and substance as is customarily given in an underwritten public
      offering, addressed to the Investors.

    

    (i) If
      any
      Investor may be required under applicable securities law to be described in
      the
      Registration Statement as an underwriter and such Investor consents to so being
      named an underwriter, upon the written request of such Investor, the Company
      shall make available for inspection by (i) such Investor, (ii) legal counsel
      for
      such Investor and (iii) one (1) firm of accountants or other agents retained
      by
      such Investor (collectively, the “Inspectors”),
      all
      pertinent financial and other records, and pertinent corporate documents and
      properties of the Company (collectively, the “Records”),
      as
      shall be reasonably deemed necessary by each Inspector, and cause the Company’s
      officers, directors and employees to supply all information which any Inspector
      may reasonably request; provided, however, that each Inspector shall agree
      in
      writing to hold in strict confidence and not to make any disclosure (except
      to
      such Investor) or use of any Record or other information which the Company’s
      Board of Directors determines in good faith to be confidential, and of which
      determination the Inspectors are so notified, unless (a) the disclosure of
      such
      Records is necessary to avoid or correct a misstatement or omission in any
      Registration Statement or is otherwise required under the 1933 Act, (b) the
      release of such Records is ordered pursuant to a final, non-appealable subpoena
      or order from a court or government body of competent jurisdiction, or (c)
      the
      information in such Records has been made generally available to the public
      other than by disclosure in violation of this Agreement or any other Transaction
      Document. Such Investor agrees that it shall, upon learning that disclosure
      of
      such Records is sought in or by a court or governmental body of competent
      jurisdiction or through other means, give prompt notice to the Company and
      allow
      the Company, at its expense, to undertake appropriate action to prevent
      disclosure of, or to obtain a protective order for, the Records deemed
      confidential. Nothing herein (or in any other confidentiality agreement between
      the Company and such Investor, if any) shall be deemed to limit any Investor’s
      ability to sell Registrable Securities in a manner which is otherwise consistent
      with applicable laws and regulations.

    

    (j) The
      Company shall hold in confidence and not make any disclosure of information
      concerning an Investor provided to the Company unless (i) disclosure of such
      information is necessary to comply with federal or state securities laws, (ii)
      the disclosure of such information is necessary to avoid or correct a
      misstatement or omission in any Registration Statement or is otherwise required
      to be disclosed in the Registration Statement pursuant to the 1933 Act, (iii)
      the release of such information is ordered pursuant to a subpoena or other
      final, non-appealable order from a court or governmental body of competent
      jurisdiction, or (iv) such information has been made generally available to
      the
      public other than by disclosure in violation of this Agreement or any other
      Transaction Document. The Company agrees that it shall, upon learning that
      disclosure of such information concerning an Investor is sought in or by a
      court
      or governmental body of competent jurisdiction or through other means, give
      prompt written notice to such Investor and allow such Investor, at the
      Investor’s expense, to undertake appropriate action to prevent disclosure of, or
      to obtain a protective order for, such information.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (k) Without
      limiting any obligation of the Company under the Transaction Agreement, the
      Company shall use its commercially reasonable efforts either to (i) cause all
      of
      the Registrable Securities covered by a Registration Statement to be listed
      on
      each securities exchange on which securities of the same class or series issued
      by the Company are then listed, if any, if the listing of such Registrable
      Securities is then permitted under the rules of such exchange, or (ii) secure
      designation and quotation of all of the Registrable Securities covered by a
      Registration Statement on The
      Nasdaq Capital Market
      and the
      Boston Stock Exchange, or (iii) if, despite the Company’s best efforts to
      satisfy the preceding clauses (i) or (ii) the Company is unsuccessful in
      satisfying the preceding clauses (i) or (ii), without limiting the generality
      of
      the foregoing, to use its commercially reasonable efforts to arrange for at
      least two market makers to register with the National Association of Securities
      Dealers, Inc. (“NASD”)
      as
      such with respect to such Registrable Securities. The Company shall pay all
      fees
      and expenses in connection with satisfying its obligation under this Section
      3(k).

    

    (l) The
      Company shall cooperate with the Investors who hold Registrable Securities
      being
      offered and, to the extent applicable, facilitate the timely preparation and
      delivery of certificates (not bearing any restrictive legend) representing
      the
      Registrable Securities to be offered pursuant to a Registration Statement and
      enable such certificates to be in such denominations or amounts (as the case
      may
      be) as the Investors may reasonably request from time to time and registered
      in
      such names as the Investors may request.

    

    (m) If
      requested by an Investor, the Company shall as soon as practicable after receipt
      of notice from such Investor and subject to Section 3(r)
      hereof,
      (i) incorporate in a prospectus supplement or post-effective amendment such
      information as an Investor reasonably requests to be included therein relating
      to the sale and distribution of Registrable Securities, including, without
      limitation, information with respect to the number of Registrable Securities
      being offered or sold, the purchase price being paid therefor and any other
      terms of the offering of the Registrable Securities to be sold in such offering;
      (ii) make all required filings of such prospectus supplement or post-effective
      amendment after being notified of the matters to be incorporated in such
      prospectus supplement or post-effective amendment; and (iii) supplement or
      make
      amendments to any Registration Statement if reasonably requested by an Investor
      holding any Registrable Securities.

    

    (n) The
      Company shall use its commercially reasonable efforts to cause the Registrable
      Securities covered by a Registration Statement to be registered with or approved
      by such other governmental agencies or authorities as may be necessary to
      consummate the disposition of such Registrable Securities.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (o) The
      Company shall make generally available to its security holders as soon as
      practical, but not later than ninety (90) days after the close of the period
      covered thereby, an earnings statement (in form complying with, and in the
      manner provided by, the provisions of Rule 158 under the 1933 Act) covering
      a
      twelve-month period beginning not later than the first day of the Company’s
      fiscal quarter next following the effective date of the Registration
      Statement.

    

    (p) The
      Company shall otherwise use its best efforts to comply with all applicable
      rules
      and regulations of the SEC in connection with any registration
      hereunder.

    

    (q) Within
      one (1) Business Day after a Registration Statement which covers Registrable
      Securities is declared effective by the SEC, the Company shall deliver, and
      shall cause legal counsel for the Company to deliver, to the transfer agent
      for
      such Registrable Securities (with copies to the Investors whose Registrable
      Securities are included in such Registration Statement) confirmation that such
      Registration Statement has been declared effective by the SEC in the form
      attached hereto as Exhibit
      A.

     

    (r) Notwithstanding
      anything to the contrary herein (but subject to the last sentence of this
      Section 3(r)),
      at any
      time after the Effective Date of the applicable Registration Statement, the
      Company may delay the disclosure of material, non-public information concerning
      the Company or any of its Subsidiaries the disclosure of which at the time
      is
      not, in the good faith opinion of the Board of Directors of the Company, in
      the
      best interest of the Company and, in the opinion of counsel to the Company,
      otherwise required (a “Grace
      Period”);
      provided,
      that
      the Company shall promptly (i) notify the Investors in writing of the existence
      of material, non-public information giving rise to a Grace Period (provided
      that in
      each notice the Company will not disclose the content of such material,
      non-public information to the Investors) and the date on which the Grace Period
      will begin, and (ii) notify the Investors in writing of the date on which
      the Grace Period ends; and, provided
      further,
      that no
      Grace Period shall exceed ten (10) consecutive days and during any three hundred
      sixty five (365) day period such Grace Periods shall not exceed an aggregate
      of
      thirty (30) days and the first day of any Grace Period must be at least five
      (5)
      Trading Days after the last day of any prior Grace Period (each, an
“Allowable
      Grace Period”);
      provided,
      that no
      Allowable Grace Period may exist during the first sixty (60) Business Days
      after
      the Effective Date of the applicable Registration Statement. For purposes of
      determining the length of a Grace Period above, the Grace Period shall begin
      on
      and include the date the Investors receive the notice referred to in clause
      (i)
      and shall end on and include the later of the date the Investors receive the
      notice referred to in clause (ii) and the date referred to in such notice.
      The
      provisions of Section 3(g)
      hereof
      shall not be applicable during the period of any Allowable Grace Period. Upon
      expiration of the Grace Period, the Company shall again be bound by the first
      sentence of Section 3(f)
      with
      respect to the information giving rise thereto unless such material, nonpublic
      information is no longer applicable.

    

    (s) The
      Company shall use its commercially reasonable efforts to maintain eligibility
      for use of Form S-3 (or any successor form thereto) for the registration of
      the
      resale of the Registrable Securities. 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              Obligations
                of the Investors.

            

    

    

    (a) At
      least
      five (5) Business Days prior to the first anticipated filing date of a
      Registration Statement, the Company shall notify each Investor in writing of
      the
      information the Company requires from each such Investor. It shall be a
      condition precedent to the obligations of the Company to complete the
      registration pursuant to this Agreement with respect to the Registrable
      Securities of a particular Investor that such Investor shall furnish to the
      Company such information regarding itself, the Registrable Securities held
      by it
      and the intended method of disposition of the Registrable Securities held by
      it,
      as shall be reasonably required to effect and maintain the effectiveness of
      the
      registration of such Registrable Securities and shall execute such documents
      in
      connection with such registration as the Company may reasonably request.

    

    (b) Each
      Investor, by such Investor’s acceptance of the Registrable Securities, agrees to
      cooperate with the Company as reasonably requested by the Company in connection
      with the preparation and filing of any Registration Statement hereunder, unless
      such Investor has notified the Company in writing of such Investor’s election to
      exclude all of such Investor’s Registrable Securities from such Registration
      Statement.

     

    (c) Each
      Investor agrees that, upon receipt of any notice from the Company of the
      happening of any event of the kind described in Section 3(g)
      or the
      first sentence of 3(f),
      such
      Investor will immediately discontinue disposition of Registrable Securities
      pursuant to any Registration Statement(s) covering such Registrable Securities
      until such Investor’s receipt of the copies of the supplemented or amended
      prospectus contemplated by Section 3(g)
      or the
      first sentence of Section 3(f)
      or
      receipt of notice that no supplement or amendment is required.

    

    (d) Each
      Investor covenants and agrees that it will comply with the prospectus delivery
      requirements of the 1933 Act as applicable to it in connection with sales of
      Registrable
      Securities pursuant to the Registration Statement.

    

    (e) Each
      Investor covenants and agrees to deliver a Registration Statement Questionnaire,
      in the form attached hereto as Exhibit
      C,
      no later than 15 calendar days after the date hereof (such later date, the
      “Outside
      Delivery Date”);
      provided that if such Investor fails to deliver such questionnaire by the close
      of business on the Outside Delivery Date, then such Investor’s Registrable
      Securities may be excluded from the Registration Statement by the
      Company.

     

    
      	
              5.

            	
              Expenses
                of Registration.

            

    

    

    All
      reasonable expenses, other than underwriting discounts and commissions, incurred
      in connection with registrations, filings or qualifications pursuant to Sections
      2
      and
3,
      including, without limitation, all registration, listing and qualifications
      fees, printers and accounting fees, and fees and disbursements of counsel for
      the Company shall be paid by the Company. Each Buyer shall be responsible for
      the fees and disbursements of its own legal counsel in connection with
      registration, filing or qualification pursuant to Sections 2
      and
3
      of this
      Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              Indemnification.

            

    

    

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

     

    (a) To
      the
      fullest extent permitted by law, the Company will, and hereby does, indemnify,
      hold harmless and defend each Investor, the directors, officers, members,
      partners, employees, agents, representatives of, and each Person, if any, who
      controls any Investor within the meaning of the 1933 Act or the 1934 Act (each,
      an “Indemnified
      Person”),
      against any losses, claims, damages, liabilities, judgments, fines, penalties,
      charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
      expenses, joint or several, (collectively, “Claims”)
      incurred in investigating, preparing or defending any action, claim, suit,
      inquiry, proceeding, investigation or appeal taken from the foregoing by or
      before any court or governmental, administrative or other regulatory agency,
      body or the SEC, whether pending or threatened, whether or not an indemnified
      party is or may be a party thereto (“Indemnified
      Damages”),
      to
      which any of them may become subject insofar as such Claims (or actions or
      proceedings, whether commenced or threatened, in respect thereof) arise out
      of
      or are based upon: (i) any untrue statement or alleged untrue statement of
      a
      material fact in a Registration Statement or any post-effective amendment
      thereto or in any filing made in connection with the qualification of the
      offering under the securities or other “blue sky” laws of any jurisdiction in
      which Registrable Securities are offered (“Blue
      Sky Filing”),
      or
      the omission or alleged omission to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, (ii) any
      untrue statement or alleged untrue statement of a material fact contained in
      any
      preliminary prospectus if used prior to the effective date of such Registration
      Statement, or contained in the final prospectus (as amended or supplemented,
      if
      the Company files any amendment thereof or supplement thereto with the SEC)
      or
      the omission or alleged omission to state therein any material fact necessary
      to
      make the statements made therein, in light of the circumstances under which
      the
      statements therein were made, not misleading or (iii) any violation or alleged
      violation by the Company of the 1933 Act, the 1934 Act, any other law,
      including, without limitation, any state securities law, or any rule or
      regulation thereunder relating to the offer or sale of the Registrable
      Securities pursuant to a Registration Statement (the matters in the foregoing
      clauses (i) through (iii) being, collectively, “Violations”).
      Subject to Section 6(b),
      the
      Company shall reimburse the Indemnified Persons, promptly as such expenses
      are
      incurred and are due and payable, for any legal fees or other reasonable
      expenses incurred by them in connection with investigating or defending any
      such
      Claim. Notwithstanding anything to the contrary contained herein, the
      indemnification agreement contained in this Section 6(a):
      (i)
      shall not apply to a Claim by an Indemnified Person arising out of or based
      upon
      a Violation which occurs in reliance upon and in conformity with information
      furnished in writing to the Company by such Indemnified Person for such
      Indemnified Person expressly for use in connection with the preparation of
      such
      Registration Statement or any such amendment thereof or supplement thereto
      and
      (ii) shall not be available to the extent such Claim is based on a failure
      of
      the Investor to deliver or to cause to be delivered the prospectus made
      available by the Company (to the extent applicable), including a corrected
      prospectus, if such prospectus or corrected prospectus was timely made available
      by the Company pursuant to Section 3(d)
      and then
      only if, and to the extent that, following the receipt of the corrected
      prospectus no grounds for such Claim would have existed; and (iii) shall not
      apply to amounts paid in settlement of any Claim if such settlement is effected
      without the prior written consent of the Company, which consent shall not be
      unreasonably withheld or delayed. Such indemnity shall remain in full force
      and
      effect regardless of any investigation made by or on behalf of the Indemnified
      Person and shall survive the transfer of any of the Registrable Securities
      by
      any of the Investors pursuant to Section 9.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (b) In
      connection with any Registration Statement in which an Investor is
      participating, such Investor agrees to severally and not jointly indemnify,
      hold
      harmless and defend, to the same extent and in the same manner as is set forth
      in Section 6(a),
      the
      Company, each of its directors, each of its officers who signs the Registration
      Statement and each Person, if any, who controls the Company within the meaning
      of the 1933 Act or the 1934 Act (each, an “Indemnified
      Party”),
      against any Claim or Indemnified Damages to which any of them may become
      subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim
      or
      Indemnified Damages arise out of or are based upon any Violation, in each case,
      to the extent, and only to the extent, that such Violation occurs in reliance
      upon and in conformity with written information furnished to the Company by
      such
      Investor expressly for use in connection with such Registration Statement;
      and,
      subject to Section 6(b),
      such
      Investor will reimburse any legal or other expenses reasonably incurred by
      an
      Indemnified Party in connection with investigating or defending any such Claim;
      provided,
      however,
      that
      the indemnity agreement contained in this Section 6(b)
      and the
      agreement with respect to contribution contained in Section 7
      shall
      not apply to amounts paid in settlement of any Claim if such settlement is
      effected without the prior written consent of such Investor, which consent shall
      not be unreasonably withheld or delayed; provided,
      further,
      however,
      that
      such Investor shall be liable under this Section 6(b)
      for only
      that amount of a Claim or Indemnified Damages as does not exceed the net
      proceeds to such Investor as a result of the sale of Registrable Securities
      pursuant to such Registration Statement. Such indemnity shall remain in full
      force and effect regardless of any investigation made by or on behalf of such
      Indemnified Party and shall survive the transfer of any of the Registrable
      Securities by any of the Investors pursuant to Section 9. 

    

    (c) Promptly
      after receipt by an Indemnified Person or Indemnified Party (as the case may
      be)
      under this Section 6
      of
      notice of the commencement of any action or proceeding (including any
      governmental action or proceeding) involving a Claim, such Indemnified Person
      or
      Indemnified Party (as the case may be) shall, if a Claim in respect thereof
      is
      to be made against any indemnifying party under this Section 6,
      deliver
      to the indemnifying party a written notice of the commencement thereof, and
      the
      indemnifying party shall have the right to participate in, and, to the extent
      the indemnifying party so desires, jointly with any other indemnifying party
      similarly noticed, to assume control of the defense thereof with counsel
      mutually satisfactory to the indemnifying party and the Indemnified Person
      or
      the Indemnified Party (as the case may be); provided,
      however,
      that an
      Indemnified Person or Indemnified Party (as the case may be) shall have the
      right to retain its own counsel with the fees and expenses of such counsel
      to be
      paid by the indemnifying party if: (i) the indemnifying party has agreed in
      writing to pay such fees and expenses; (ii) the indemnifying party shall have
      failed promptly to assume the defense of such Claim and to employ counsel
      reasonably satisfactory to such Indemnified Person or Indemnified Party (as
      the
      case may be) in any such Claim; or (iii) the named parties to any such Claim
      (including any impleaded parties) include both such Indemnified Person or
      Indemnified Party (as the case may be) and the indemnifying party, and such
      Indemnified Person or such Indemnified Party (as the case may be) shall have
      been advised by counsel that a conflict of interest is likely to exist if the
      same counsel were to represent such Indemnified Person or such Indemnified
      Party
      and the indemnifying party (in which case, if such Indemnified Person or such
      Indemnified Party (as the case may be) notifies the indemnifying party in
      writing that it elects to employ separate counsel at the expense of the
      indemnifying party, then the indemnifying party shall not have the right to
      assume the defense thereof and such counsel shall be at the expense of the
      Indemnifying Party, provided
      further,
      that in
      the case of clause (iii) above the indemnifying party shall not be responsible
      for the reasonable fees and expenses of more than one (1) separate legal counsel
      for such Indemnified Person or Indemnified Party (as the case may be). The
      Indemnified Party or Indemnified Person (as the case may be) shall reasonably
      cooperate with the indemnifying party in connection with any negotiation or
      defense of any such action or Claim by the indemnifying party and shall furnish
      to the indemnifying party all information reasonably available to the
      Indemnified Party or Indemnified Person (as the case may be) which relates
      to
      such action or Claim. The indemnifying party shall keep the Indemnified Party
      or
      Indemnified Person (as the case may be) reasonably apprised at all times as
      to
      the status of the defense or any settlement negotiations with respect thereto.
      No indemnifying party shall be liable for any settlement of any action, claim
      or
      proceeding effected without its prior written consent, provided,
      however,
      that
      the indemnifying party shall not unreasonably withhold, delay or condition
      its
      consent. No indemnifying party shall, without the prior written consent of
      the
      Indemnified Party or Indemnified Person (as the case may be), consent to entry
      of any judgment or enter into any settlement or other compromise which does
      not
      include as an unconditional term thereof the giving by the claimant or plaintiff
      to such Indemnified Party or Indemnified Person (as the case may be) of a
      release from all liability in respect to such Claim or litigation, and such
      settlement shall not include any admission as to fault on the part of the
      Indemnified Party. Following indemnification as provided for hereunder, the
      indemnifying party shall be subrogated to all rights of the Indemnified Party
      or
      Indemnified Person (as the case may be) with respect to all third parties,
      firms
      or corporations relating to the matter for which indemnification has been made.
      The failure to deliver written notice to the indemnifying party within a
      reasonable time of the commencement of any such action shall not relieve such
      indemnifying party of any liability to the Indemnified Person or Indemnified
      Party (as the case may be) under this Section 6,
      except
      to the extent that the indemnifying party is materially and adversely prejudiced
      in its ability to defend such action.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (d) No
      Person
      involved in the sale of Registrable Securities who is guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in
      connection with such sale shall be entitled to indemnification from any Person
      involved in such sale of Registrable Securities who is not guilty of fraudulent
      misrepresentation.

    

    (e) The
      indemnification required by this Section 6
      shall be
      made by periodic payments of the amount thereof during the course of the
      investigation or defense, as and when bills are received or Indemnified Damages
      are incurred.

    

    (f) The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of
      action or similar right of the Indemnified Party or Indemnified Person against
      the indemnifying party or others, and (ii) any liabilities the indemnifying
      party may be subject to pursuant to the law.

     

    
      	
              7.

            	
              Contribution.

            

    

    

    To
      the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 6
      to the
      fullest extent permitted by law; provided,
      however,
      that:
      (i) no contribution shall be made under circumstances where the maker would
      not
      have been liable for indemnification under the fault standards set forth in
      Section 6
      of this
      Agreement, (ii) no Person involved in the sale of Registrable Securities which
      Person is guilty of fraudulent misrepresentation (within the meaning of Section
      11(f) of the 1933 Act) in connection with such sale shall be entitled to
      contribution from any Person involved in such sale of Registrable Securities
      who
      was not guilty of fraudulent misrepresentation; and (iii) contribution by any
      seller of Registrable Securities shall be limited in amount to the net amount
      of
      proceeds received by such seller from the sale of such Registrable Securities
      pursuant to such Registration Statement. Notwithstanding the provisions of
      this
      Section 7, no Investor shall be required to contribute, in the aggregate, any
      amount in excess of the amount by which the net proceeds actually received
      by
      such Investor from the sale of the Registrable Securities subject to the Claim
      exceeds the amount of any damages that such Investor has otherwise been required
      to pay, or would otherwise be required to pay under Section 6(b), by reason
      of
      such untrue or alleged untrue statement or omission or alleged
      omission.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              Reports
                Under the 1934 Act.

            

    

     

    With
      a
      view to making available to the Investors the benefits of Rule 144 promulgated
      under the 1933 Act or any other similar rule or regulation of the SEC that
      may
      at any time permit the Investors to sell securities of the Company to the public
      without registration (“Rule
      144”),
      the
      Company agrees to:

    

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

    

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

    

    (c) furnish
      to each Investor so long as such Investor owns Registrable Securities, promptly
      upon request, (i) a written statement by the Company, if true, that it has
      complied with the reporting requirements of Rule 144 and the 1934 Act, (ii)
      a
      copy of the most recent annual or quarterly report of the Company and such
      other
      reports and documents so filed by the Company with the SEC if such reports
      are
      not publicly available via EDGAR, and (iii) such other information as may be
      reasonably requested to permit the Investors to sell such securities pursuant
      to
      Rule 144 without registration.

     

    
      	
              9.

            	
              Assignment
                of Registration Rights.

            

    

     

    The
      rights under this Agreement shall be automatically assignable by the Investors
      to any transferee of all or any portion of such Investor’s Registrable
      Securities if: (i) the Investor agrees in writing with the transferee or
      assignee to assign such rights, and a copy of such agreement is furnished to
      the
      Company within a reasonable time after such assignment; (ii) the Company is,
      within a reasonable time after such transfer or assignment, furnished with
      written notice of (a) the name and address of such transferee or assignee,
      and
      (b) the securities with respect to which such registration rights are being
      transferred or assigned; (iii) immediately following such transfer or assignment
      the further disposition of such securities by the transferee or assignee is
      restricted under the 1933 Act or applicable state securities laws if so
      required; (iv) at or before the time the Company receives the written notice
      contemplated by clause (ii) of this sentence the transferee or assignee agrees
      in writing with the Company to be bound by all of the provisions contained
      herein; (v) such transfer shall have been made in accordance with the applicable
      requirements of the Transaction Agreement; and (vi) such transfer shall have
      been conducted in accordance with all applicable federal and state securities
      laws.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	
              10.

            	
              Amendment
                of Registration Rights.

            

    

    

    Provisions
      of this Agreement may be amended and the observance thereof may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company and the Required
      Holders, provided
      that any
      Investor may give a waiver in writing as to itself. Any amendment or waiver
      effected in accordance with this Section 10
      shall be
      binding upon each Investor and the Company. No such amendment or waiver (unless
      given pursuant to the foregoing proviso) shall be effective to the extent that
      it applies to less than all of the holders of the Registrable Securities. No
      consideration shall be offered or paid to any Person to amend or consent to
      a
      waiver or modification of any provision of any of this Agreement unless the
      same
      consideration also is offered to all of the parties to this
      Agreement.

    

    
      	
              11.

            	
              Miscellaneous.

            

    

    

    (a) Solely
      for purposes of this Agreement, a Person is deemed to be a holder of Registrable
      Securities whenever such Person owns or is deemed to own of record such
      Registrable Securities. If the Company receives conflicting instructions,
      notices or elections from two or more Persons with respect to the same
      Registrable Securities, the Company shall act upon the basis of instructions,
      notice or election received from such record owner of such Registrable
      Securities.

    

    (b) Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      (iii) with respect to Section 3(c),
      by
      electronic mail (provided confirmation of transmission is electronically
      generated and kept on file by the sending party); or (iv) one (1) Business
      Day
      after deposit with a nationally recognized overnight delivery service with
      next
      day delivery specified, in each case, properly addressed to the party to receive
      the same. The addresses and facsimile numbers for such communications shall
      be:

     

    
      
        	
                If
                  to the Company:

              
	 
	
                Workstream
                  Inc.

              
	
                495
                  March Road

              
	
                Suite
                  300

              
	
                Ottawa,
                  Ontario, Canada K2K - 3G1

              
	
                Telephone:

              	
                (613)
                  270-0619

              
	
                Facsimile:

              	
                (613)
                  236-9819

              
	
                Attention:

              	
                CEO

              
	 	 

      

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      
        	
                With
                  a copy (for informational purposes only) to:

              
	 
	
                Cozen
                  O’Connor

              
	
                1900
                  Market Street

              
	
                Philadelphia,
                  Pennsylvania 19103

              
	
                Telephone:

              	
                (215)
                  665-4141

              
	
                Facsimile:

              	
                (215)
                  665-2013

              
	
                Attention:

              	
                Michael
                  J. Heller, Esq.

              
	 
	 
	
                If
                  to the Transfer Agent:

              
	 
	
                American
                  Stock Transfer and Trust Company

              
	
                59
                  Maiden Lane

              
	
                New
                  York, NY 10038

              
	
                Telephone:

              	
                (718) 921-8124

              
	
                Facsimile:

              	
                (718) 921-8327

              
	
                Attention:

              	
                Joseph
                  Comito

              
	 
	
                If
                  to Legal Counsel:

              
	 
	
                Greenberg
                  Traurig, LLP

              
	
                77
                  W. Wacker Drive, Suite 2400

              
	
                Chicago,
                  Illinois 60602

              
	
                Telephone:

              	
                (312)
                  456-8400

              
	
                Facsimile:

              	
                (312)
                  456-8435

              
	
                Attention:

              	
                Peter
                  H. Lieberman, Esq.

              
	 	
                Todd
                  A. Mazur, Esq.

              

      

    

    

    If
      to a
      Buyer, to its address and facsimile number set forth on the Schedule of Buyers
      attached to the Transaction Agreement, with copies to such Buyer’s
      representatives as set forth on the Schedule of Buyers, or to such other address
      and/or facsimile number and/or to the attention of such other Person as the
      recipient party has specified by written notice given to each other party five
      (5) days prior to the effectiveness of such change; provided
      that
      Greenberg Traurig, LLP shall only be provided notices sent to Magnetar Capital
      Master Fund, Ltd. Written confirmation of receipt (A) given by the recipient
      of
      such notice, consent, waiver or other communication, (B) mechanically or
      electronically generated by the sender’s facsimile machine or electronic mail
      transmission containing the time, date, recipient facsimile number or electronic
      mail address and an image of the first page of such transmission or (C) provided
      by a courier or overnight courier service shall be rebuttable evidence of
      personal service, receipt by facsimile or receipt from a nationally recognized
      overnight delivery service in accordance with clause (i), (ii) or (iii) above,
      respectively.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

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

    

    (d) The
      parties hereby agree that pursuant to 735 Illinois Compiled Statutes 105/5-5
      they have chosen that all questions concerning the construction, validity,
      enforcement and interpretation of this Agreement shall be governed by the
      internal laws of the State of Illinois, without giving effect to any choice
      of
      law or conflict of law provision or rule (whether of the State of Illinois
      or
      any other jurisdictions) that would cause the application of the laws of any
      jurisdictions other than the State of Illinois. Each party hereby irrevocably
      submits to the exclusive jurisdiction of the state and federal courts sitting
      in
      The City of Chicago, Cook County, for the adjudication of any dispute hereunder
      or in connection herewith or with any transaction contemplated hereby or
      discussed herein, and hereby irrevocably waives, and agrees not to assert in
      any
      suit, action or proceeding, any claim that it is not personally subject to
      the
      jurisdiction of any such court, that such suit, action or proceeding is brought
      in an inconvenient forum or that the venue of such suit, action or proceeding
      is
      improper. Each party hereby irrevocably waives personal service of process
      and
      consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof to such party at the address for such notices to it
      under
      this Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      If any provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
      AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
      HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY
      TRANSACTION CONTEMPLATED HEREBY.

    

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

    

    (f) Subject
      to the requirements of Section 9,
      this
      Agreement shall inure to the benefit of and be binding upon the permitted
      successors and assigns of each of the parties hereto.

    

    (g) The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof. Unless the context clearly
      indicates otherwise, each pronoun herein shall be deemed to include the
      masculine, feminine, neuter, singular and plural forms thereof. The terms
“including,”
      “includes,”
      “include”
and
      words of like import shall be construed broadly as if followed by the words
      “without limitation.” The terms “herein,”
      “hereunder,”
      “hereof”
and
      words of like import refer to this entire Agreement instead of just the
      provision in which they are found.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    (h) This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other party.
      In
      the event that any signature is delivered by facsimile transmission or by an
      e-mail which contains an electronic file of an executed signature page, such
      signature page shall create a valid and binding obligation of the party
      executing (or on whose behalf such signature is executed) with the same force
      and effect as if such facsimile or electronic file signature page (as the case
      may be) were an original thereof.

    

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

    

    (j) All
      consents and other determinations required to be made by the Investors pursuant
      to this Agreement shall be made, unless otherwise specified in this Agreement,
      by the Required Holders.

    

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

    

    (l) This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person, other than the Persons
      referred to in Section 6
      and
7
      hereof.

    

    (m) The
      obligations of each Investor under this Agreement and the other Transaction
      Documents are several and not joint with the obligations of any other Investor,
      and no Investor shall be responsible in any way for the performance of the
      obligations of any other Investor under this Agreement or any other Transaction
      Document. Nothing contained herein or in any other Transaction Document, and
      no
      action taken by any Investor pursuant hereto or thereto, shall be deemed to
      constitute the Investors as a partnership, an association, a joint venture
      or
      any other kind of group or entity, or create a presumption that the Investors
      are in any way acting in concert or as a group or entity with respect to such
      obligations or the transactions contemplated by the Transaction Documents or
      any
      matters, and the Company acknowledges that the Investors are not acting in
      concert or as a group with respect to such obligations or the transactions
      contemplated by this Agreement or any of the other the Transaction Documents.
      Each Investor shall be entitled to independently protect and enforce its rights,
      including, without limitation, the rights arising out of this Agreement or
      out
      of any other Transaction Documents, and it shall not be necessary for any other
      Investor to be joined as an additional party in any proceeding for such purpose.
      The use of a single agreement with respect to the obligations of the Company
      contained was solely in the control of the Company, not the action or decision
      of any Investor, and was done solely for the convenience of the Company and
      not
      because it was required or requested to do so by any Investor. It is expressly
      understood and agreed that each provision contained in this Agreement and in
      each other Transaction Document is between the Company and an Investor, solely,
      and not between the Company and the Investors collectively and not between
      and
      among Investors.

     

    [signature
      pages follow]

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

     

    
      	 	 	 
	 	
              COMPANY:

            
	 	 
	 	WORKSTREAM
              INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              __________________
	 	
              Title:
                __________________

            

    

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

     

    
      	 	 	 
	 	
              BUYERS:

            
	 	 
	 	MAGNETAR CAPITAL MASTER FUND,
              LTD
	 
 	 
 	 
 
	 	By:  	Magnetar
              Financial LLC 
	 	Its:	Investment Manager
	 	 	 
	 	 	 
	 	By:	Doug Litowitz
	 	Its:	Counsel

    

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      each
      Buyer and the Company have caused their respective signature page to this
      Registration Rights Agreement to be duly executed as of the date first written
      above.

    
       

      
        	 	 	 
	 	
                
                  [OTHER
                    BUYERS]

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
                __________________
	 	
                Title:
                  __________________

              

      

       

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      OF BUYERS

    

    

      
        	
                Buyer

              	
                Buyer
                  Address

                and
                  Facsimile Number

              	
                Buyer’s
                  Representative’s Address 

                and
                  Facsimile Number

              
	
                Magnetar
                  Capital Master Fund, Ltd

              	
                1603
                  Orrington Avenue

              	
                Greenberg
                  Traurig, LLP

              
	 	
                Evanston,
                  IL 60201

              	
                77
                  W. Wacker Drive, Suite 2400

              
	 	
                Attn:
                  

              	
                Michael
                  Balkin

              	
                Chicago,
                  Illinois 60601

              
	 	
                Facsimile:
                  

              	
                (847)
                  905-5603

              	
                Attention:

              	
                Peter
                  H. Lieberman

              
	 	
                Telephone:
                  

              	
                (847)
                  905-4832

              	
                 

              	
                Todd
                  A. Mazur

              
	 	 	 	
                Facsimile:

              	
                (312)
                  456-8435

              
	 	 	 	
                Telephone:

              	
                (312)
                  456-8400

              
	 	 	 	 	
                 

              
	
                [OTHER
                  BUYERS]

              	 	 	 	 

      

    

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    FORM
      OF NOTICE OF EFFECTIVENESS

    OF
      REGISTRATION STATEMENT

    

      
        	 	 
	 	 
	 	 
	
                Attention:
                  

              	 

      

    

     

    Re: Workstream
      Inc.

    

    Ladies
      and Gentlemen:

     

    [We
      are][I am] counsel to Workstream Inc., a corporation existing pursuant to the
      Canada Business Corporations Act (the “Company”),
      and
      have represented the Company and its subsidiaries in connection with that
      certain Transaction Agreement (the “Transaction
      Agreement”)
      entered into by and among the Company and the buyers named therein
      (collectively, the “Holders”)
      pursuant to which the Company issued to the Holders special warrants (the
“Special
      Warrants”)
      convertible into the Company’s common shares, no par value
      (the “Common
      Shares”),
      and
      warrants exercisable for Common Shares (the “Warrants”).
      Pursuant to the Transaction Agreement, the Company also has entered into a
      Registration Rights Agreement with the Holders (the “Registration
      Rights Agreement”)
      pursuant to which the Company agreed, among other things, to register the
      Registrable Securities (as defined in the Registration Rights Agreement),
      including the Common Shares issuable upon conversion of the Special Warrants
      and
      exercise of the Warrants, under the Securities Act of 1933, as amended (the
      “1933
      Act”).
      In
      connection with the Company’s obligations under the Registration Rights
      Agreement, on ____________ ___, 200_, the Company filed a Registration Statement
      on Form S-3 (File No. 333-_____________) (the “Registration
      Statement”)
      with
      the Securities and Exchange Commission (the “SEC”)
      relating to the Registrable Securities which names each of the Holders as a
      selling shareholder thereunder.

    

    In
      connection with the foregoing, [we][I] advise you that a member of the SEC’s
      staff has advised [us][me] by telephone that the SEC has entered an order
      declaring the Registration Statement effective under the 1933 Act at
[ENTER
      TIME OF EFFECTIVENESS]
      on
[ENTER
      DATE OF EFFECTIVENESS]
      and
      [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s
      staff, that any stop order suspending its effectiveness has been issued or
      that
      any proceedings for that purpose are pending before, or threatened by, the
      SEC
      and the Registrable Securities are available for resale under the 1933 Act
      pursuant to the Registration Statement.

    

    This
      letter shall serve as our standing opinion to you that the Common Shares
      underlying the Special Warrants and Warrants are freely transferable by the
      Holders pursuant to the Registration Statement, subject to the prospectus
      delivery requirements of the 1933 Act, which the selling
      stockholders
      have agreed to comply with to the extent applicable and which we have assumed
      compliance with in issuing this letter. You need not require further letters
      from us to effect any future legend-free issuance or reissuance of such Common
      Shares to the Holders as contemplated by the Company’s Irrevocable Transfer
      Agent Instructions dated _________ __, 200_. 

    

    Very
      truly yours,

    

    [ISSUER’S
      COUNSEL]

    

    By:_____________________

    CC: [LIST
      NAMES OF HOLDERS]

    

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

    

    SELLING
      SHAREHOLDERS

    

    The
      common shares being offered by the selling shareholders are those issuable
      to
      the selling shareholders upon conversion of the special warrants and exercise
      of
      the warrants. For additional information regarding the issuance of the special
      warrants and the warrants, see “Private Placement of Special Warrants and
      Warrants” above. We are registering the common shares in order to permit the
      selling shareholders to offer the shares for resale from time to time. Except
      for the ownership of the special warrants and the warrants issued pursuant
      to
      the Transaction Agreement, the selling shareholders have not had any material
      relationship with us within the past three years.

    

    The
      table
      below lists the selling shareholders and other information regarding the
      beneficial ownership of the common shares by each of the selling shareholders.
      The second column lists the number of common shares beneficially owned by each
      selling shareholder, based on its ownership of common shares, the special
      warrants and the warrants, as of ________, 2007, assuming conversion of the
      special warrants and exercise of the warrants held by the selling shareholders
      on that date, taking account of any limitations on conversion or
      exercise.

    

    The
      third
      column lists the common shares being offered by this prospectus by the selling
      shareholders.

    

    In
      accordance with the terms of a registration rights agreement with the holders
      of
      the special warrants and the warrants, this prospectus generally covers the
      resale of the sum of (i) the number of common shares issuable upon conversion
      of
      the related special warrants and (ii) the number of common shares issuable
      upon
      exercise of the related warrants, determined as if the outstanding special
      warrants and warrants were converted or exercised, as applicable, in full
      (without regard to any limitations on conversion or exercise contained therein),
      in each case, as of the trading day immediately preceding the date this
      registration statement was initially filed with the SEC. Because the conversion
      price of the special warrants and the exercise price of the warrants may be
      adjusted, the number of shares that will actually be issued may be more or
      less
      than the number of shares being offered by this prospectus. The fourth column
      assumes the sale of all of the shares offered by the selling shareholders
      pursuant to this prospectus.

    

    Under
      the
      terms of the special warrants and the warrants, a selling shareholder may not
      convert the special warrants or exercise the warrants, to the extent such
      conversion or exercise would cause such selling shareholder, together with
      its
      affiliates, to beneficially own a number of common shares which would exceed
      4.99% or 9.99% (as applicable) of our then outstanding common shares following
      such conversion or exercise, as applicable, excluding for purposes of such
      determination common shares issuable upon conversion of the special warrants
      and/or exercise of the warrants which have not been converted or exercised.
      The
      number of shares in the second column reflects these limitations. The selling
      shareholders may sell all, some or none of their shares in this offering. See
      “Plan of Distribution.”

    

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    
      	
              Name
                of Selling Shareholder

            	
              Number
                of Common 
Shares of Owned 
Prior to
                Offering

            	
              Maximum
                Number of 
Common Shares to be Sold 
Pursuant to this
                Prospectus

            	
              Number
                of Common 
Shares of Owned 
After
                Offering

            
	 	 	 	 
	
              Magnetar
                Capital Master Fund, Ltd. (1)

            	 	 	
              0

            
	 	 	 	 
	
              [Other
                Buyers]

            	 	 	 

    

    

    (1)
      Magnetar Financial LLC is the investment advisor of Magnetar Capital Master
      Fund, Ltd. (“Magnetar Master Fund”) and consequently has voting control and
      investment discretion over securities held by Magnetar Master Fund. Alec
      Litowitz has voting control over Supernova Management LLC, the general partner
      of Magnetar Capital Partners LP, the sole managing member of Magnetar Financial
      LLC. As a result, Mr. Litowitz may be deemed to have beneficial ownership (as
      determined under Section 13(d) of the Securities Exchange Act of 1934, as
      amended) of any shares deemed to be beneficially owned by Magnetar Financial
      LLC.

    

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    PLAN
      OF DISTRIBUTION

    

    We
      are
      registering the common shares issuable upon conversion of the special warrants
      and exercise of the warrants to permit the resale of these common shares by
      the
      holders of the special warrants and warrants from time to time after the date
      of
      this prospectus. We will not receive any of the proceeds from the sale by the
      selling shareholders of the common shares. We will bear all fees and expenses
      incident to our obligation to register the common shares.

    

    The
      selling shareholders may sell all or a portion of the common shares beneficially
      owned by them and offered hereby from time to time directly or through one
      or
      more underwriters, broker-dealers or agents. If the common shares are sold
      through underwriters or broker-dealers, the selling shareholders will be
      responsible for underwriting discounts or commissions or agent’s commissions.
      The common shares may be sold in one or more transactions at fixed prices,
      at
      prevailing market prices at the time of the sale, at varying prices determined
      at the time of sale, or at negotiated prices. These sales may be effected in
      transactions, which may involve crosses or block transactions, 

    

    · on
      any
      national securities exchange or quotation service on which the securities may
      be
      listed or quoted at the time of sale;

    

    · in
      the
      over-the-counter market;

    

    · in
      transactions otherwise than on these exchanges or systems or in the
      over-the-counter market;

    

    · through
      the writing of options, whether such options are listed on an options exchange
      or otherwise;

    

    · ordinary
      brokerage transactions and transactions in which the broker-dealer solicits
      purchasers;

    

    · block
      trades in which the broker-dealer will attempt to sell the shares as agent
      but
      may position and resell a portion of the block as principal to facilitate the
      transaction;

    

    · purchases
      by a broker-dealer as principal and resale by the broker-dealer for its
      account;

    

    · an
      exchange distribution in accordance with the rules of the applicable
      exchange;

    

    · privately
      negotiated transactions;

    

    · short
      sales made after the date the Registration Statement is declared effective
      by
      the SEC, subject to any applicable limitations on short sales contained in
      any
      agreement between a selling shareholder and the Company;

    

    · sales
      pursuant to Rule 144;

    

    · broker-dealers
      may agree with the selling securityholders to sell a specified number of such
      shares at a stipulated price per share;

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    · a
      combination of any such methods of sale; and

    

    · any
      other method permitted pursuant to applicable law.

    

    If
      the
      selling shareholders effect such transactions by selling common shares to or
      through underwriters, broker-dealers or agents, such underwriters,
      broker-dealers or agents may receive commissions in the form of discounts,
      concessions or commissions from the selling shareholders or commissions from
      purchasers of the common shares for whom they may act as agent or to whom they
      may sell as principal (which discounts, concessions or commissions as to
      particular underwriters, broker-dealers or agents may be in excess of those
      customary in the types of transactions involved). In connection with sales
      of
      the common shares or otherwise, the selling shareholders may enter into hedging
      transactions with broker-dealers, which may in turn engage in short sales of
      the
      common shares in the course of hedging in positions they assume. The selling
      shareholders may also sell common shares short and deliver common shares covered
      by this prospectus to close out short positions and to return borrowed shares
      in
      connection with such short sales. The selling shareholders may also loan or
      pledge common shares to broker-dealers that in turn may sell such
      shares.

    

    The
      selling shareholders may pledge or grant a security interest in some or all
      of
      the special warrants, warrants or common shares owned by them and, if they
      default in the performance of their secured obligations, the pledgees or secured
      parties may offer and sell the common shares from time to time pursuant to
      this
      prospectus or any amendment to this prospectus under Rule 424(b)(3) or other
      applicable provision of the Securities Act of 1933, as amended, amending, if
      necessary, the list of selling shareholders to include the pledgee, transferee
      or other successors in interest as selling shareholders under this prospectus.
      The selling shareholders also may transfer and donate the common shares in
      other
      circumstances in which case the transferees, donees, pledgees or other
      successors in interest will be the selling beneficial owners for purposes of
      this prospectus.

    

    The
      selling shareholders and any broker-dealer participating in the distribution
      of
      the common shares may be deemed to be “underwriters” within the meaning of the
      Securities Act, and any commission paid, or any discounts or concessions allowed
      to, any such broker-dealer may be deemed to be underwriting commissions or
      discounts under the Securities Act. At the time a particular offering of the
      common shares is made, a prospectus supplement, if required, will be distributed
      which will set forth the aggregate amount of common shares being offered and
      the
      terms of the offering, including the name or names of any broker-dealers or
      agents, any discounts, commissions and other terms constituting compensation
      from the selling shareholders and any discounts, commissions or concessions
      allowed or reallowed or paid to broker-dealers.

    

    Under
      the
      securities laws of some states, the common shares may be sold in such states
      only through registered or licensed brokers or dealers. In addition, in some
      states the common shares may not be sold unless such shares have been registered
      or qualified for sale in such state or an exemption from registration or
      qualification is available and is complied with.

    

    There
      can
      be no assurance that any selling shareholder will sell any or all of the common
      shares registered pursuant to the shelf registration statement, of which this
      prospectus forms a part.

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    The
      selling shareholders and any other person participating in such distribution
      will be subject to applicable provisions of the Securities Exchange Act of
      1934,
      as amended, and the rules and regulations thereunder, including, without
      limitation, to the extent applicable, Regulation M of the Exchange Act, which
      may limit the timing of purchases and sales of any of the common shares by
      the
      selling shareholders and any other participating person. To the extent
      applicable, Regulation M may also restrict the ability of any person engaged
      in
      the distribution of the common shares to engage in market-making activities
      with
      respect to the common shares. All of the foregoing may affect the marketability
      of the common shares and the ability of any person or entity to engage in
      market-making activities with respect to the common shares.

    

    We
      will
      pay all expenses of the registration of the common shares pursuant to the
      registration rights agreement, estimated to be $[     ]
      in total, including, without limitation, Securities and Exchange Commission
      filing fees and expenses of compliance with state securities or “blue sky” laws;
provided,
      however,
      that a
      selling shareholder will pay all underwriting discounts and selling commissions,
      if any. We will indemnify the selling shareholders against liabilities,
      including some liabilities under the Securities Act, in accordance with the
      registration rights agreements, or the selling shareholders will be entitled
      to
      contribution. We may be indemnified by the selling shareholders against civil
      liabilities, including liabilities under the Securities Act, that may arise
      from
      any written information furnished to us by the selling shareholder specifically
      for use in this prospectus, in accordance with the related registration rights
      agreements, or we may be entitled to contribution.

     

    Once
      sold
      under the shelf registration statement, of which this prospectus forms a part,
      the common shares will be freely tradable in the hands of persons other than
      our
      affiliates.

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C

    

    WORKSTREAM
      INC.

    (the
      “Company”)

    

    QUESTIONNAIRE
      TO THE SELLING SHAREHOLDERS

    
 

    This
      Questionnaire is to be completed, signed and faxed to Scott Brucker, Esquire
      at
      (215) 701-2410 by no later than five (5) Business Days after receipt, by the
      person or entity indicated on the cover of this Questionnaire (the “Selling
      Shareholder”) whose common shares of the Company are being registered pursuant
      to a Registration Statement on Form S-3. Retain a duplicate copy for your files.
      If you do not return the Questionnaire by the foregoing deadline, your shares
      may not be included in the Registration Statement.

    

    If
      you
      are uncertain about any of the following questions as they apply to your
      situation, please supply all relevant facts. Include separate sheets with
      details if necessary. If you have any questions, please call Workstream’s
      counsel, Scott Brucker, Esquire, at (215) 665-3710.

    

    Please
      notify me immediately if any of the information disclosed in your answers
      changes. Please answer all questions. Indicate “none” or “not applicable” when
      appropriate. Information should be given as of the date of this Questionnaire,
      even if previously reported to the Company.

    

    IN
      ANSWERING THESE QUESTIONS, PLEASE REFER TO THE INSTRUCTIONS AT THE BEGINNING
      OF
      THIS QUESTIONNAIRE.

    

     

    Name
      of
      Selling Shareholder: _________________________________

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    
Instructions
      and Definitions

    

    The
      following instructions and definitions are furnished to aid you in preparing
      your answers to this Questionnaire.

    

    
      	 	
              1.

            	
              For
                purposes of this Questionnaire the term “Company” means Workstream
                Inc.

            

    

    

    
      	 	
              2.

            	
              “Beneficial”
                ownership.
                Beneficial ownership shall have the meaning ascribed to it in Section
                13(d) of the Securities Exchange Act of 1934, as amended. The SEC
                has
                taken the position that if you have sole or shared voting power or
                dispositive power or the ability to acquire either sole or shared
                voting
                or dispositive power of a security within 60 days, you are the beneficial
                owner of that security, even though that security is not registered
                in
                your name. Thus, for example, you could be the beneficial owner of
                securities in a trust or estate of which you are a trustee or executor,
                or
                of which you are one of the trustees or executors, or you could be
                the
                beneficial owner of securities which you have a right to
                purchase.

            

    

    

    
      	 	
              3.

            	
              The
                term “affiliate” for purposes of this Questionnaire means any person
                directly or indirectly controlling, controlled by, or under common
                control
                with the Selling Shareholder.

            

    

    

    
      	 	
              4.

            	
              An
                example response has been provided to assist you in preparing your
                response.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1. Broker-Dealer
      Status.
      

    

    (a) Are
      you,
      or are you an affiliate of, a broker-dealer registered under the Securities
      Exchange Act of 1934?

     

    
      
        	
                Yes
                  

              	 	
                ____

              	
                No
                  

              	 	
                ____

              

      

    

    

    If
“yes,”
      please give details below.

     

    (b) Please
      confirm the following statement: The Company’s equity securities that are being
      issued to you were acquired in the ordinary course of your business, and at
      the
      time the securities were issued to you, you did not have any agreement or
      understanding, directly or indirectly, with any person to distribute the
      securities.

    
      
         

        
          
            	
                    Confirmed

                  	 	
                    ____

                  	
                    Cannot
                      Confirm

                  	 	
                    ____

                  

          

        

         

      

    

    If
      “cannot confirm,” please give details below.

     

    2.
       Relationships
      with the Company.

    

    (a) Have
      you
      held any position or office with the Company, its predecessors or affiliates
      within the last three years? 

    
       

      
        
          	
                  Yes
                    

                	 	
                  ____

                	
                  No
                    

                	 	
                  ____

                

        

      

       

    

    If
“yes,”
      please give details below.

     

    (b)
       Have
      you
      had any other material relationship with the Company, its predecessors or
      affiliates within the last three years?

    
       

      
        
          	
                  Yes
                    

                	 	
                  ____

                	
                  No
                    

                	 	
                  ____

                

        

      

    

    

    If
“yes,”
      please give details below.

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    3. Equity
      Securities Beneficially Owned By You.

    

    (a) Please
      state the number and type of equity securities of the Company beneficially
      owned
      (please see instructions and definitions on page 2) by you as of the date
      of this Questionnaire, including securities which are exercisable or convertible
      into equity securities within 60 days of the date of this
      Questionnaire.

     

    
      
        
          	
                  Class

                  of
                    Security

                	 	
                  Number
                    of Shares

                  Beneficially
                    Owned  

                
	
                   

                	 	
                   

                
	 	 	 
	
                   

                	 	
                   

                

        

      

       

    

    (b) If
      any
      natural person or entity other than you holds or shares voting power or
      dispositive power with respect to the Company’s equity securities listed in
      response to Question 3(a), please provide the names of the natural persons
      (including titles) or entities that hold or share such voting power or
      dispositive power and indicate the number of the Company’s equity securities
      covered thereby.

     

    (c) With
      respect to the Company’s equity securities listed in response to
      Questions 3(a) and 3(b) for which an entity holds or shares voting power or
      dispositive power, please provide the names of the natural persons (including
      titles) or entities that control the entity or entities listed in response
      to
      Questions 3(a) and 3(b).

     

    (d) Please
      continue to list the natural persons or entities that control the entities
      listed in response to Question 3(c) and the entities listed in response to
      this Question 3(d) until you have listed only natural persons (including
      titles) that control the applicable entity or entities.

     

    (e) If
      any
      person or entity disclaims beneficial ownership of any of the equity securities
      you have listed in response to Question 3, please so indicate:

    

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    EXAMPLE
      RESPONSE

    

    The
      following is an example of a response to items 1 through 3. Please assume ABC
      Corporation is the Selling Shareholder for purposes of this
      example.

    

    1. Broker-Dealer
      Status.

     

    ABC
      Corporation is an affiliate of a broker-dealer because its sole shareholder,
      DEF
      Corporation, is a broker-dealer.

     

    2.
       Relationships
      with the Company.

    

    (a) ABC
      Corporation has not held any position or office with the Company, its
      predecessors or affiliates within the last three years. 

    

    (b)
       ABC
      Corporation provided consulting services to the Company in March 2002.

     

    3.  Equity
      Securities Beneficially Owned By You.
      

    

    Question
      3(a).

     

    
      
        	
                Class

                of
                  Security

              	 	
                Number
                  of Shares

                Owned
                  Beneficially  

              
	
                Common
                  Shares

              	 	
                100,000

              
	 	 	 
	
                Warrants
                  to purchase Common Shares

              	 	
                200,000

              

      

    

     

    Question
      3(b).

    

    Not
      applicable

    

    Question
      3(c).

    

    ABC
      Corporation is controlled by DEF Corporation, ABC Corporation’s sole
      shareholder.

    

    Question
      3(d).

    

    DEF
      Corporation is controlled by XYZ Corporation, DEF Corporation’s sole
      shareholder. XYZ Corporation is controlled by John Doe, XYZ Corporation’s sole
      shareholder and its President and Chief Executive Officer.

    

    Question
      3(e).

    

    John
      Doe
      disclaims beneficial ownership of the 100,000 Common Shares and the Warrants
      to
      purchase 200,000 Common Shares.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    The
      undersigned hereby acknowledges that the information contained herein is true
      to
      the best of his knowledge and will notify the Company immediately of any changes
      in such information.

    

      
        	
                DATED:
                  __________, 2007

              	
                FOR
                  INDIVIDUALS:

              	 
	 	 	 
	 	 	 
	 	 	 
	 	
                Name
                  of Selling Shareholder [please print]

              	 
	 	 	 
	 	 	 
	 	
                Signature

              	 
	 	 	 
	 	 	 
	 	
                FOR
                  CORPORATIONS, PARTNERSHIPS OR TRUSTS:

              	 
	 	 	 
	 	 	 
	 	 	 
	 	
                Name
                  of Selling Shareholder [please print]

              	 
	 	 	 
	 	 	 
	 	
                By:
                  

              	 	 
	 	 	
                Signature

              	 
	 	 	 	 
	 	 	 	 	 
	 	 	
                Name:

              	 	 
	 	 	 	
                [please
                  print]

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                Title:

              	 	 
	 	 	 	
                [please
                  print]

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