Document:

Exhibit 10.3

    

    
      EMPLOYMENT
        AGREEMENT

       

      To: Melanie
        Mroz:

       

      This
        Employment Agreement (this “Agreement”),
        dated
        as of May 12, 2008 (the “Effective
        Date”),
        establishes the terms of your continued employment with SouthPeak Interactive
        Corporation, a Delaware corporation (the “Company”).

       

      1. Employment
        Duties.
        You and
        the Company agree to your employment as Chief Executive Officer and President
        on
        the terms contained herein. In such position, you will report directory to
        the
        Company’s Board of Directors (the “Direct
        Report”).
        You
        agree to perform whatever duties the Direct Report may assign you from time
        to
        time that are reasonably consistent with your position. During your employment,
        you agree to devote your full business time, attention, and energies to
        performing those duties (except as the Company may otherwise
        agree).

       

      2. Term.
        The
        initial term of this Agreement shall be for a period of three years, commencing
        as of the Effective Date, unless terminated earlier pursuant to Section
        7
        below.
        This Agreement shall automatically renew for successive one-year periods
        thereafter (the initial term and each such renewal period are collectively
        referred to as the “Term”)
        unless, at least three months prior to the expiration of the initial term
        or any
        such renewal period, either party gives written notice to the other party
        specifically electing to terminate this Agreement at the end of the then-current
        initial term or renewal period, as applicable (a “Notice
        of Non-Renewal”).
        In
        the event a Notice of Non-Renewal is delivered by either party as provided
        above
        then, as of the end of the Term, unless you are no longer an employee of
        the
        Company as of such time, you shall become an at-will employee of the Company
        (provided that the provisions of this Agreement that expressly survive
        termination shall continue to apply to you).

       

      3. Compensation.

       

      (a) Salary.
        For all
        services rendered by you under this Agreement, the Company will pay you an
        annual salary (the “Salary”)
        of not
        less than US$150,000, which may be increased, but not decreased, from time
        to
        time in such amounts as may be determined by the Company’s Board of Directors
        (the “Board”)
        or the
        compensation committee thereof, in accordance with its generally applicable
        payroll practices.

       

      (b) Bonus.
        In
        addition to your Salary, you shall be eligible during the Term to receive
        an
        annual bonus (the “Bonus”)
        based
        on the Company’s achievement of its financial performance goals, as determined
        by the Board or its compensation committee. Any such Bonus earned hereunder
        will
        be paid within 90 days after the end of the Company’s fiscal year. You must be
        employed at the end of the applicable fiscal year in order to receive any
        Bonus
        to which you are otherwise entitled pursuant to the terms of this Section
        3(b).

       

      (c) Equity.
        You
        shall be eligible to receive equity awards under any incentive compensation,
        stock option or other equity plans of the Company now in effect or which
        may be
        in effect at any time during the Term, subject to the discretion of the Board
        or
        any committee thereof designated to administer any such plan. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      4. Employee
        Benefits.
        During
        the Term, the Company will provide you with the same benefits as it makes
        generally available from time to time to the Company’s senior executives, as
        those benefits are amended or terminated from time to time. Your participation
        in the Company’s benefit plans will be subject to the terms of the applicable
        plan documents and the Company’s generally applied policies, and the Company, in
        its sole discretion, may adopt, modify, interpret, or discontinue such plans
        or
        policies.

       

      5. Vacation.
        You
        shall accrue at least four weeks of paid vacation per year. All terms and
        conditions of your vacation benefit will be governed by the Company’s policies
        in effect from time to time.

       

      6. Expenses.
        The
        Company will reimburse you for reasonable travel and other business-related
        expenses you incur for the Company in performing your duties under this
        Agreement. You must itemize and substantiate all requests for reimbursement
        and
        submit such reimbursement requests in accordance with the Company’s policies in
        effect from time to time.

       

      7. No
        Other Employment.
        While
        the Company employs you, you agree that you will not, directly or indirectly,
        provide services to any person or organization for which you receive
        compensation or otherwise engage in activities that would conflict or interfere
        significantly with your faithful performance of your duties as an employee
        without the Board’s prior written consent. Notwithstanding the foregoing, you
        may (a) make and manage personal passive business investments of your choice
        and
        serve in any director or similar type capacity with up to three civic,
        educational or charitable organizations, or any trade association, without
        seeking or obtaining the approval of the Board, provided such activities
        do not
        materially interfere or conflict with the performance of your duties hereunder,
        and (b) with the approval of the Board, serve on the boards of directors
        of
        other corporations.

       

      8. Termination.
        Subject
        to the provisions of this Section
        8
        and of
Section
        9,
        you and
        the Company agree that it may terminate your employment, or you may resign,
        prior to the expiration of the Term, except that, if you voluntarily resign,
        you
        must provide the Company with 30 days’ prior written notice (unless the Board or
        your Direct Report has previously waived such notice in writing or authorized
        a
        shorter notice period).

       

      (a) For
        Cause.
        The
        Company may terminate your employment for “Cause”
if
        you:

       

      (i) commit
        a
        material breach of (A) your obligations or agreements under this Agreement
        or
        (B) any of the covenants regarding non-disclosure of confidential information,
        assignment of intellectual property rights, non-competition and/or
        non-solicitation (collectively, “Restrictive
        Covenants”)
        applicable to you under any stock option agreement or other agreement entered
        into (whether before, on or after the date hereof) between you and the
        Company;

       

      (ii) willfully
        neglect or fail to perform your material duties or responsibilities to the
        Company, such that the business or reputation of the Company is (or is
        threatened to be) materially and adversely affected;

      
        
          
          

        

        
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      (iii) commit
        an
        act of embezzlement, theft, fraud or any other act of dishonesty involving
        the
        Company or any of its customers; or

       

      (iv) are
        convicted of or plead guilty or no contest to a felony or other crime that
        involves moral turpitude.

       

      Your
        termination for Cause will be effective immediately upon the Company’s mailing
        or written transmission of notice of such termination. Before terminating
        your
        employment for Cause under clauses (i) or (ii) above, the Company will specify
        in writing to you the nature of the breach, act, omission, refusal, or failure
        that it deems to constitute Cause and give you 30 days after you receive
        such
        notice to the correct the situation (and thus avoid termination for Cause),
        if
        such situation is capable of being corrected, unless the Company agrees to
        extend the time for correction.

       

      (b) Without
        Cause.
        Subject
        to the applicable provisions in Sections
        9
        below,
        the Company may terminate your employment under this Agreement before the
        end of
        the Term without Cause.

       

      (c) Disability.
        If you
        become disabled (as defined below), the Company may terminate your employment.
        You are “disabled”
if
        you
        are unable, despite whatever reasonable accommodations the law requires,
        to
        render services to the Company for more than 90 consecutive days because
        of
        physical or mental disability, incapacity, or illness. You are also
“disabled”
if
        you
        are found to be disabled within the meaning of the Company’s long-term
        disability insurance coverage as then in effect (or would be so found if
        you
        applied for the coverage or benefits).

       

      (d) Death.
        If you
        die during the Term, the Term will end as of the date of your
        death.

       

      9. Consequences
        of Termination Prior to the Expiration of the Term.

       

      (a) Payments
        on Termination.
        If you
        resign or the Company terminates your employment with or without Cause or
        because of disability or death, the Company will pay you any unpaid portion
        of
        your Salary pro-rated through the date of actual termination, reimburse any
        substantiated but unreimbursed business expenses, pay any accrued and unused
        vacation time (to the extent consistent with the Company’s policies), and
        provide such other benefits as applicable laws or the terms of the benefits
        require. Except to the extent the law requires otherwise or as otherwise
        provided in this Agreement or in your option, restricted stock or other equity
        instrument agreements, neither you nor your beneficiary or estate will have
        any
        rights or claims under this Agreement or otherwise to receive severance or
        any
        other compensation, or to participate in any other plan, arrangement, or
        benefit, after such termination or resignation.

       

      (b) Termination
        Due to Disability.
        If your
        employment is terminated prior to the end of the Term due to disability,
        as
        determined in accordance with Section
        8(c),
        the
        Company shall, in addition to the payments set forth in Section
        9(a),
        continue to pay your Salary, as then in effect, for a period of 3 months
        after
        the date of termination of your employment (after which time the Company
        shall
        have no further obligation to pay Salary hereunder).

      
        
          
          

        

        
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      (c) Termination
        by the Company Without Cause.
        Anything
        contained herein to the contrary notwithstanding, if before the end of the
        Term
        the Company terminates your employment without Cause (other than as a result
        of
        your death or disability), you shall be entitled to the following, in addition
        to the payments set forth in Section
        9(a):

       

      (i) the
        Company shall continue to pay your Salary, as then in effect, for a period
        of 3
        months after the date of termination of your employment (the “Separation
        Period”)
        (after
        which time the Company shall have no further obligation to pay Salary
        hereunder); and

       

      (ii) the
        Company shall provide you and your beneficiaries, throughout the Separation
        Period and at the Company’s expense, with continued coverage under the group
        medical care, disability and life insurance benefit plans or arrangements
        in
        which you are participating at the time of termination; provided, however,
        that
        if such coverage is precluded by the terms of the Company’s benefit or insurance
        policies, the Company shall make a cash payment to you in an amount sufficient
        to allow you to obtain comparable benefits for such period; and provided,
        further, that the Company’s obligation to provide such coverage shall be
        terminated if you obtain equivalent substitute coverage from another employer
        at
        any time during the Separation Period.

       

      (d) Conditions
        to Separation of Employment Benefits.
        Notwithstanding anything to the contrary contained herein, it shall be a
        condition to the Company’s continued obligations under Sections
        9(b)
        and
(c)
        hereof
        that you comply with, and you agree to return any payments previously made
        to
        you under Sections
        9(b)
        and
(c)
        hereof
        if you fail to comply with, any Restrictive Covenants applicable to you.
        You are
        not required to mitigate amounts payable under this Section
        9(d)
        by
        seeking other employment or otherwise, nor must you return to the Company
        amounts earned under subsequent employment. 

       

      10. Unauthorized
        Disclosure; Non-Solicitation; Non-Competition; Proprietary
        Rights.

       

      (a) Unauthorized
        Disclosure.
        You
        agree and understand that in your position with the Company, you have been
        and
        will be exposed to and have and will receive information relating to the
        confidential affairs of the Company and its affiliates, including, without
        limitation, technical information, intellectual property, business and marketing
        plans, strategies, customer information, software, other information concerning
        the products, promotions, development, financing, expansion plans, business
        policies and practices of the Company and its affiliates and other forms
        of
        information considered by the Company and its affiliates to be confidential
        and
        in the nature of trade secrets (including, without limitation, ideas, research
        and development, know-how, formulas, technical data, designs, drawings,
        specifications, customer and supplier lists, pricing and cost information
        and
        business and marketing plans and proposals) (collectively, the “Confidential
        Information”).
        You
        agree that at all times during your employment with the Company and thereafter,
        you shall not disclose such Confidential Information, either directly or
        indirectly, to any individual, corporation, partnership, limited liability
        company, association, trust or other entity or organization, including a
        government or political subdivision or an agency or instrumentality thereof
        (each a “Person”)
        without the prior written consent of the Company and shall not use or attempt
        to
        use any such information in any manner other than in connection with your
        employment with the Company, unless required by law to disclose such
        information, in which case you shall provide the Company with written notice
        of
        such requirement as far in advance of such anticipated disclosure as possible
        so
        as to enable the Company to seek an appropriate protective order or confidential
        treatment. This confidentiality covenant has no temporal, geographical or
        territorial restriction. Upon termination of your employment with the Company,
        you shall promptly supply to the Company all property, keys, notes, memoranda,
        writings, lists, files, reports, customer lists, correspondence, tapes, disks,
        cards, surveys, maps, logs, machines, technical data and any other tangible
        product or document which has been produced by, received by or otherwise
        submitted to you during or prior to your employment with the Company, and
        any
        copies thereof in his (or capable of being reduced to his)
        possession.

      
        
          
          

        

        
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      (b) Non-Competition.
        By and
        in consideration of the Company’s entering into this Employment Agreement and
        the payments to be made and benefits to be provided by the Company hereunder,
        and in further consideration of your exposure to the Confidential Information
        of
        the Company and its affiliates, you agree that you shall not, during your
        employment with the Company (whether during the Term or thereafter) and for
        a
        one-year period thereafter (the “Restriction
        Period”),
        directly or indirectly, own, manage, operate, join, control, be employed
        by, or
        participate in the ownership, management, operation or control of, or be
        connected in any manner with, including, without limitation, holding any
        position as a stockholder, director, officer, consultant, independent
        contractor, employee, partner, or investor in, any Restricted Enterprise
        (as
        defined below); provided,
        that in
        no event shall ownership of two percent (2%) or less of the outstanding
        securities of any class of any issuer whose securities are registered under
        the
        Securities Exchange Act of 1934, as amended, standing alone, be prohibited
        by
        this paragraph (b), so long as you do not have, or exercise, any rights to
        manage or operate the business of such issuer other than rights as a stockholder
        thereof. For purposes of this paragraph, “Restricted
        Enterprise”
shall
        mean any
        Person that
        is
        engaged, directly or indirectly, in (or
        intends or proposes to engage in, or has been organized for the purpose of
        engaging in) interactive video game publishing.
        During
        the one-year period following the termination of your employment with the
        Company, upon request of the Company, you shall notify the Company of your
        then-current employment status.

       

      (c) Non-Solicitation
        of Employees.
        During
        the Restriction Period, you shall not directly or indirectly contact, induce
        or
        solicit (or assist any Person to contact, induce or solicit) for employment
        any
        person who is, or within twelve (12) months prior to the date of such
        solicitation was, an employee of the Company or any of its
        affiliates.

       

      (d) Non-Interference
        with Customers.
        During
        the Restriction Period, you shall not  contact, induce or solicit (or
        assist any Person to contact, induce or solicit) any Person which has a business
        relationship with the Company or of any of its affiliates to terminate, curtail
        or otherwise limit such business relationship.

      
        
          
          

        

        
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      (e) Proprietary
        Rights.
        You
        shall disclose promptly to the Company any and all inventions, discoveries,
        and
        improvements (whether or not patentable or registrable under copyright or
        similar statutes), and all patentable or copyrightable works, initiated,
        conceived, discovered, reduced to practice, or made by you, either alone
        or in
        conjunction with others, during your employment with the Company and related
        to
        the business or activities of the Company and its affiliates (the “Developments”).
        Except to the extent any rights in any Developments constitute a work made
        for
        hire under the U.S. Copyright Act, 17 U.S.C. § 101 et seq. that are owned ab
        initio by the Company and/or its applicable affiliate, you hereby assign
        all of
        your right, title and interest in and to all Developments (including all
        intellectual property rights therein) to the Company or its nominee without
        further compensation, including all rights or benefits therefor, including
        without limitation the right to sue and recover for past and future
        infringement. you acknowledge that any rights in any developments constituting
        a
        work made for hire under the U.S. Copyright act, 17 U.S.C § 101 et seq. are
        owned upon creation by the Company and/or its applicable affiliate as your
        employer. Whenever requested to do so by the Company, you shall execute any
        and
        all applications, assignments or other instruments which the Company shall
        deem
        necessary to apply for and obtain trademarks, patents or copyrights of the
        United States or any foreign country or otherwise protect the interests of
        the
        Company and its affiliates therein. These obligations shall continue beyond
        the
        end of your employment with the Company with respect to inventions, discoveries,
        improvements or copyrightable works initiated, conceived or made by you while
        employed by the Company, and shall be binding upon your employers, assigns,
        executors, administrators and other legal representatives. If the Company
        is
        unable for any reason, after reasonable effort, to obtain your signature
        on any
        document needed in connection with the actions described in this paragraph,
        you
        hereby irrevocably designate and appoint the Company and its duly authorized
        officers and agents as your agent and attorney in fact to act for and your
        behalf to execute, verify and file any such documents and to do all other
        lawfully permitted acts to further the purposes of this section with the
        same
        legal force and effect as if executed by you.

       

      (f) Remedies.
        You
        agree that any breach of the terms of this Section 10 would result in
        irreparable injury and damage to the Company for which the Company would
        have no
        adequate remedy at law; you therefore also agree that in the event of said
        breach or any threat of breach, the Company shall be entitled to an immediate
        injunction and restraining order to prevent such breach and/or threatened
        breach
        and/or continued breach by you and/or any and all Persons acting for and/or
        with
        you, without having to prove damages, in addition to any other remedies to
        which
        the Company may be entitled at law or in equity. The terms of this paragraph
        shall not prevent the Company from pursuing any other available remedies
        for any
        breach or threatened breach hereof, including, without limitation, the recovery
        of damages from you. You and the Company further agree that the provisions
        of
        the covenants contained in this Section 10 are reasonable and necessary to
        protect the businesses of the Company and its affiliates because of your
        access
        to Confidential Information and his material participation in the operation
        of
        such businesses. 

       

      11. Expiration.
        The
        expiration of this Agreement upon the end of the Term following the delivery
        of
        a Notice of Non-Renewal does not constitute termination without Cause and
        does
        not entitle you to any benefits under Section
        9(c).

       

      12. Cooperation
        After Termination of Employment.
        Following the termination of your employment with the Company for any reason,
        you shall fully cooperate with the Company in all matters relating to the
        winding up of your pending work on behalf of the Company including, but not
        limited to, any litigation in which you are involved, and the orderly transfer
        of any such pending work to other employees of the Company as may be designated
        by the Company. The Company shall reimburse you for any out-of-pocket expenses
        you incur in performing any work on behalf of the Company following the
        termination of your employment.

       

      
        
          
          

        

        
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      13. Restrictive
        Covenants.
        The
        Company and you acknowledge that the Restrictive Covenants applicable to
        you
        pursuant to any agreement entered into between you and the Company (a) shall
        remain in full force and effect, notwithstanding the execution and delivery
        of
        this Agreement by the parties, and (b) are intended by the parties to survive,
        and do survive, the expiration or termination of this Agreement and your
        employment with the Company.

       

      14. Assignment.
        The
        Company shall assign this Agreement and its rights and obligations hereunder
        in
        whole, but not in part, to any corporation or other entity with or into which
        the Company may hereafter merge or consolidate or to which the Company may
        transfer all or substantially all of its assets, if in any such case such
        corporation or other entity shall by operation of law or expressly in writing
        assume all obligations of the Company hereunder as fully as if it had originally
        been made a party hereto, but may not otherwise may not assign or otherwise
        transfer this Agreement or any or all of its rights, duties, obligations,
        or
        interests hereunder. You may not assign or otherwise transfer this Agreement
        or
        any or all of your rights, duties, obligations, or interests
        hereunder.

       

      15. Severability.
        If the
        final determination of an arbitrator or a court of competent jurisdiction
        declares, after the expiration of the time within which judicial review (if
        permitted) of such determination may be perfected, that any term or provision
        of
        this Agreement is invalid or unenforceable, the remaining terms and provisions
        will be unimpaired, and the invalid or unenforceable term or provision will
        be
        deemed replaced by a term or provision that is valid and enforceable and
        that
        comes closest to expressing the intention of the invalid or unenforceable
        term
        or provision.

       

      16. Amendment;
        Waiver.
        Neither
        you nor the Company may modify, amend or waive the terms of this Agreement
        other
        than by a written instrument signed by you and by another executive officer
        of
        the Company duly authorized by the Board. Either party’s waiver of the other
        party’s compliance with any provision of this Agreement is not a waiver of any
        other provision of this Agreement or of any subsequent breach by such party
        of a
        provision of this Agreement.

       

      17. Withholding.
        All
        payments required to be made by the Company to you under this Agreement shall
        be
        subject to the withholding of such amounts, if any, relating to tax and other
        payroll deductions as the Company may reasonably determine should be withheld
        for payment to the applicable taxing authorities pursuant to any applicable
        law
        or regulation.

       

      18. Governing
        Law.
        This
        Agreement shall be governed by the laws of the Commonwealth of Virginia
        exclusive of its choice of law provisions.

       

      19. Survival.
        Notwithstanding anything to the contrary contained in this Agreement, the
        provisions of Sections
        7
        through
20
        of this
        Agreement shall survive the termination or expiration, for any reason, of
        this
        Agreement.

       

      
        
          
          

        

        
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      20. Notices.
        Notices
        and other communications under this Agreement must be given in writing by
        personal delivery, by certified mail, return receipt requested, or by overnight
        delivery. You should send or deliver your notices to the Company’s corporate
        headquarters, to the attention of the Company’s Secretary. The Company will send
        or deliver any notices given to you at your address as reflected in the
        Company’s personnel records. You and the Company may change the notice address
        by providing notice of such change. You and the Company agree that notice
        is
        received on the date it is personally delivered, the date it is received
        by
        certified mail, or the date of guaranteed delivery by overnight service,
        at the
        applicable address set forth above.

       

      21. Entire
        Agreement.
        This
        Agreement supersedes any prior oral or written agreements, negotiations,
        commitments, and writings between you and the Company with respect to the
        subject matter hereof. All such other agreements, negotiations, commitments,
        and
        writings will have no further force or effect; and the parties to any such
        other
        negotiation, commitment, agreement, or writing will have no further rights
        or
        obligations thereunder.

       

      [Signature
        Page to Follow]

      
        
          
          

        

        
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      If
        you
        accept the terms of this Agreement please sign in the space indicated below.
        You
        are encouraged to consult with any advisors you choose regarding this
        Agreement.

       

      
        	 	
                SOUTHPEAK
                  INTERACTIVE CORPORATION

              
	 	 
	 	 	
                By:

              	 
	 	 	
                Name:

              	
                Abhishek
                  Jain

              
	 	 	
                Title:

              	
                Chairman,
                  President and Chief

                Executive
                  Officer

              

      

      

      I
        accept
        and agree to the terms of employment set forth in this Agreement:

       

      
        	
                Signature:

              	
                   

              
	
                Name:

              	
                Melanie
                  Mroz

              
	
                Date:

              	
                May
                  12, 2008

              

      

       

      
        
          
          

        

        
          -
            9 -Exhibit 10.4

    

     

    PURCHASE
      AGREEMENT

     

    THIS
      PURCHASE AGREEMENT (this “Agreement”)
      is
      made as of the 12th day of May, 2008 by and among Global Services Partners
      Acquisition Corp., a Delaware corporation (together with its successors and
      assigns, “GSPAC”),
      SouthPeak Interactive L.L.C., a Virginia limited liability company
      (“SouthPeak”),
      and
      the Investors set forth on the signature pages affixed hereto on and after
      the
      date hereof (each an “Investor” and collectively the “Investors”).
      

     

    Recitals

     

    A.
       GSPAC,
      SouthPeak and the Investors are executing and delivering this Agreement in
      reliance upon the exemption from securities registration afforded by the
      provisions of Regulation D (“Regulation
      D”),
      as
      promulgated by the U.S. Securities and Exchange Commission (the “SEC”)
      under
      the Securities Act of 1933, as amended; and 

     

    B.
       The
      Investors wish to purchase from GSPAC, and GSPAC wishes to sell and issue to
      the
      Investors, upon the terms and conditions stated in this Agreement up to
      15,000,000 shares (the “Shares”)
      of
      GSPAC’s Series A Convertible Preferred Stock, par value $0.0001 per share (the
“Preferred
      Stock”),
      at a
      purchase price of $1.00 per share; and 

     

    C.
       Contemporaneous
      with the sale of the Shares, the parties hereto will execute and deliver a
      Registration Rights Agreement, in the form attached hereto as Exhibit
      A
      (the
“Registration
      Rights Agreement”),
      pursuant to which GSPAC will agree to provide certain registration rights under
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder, and applicable state securities laws. 

     

    In
      consideration of the mutual promises made herein and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereto agree as follows: 

     

    1.
       Definitions.
      In
      addition to those terms defined above and elsewhere in this Agreement, for
      the
      purposes of this Agreement, the following terms shall have the meanings set
      forth below: 

     

    “Acquisition”
means
      the transaction contemplated under the Acquisition Agreement.

     

    “Acquisition
      Agreement”
means
      the definitive agreement contemplated under that certain Agreement entered
      into
      on or about the date of this Agreement, by and among GSPAC, SouthPeak
 and
      the
      Members of SouthPeak under which GSPAC shall have acquired all of the membership
      interests in SouthPeak.

     

    “Affiliate”
means,
      with respect to any Person, any other Person which, directly or indirectly
      through one or more intermediaries, Controls, is controlled by, or is under
      common control with, such Person. 

     

    “Business
      Day”
means
      a
      day, other than a Saturday or Sunday, on which banks in New York City are open
      for the general transaction of business. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Common
      Stock”
means
      the common stock of GSPAC, par value $.0001 per share.

     

    “Confidential
      Information”
means
      trade secrets, confidential information and know-how (including but not limited
      to ideas, formulae, compositions, processes, procedures and techniques, research
      and development information, computer program code, performance specifications,
      support documentation, drawings, specifications, designs, business and marketing
      plans, and customer and supplier lists and related information). 

     

    “Control”
      (including the terms “controlling”, “controlled by” or “under common control
      with”) means the possession, direct or indirect, of the power to direct or cause
      the direction of the management and policies of a Person, whether through the
      ownership of voting securities, by contract or otherwise. 

     

    “Disclosure
      Schedule”
means
      the document attached hereto as Schedule 1 which (i) contains matters required
      to be disclosed pursuant to Sections
      4
      and
5
      hereof
      that correspond to the numbered sections contained in such sections and (ii)
      lists exceptions to the representations and warranties that correspond to the
      numbered sections contained in Sections
      4 and
      5.
      

     

    “Effective
      Date”
means
      the date on which the initial Registration Statement is declared effective
      by
      the SEC. 

     

    “Effectiveness
      Deadline”
means
      the date on which the initial Registration Statement is required to be declared
      effective by the SEC under the terms of the Registration Rights Agreement.
      

     

    “Financial
      Statements”
means
      as to SouthPeak (i) the audited balance sheets and statements of income as
      of
      the end of and for the fiscal years ended June 30, 2006 and 2007 and (ii) the
      unaudited balance sheet and the unaudited statements of income and cash flows
      for the six months ended December 31, 2007 and as to GSPAC means (i) the audited
      balance sheets and statements of income as of the end of and for the fiscal
      years ended July 31, 2006 and 2007 and (ii) the unaudited balance sheet and
      the
      unaudited statements of income and cash flows for the six months ended January
      31, 2008.

     

    “GSPAC’s
      Knowledge”
means
      that which is known, or should be known, by those Persons serving as of the
      date
      hereof as the executive officers (as defined in Rule 405 under the 1933 Act)
      of
      GSPAC, after due inquiry. 

     

    “Intellectual
      Property”
means
      all of the following: (i) patents, patent applications, patent disclosures
      and
      inventions (whether or not patentable and whether or not reduced to practice);
      (ii) trademarks, service marks, trade dress, trade names, corporate names,
      logos, slogans and Internet domain names, together with all goodwill associated
      with each of the foregoing; (iii) copyrights and copyrightable works; (iv)
      registrations, applications and renewals for any of the foregoing; (v)
      proprietary computer software (including but not limited to data, data bases
      and
      documentation); and (vi) licenses for the foregoing including, but not limited
      to, licenses for software developed by third parties for the use or benefit
      of
      SouthPeak. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Material
      Adverse Effect”
means
      a
      material adverse effect on (i) the assets, liabilities, results of operations,
      condition (financial or otherwise), business, or prospects of an entity or
      its
      Subsidiaries taken as a whole, (ii) the ability of an entity to perform any
      of
      its obligations under the Transaction Documents or (iii) the legality, validity
      or enforceability of the transactions contemplated hereby. 

     

    “Person”
means
      an individual, corporation, partnership, limited liability company, trust,
      business trust, association, joint stock company, joint venture, sole
      proprietorship, unincorporated organization, governmental authority or any
      other
      form of entity not specifically listed herein. 

     

    “Purchase
      Price”
means
      $1.00. 

     

    “Registration
      Statement”
has
      the
      meaning set forth in the Registration Rights Agreement. 

     

    “SEC
      Filings”
has
      the
      meaning set forth in Section
      4.6.
      

     

    “SouthPeak’s
      Knowledge”
means
      that which is known, or should be known, by those Persons serving as of the
      date
      hereof as the executive officers (as defined in Rule 405 under the 1933 Act)
      of
      SouthPeak, after due inquiry. 

     

    “Subsidiary”
of
      any
      Person means another Person, an amount of the voting securities, other voting
      ownership or voting partnership interests of which is sufficient to elect at
      least a majority of its Board of Directors or other governing body (or, if
      there
      are no such voting interests, 50% or more of the equity interests of which)
      is
      owned directly or indirectly by such first Person. 

     

    “Transaction
      Documents”
means
      this Agreement, the Acquisition Agreement and the Registration Rights Agreement.
      

     

    “1933
      Act”
means
      the Securities Act of 1933, as amended, or any successor statute, and the rules
      and regulations promulgated thereunder. 

     

    “1934
      Act”
means
      the Securities Exchange Act of 1934, as amended, or any successor statute,
      and
      the rules and regulations promulgated thereunder. 

     

    2.
       Purchase
      and Sale of the Shares.
      Subject
      to the terms and conditions of this Agreement, each of the Investors shall
      severally, and not jointly, purchase, and GSPAC shall sell and issue to the
      Investors, the Shares in the respective amounts set forth opposite each
      Investor’s name on the signature pages attached hereto from time to time in
      exchange for the Purchase Price as specified in Section
      3
      below.

     

    3.
       Closing.
      Upon
      confirmation that the other conditions to closing specified herein have been
      satisfied or duly waived by an Investor, GSPAC shall deliver to Olshan Grundman
      Frome Rosenzweig & Wolosky LLP, in trust, a certificate or certificates,
      registered in such name or names as each Investor may designate, representing
      the Shares, with instructions that such certificates are to be held for release
      to the Investor only upon payment in full of the Purchase Price to GSPAC by
      the
      Investor. Upon such receipt by Olshan Grundman Frome Rosenzweig & Wolosky
      LLP, of the certificates, each Investor shall promptly, but no more than one
      Business Day thereafter, cause a wire transfer in same day funds to be sent
      to
      the account of GSPAC as instructed in writing by GSPAC, in an amount
      representing such Investor’s pro rata portion of the Purchase Price as set forth
      on the signature pages to this Agreement. On each date (a “Closing
      Date”)
      GSPAC
      receives the Purchase Price, the certificates evidencing the Shares shall be
      released to the Investors (each a “Closing”).
      Each
      Closing of the purchase and sale of the Shares shall take place at the offices
      of Greenberg Traurig, LLP, 1750 Tysons Boulevard, suite 1200, Mclean, Virginia
      22101, or at such other location and on such other date as GSPAC and each
      Investor shall mutually agree. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    4.
       Representations
      and Warranties of GSPAC.
      Except
      as set forth in the Disclosure Schedule, GSPAC hereby represents and warrants
      to
      the Investors as of the initial Closing Date hereunder as follows: 

     

    4.
      1
 Organization,
      Good Standing and Qualification.
      Each of
      GSPAC and its Subsidiaries is a corporation duly organized, validly existing
      and
      in good standing under the laws of the jurisdiction of its incorporation and
      has
      all requisite corporate power and authority to carry on its business as now
      conducted and to own its properties. Each of GSPAC and its Subsidiaries is
      duly
      qualified to do business as a foreign corporation and is in good standing in
      each jurisdiction in which the conduct of its business or its ownership or
      leasing of property makes such qualification or leasing necessary unless the
      failure to so qualify has not had and could not reasonably be expected to have
      a
      Material Adverse Effect. GSPAC’s Subsidiaries as of the date of this Agreement
      are listed on Schedule
      4.1
      of the
      Disclosure Schedule. 

     

    4.2
       Authorization.
      GSPAC
      has full power and authority and has taken all requisite action, whether on
      the
      part of GSPAC, its officers, directors or stockholders, necessary for (i) the
      authorization, execution and delivery of the Transaction Documents to which
      it
      is a party, (ii) the authorization of the performance of all of its obligations
      hereunder or thereunder, and (iii) the authorization, issuance (or reservation
      for issuance) and delivery of the Shares. The Transaction Documents constitute
      the legal, valid and binding obligations of GSPAC, enforceable against GSPAC
      in
      accordance with their terms, subject to bankruptcy, insolvency, fraudulent
      transfer, reorganization, moratorium and similar laws of general applicability,
      relating to or affecting creditors’ rights generally. 

     

    4.3
       Capitalization.
      Schedule
      4.3
      of the
      Disclosure Schedule sets forth (a) the authorized capital stock of GSPAC on
      the
      date hereof and (b) the number of shares of capital stock issued and
      outstanding, exclusive of the Shares and (c) the number of shares of capital
      stock issuable and reserved for issuance pursuant to securities (other than
      the
      Shares) exercisable for, or convertible into or exchangeable for any shares
      of
      capital stock of GSPAC. All of the issued and outstanding shares of GSPAC’s
      capital stock have been duly authorized and validly issued and are fully paid,
      non-assessable and free of preemptive rights and were issued in full compliance
      with applicable state and federal securities law and any rights of third
      parties. All of the issued and outstanding shares of capital stock of each
      Subsidiary have been duly authorized and validly issued and are fully paid,
      nonassessable and free of preemptive rights, were issued in full compliance
      with
      applicable state and federal securities law and any rights of third parties
      and
      are owned by GSPAC, beneficially and of record, subject to no lien, encumbrance
      or other adverse claim. No Person is entitled to preemptive or similar statutory
      or contractual rights with respect to any of GSPAC’s securities. Except as
      described on Schedule
      4.3,
      there
      are no outstanding warrants, options, convertible securities or other rights,
      agreements or arrangements of any character under which GSPAC or any of its
      Subsidiaries is or may be obligated to issue any equity securities of any kind
      and except as contemplated by this Agreement or the Acquisition Agreement,
      neither GSPAC nor any of its Subsidiaries is currently in negotiations for
      the
      issuance of any equity securities of any kind. Except for the Registration
      Rights Agreement, there are no voting agreements, buy-sell agreements, option
      or
      right of first purchase agreements or other agreements of any kind among GSPAC
      and any of its securityholders relating to GSPAC securities held by them. Except
      as described on Schedule
      4.3
      and
      except as provided in the Registration Rights Agreement, no Person has the
      right
      to require GSPAC to register any of its securities under the 1933 Act, whether
      on a demand basis or in connection with the registration of GSPAC’s securities
      for its own account or for the account of any other Person. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    The
      issuance and sale of the Shares hereunder will not obligate GSPAC to issue
      shares of Preferred Stock or other securities to any other Person (other than
      the Investors) and will not result in the adjustment of the exercise,
      conversion, exchange or reset price of any outstanding security. 

     

    GSPAC
      does not have outstanding stockholder purchase rights or “poison pill” or any
      similar arrangement in effect giving any Person the right to purchase any equity
      interest in GSPAC upon the occurrence of certain events. 

     

    4.4
       Valid
      Issuance.
      The
      Shares, upon the filing of the Certificate of Designations substantially in
      the
      form of Exhibit
      C
      attached
      hereto, will be duly and validly authorized and, when issued and paid for
      pursuant to this Agreement, will be validly issued, fully paid and
      non-assessable, and shall be free and clear of all encumbrances and restrictions
      (other than those created by the Investors), except for restrictions on transfer
      set forth in the Transaction Documents or imposed by applicable securities
      laws.

     

    4.5
       Consents.
      GSPAC’s
      execution, delivery and performance of the Transaction Documents and the offer,
      issuance and sale of the Shares require no consent of, action by or in respect
      of, or filing with, any Person, governmental body, agency, or official other
      than filings that have been made pursuant to applicable state securities laws
      and post-sale filings pursuant to applicable state and federal securities laws
      which GSPAC undertakes to file within the applicable time periods. Subject
      to
      the accuracy of the representations and warranties of each Investor set forth
      in
Section
      6
      hereof,
      GSPAC has taken all action necessary to exempt (i) the issuance and sale of
      the
      Shares, and (ii) the other transactions contemplated by the Transaction
      Documents from the provisions of any stockholder rights plan or other “poison
      pill” arrangement, any anti-takeover, business combination or control share law
      or statute binding on GSPAC or to which GSPAC or any of its assets and
      properties may be subject and any provision of GSPAC’s Certificate of
      Incorporation or Bylaws that is or could reasonably be expected to become
      applicable to the Investors as a result of the transactions contemplated hereby,
      including without limitation, the issuance of the Shares and the ownership,
      disposition or voting of the Shares by the Investors or the exercise of any
      right granted to the Investors pursuant to this Agreement or the other
      Transaction Documents. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    4.6
       Delivery
      of SEC Filings; Business.
      GSPAC
      has made available to the Investors through the EDGAR system, true and complete
      copies of its most recent Annual Report on Form 10-K for the fiscal year ended
      July 31, 2007 (the “10-K”),
      all
      other reports filed by GSPAC pursuant to the 1934 Act since the filing of the
      10-K and prior to the date hereof (including all Quarterly Reports on Form
      10-Q), and the Definitive Proxy Statement (No. 000-51869),
      filed with the Securities and Exchange Commission on April 11, 2008
      (“Proxy
      Statement”),
      (collectively,
      the “SEC
      Filings”).
      The
      SEC Filings are the only filings required of GSPAC pursuant to the 1934 Act
      for
      such period. GSPAC and its Subsidiaries are engaged in all material respects
      only in the business described in the SEC Filings and the SEC Filings contain
      a
      complete and accurate description in all material respects of GSPAC’s business
      and that of its Subsidiaries, taken as a whole. 

     

    4.7
       Use
      of
      Proceeds.
      The net
      proceeds of the sale of the Shares hereunder shall be used by GSPAC for working
      capital and general corporate purposes. 

     

    4.8
        SEC
      Filings.
      

     

    (a)
      At
      the time of filing thereof, the SEC Filings complied as to form in all material
      respects with the requirements of the 1934 Act and did not contain any untrue
      statement of a material fact or omit to state any material fact necessary in
      order to make the statements made therein, in the light of the circumstances
      under which they were made, not misleading. 

     

    (b)
      Each
      registration statement and any amendment thereto filed by GSPAC since September
      15, 2005 pursuant to the 1933 Act and the rules and regulations thereunder,
      as
      of the date such statement or amendment became effective, complied as to form
      in
      all material respects with the 1933 Act and did not contain any untrue statement
      of a material fact or omit to state any material fact required to be stated
      therein or necessary in order to make the statements made therein not
      misleading; and each prospectus filed pursuant to Rule 424(b) under the 1933
      Act, as of its issue date and as of the closing of any sale of securities
      pursuant thereto did not contain any untrue statement of a material fact or
      omit
      to state any material fact required to be stated therein or necessary in order
      to make the statements made therein, in the light of the circumstances under
      which they were made, not misleading. 

     

    4.9
       No
      Conflict, Breach, Violation or Default.
      The
      execution, delivery and performance of the Transaction Documents by GSPAC and
      the issuance and sale of the Shares will not conflict with or result in a breach
      or violation of any of the terms and provisions of, or constitute a default
      under or otherwise accelerate any rights pursuant to (i) GSPAC’s Certificate of
      Incorporation or Bylaws, both as in effect on the Closing Date (true and
      complete copies of which have been made available to the Investors), or (ii)(a)
      any statute, rule, regulation or order of any governmental agency or body or
      any
      court, domestic or foreign, having jurisdiction over GSPAC, any Subsidiary
      or
      any of their respective assets or properties, or (b) any agreement or instrument
      to which GSPAC or any Subsidiary is a party or by which GSPAC or a Subsidiary
      is
      bound or to which any of their respective assets or properties is subject,
      except, in the case of clause (ii) only, for such conflicts, breaches or
      violations as have not had and could not reasonably be expected to have a
      Material Adverse Effect, individually or in the aggregate. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    4.10
       Litigation.
      There
      are no pending actions, suits or proceedings against or affecting GSPAC, its
      Subsidiaries or any of its or their properties; and to GSPAC’s Knowledge, no
      such actions, suits or proceedings are threatened or contemplated. Neither
      GSPAC
      nor any Subsidiary, nor any director or officer thereof, is or has been the
      subject of any action involving a claim of violation of or liability under
      federal or state securities laws or a claim of breach of fiduciary duty. There
      has not been, and to GSPAC’s Knowledge, there is not pending or contemplated,
      any investigation by the SEC involving GSPAC or any current or former director
      or officer of GSPAC. The SEC has not issued any stop order or other order
      suspending the effectiveness of any registration statement filed by GSPAC or
      any
      Subsidiary under the 1933 Act or the 1934 Act. 

     

    4.11
       Financial
      Statements.
      The
      financial statements included in each SEC Filing present fairly, in all material
      respects, GSPAC’s consolidated financial position as of the dates shown and its
      consolidated results of operations and cash flows for the periods shown, and
      such financial statements have been prepared in conformity with United States
      generally accepted accounting principles applied on a consistent basis
      (“GAAP”)
      (except as may be disclosed therein or in the notes thereto, and, in the case
      of
      quarterly financial statements, as permitted by Form 10-Q under the 1934 Act).
      Except as set forth in GSPAC’s financial statements included in the SEC Filings
      filed prior to the date hereof or as described on Schedule
      4.11
      of the
      Disclosure Schedule, neither GSPAC nor any of its Subsidiaries has incurred
      any
      liabilities, contingent or otherwise, except those incurred in the ordinary
      course of business, consistent (as to amount and nature) with past practices
      since the date of such financial statements, none of which, individually or
      in
      the aggregate, have had or could reasonably be expected to have a Material
      Adverse Effect. 

     

    4.12
       Brokers
      and Finders.
      No
      Person will have, as a result of the transactions contemplated by the
      Transaction Documents, any valid right, interest or claim against or upon GSPAC,
      any Subsidiary or an Investor for any commission, fee or other compensation
      pursuant to any agreement, arrangement or understanding entered into by or
      on
      behalf of GSPAC. 

     

    4.13
       No
      Directed Selling Efforts or General Solicitation.
      Neither
      GSPAC nor any Person acting on its behalf has conducted any general solicitation
      or general advertising (as those terms are used in Regulation D) in connection
      with the offer or sale of any of the Shares. 

     

    4.14
       Private
      Placement.
      Assuming the accuracy of the representations and warranties made by the
      Investors set forth in Section
      6
      hereof,
      the offer and sale of the Shares to the Investors as contemplated hereby is
      exempt from the registration requirements of the 1933 Act. 

     

    4.15
       Transactions
      with Affiliates.
      Except
      as disclosed in the SEC Filings, none of GSPAC’s officers or directors is
      presently a party to any transaction with GSPAC or any Subsidiary (other than
      as
      holders of stock options and/or warrants, and for services as employees,
      officers and directors), including any contract, agreement or other arrangement
      providing for the furnishing of services to or by, providing for rental of
      real
      or personal property to or from, or otherwise requiring payments to or from
      any
      officer, director or such employee or, to GSPAC’s Knowledge, any entity in which
      any officer, director, or any such employee has a substantial interest or is
      an
      officer, director, trustee or partner. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    4.16 Internal
      Controls.
      GSPAC
      is in material compliance with the provisions of the Sarbanes-Oxley Act of
      2002
      currently applicable to GSPAC. GSPAC and the Subsidiaries maintain a system
      of
      internal accounting controls sufficient to provide reasonable assurance that
      (i)
      transactions are executed in accordance with management's general or specific
      authorizations, (ii) transactions are recorded as necessary to permit
      preparation of financial statements in conformity with GAAP and to maintain
      asset accountability, (iii) access to assets is permitted only in accordance
      with management's general or specific authorization, and (iv) the recorded
      accountability for assets is compared with the existing assets at reasonable
      intervals and appropriate action is taken with respect to any differences.
      GSPAC
      has established disclosure controls and procedures (as defined in 1934 Act
      Rules
      13a-15(e) and 15d-15(e)) for GSPAC and designed such disclosure controls and
      procedures to ensure that material information relating to GSPAC, including
      the
      Subsidiaries, is made known to the certifying officers by others within those
      entities, particularly during the period in which GSPAC's most recently filed
      periodic report under the 1934 Act, as the case may be, is being prepared.
      GSPAC’s certifying officers have evaluated the effectiveness of GSPAC’s controls
      and procedures as of the end of the period covered by the most recently filed
      periodic report under the 1934 Act (such date, the "Evaluation Date"). GSPAC
      presented in its most recently filed periodic report under the 1934 Act the
      conclusions of the certifying officers about the effectiveness of the disclosure
      controls and procedures based on their evaluations as of the Evaluation Date.
      Since the Evaluation Date, there have been no significant changes in GSPAC’s
      internal controls (as such term is defined in Item 308 of Regulation S-K) or,
      to
      GSPAC’s Knowledge, in other factors that could significantly affect GSPAC’s
      internal controls. GSPAC maintains and will continue to maintain a standard
      system of accounting established and administered in accordance with GAAP and
      the applicable requirements of the 1934 Act. 

     

    4.17
       Disclosures.
      Except
      as described on Schedule
      4.17
      of the
      Disclosure Schedule, neither GSPAC nor any Person acting on its behalf has
      provided the Investors or their agents or counsel with any information that
      constitutes or might constitute material, non-public information, other than
      the
      terms of the transactions contemplated hereby. The written materials delivered
      to the Investors in connection with the transactions contemplated by the
      Transaction Documents do not contain any untrue statement of a material fact
      or
      omit to state a material fact necessary in order to make the statements
      contained therein, in light of the circumstances under which they were made,
      not
      misleading. 

     

    4.18
       Tax
      Matters.
      GSPAC
      has timely prepared and filed all tax returns required to have been filed by
      it
      with all appropriate governmental agencies and timely paid all taxes shown
      thereon or otherwise owed by it. The charges, accruals and reserves on the
      books
      of GSPAC in respect of taxes for all fiscal periods are adequate in all material
      respects, and there are no material unpaid assessments against GSPAC nor, to
      GSPAC Knowledge, any basis for the assessment of any additional taxes, penalties
      or interest for any fiscal period or audits by any federal, state or local
      taxing authority except for any assessment which is not material to GSPAC,
      taken
      as a whole. All taxes and other assessments and levies that GSPAC is required
      to
      withhold or to collect for payment have been duly withheld and collected and
      paid to the proper governmental entity or third party when due. There are no
      tax
      liens or claims pending or, to GSPAC Knowledge, threatened against GSPAC or
      any
      of its respective assets or property. There are no outstanding tax sharing
      agreements or other such arrangements between GSPAC and any other
      entity.

     

    4.19
       Labor
      Matters.
      Since
      its incorporation, GSPAC has not employed any individual.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    5.
       Representations
      and Warranties of SouthPeak.
      Except
      as set forth in the Disclosure Schedule, SouthPeak hereby represents and
      warrants to the Investors as of the initial Closing Date hereunder as follows:
      

     

    5.1 Organization,
      Good Standing and Qualification.
      SouthPeak is a limited liability company duly formed, validly existing and
      in
      good standing under the laws of the jurisdiction of its formation and has all
      requisite power and authority to carry on its business as now conducted and
      to
      own its properties. SouthPeak is duly qualified to do business as a foreign
      limited liability company and is in good standing in each jurisdiction in which
      the conduct of its business or its ownership or leasing of property makes such
      qualification or leasing necessary unless the failure to so qualify has not
      had
      and could not reasonably be expected to have a Material Adverse Effect.
      SouthPeak does not directly or indirectly own any equity or similar interest
      in,
      or any interest convertible or exchangeable or exercisable for, any equity
      or
      similar interest in, any Subsidiary.

     

    5.2 Capitalization.
      The
      members of SouthPeak set forth in the Acquisition Agreement represent all of
      the
      members of SouthPeak. Except as set forth in the Proxy Statement, there are
      no
      outstanding warrants, options, convertible securities or other rights to acquire
      any interest or other securities in SouthPeak.

     

    5.3
       Authorization.
      SouthPeak has full power and authority and has taken all requisite action,
      whether on the part of SouthPeak, its officers, members or managers, necessary
      for (i) the authorization, execution and delivery of each of the Transaction
      Documents to which it is a party and (ii) the authorization of the performance
      of all of its obligations hereunder or thereunder. To the extent it is a party
      thereto, the Transaction Documents constitute the legal, valid and binding
      obligations of SouthPeak, enforceable against SouthPeak in accordance with
      their
      terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
      moratorium and similar laws of general applicability, relating to or affecting
      creditors’ rights generally. 

     

    5.4 No
      Material Adverse Change.
      Since
      June 30, 2007, except as identified and described in the Proxy Statement, there
      has not been: 

     

    (i)
      any
      change in the consolidated assets, liabilities, financial condition or operating
      results of SouthPeak from that reflected in SouthPeak’s financial statements, a
      copy of which has been provided to Investors, except for changes in the ordinary
      course of business which have not had and could not reasonably be expected
      to
      have a Material Adverse Effect, individually or in the aggregate, including
      loans incurred in the approximate amount of $440,000, the proceeds of which
      were
      distributed to SouthPeak’s members for the payment of income taxes;

     

    (ii)
      any
      material damage, destruction or loss, whether or not covered by insurance to
      any
      of SouthPeak’s assets or properties; 

     

    (iii)
      any
      declaration or payment of any dividend other than distributions to members
      for
      payment of income taxes, or any authorization or payment of any distribution
      on
      any of the membership interests of SouthPeak, or any redemption or repurchase
      of
      any securities of SouthPeak;

     

    
      
        
        

      

      
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    (iv)
      any
      waiver, not in the ordinary course of business, by SouthPeak of a material
      right
      or of a material debt owed to it; 

     

    (v)
      any
      satisfaction or discharge of any lien, claim or encumbrance or payment of any
      obligation by SouthPeak, except in the ordinary course of business or which
      is
      not material to the assets, properties, financial condition, operating results
      or business of SouthPeak taken as a whole (as such business is presently
      conducted and as it is proposed to be conducted); 

     

    (vi)
      any
      change or amendment to SouthPeak’ Operating Agreement, or material change to any
      material contract or arrangement by which SouthPeak is bound or to which any
      of
      its respective assets or properties is subject; 

     

    (vii)
      any
      material labor difficulties or labor union organizing activities with respect
      to
      SouthPeak’s employees; 

     

    (viii)
      any material transaction entered into by SouthPeak other than in the ordinary
      course of business; 

     

    (ix)
      the
      loss of the services of any key employee, or material change in the composition
      or duties of the senior management of SouthPeak; 

     

    (x)
      the
      loss of any customer which has had or could reasonably be expected to have
      a
      Material Adverse Effect; or 

     

    (xi)
      any
      other event or condition of any character that has had or could reasonably
      be
      expected to have a Material Adverse Effect.

     

    5.5 No
      Conflict, Breach, Violation or Default.
      The
      execution, delivery and performance of each of the Transaction Documents to
      which SouthPeak is a party will not conflict with or result in a breach or
      violation of any of the terms and provisions of, or constitute a default under
      or otherwise accelerate any rights pursuant to (i) SouthPeak’s Operating
      Agreement as in effect on the date hereof (true and complete copies of which
      have been made available to the Investors), or (ii)(a) any statute, rule,
      regulation or order of any governmental agency or body or any court, domestic
      or
      foreign, having jurisdiction over SouthPeak or any of its assets or properties,
      or (b) any agreement or instrument to which SouthPeak is a party or by which
      SouthPeak is bound or to which any of its assets or properties is subject,
      except, in the case of clause (ii) only, for such conflicts, breaches or
      violations as have not had and could not reasonably be expected to have a
      Material Adverse Effect, individually or in the aggregate. 

     

    
      
        
        

      

      
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    5.6
       Tax
      Matters.
      SouthPeak has timely prepared and filed all tax returns required to have been
      filed by it with all appropriate governmental agencies and timely paid all
      taxes
      shown thereon or otherwise owed by it. The charges, accruals and reserves on
      the
      books of SouthPeak in respect of taxes for all fiscal periods are adequate
      in
      all material respects, and there are no material unpaid assessments against
      SouthPeak nor, to SouthPeak’s Knowledge, any basis for the assessment of any
      additional taxes, penalties or interest for any fiscal period or audits by
      any
      federal, state or local taxing authority except for any assessment which is
      not
      material to South Peak, taken as a whole. All taxes and other assessments and
      levies that SouthPeak is required to withhold or to collect for payment have
      been duly withheld and collected and paid to the proper governmental entity
      or
      third party when due. There are no tax liens or claims pending or, to
      SouthPeak’s Knowledge, threatened against SouthPeak or any of its respective
      assets or property. There are no outstanding tax sharing agreements or other
      such arrangements between SouthPeak and any other entity. 

     

    5.7
       Title
      to Properties.
       Except
      as
      described in Schedule
      5.7,
      SouthPeak has good and marketable title to all real properties and all other
      properties and assets owned by it, in each case free from liens, encumbrances
      and defects that would materially affect the value thereof or materially
      interfere with the use made or currently planned to be made thereof by it;
      and
      except as disclosed in Schedule
      5.7,
      SouthPeak holds any leased real or personal property under valid and enforceable
      leases with no exceptions that would materially interfere with the use made
      or
      currently planned to be made thereof by it. 

     

    5.8
       Certificates,
      Authorities and Permits.
      SouthPeak possesses adequate certificates, authorities or permits issued by
      appropriate governmental agencies or bodies necessary to conduct the business
      now operated by it, and SouthPeak has not received any notice of proceedings
      relating to the revocation or modification of any such certificate, authority
      or
      permit that, if determined adversely to SouthPeak, could reasonably be expected
      to have a Material Adverse Effect, individually or in the aggregate.

     

    5.9
       Labor
      Matters.
      

     

    (a)
      SouthPeak is not a party to or bound by any collective bargaining agreements
      or
      other agreements with labor organizations. SouthPeak has not violated in any
      material respect any laws, regulations, orders or contract terms, affecting
      the
      collective bargaining rights of employees, labor organizations or any laws,
      regulations or orders affecting employment discrimination, equal opportunity
      employment, or employees’ health, safety, welfare, wages and hours.

     

    (b)
      (i)
      There are no labor disputes existing, or to SouthPeak’s Knowledge, threatened,
      involving strikes, slow-downs, work stoppages, job actions, disputes, lockouts
      or any other disruptions of or by SouthPeak’s employees, (ii) there are no
      unfair labor practices or petitions for election pending or, to SouthPeak’s
      Knowledge, threatened before the National Labor Relations Board or any other
      federal, state or local labor commission relating to SouthPeak’s employees,
      (iii) no demand for recognition or certification heretofore made by any labor
      organization or group of employees is pending with respect to SouthPeak and
      (iv)
      to SouthPeak’s Knowledge, it enjoys good labor and employee relations with its
      employees and labor organizations. 

     

    (c)
      SouthPeak is, and at all times has been, in compliance in all material respects
      with all applicable laws respecting employment (including laws relating to
      classification of employees and independent contractors) and employment
      practices, terms and conditions of employment, wages and hours, and immigration
      and naturalization. There are no claims pending against SouthPeak before the
      Equal Employment Opportunity Commission or any other administrative body or
      in
      any court asserting any violation of Title VII of the Civil Rights Act of 1964,
      the Age Discrimination Act of 1967, 42 U.S.C. §§ 1981 or 1983 or any other
      federal, state or local Law, statute or ordinance barring discrimination in
      employment. 

     

    
      
        
        

      

      
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    (d)
      Except as disclosed in the Proxy Statement, SouthPeak is not a party to, or
      bound by, any employment or other contract or agreement that contains any
      severance, termination pay or change of control liability or obligation,
      including, without limitation, any “excess parachute payment,” as defined in
      Section 280G(b) of the Internal Revenue Code. 

     

    (e)
      Except as specified in Schedule
      5.8,
      each of
      SouthPeak’s employees is a Person who is either a United States citizen or a
      permanent resident entitled to work in the United States. To SouthPeak’s
      Knowledge, SouthPeak has no liability for the improper classification by
      SouthPeak of such employees as independent contractors or leased employees
      prior
      to the Closing. 

     

    5.10
       Intellectual
      Property.
      

     

    (a)
      All
      Intellectual Property of SouthPeak is currently in compliance with all legal
      requirements (including timely filings, proofs and payments of fees) and is
      valid and enforceable. No SouthPeak Intellectual Property which is necessary
      for
      the conduct of SouthPeak’s business as currently conducted has been or is now
      involved in any cancellation, dispute or litigation, and, to SouthPeak’s
      Knowledge, no such action is threatened. No patent of SouthPeak’s has been or is
      now involved in any interference, reissue, re-examination or opposition
      proceeding. 

     

    (b)
      All
      of the material licenses and material sublicenses and material consent, royalty
      or other agreements concerning Intellectual Property which are necessary for
      the
      conduct of SouthPeak’s business as currently conducted, to which SouthPeak is a
      party or by which any of its assets are bound (other than generally commercially
      available, non-custom, off-the-shelf software application programs having a
      retail acquisition price of less than $10,000 per license) (collectively,
“License
      Agreements”)
      are
      valid and binding obligations of SouthPeak and, to SouthPeak’s Knowledge, the
      other parties thereto, enforceable in accordance with their terms, except to
      the
      extent that enforcement thereof may be limited by bankruptcy, insolvency,
      reorganization, moratorium, fraudulent conveyance or other similar laws
      affecting the enforcement of creditors’ rights generally, and there exists no
      event or condition which will result in a material violation or breach of or
      constitute (with or without due notice or lapse of time or both) a default
      by
      SouthPeak under any such License Agreement. 

     

    (c)
      SouthPeak owns or has the valid right to use all of the Intellectual Property
      that is necessary for the conduct of its business as currently conducted and
      for
      the ownership, maintenance and operation of its properties and assets, free
      and
      clear of all liens, encumbrances, adverse claims or obligations to license
      all
      such owned Intellectual Property and Confidential Information, other than
      licenses entered into in the ordinary course of its business. SouthPeak has
      a
      valid and enforceable right to use all third party Intellectual Property and
      Confidential Information used or held for use in the business of SouthPeak.
      

     

    
      
        
        

      

      
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    (d)
      The
      conduct of SouthPeak’s business as currently conducted does not infringe or
      otherwise impair or conflict with (collectively, “Infringe”)
      any
      Intellectual Property rights of any third party or any confidentiality
      obligation owed to a third party, and, to SouthPeak’s Knowledge, the
      Intellectual Property and Confidential Information of SouthPeak which are
      necessary for the conduct of SouthPeak’s business as currently conducted are not
      being Infringed by any third party. There is no litigation or order pending
      or
      outstanding or, to SouthPeak’s Knowledge, threatened or imminent, that seeks to
      limit or challenge or that concerns the ownership, use, validity or
      enforceability of any Intellectual Property or Confidential Information of
      SouthPeak and SouthPeak’s use of any Intellectual Property or Confidential
      Information owned by a third party, and, to SouthPeak’s Knowledge, there is no
      valid basis for the same. 

     

    (e)
      The
      consummation of the transactions contemplated hereby and by the other
      Transaction Documents will not result in the alteration, loss, impairment of
      or
      restriction on SouthPeak’s ownership or right to use any of the Intellectual
      Property or Confidential Information which is necessary for the conduct of
      its
      business as currently conducted. 

     

    (f)
      SouthPeak has taken reasonable steps to protect its rights in its Intellectual
      Property and Confidential Information. Each employee, consultant and contractor
      who has had access to Confidential Information which is necessary for the
      conduct of SouthPeak’s business as currently conducted has executed an agreement
      to maintain the confidentiality of such Confidential Information and has
      executed appropriate agreements that are substantially consistent with
      SouthPeak’s standard forms thereof. Except under confidentiality obligations,
      there has been no material disclosure of any of SouthPeak’s Confidential
      Information to any third party. 

     

    5.11
       Environmental
      Matters.
      SouthPeak is not in violation of any statute, rule, regulation, decision or
      order of any governmental agency or body or any court, domestic or foreign,
      relating to the use, disposal or release of hazardous or toxic substances or
      relating to the protection or restoration of the environment or human exposure
      to hazardous or toxic substances (collectively, “Environmental
      Laws”),
      does
      not own or operate any real property contaminated with any substance that is
      subject to any Environmental Laws, is not liable for any off-site disposal
      or
      contamination pursuant to any Environmental Laws, is not subject to any claim
      relating to any Environmental Laws, which violation, contamination, liability
      or
      claim has had or could reasonably be expected to have a Material Adverse Effect,
      individually or in the aggregate; and there is no pending or, to SouthPeak’s
      Knowledge, threatened investigation that might lead to such a claim.

     

    5.12 Litigation.
      There
      are no pending actions, suits or proceedings against or affecting SouthPeak
      or
      any of its properties; and to SouthPeak’s Knowledge, no such actions, suits or
      proceedings are threatened or contemplated. Except for Terry Phillips, neither
      SouthPeak, nor any member, manager or officer thereof has been the subject
      of
      any action involving a claim of violation of or liability under federal or
      state
      securities laws or a claim of breach of fiduciary duty. There has not been,
      and
      to SouthPeak’s Knowledge, there is not pending or contemplated, any
      investigation by the SEC involving SouthPeak or any current or former member,
      manager or officer of SouthPeak. 

     

    
      
        
        

      

      
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    5.13 Financial
      Statements.
      SouthPeak has as made available to the Investors true and complete copies of
      its
      most recent Financial Statements. The Financial Statements have been prepared
      in
      accordance with GAAP applied on a consistent basis throughout the periods
      covered thereby, fairly present the financial condition, results of operations
      and cash flows of SouthPeak as of the respective dates thereof and for the
      periods referred to therein and are consistent with the books and records of
      SouthPeak and are true, accurate and correct in all material respects; provided,
      however, that the Financial Statements referred to in clause (ii) of the
      definition of such term are subject to normal recurring year-end adjustments
      and
      do not include footnotes. 

     

    5.14 Insurance
      Coverage.
      SouthPeak maintains in full force and effect insurance coverage that is
      customary for comparably situated companies for the business being conducted
      and
      properties owned or leased by SouthPeak, and SouthPeak reasonably believes
      such
      insurance coverage to be adequate against all liabilities, claims and risks
      against which it is customary for comparably situated companies to insure.
      

     

    5.15
       Brokers
      and Finders.
      Except
      for HCFP/Brenner Securities LLC, no Person will have, as a result of the
      transactions contemplated by the Transaction Documents, any valid right,
      interest or claim against or upon SouthPeak for any commission, fee or other
      compensation pursuant to any agreement, arrangement or understanding entered
      into by or on behalf of SouthPeak. 

     

    5.16
       No
      Directed Selling Efforts or General Solicitation.
      Neither
      SouthPeak nor any Person acting on its behalf has conducted any general
      solicitation or general advertising (as those terms are used in Regulation
      D) in
      connection with the offer or sale of any of the Shares. 

     

    5.17 Transactions
      with Affiliates.
      Except
      as disclosed in the Proxy Statement, none of the officers, members or managers
      of SouthPeak and, to SouthPeak’s Knowledge, none of its employees is presently a
      party to any transaction with SouthPeak (other than as holders of membership
      interests, and for services as employees, officers and managers), including
      any
      contract, agreement or other arrangement providing for the furnishing of
      services to or by, providing for rental of real or personal property to or
      from,
      or otherwise requiring payments to or from any officer, member, manager or
      such
      employee or, to SouthPeak’s Knowledge, any entity in which any officer,
      director, or any such employee has a substantial interest or is an officer,
      director, trustee or partner. 

     

    5.18
       Disclosures.
      Except
      as described on Schedule
      5.18
      of the
      Disclosure Schedule, neither SouthPeak nor any Person acting on its behalf
      has
      provided the Investors or their agents or counsel with any information that
      constitutes or might constitute material, non-public information, other than
      the
      terms of the transactions contemplated hereby. The written materials delivered
      to the Investors in connection with the transactions contemplated by the
      Transaction Documents do not contain any untrue statement of a material fact
      or
      omit to state a material fact necessary in order to make the statements
      contained therein, in light of the circumstances under which they were made,
      not
      misleading. 

     

    
      
        
        

      

      
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    6. Representations
      and Warranties of the Investors.
      Each of
      the Investors hereby severally, and not jointly, represents and warrants to
      each
      of GSPAC and SouthPeak that: 

     

    6.1
       Organization
      and Existence.
      Such
      Investor is a validly existing corporation, limited partnership or limited
      liability company and has all requisite corporate, partnership or limited
      liability company power and authority to invest in the Shares pursuant to this
      Agreement. 

     

    6.2
       Authorization.
      The
      execution, delivery and performance by such Investor of the Transaction
      Documents to which such Investor is a party have been duly authorized and each
      will constitute the legal, valid and binding obligations of such Investor,
      enforceable against such Investor in accordance with their terms, subject to
      bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
      similar laws of general applicability, relating to or affecting creditors’
rights generally. 

     

    6.3
       Purchase
      Entirely for Own Account.
      The
      Shares to be received by such Investor hereunder will be acquired for such
      Investor’s own account, not as nominee or agent, and not with a view to the
      resale or distribution of any part thereof in violation of the 1933 Act, and
      such Investor has no present intention of selling, granting any participation
      in, or otherwise distributing the same in violation of the 1933 Act without
      prejudice, however, to such Investor’s right at all times to sell or otherwise
      dispose of all or any part of such Shares in compliance with applicable federal
      and state securities laws.
      Nothing
      contained herein shall be deemed a representation or warranty by such Investor
      to hold the Shares for any period of time. Such Investor is not a broker-dealer
      registered with the SEC under the 1934 Act or an entity engaged in a business
      that would require it to be so registered. 

     

    6.4
       Investment
      Experience.
      Such
      Investor acknowledges that it can bear the economic risk and complete loss
      of
      its investment in the Shares and has such knowledge and experience in financial
      or business matters that it is capable of evaluating the merits and risks of
      the
      investment contemplated hereby. 

     

    6.5
       Disclosure
      of Information.
      Such
      Investor has had an opportunity to receive all information related to each
      of
      GSPAC and SouthPeak requested by it and to ask questions of and receive answers
      from GSPAC and SouthPeak regarding their respective businesses and the terms
      and
      conditions of the offering of the Shares. Such Investor acknowledges receipt
      of
      copies of the SEC Filings. Neither such inquiries nor any other due diligence
      investigation conducted by such Investor shall modify, limit or otherwise affect
      such Investor’s right to rely on the representations and warranties of GSPAC and
      SouthPeak contained in this Agreement. The parties agree that each Investor
      may
      determine that it wants to limit the type of information that it receives and,
      consequently, each Investor shall have the ability to perform its due diligence
      investigation in the manner it determines is appropriate and may request not
      to
      receive any material non-public information relating to GSPAC. 

     

    6.6
       Restricted
      Securities.
      Such
      Investor understands that the Shares are characterized as “restricted
      securities” under the U.S. federal securities laws inasmuch as they are being
      acquired from GSPAC in a transaction not involving a public offering and that
      under such laws and applicable regulations such securities may be resold without
      registration under the 1933 Act only in certain limited circumstances.

     

    
      
        
        

      

      
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    6.7
       Legends.
      It is
      understood that, except as provided below, certificates evidencing the Shares
      may bear the following or any similar legend: 

     

    (a)
“The
      securities represented hereby have not been registered under the Securities
      Act
      of 1933 or any applicable state securities laws and may not be transferred
      unless (i) such securities have been registered for sale pursuant to the
      Securities Act of 1933, as amended, (ii) such securities may be sold pursuant
      to
      Rule 144(k), or (iii) GSPAC has received an opinion of counsel reasonably
      satisfactory to it that such transfer may lawfully be made without registration
      under the Securities Act of 1933 or qualification under applicable state
      securities laws.” 

     

    (b)
      If
      required by the authorities of any state in connection with the issuance of
      sale
      of the Shares, the legend required by such state authority. 

     

    (c)
      GSPAC
      acknowledges and agrees that an Investor may from time to time pledge, and/or
      grant a security interest in, some or all of the legended Shares in connection
      with applicable securities laws, pursuant to a bona fide margin agreement in
      compliance with a bona fide margin loan. Such a pledge would not be subject
      to
      approval or consent of GSPAC and no legal opinion of legal counsel to the
      pledge, secured party or pledgor shall be required in connection with the
      pledge, but such legal opinion shall be required in connection with a subsequent
      transfer or foreclosure following default by the transferee of the pledge.
      No
      notice shall be required of such pledge, but Investor’s transferee shall
      promptly notify GSPAC of any such subsequent transfer or foreclosure. Each
      Investor acknowledges that GSPAC shall not be responsible for any pledges
      relating to, or the grant of any security interest in, any of the Shares or
      for
      any agreement, understanding or arrangement between any Investor and its pledgee
      or secured party. At the appropriate Investor’s expense, GSPAC will execute and
      deliver such reasonable documentation as a pledgee or secured party of Shares
      may reasonably request in connection with a pledge or transfer of the Shares,
      including the preparation and filing of any required prospectus supplement
      under
      Rule 424(b)(3) of the Securities Act or other applicable provision of the
      Securities Act to appropriately amend the list of Selling Stockholders
      thereunder. Each Investor acknowledges and agrees that, except as otherwise
      provided in Section
      8.2,
      any
      Shares subject to a pledge or security interest as contemplated by this
Section
      6.7
      shall
      continue to bear the legend set forth in this Section
      6.7
      and be
      subject to the restrictions on transfer set forth in this Agreement.

     

    6.8
       Accredited
      Investor.
      Such
      Investor is an accredited investor as defined in Rule 501(a) of Regulation
      D, as
      amended, under the 1933 Act. 

     

    6.9
       No
      General Solicitation.
      Such
      Investor did not learn of the investment in the Shares as a result of any
      general solicitation or general advertising. 

     

    6.10
       Brokers
      and Finders.
      No
      Person will have, as a result of the transactions contemplated by the
      Transaction Documents, any valid right, interest or claim against or upon
      SouthPeak, GSPAC, any Subsidiary or an Investor for any commission, fee or
      other
      compensation pursuant to any agreement, arrangement or understanding entered
      into by or on behalf of such Investor. 

     

    
      
        
        

      

      
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    6.11
       Prohibited
      Transactions.
      During
      the last thirty (30) days prior to the date hereof, neither such Investor nor
      any Affiliate of such Investor which (x) had knowledge of the transactions
      contemplated hereby, (y) has or shares discretion relating to such Investor’s
      investments or trading or information concerning such Investor’s investments,
      including in respect of the Shares, or (z) is subject to such Investor’s review
      or input concerning such Affiliate’s investments or trading (collectively,
“Trading
      Affiliates”)
      has,
      directly or indirectly, effected or agreed to effect any short sale, whether
      or
      not against the box, established any “put equivalent position” (as defined in
      Rule 16a-1(h) under the 1934 Act) with respect to GSPAC’s Common Stock, granted
      any other right (including, without limitation, any put or call option) with
      respect to such Common Stock or with respect to any security that includes,
      relates to or derived any significant part of its value from the Common Stock
      or
      otherwise sought to hedge its position in the shares of Common Stock underlying
      the Preferred Stock (each, a “Prohibited
      Transaction”).
      Prior
      to the earliest to occur of (i) the termination of this Agreement, (ii) the
      Effective Date or (iii) the Effectiveness Deadline, such Investor shall not,
      and
      shall cause its Trading Affiliates not to, engage, directly or indirectly,
      in a
      Prohibited Transaction. Such Investor acknowledges that the representations,
      warranties and covenants contained in this Section
      6.11
      are
      being made for the benefit of the Investors as well as GSPAC and that each
      of
      the other Investors shall have an independent right to assert any claims against
      such Investor arising out of any breach or violation of the provisions of this
      Section
      6.11.
      

     

    6.12
       Regulation
      M.
      Such
      Investor is aware that the anti-manipulation rules of Regulation M under the
      1934 Act may apply to sales of Preferred Stock and other activities with respect
      to the Preferred Stock by the Investors. 

     

    6.13
       Residency.
      Such
      Investor’s principal executive offices are in the jurisdiction set forth in the
      address for notice for such Investor on the applicable signature page attached
      hereto. 

     

    7.
       Conditions
      to Closing.
      

     

    7.1
       Conditions
      to the Investors’ Obligations.
      The
      obligation of each Investor to purchase the Shares at the Closing is subject
      to
      the fulfillment to such Investor’s satisfaction, on or prior to the Closing
      Date, of the following conditions, any of which may be waived by such Investor
      (as to itself only): 

     

    (a)
      The
      representations and warranties made by GSPAC in Section
      4
      hereof
      and by SouthPeak in Section
      5
      hereof
      not qualified as to materiality shall be true and correct in all material
      respects when made and shall be true and correct in all material respects at
      and
      on the Closing Date, except to the extent any such representation or warranty
      expressly speaks as of an earlier date, in which case such representation or
      warranty shall be true and correct as of such earlier date. GSPAC and SouthPeak,
      as applicable, shall have performed in all material respects all obligations
      and
      covenants herein required to be performed by it on or prior to the Closing
      Date.

     

    (b)
      GSPAC
      and SouthPeak, as applicable, shall have obtained any and all consents, permits,
      approvals, registrations and waivers necessary or appropriate for consummation
      of the purchase and sale of the Shares and the consummation of the other
      transactions contemplated by the Transaction Documents, including those
      consents, permits, approvals, registrations and waivers as set forth in
Sections
      7.2(d)
      and
      (e)
below,
      all of which shall be in full force and effect. 

     

    
      
        
        

      

      
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    (c)
      GSPAC
      shall have executed and delivered the Registration Rights Agreement.

     

    (d)
      Closing shall have occurred under the Acquisition Agreement and the Amended
      and
      Restated Certificate of Incorporation attached hereto as Exhibit
      B
      and the
      Certificate of Designations attached hereto as Exhibit
      C
      shall
      have been filed with the Delaware Secretary of State.

     

    (e)
      No
      judgment, writ, order, injunction, award or decree of or by any court, or judge,
      justice or magistrate, including any bankruptcy court or judge, or any order
      of
      or by any governmental authority, shall have been issued, and no action or
      proceeding shall have been instituted by any governmental authority, enjoining
      or preventing the consummation of the transactions contemplated hereby or in
      the
      other Transaction Documents. 

     

    (f)
      GSPAC
      shall have delivered a Certificate, executed on behalf of GSPAC by its Chief
      Executive Officer or its Chief Financial Officer, dated as of the Closing Date,
      certifying to the fulfillment of the conditions specified in subsections
(a),(b),(d),(e)
      and
      (i)
      of this
Section
      7.1.
      SouthPeak shall have delivered a Certificate, executed on behalf of SouthPeak
      by
      its managing member, dated as of the Closing Date, certifying to the fulfillment
      of the conditions specified in subsections (b),(d)
      and
      (e)
      of this
Section
      7.1.
      

     

    (g)
      GSPAC
      shall have delivered a Certificate, executed on behalf of GSPAC by its
      Secretary, dated as of the Closing Date, certifying the resolutions adopted
      by
      the Board of Directors of GSPAC approving the transactions contemplated by
      this
      Agreement and the other Transaction Documents and the issuance of the Shares,
      certifying the current versions of its Certificate of Incorporation and Bylaws
      and certifying as to the signatures and authority of persons signing the
      Transaction Documents and related documents on behalf of GSPAC. 

     

    (h)
      SouthPeak shall have delivered a Certificate, executed on behalf of SouthPeak,
      dated as of the Closing Date, certifying the resolutions adopted by the Managers
      of GSPAC approving the transactions contemplated by this Agreement and the
      other
      Transaction Documents, certifying the current version of its Operating Agreement
      and certifying as to the signatures and authority of persons signing the
      Transaction Documents and related documents on behalf of SouthPeak.

     

    (i)
      The
      Investors shall have received an opinion from Greenberg Traurig, LLP, GSPAC’s
      counsel, dated as of the Closing Date, in form and substance reasonably
      acceptable to the Investors and attached hereto as Exhibit
      D,
      addressing such legal matters as the Investors may reasonably request.

     

    (j)
      No
      stop order or suspension of trading shall have been imposed by any
      Self-Regulatory Organization, the SEC or any other governmental or regulatory
      body with respect to public trading in the Preferred Stock. 

     

    (k)
      The
      members of SouthPeak shall have executed a lock-up agreement in form and
      substance satisfactory to the Investors at the initial Closing under this
      Agreement.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    7.2
       Conditions
      to Obligations of GSPAC.
      GSPAC’s
      obligation to sell and issue the Shares at the Closing is subject to the
      fulfillment to the satisfaction of GSPAC on or prior to the Closing Date of
      the
      following conditions, any of which may be waived by GSPAC: 

     

    (a)
      The
      representations and warranties made by the Investors in Section
      6
      hereof,
      other than the representations and warranties contained in Sections 6.3, 6.4, 6.5, 6.6, 6.7, 6.8 and 6.9
      (the
“Investment
      Representations”),
      shall
      be true and correct in all material respects when made, and shall be true and
      correct in all material respects on the Closing Date with the same force and
      effect as if they had been made on and as of said date. The Investment
      Representations shall be true and correct in all respects when made, and shall
      be true and correct in all respects on the Closing Date with the same force
      and
      effect as if they had been made on and as of said date. The Investors shall
      have
      performed in all material respects all obligations and covenants herein required
      to be performed by them on or prior to the Closing Date. 

     

    (b)
      The
      Investors shall have executed and delivered the Registration Rights Agreement.
      

     

    (c)
      The
      Acquisition shall have been consummated on or before May 31, 2008.

     

    (d)
      GSPAC’s wholly-owned subsidiary, SouthPeak Interactive Corporation
      (“SP
      Holdings”),
      and
      SP Holdings’ wholly-owned subsidiary, GSPAC Merger GSPAC, shall have been merged
      with and into GSPAC (the “Merger”)
      and
      GSPAC shall have received all applicable approvals of such Merger required
      under
      Delaware corporate law and federal securities laws.

     

    (e)
      The
      Amended and Restated Certificate of Incorporation and Certificate of
      Designations attached hereto as Exhibits
      B and C
      shall
      have been filed with the Delaware Secretary of State.

     

    7.3
       Conditions
      to Obligations of SouthPeak.
      SouthPeak’s obligation to consummate the transactions contemplated by this
      Agreement and the Transaction Documents, to the extent it is a party thereto,
      is
      subject to the fulfillment to the satisfaction of SouthPeak on or prior to
      the
      Closing Date of the following conditions, any of which may be waived by
      SouthPeak: 

     

    (a)
      The
      representations and warranties made by the Investors in Section
      6
      hereof,
      other than the Investment Representations, shall be true and correct in all
      material respects when made, and shall be true and correct in all material
      respects on the Closing Date with the same force and effect as if they had
      been
      made on and as of said date. The Investment Representations shall be true and
      correct in all respects when made, and shall be true and correct in all respects
      on the Closing Date with the same force and effect as if they had been made
      on
      and as of said date. The Investors shall have performed in all material respects
      all obligations and covenants herein required to be performed by them on or
      prior to the Closing Date.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (b)
      The
      Amended and Restated Certificate of Incorporation and Certificate of
      Designations attached hereto as Exhibits
      B and C
      shall
      have been filed with the Delaware Secretary of State. 

     

    7.4 Termination
      of Obligations to Effect Closing; Effects.
      

     

    (a)
      The
      obligations of each of GSPAC and SouthPeak, on the one hand, and the Investors,
      on the other hand, to effect the Closing shall terminate as follows:

     

    (i)
      Upon
      the mutual written consent of either GSPAC or SouthPeak and the Investors;
      

     

    (ii)
      By
      GSPAC or SouthPeak if any of the conditions set forth in Section
      7.2
      or
7.3,
      respectively, shall have become incapable of fulfillment, and shall not have
      been waived by GSPAC or SouthPeak, as applicable. 

     

    (iii)
      By
      an Investor (with respect to itself only) if any of the conditions set forth
      in
Section
      7.1
      shall
      have become incapable of fulfillment, and shall not have been waived by the
      Investor; or 

     

    (iv)
      By
      any party to the Agreement if the initial Closing has not occurred on or prior
      to May 31, 2008; 

     

    provided,
      however, that, except in the case of clause (i) above, the party seeking to
      terminate its obligation to effect the Closing shall not then be in breach
      of
      any of its representations, warranties, covenants or agreements contained in
      this Agreement or the other Transaction Documents if such breach has resulted
      in
      the circumstances giving rise to such party’s seeking to terminate its
      obligation to effect the Closing. 

     

    (b)
      In
      the event of termination by any party of its obligations to effect the Closing
      pursuant to this Section
      7.4,
      written
      notice thereof shall forthwith be given to the other parties by such terminating
      party and the other parties shall have the right to terminate their obligations
      to effect the Closing upon written notice to the remaining parties. Nothing
      in
      this Section
      7.4
      shall be
      deemed to release any party from any liability for any breach by such party
      of
      the terms and provisions of this Agreement or the other Transaction Documents
      or
      to impair the right of any party to compel specific performance by any other
      party of its obligations under this Agreement or the other Transaction
      Documents. 

     

    8.
       Covenants
      and Agreements of GSPAC.
      

     

    8.1
       No
      Conflicting Agreements.
      GSPAC
      will not take any action, enter into any agreement or make any commitment that
      would conflict in any material respect with GSPAC obligations to the Investors
      under the Transaction Documents. The provisions of this Section
      8.1
      shall
      terminate and be of no further force and effect on the date on which GSPAC’s
      obligations under the Registration Rights Agreement to register or maintain
      the
      effectiveness of any registration covering the Registrable Securities (as such
      term is defined in the Registration Rights Agreement) shall terminate.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    8.2
       Removal
      of Legends.
      Upon
      the earlier of (i) registration for resale pursuant to the Registration Rights
      Agreement or (ii) Rule 144(k) becoming available, GSPAC shall promptly (A)
      deliver to the transfer agent for the Common Stock underlying the Preferred
      Stock (the “Transfer
      Agent”)
      irrevocable instructions that the Transfer Agent shall reissue a certificate
      representing shares of Common Stock without legends upon receipt by such
      Transfer Agent of the legended certificates for such shares, together with
      either (1) a customary representation by the Investor that Rule 144(k) applies
      to the shares of Common Stock represented thereby or (2) a statement by the
      Investor that such Investor has sold the shares of Common Stock represented
      thereby in accordance with the Plan of Distribution contained in the
      Registration Statement, and (B) cause its counsel to deliver to the Transfer
      Agent one or more blanket opinions to the effect that the removal of such
      legends in such circumstances may be effected under the 1933 Act. From and
      after
      the earlier of such dates, upon an Investor’s written request, GSPAC shall
      promptly cause certificates evidencing the Investor’s shares of common Stock to
      be replaced with certificates which do not bear such restrictive legends. When
      GSPAC is required to cause an unlegended certificate to replace a previously
      issued legended certificate, if: (1) the unlegended certificate is not delivered
      to an Investor within three (3) Business Days of submission by that Investor
      of
      a legended certificate and supporting documentation to the Transfer Agent as
      provided above (with a copy to GSPAC) and (2) prior to the time such unlegended
      certificate is received by the Investor, the Investor, or any third party on
      behalf of such Investor or for the Investor’s account, purchases (in an open
      market transaction or otherwise) shares of Common Stock to deliver in
      satisfaction of a sale by the Investor of shares represented by such certificate
      (a “Buy-In”),
      then
      GSPAC shall pay in cash to the Investor (for costs incurred either directly
      by
      such Purchaser or on behalf of a third party) the amount by which the total
      purchase price paid for Common Stock as a result of the Buy-In (including
      brokerage commissions, if any) exceeds the proceeds received by such Investor
      as
      a result of the sale to which such Buy-In relates. The Investor shall provide
      GSPAC written notice indicating the amounts payable to the Investor in respect
      of the Buy-In. 

     

    8.3  Equal
      Treatment of Investors.
      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 the Transaction Documents
      unless the same consideration is also offered to all of the parties to the
      Transaction Documents. For clarification purposes, this provision constitutes
      a
      separate right granted to each Investor by the other parties hereto and
      negotiated separately by each Investor, and is intended for the other parties
      hereto to treat the Investors as a class and shall not in any way be construed
      as the Investors acting in concert or as a group with respect to the purchase,
      disposition or voting of Shares or otherwise. 

     

    8.4 Rights
      of Participation.

     

    (a) Rights
      of Participation.
      GSPAC
      hereby grants to each Investor, so long as such Investor shall own at least
      one-half of the Shares purchased hereunder, including shares of Common Stock
      issued upon conversion of the Shares, the right to purchase up to a pro
      rata portion
      of New Securities (as defined in paragraph (b) below) which GSPAC, from time
      to
      time, proposes to sell or issue following the date hereof. A Stockholder’s
pro
      rata portion,
      for purposes of this Section 8.4, is the product of (i) a fraction, the
numerator
      of which
      is the number of outstanding shares of Common Stock which such Stockholder
      then
      holds (inclusive of shares of Common Stock then issuable upon conversion of
      convertible shares, including the Shares) and the denominator
      of which
      is the total number of outstanding shares of Common Stock, in the aggregate,
      (inclusive of shares of Common Stock then issuable upon conversion of
      convertible shares, including the Shares) multiplied by (ii) the number of
      New
      Securities GSPAC proposes to sell or issue.  

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (b) Definition
      of New Securities.
      “New
      Securities”
shall
      mean any Common Stock or other equity securities of GSPAC whether now authorized
      or not, any rights, options or warrants to purchase Common Stock or other equity
      securities and any indebtedness or preferred stock of GSPAC which is convertible
      into Common Stock or other equity securities (or which is convertible into
      a
      security which is, in turn, convertible into Common Stock or other equity
      securities); provided, that the term “New Securities” does not include (i)
      indebtedness of GSPAC which is not by its terms convertible into Common Stock;
      (ii) Common Stock issued as a stock dividend to all holders of Common
      Stock
      pro
      rata or
      upon
      any subdivision or combination of shares of Common Stock; (iii) Common Stock
      issued to any employee or director and approved by the Board of Directors and
      any employee or director stock options approved by the Board of Directors;
      (iv)
      Common Stock issued in exchange for the cancellation or retirement of any debt
      securities of GSPAC or in connection with any restructuring or other financial
      workout of GSPAC; (v) Common Stock or warrants to purchase Common Stock issued
      to non-Affiliates of GSPAC as part of a bona fide debt offering of units
      comprised of such Common Stock or warrants and a debt security of GSPAC; (vi)
      Common Stock issued for the acquisition of another corporation or other entity
      by GSPAC by stock purchase, merger, purchase of substantially all assets or
      other reorganization; (vii) the issuance of Common Stock upon the exercise
      or
      conversion of any rights, options or warrants to purchase Common Stock; (viii)
      Common Stock issuable in a public offering; and (ix) Common Stock issued in
      respect of services provided (other than as an employee) to GSPAC or its
      subsidiaries and approved by the Board of Directors; and provided,
      further,
      that
      if
      any “New Securities” include Common Stock and other equity securities coupled as
      a package, “New Securities” shall mean the package of securities and not each
      class of securities individually. 

     

    (c) Notice
      from GSPAC.
      In the
      event GSPAC proposes to issue New Securities, GSPAC shall give each Investor
      written notice of such proposal, describing the type of New Securities and
      the
      price and the terms upon which GSPAC proposes to issue the same. For a period
      of
      fifteen (15) business days following the delivery of such notice by GSPAC,
      GSPAC
      shall be deemed to have irrevocably offered to sell to each Investor such
      Investor’s pro
      rata share
      of
      such New Securities for the price and upon the terms specified in the notice.
      Each Investor may exercise such Investor’s rights of participation hereunder by
      giving written notice to GSPAC and stating therein the quantity of New
      Securities to be purchased. Each such Investor shall also be entitled to
      indicate a desire to purchase all or a portion of any New Securities remaining
      after such pro
      rata
      allocation. If, as a result of such oversubscription right, such
      oversubscriptions exceed the total number of New Securities available in respect
      of such oversubscription right, the oversubscribing Investors shall be cut
      back
      with respect to their oversubscriptions on a pro
      rata
      basis or
      as they may otherwise agree among themselves. 

     

    (d) Sale
      by GSPAC.
      In the
      event that the Investors who have a right of participation under this
      Section 8.4 fail to commit to purchase all of such New Securities within
      said ten (10) business day period, GSPAC shall have ninety (90) days thereafter
      to sell the New Securities with respect to which the right of participation
      was
      not exercised, at a price and upon terms no more favorable to the purchasers
      thereof than specified in GSPAC’s notice given pursuant to
      Section 8.4(c).

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    (e) Closing.
      The
      closing for any such issuance shall take place as proposed by GSPAC with respect
      to the New Securities to be issued, at which closing GSPAC shall deliver
      certificates for the New Securities in the respective names of the purchasing
      Stockholders against receipt of payment therefor.

     

    (f) Post-Issuance
      Right.
      Notwithstanding the requirements of subparagraph (a) of this Section 8.4, GSPAC
      may proceed with any issuance of New Securities prior to having complied with
      the provisions of subparagraph (a); provided, that GSPAC shall:

     

    (i) 
      provide
      to each Investor 
      (i) with
      prompt notice of such issuance and (ii) the notice described in
      subparagraph (a) in which the actual price of the New Securities shall be set
      forth;

     

    (ii) 
      offer to
      issue to each Investor such number of New Securities as may be requested by
      such
      Investor (not to exceed the pro
      rata
      number
      of New Securities that such Investor would have been entitled to purchase
      pursuant to subparagraph (a) as adjusted to give effect to the number of New
      Securities being sold in accordance with this subparagraph (f)), on the same
      economic terms and conditions with respect to such New Securities as the
      purchasers of such New Securities have paid; and

     

    (iii) 
      keep
      such offer open for a period of ten (10) Business Days, during which period,
      each such Investor may accept such offer by sending a written acceptance to
      GSPAC committing to purchase an amount of such New Securities (not in any event
      to exceed the maximum number that such Investor would have been entitled to
      purchase pursuant to subparagraph (a) as adjusted to give effect to the number
      of New Securities being sold in accordance with this subparagraph
      (f)

     

    8.5 Warrant
      Substitution.
      For
      every two Shares that an Investor purchases, such Investor shall have the right
      for a period of 90 days from the date of such Investor’s purchase of Shares to
      tender to GSPAC one outstanding Class W or Class Z warrant of GSPAC and receive
      in exchange and substitution therefore a newly authorized Class Y warrant which
      Class Y warrant shall possess the same terms as a Class W or Class Z warrant
      and
      be issued under a Warrant Agreement and form of Warrant Certificate similar
      to a
      Class W or Class Z warrant except, however, the exercise price shall be $1.50
      per share, the term shall expire on May 31, 2013 and the sales price per share
      of GSPAC common stock for purposes of allowing for the redemption of such Class
      Y warrants shall be $2.50 per share.

     

    9.
       Survival
      and Indemnification.
      

     

    9.1
       Survival.
      The
      representations, warranties, covenants and agreements contained in this
      Agreement shall survive the Closing of the transactions contemplated by this
      Agreement. 

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    9.2
       Indemnification.
      GSPAC
      agrees to indemnify and hold harmless each Investor and its Affiliates and
      their
      respective directors, officers, employees and agents from and against any and
      all losses, claims, damages, liabilities and expenses (including without
      limitation reasonable attorney fees and disbursements and other expenses
      incurred in connection with investigating, preparing, defending or otherwise
      directly involving any action, claim or proceeding, pending or threatened and
      the costs of enforcement thereof) (collectively, “Losses”)
      to
      which such Person may become subject as a result of any breach of
      representation, warranty, covenant or agreement made by or to be performed
      on
      the part of GSPAC or SouthPeak, respectively, under the Transaction Documents,
      and will reimburse any such Person for all such amounts as they are incurred
      by
      such Person. 

     

    9.3
       Conduct
      of Indemnification Proceedings.
      Promptly
      after receipt by any Person (the “Indemnified
      Person”)
      of
      notice of any demand, claim or circumstances which would or might give rise
      to a
      claim or the commencement of any action, proceeding or investigation in respect
      of which indemnity may be sought pursuant to Section
      9.2,
      such
      Indemnified Person shall promptly notify GSPAC) in writing and GSPAC shall
      assume the defense thereof, including the employment of counsel reasonably
      satisfactory to such Indemnified Person, and shall assume the payment of all
      fees and expenses; provided, however, that the failure of any Indemnified Person
      so to notify GSPAC shall not relieve GSPAC of its obligations hereunder except
      to the extent that GSPAC is materially prejudiced by such failure to notify.
      In
      any such proceeding, any Indemnified Person shall have the right to retain
      its
      own counsel, but the fees and expenses of such counsel shall be at the expense
      of such Indemnified Person unless: (i) GSPAC and the Indemnified Person shall
      have mutually agreed to the retention of such counsel; or (ii) in the reasonable
      judgment of counsel to such Indemnified Person representation of both parties
      by
      the same counsel would be inappropriate due to actual or potential differing
      interests between them. GSPAC shall not be liable for any settlement of any
      proceeding effected without its written consent, which consent shall not be
      unreasonably withheld, but if settled with such consent, or if there be a final
      judgment for the plaintiff, GSPAC shall indemnify and hold harmless such
      Indemnified Person from and against any loss or liability (to the extent stated
      above) by reason of such settlement or judgment. Without the prior written
      consent of the Indemnified Person, which consent shall not be unreasonably
      withheld, GSPAC shall not effect any settlement of any pending or threatened
      proceeding in respect of which any Indemnified Person is or could have been
      a
      party and indemnity could have been sought hereunder by such Indemnified Party,
      unless such settlement includes an unconditional release of such Indemnified
      Person from all liability arising out of such proceeding. 

     

    10.
       Miscellaneous.
      

     

    10.1
       Successors
      and Assigns.
      This
      Agreement may not be assigned by a party hereto without the prior written
      consent of the other parties to this Agreement, provided, however, that an
      Investor may assign its rights and delegate its duties hereunder in whole or
      in
      part to an Affiliate or to a third party acquiring some or all of its Shares
      in
      a transaction complying with applicable securities laws without the prior
      written consent of the other parties hereto. The provisions of this Agreement
      shall inure to the benefit of and be binding upon the respective permitted
      successors and assigns of the parties. Nothing in this Agreement, express or
      implied, is intended to confer upon any party other than the parties hereto
      or
      their respective successors and assigns any rights, remedies, obligations,
      or
      liabilities under or by reason of this Agreement, except as expressly provided
      in this Agreement. 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    10.2
       Counterparts;
      Faxes.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument. This Agreement may also be executed via facsimile, which shall
      be
      deemed an original. 

     

    10.3
       Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this Agreement.

     

    10.4
       Notices.
      Unless
      otherwise provided, any notice required or permitted under this Agreement shall
      be given in writing and shall be deemed effectively given as hereinafter
      described (i) if given by personal delivery, then such notice shall be deemed
      given upon such delivery, (ii) if given by telex or telecopier, then such notice
      shall be deemed given upon receipt of confirmation of complete transmittal,
      (iii) if given by mail, then such notice shall be deemed given upon the earlier
      of (A) receipt of such notice by the recipient or (B) three days after such
      notice is deposited in first class mail, postage prepaid, and (iv) if given
      by
      an internationally recognized overnight air courier, then such notice shall
      be
      deemed given one Business Day after delivery to such carrier. All notices shall
      be addressed to the party to be notified at the address as follows, or at such
      other address as such party may designate by ten days’ advance written notice to
      the other party: 

     

    If
      to
      GSPAC: 

     

    3130
      Fairview Park Drive

    Suite
      500

    Falls
      Church, Virginia 22042

    Telephone:
      (703) 286 - 3776

    Facsimile:
      

    Attn:
      Abhishek Jain

     

    With
      a
      copy to: 

     

    Miller
      & Martin PLLC

    1170
      Peachtree Street, NE

    Suite
      800

    Atlanta,
      Georgia 30309-7706

    Telephone:
      

    Facsimile:
      (404) 962-6300

    Attn:
      Joseph R. Delgado, Jr.

     

    If
      to
      SouthPeak: 

     

    2900
      Polo
      Parkway

    Suite
      200

    Midlothian,
      Virginia 23113

    Telephone:
      (804) 378-5100

    Facsimile:
      

    Attn:
      Terry Phillips

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    With
      a
      copy to: 

     

    Greenberg
      Traurig, LLP

    1750
      Tysons Boulevard, Suite 1200

    McLean,
      Virginia 22102

    Telephone:
      (703) 749-1352

    Facsimile:
      (703) 714-8359

    Attn:
      Mark Wishner

     

    If
      to the
      Investors: 

     

    to
      the
      addresses set forth on the signature pages hereto. 

     

    With
      a
      copy to: 

     

    Olshan
      Grundman Frome Rosenzweig & Wolosky LLP

    Park
      Avenue Tower

    65
      East
      55th
      Street

    New
      York,
      NY 10022

    Telephone:
      (212) 451-2300

    Facsimile:
      (212) 451-2222

    Attn:
      Steve Wolosky

     

    10.5
       Expenses.
      The
      parties hereto shall pay their own costs and expenses in connection herewith.
      In
      the event that legal proceedings are commenced by any party to this Agreement
      against another party to this Agreement in connection with this Agreement or
      the
      other Transaction Documents, the party or parties which do not prevail in such
      proceedings shall pay the reasonable attorneys’ fees and other reasonable
      out-of-pocket costs and expenses incurred by the prevailing party in such
      proceedings. 

     

    10.6
       Amendments
      and Waivers.
      Any
      term of this Agreement may be amended and the observance of any term of this
      Agreement may be waived (either generally or in a particular instance and either
      retroactively or prospectively), only with the written consent of all parties
      to
      the Agreement. Any amendment or waiver effected in accordance with this
      paragraph shall be binding upon each holder of any Shares purchased under this
      Agreement at the time outstanding, each future holder of all such Shares, GSPAC
      and SouthPeak. 

     

    10.7
       Publicity.
      No
      public release or announcement concerning the transactions contemplated hereby
      shall be issued by the Investors without the prior consent of GSPAC (which
      consent shall not be unreasonably withheld), except as such release or
      announcement may be required by law. Prior to the fifth the trading day
      immediately following the initial Closing Date, GSPAC shall issue a press
      release disclosing the consummation of the transactions contemplated by this
      Agreement. No later than the fourth trading day following the Closing Date,
      GSPAC will file a Current Report on Form 8-K attaching the press release
      described in the foregoing sentence as well as copies of the Transaction
      Documents. In addition, GSPAC will make such other filings and notices in the
      manner and time required by the SEC. No press release issued by GSPAC shall
      reference any Investor without such Investor’s consent, which consent shall not
      be unreasonably withheld. 

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    10.8
       Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof but shall be interpreted as if it were written so as to be
      enforceable to the maximum extent permitted by applicable law, and any such
      prohibition or unenforceability in any jurisdiction shall not invalidate or
      render unenforceable such provision in any other jurisdiction. To the extent
      permitted by applicable law, the parties hereby waive any provision of law
      which
      renders any provision hereof prohibited or unenforceable in any respect.

     

    10.9
       Entire
      Agreement.
      This
      Agreement, including the Exhibits and the Disclosure Schedule, and the other
      Transaction Documents constitute the entire agreement among the parties hereof
      with respect to the subject matter hereof and thereof and supersede all prior
      agreements and understandings, both oral and written, between the parties with
      respect to the subject matter hereof and thereof. 

     

    10.10
       Further
      Assurances.
      The
      parties shall execute and deliver all such further instruments and documents
      and
      take all such other actions as may reasonably be required to carry out the
      transactions contemplated hereby and to evidence the fulfillment of the
      agreements herein contained. 

     

    10.11
       Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Agreement shall be governed by, and construed in accordance with, the internal
      laws of the State of New York without regard to the choice of law principles
      thereof. Each of the parties hereto irrevocably submits to the exclusive
      jurisdiction of the courts of the State of New York located in New York County
      and the United States District Court for the Southern District of New York
      for
      the purpose of any suit, action, proceeding or judgment relating to or arising
      out of this Agreement and the transactions contemplated hereby. Service of
      process in connection with any such suit, action or proceeding may be served
      on
      each party hereto anywhere in the world by the same methods as are specified
      for
      the giving of notices under this Agreement. Each of the parties hereto
      irrevocably consents to the jurisdiction of any such court in any such suit,
      action or proceeding and to the laying of venue in such court. Each party hereto
      irrevocably waives any objection to the laying of venue of any such suit, action
      or proceeding brought in such courts and irrevocably waives any claim that
      any
      such suit, action or proceeding brought in any such court has been brought
      in an
      inconvenient forum. EACH
      OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
      LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN
      CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    10.12
       Independent
      Nature of Investors’ Obligations and Rights.
      The
      obligations of each Investor under any Transaction Document 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 any Transaction Document. The decision of each Investor to
      purchase Shares pursuant to the Transaction Documents has been made by such
      Investor independently of any other Investor. Nothing contained herein or in
      any
      Transaction Document, and no action taken by any Investor pursuant thereto,
      shall be deemed to constitute the Investors as a partnership, an association,
      a
      joint venture or any other kind of entity, or create a presumption that the
      Investors are in any way acting in concert or as a group with respect to such
      obligations or the transactions contemplated by the Transaction Documents.
      Each
      Investor acknowledges that no other Investor has acted as agent for such
      Investor in connection with making its investment hereunder and that no Investor
      will be acting as agent of such Investor in connection with monitoring its
      investment in the Shares or enforcing its rights under 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 the 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. GSPAC acknowledges that each of the Investors
      has
      been provided with the same Transaction Documents for the purpose of closing
      a
      transaction with multiple Investors and not because it was required or requested
      to do so by any Investor. 

     

    [signature
      page follows] 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Agreement or caused their duly
      authorized officers to execute this Agreement as of the date first above
      written. 

    

      
        	
                GSPAC:

              	
                 

              	
                GLOBAL
                  SERVICES PARTNERS ACQUISITION CORP.

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                 

              	
                By:

              	
                /s/
                  Melanie Mroz

              	 
	 	 	
                Name: 
                  Melanie Mroz

              	 
	 	 	
                Title: 
                  President and Chief Executive Officer

              	 
	
                 

              	
                 

              	
                 

              	 
	
                SOUTHPEAK:

              	
                 

              	
                SOUTHPEAK
                  INTERACTIVE L.L.C. 

              	 
	 	 	 	 
	 	 	 	 
	 	 	
                By:

              	
                /s/
                  Terry M. Phillips

              	 
	 	 	
                Name: 
                  Terry M. Phillips

              	 
	
                 

              	
                 

              	
                Title: 
                  Managing Member

              	 

      

      

        
          	
                  INVESTORS:

                	 	
                  Entity
                    Name: __________________________________________

                
	 	 	  
	 	 	
                  By:
                    ______________________________________

                
	 	 	  
	 	 	
                  Name:
                    ___________________________________

                
	 	 	  
	 	 	
                  Title:
                    ____________________________________

                
	 	 	  
	 	 	
                  Address: 

                
	 	 	_________________________________________
	 	 	 
	 	 	_________________________________________ 
	 	 	 
	 	 	_________________________________________
	 	 	 
	 	 	_________________________________________ 
	 	 	  
	 	 	
                  Facsimile: ________________________________

                
	 	 	  
	 	 	
                  Attn: ____________________________________

                
	 	 	  
	 	 	
                  Tax
                    ID No.: _______________________________

                
	 	 	  
	 	 	
                  Total
                    Purchase
                    Price: _______________________

                

        

      

    

     

    [Signature
      Page to Purchase Agreement]

     

    
      
        
        

      

      
        29

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