Document:

Exhibit 4.8

WARRANT AGREEMENT

BETWEEN 

WAVE2WAVE COMMUNICATIONS, INC.

AND 

CONTINENTAL STOCK TRANSFER & TRUST
COMPANY 

DATED AS OF _____________, 2010

          This
Agreement, dated as of __________, 2010, is between Wave2Wave Communications,
Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation (the “Warrant Agent”). 

          The
Company, at or about the time that it is entering into this Agreement, proposes
to issue and sell up to _______ shares of the Company’s common stock, $0.0001
par value per share (“Common Stock”), and up to __________ warrants, each to
purchase one share of the Common Stock (“Warrant”) pursuant to an effective
registration statement, SEC File No. 333-164791. 

          The Company
also proposes to issue to Aegis Capital Corp. (the “Underwriter”) warrants to
purchase up to _______ additional shares of Common Stock and _________
additional Warrants. 

          The Company
wishes to retain the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exercise, redemption, exchange and replacement of the
Warrants and the certificates evidencing the Warrants to be issued under this Agreement.

          The Company
and the Warrant Agent wish to enter into this Agreement to set forth the terms
and conditions of the Warrants and the rights of the holders thereof
(“Warrantholders”) and to set forth the respective rights and obligations of
the Company and the Warrant Agent. Each Warrantholder is an intended
beneficiary of this Agreement with respect to the rights of Warrantholders
herein. 

          NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
set forth, the parties hereto agree as follows: 

SECTION 1. Appointment of Warrant Agent 

          The Company
hereby appoints the Warrant Agent to act as agent for the Company in accordance
with the instructions in this Agreement and the Warrant Agent accepts such
appointment. 

SECTION 2. Date, Denomination and Execution
of Warrant Certificates 

          The
Warrants shall be issuable in book-entry (“Book Entry Warrant Certificates”) or
in physical form (“Warrant Certificates”) (and the Form of Election to Purchase
and the Form of Assignment to be printed on the reverse thereof) and the
Warrant Certificates shall be substantially of the tenor and purport recited in
Exhibit A, and may have such letters, numbers or other marks of
identification or designation and such legends, summaries or endorsements
printed, lithographed or engraved thereon as the Company may deem appropriate
and as are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any law, or with any rule or regulation made pursuant
thereto, or with any rule or regulation of the Depository Trust Company or any
stock exchange on which the Common Stock, or the Warrants may be listed, or to
conform to usage. Each Warrant Certificate shall entitle the registered holder thereof,
subject to the provisions of this Agreement and of the Warrant Certificate, to
purchase, on or before the close of business on [five years], 2015 (the
“Expiration Date”), one fully paid 

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and non-assessable share of Common Stock for each Warrant evidenced by
such Warrant Certificate for $4.40. The exercise price of the Warrants (the
“Exercise Price”) is subject to adjustments as provided in Section 6 hereof.
Each Warrant Certificate issued as described in the recitals, above, shall be
dated _______, 2010; each other Warrant Certificate shall be dated the date on
which the Warrant Agent receives valid issuance instructions from the Company
or a transferring holder of a Warrant Certificate or, if such instructions
specify another date, such other date. Wherever in this Warrant Agreement,
reference is made to delivery of a Warrant Certificate, such reference shall
also include delivery of notice from the Depository or a Participant (as
defined below) of the transfer or exercise of Warrant held in Book Entry form. 

          The Warrant
Agent shall maintain books (the “Warrant Register”) for the registration of
original issuance and the registration of transfer of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the
Warrant Agent by the Company. All of the Warrants shall initially be
represented by one or more Book-Entry Warrant Certificates deposited with the
Depository Trust Company (the “Depository”) and registered in the name of
[_________], a nominee of the Depository. Ownership of beneficial interests in
the Warrants shall be shown on, and the transfer of such ownership shall be
effected through, records maintained by (i) the Depository or its nominee for
each Book-Entry Warrant Certificate, or (ii) institutions that have accounts
with the Depository (such institution, with respect to a Warrant in its account,
a “Participant”). 

          If the
Depository subsequently ceases to make its book-entry settlement system
available for the Warrants, the Company may instruct the Warrant Agent
regarding making other arrangements for book-entry settlement. In the event
that the Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, book-entry form, the Warrant Agent shall provide
written instructions to the Depository to deliver to the Warrant Agent for
cancellation each Book-Entry Warrant Certificate, and the Company shall
instruct the Warrant Agent to deliver to the Depository definitive certificates
representing the Warrants in physical form evidencing such Warrants. Such
definitive Warrant Certificates shall be in the form annexed hereto as Exhibit
A, with appropriate insertions, modifications, and omissions, as provided
above. 

          For
purposes of this Agreement, the term “close of business” on any given date
shall mean 5:00 p.m., Eastern time, on such date; provided, however, that if
such date is not a business day, it shall mean 5:00 p.m., Eastern time, on the
next succeeding business day. For purposes of this Agreement, the term
“business day” shall mean any day other than a Saturday, Sunday, or a day on
which the NYSE Amex (or banking institutions in the state in which the Warrant
Agent maintains the principal office in which it conducts business related to
the Warrants) are authorized or obligated by law to be closed. 

          Each
Warrant Certificate shall be executed on behalf of the Company by its
Chairperson of the Board of Directors or Vice Chairperson of the Board of
Directors, or its Chief Executive Officer or its President or a Vice President,
and by its Treasurer or an Assistant Treasurer, or its Secretary or an
Assistant Secretary, either manually or by facsimile signature printed thereon,
and have affixed thereto the Company’s seal or a facsimile thereof. Each
Warrant Certificate shall be manually or by facsimile signature printed thereon
countersigned by the Warrant Agent 

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and shall not be valid for any purpose unless so countersigned. In case
any officer of the Company who shall have signed any Warrant Certificate shall
cease to be such officer of the Company before countersignature by the Warrant
Agent and issue and delivery thereof by the Company, such Warrant Certificate,
nevertheless, may be countersigned by the Warrant Agent, issued and delivered
with the same force and effect as though the person who signed such Warrant
Certificate had not ceased to be such officer of the Company. 

SECTION 3. Subsequent Issue of Warrant
Certificates 

          Subsequent
to their original issuance, no Warrant Certificates shall be reissued nor Book
Entry Warrant Certificates registered for transfer except: (i) Warrant
Certificates issued upon transfer thereof in accordance with Section 4 hereof;
(ii) Warrant Certificates issued upon any combination, split-up or exchange of
Warrant Certificates pursuant to Section 4 hereof; (iii) Warrant Certificates
issued in replacement of mutilated, destroyed, lost or stolen Warrant
Certificates pursuant to Section 5 hereof; (iv) Warrant Certificates issued
upon the partial exercise of Warrant Certificates pursuant to Section 7 hereof;
and (v) Warrant Certificates issued to reflect any adjustment or change in the
Exercise Price or the number or kind of shares purchasable thereunder pursuant
to Section 23 hereof. The Warrant Agent is hereby irrevocably authorized to
countersign and deliver, in accordance with the provisions of said Sections 4,
5, 7 and 23, the new Warrant Certificates required for purposes thereof, and
the Company, whenever required by the Warrant Agent, will supply the Warrant
Agent with Warrant Certificates duly executed on behalf of the Company for such
purposes. 

SECTION 4. Transfers and Exchanges of Warrant
Certificates 

          The Warrant
Agent will keep or cause to be kept books for registration of ownership and
transfer of the Warrant Certificates and Book Entry Warrant Certificates issued
hereunder. Such registers shall show the names and addresses of the respective
holders of the Warrant Certificates and Book Entry Warrant Certificates and the
kind and number of Warrants evidenced by each such Warrant Certificate or Book
Entry Warrant Certificate. 

          The Warrant
Agent shall, from time to time, register the transfer of any outstanding
Warrants upon the books to be maintained by the Warrant Agent for that purpose,
upon surrender of the Warrant Certificate (or delivery of a duly completed Form
of Assignment with respect to Book Entry Warrant Certificates) evidencing such
Warrants, with the Form of Assignment duly filled in and executed with such
signature guaranteed by a financial institution that is a member of a
Securities Transfer Association approved medallion program, to the Warrant
Agent at its offices located in _________________, at any time on or before the
Expiration Date of such Warrant, and upon payment to the Warrant Agent for the
account of the Company of an amount equal to any applicable transfer tax.
Payment of the amount of such tax may be made in cash, or by certified or
official bank check, payable in lawful money of the United States of America to
the order of the Company. 

          Upon
receipt of a Warrant Certificate, with the Form of Assignment duly filled in
and executed, accompanied by payment of an amount equal to any applicable
transfer tax, the Warrant Agent shall promptly cancel the surrendered Warrant
Certificate and countersign and deliver to the transferee a new Warrant Certificate
for the number of full Warrants transferred to 

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such transferee; provided, however, that in case the registered holder
of any Warrant Certificate shall elect to transfer fewer than all of the
Warrants evidenced by such Warrant Certificate, the Warrant Agent in addition
shall promptly countersign and deliver to such registered holder a new Warrant
Certificate or Certificates for the number of full Warrants not so transferred.

          Any Warrant
Certificate or Certificates may be exchanged at the option of the holder
thereof for another Warrant Certificate or Certificates of different
denominations, of like tenor and representing in the aggregate the same kind
and number of Warrants, upon surrender of such Warrant Certificate or Certificates,
with the Form of Assignment duly filled in and executed, to the Warrant Agent,
at any time or from time to time after the close of business on the date hereof
and prior to the close of business on the Expiration Date. The Warrant Agent
shall promptly cancel the surrendered Warrant Certificate and deliver the new
Warrant Certificate pursuant to the provisions of this Section. 

SECTION 5. Mutilated, Destroyed, Lost or
Stolen Warrant Certificates 

          Upon
receipt by the Company and the Warrant Agent of evidence reasonably
satisfactory to them of the loss, theft, destruction or mutilation of any
Warrant Certificate, and in the case of loss, theft or destruction, Open
Penalty Surety Bond reasonably satisfactory to them, and reimbursement to them
of all reasonable expenses incidental thereto, and, in the case of mutilation,
upon surrender and cancellation of the Warrant Certificate, the Warrant Agent
shall countersign and deliver a new Warrant Certificate of like tenor for the
same kind and number of Warrants. 

SECTION 6. Adjustments of Number and Kind of
Shares Purchasable and Exercise Price 

          The number
and kind of securities or other property purchasable upon exercise of a Warrant
shall be subject to adjustment from time to time upon the occurrence, after the
date hereof, of any of the following events: 

                    A. In case
the Company shall (1) pay a dividend in, or make a distribution of, shares of
capital stock on its outstanding Common Stock, (2) subdivide its outstanding
shares of Common Stock into a greater number of such shares or (3) combine its
outstanding shares of Common Stock into a smaller number of such shares, the
total number of shares of Common Stock purchasable upon the exercise of each
Warrant outstanding immediately prior thereto shall be adjusted so that the
holder of any Warrant Certificate thereafter surrendered for exercise shall be
entitled to receive at the same aggregate Exercise Price the number of shares
of capital stock (of one or more classes) which such holder would have owned or
have been entitled to receive immediately following the happening of any of the
events described above had such Warrant been exercised in full immediately
prior to the record date with respect to such event. Any adjustment made pursuant
to this Subsection shall, in the case of a stock dividend or distribution,
become effective as of the record date therefor and, in the case of a
subdivision or combination, be made as of the effective date thereof. If, as a
result of an adjustment made pursuant to this Subsection, the holder of any
Warrant Certificate thereafter surrendered for exercise shall become entitled
to receive shares of two or more classes of capital stock of the Company, the
Board of Directors of the Company (whose determination shall be conclusive and
shall be 

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evidenced by a Board resolution filed with the Warrant Agent) shall
determine the allocation of the adjusted Exercise Price between or among shares
of such classes of capital stock. 

                    B.
In the event of a capital reorganization or a reclassification of the Common
Stock (except as provided in Subsection A. above or Subsection D. below), any
Warrantholder, upon exercise of Warrants, shall be entitled to receive, in
substitution for the Common Stock to which he would have become entitled upon
exercise immediately prior to such reorganization or reclassification, the
shares (of any class or classes) or other securities or property of the Company
(or cash) that he would have been entitled to receive at the same aggregate
Exercise Price upon such reorganization or reclassification if such Warrants
had been exercised immediately prior to the record date with respect to such
event; and in any such case, appropriate provision (as determined by the Board
of Directors of the Company, whose determination shall be conclusive and shall
be evidenced by a certified Board resolution filed with the Warrant Agent)
shall be made for the application of this Section 6 with respect to the rights
and interests thereafter of the Warrantholders (including but not limited to
the allocation of the Exercise Price between or among shares of classes of
capital stock), to the end that this Section 6 (including the adjustments of
the number of shares of Common Stock or other securities purchasable and the
Exercise Price thereof) shall thereafter be reflected, as nearly as reasonably
practicable, in all subsequent exercises of the Warrants for any shares or
securities or other property (or cash) thereafter deliverable upon the exercise
of the Warrants. 

                    C.
Whenever the number of shares of Common Stock or other securities purchasable
upon exercise of a Warrant is adjusted as provided in this Section 6, the
Company will promptly file with the Warrant Agent a certificate signed by of
its Chief Executive Officer or its President or a Vice President of the Company
and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant
Secretary of the Company setting forth the number and kind of securities or other
property purchasable upon exercise of a Warrant, as so adjusted, stating that
such adjustments in the number or kind of shares or other securities or
property conform to the requirements of this Section 6, and setting forth a
brief statement of the facts accounting for such adjustments. Promptly after
receipt of such certificate, the Company, or the Warrant Agent at the Company’s
request, will deliver, by first-class, postage prepaid mail, a brief summary
thereof (to be supplied by the Company) to the registered holders of the
outstanding Warrant Certificates; provided, however, that failure to file or to
give any notice required under this Subsection, or any defect therein, shall
not affect the legality or validity of any such adjustments under this Section
6; and provided, further, that, where appropriate, such notice may be given in
advance and included as part of the notice required to be given pursuant to
Section 13 hereof. 

                    D.
In case of any consolidation of the Company with, or merger of the Company
into, another corporation (other than a consolidation or merger which does not
result in any reclassification or change of the outstanding Common Stock), or
in case of any sale or conveyance to another corporation of the assets or property
of the Company as an entirety or substantially as an entirety (each a
“Fundamental Transaction”), the corporation formed by such consolidation or
merger or the corporation which shall have acquired such assets or property, as
the case may be, shall execute and deliver to the Warrant Agent a supplemental
warrant agreement providing that the holder of each Warrant then outstanding
shall have the right thereafter (until the expiration of such Warrant) to
receive, upon exercise of such Warrant, solely 

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the kind and amount of shares of stock and other securities and
property (or cash) receivable upon such consolidation, merger, sale or transfer
by a holder of the number of shares of Common Stock of the Company for which
such Warrant might have been exercised immediately prior to such Fundamental
Transaction. Such supplemental warrant agreement shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided in this Section. The above provision of this Subsection shall
similarly apply to successive Fundamental Transactions. 

                    E.
The Warrant Agent shall not be under any responsibility to determine the
correctness of any provision contained in any such supplemental warrant
agreement relating to either the kind or amount of shares of stock or
securities or property (or cash) purchasable by holders of Warrant Certificates
upon the exercise of their Warrants after any such consolidation, merger, sale
or transfer or of any adjustment to be made with respect thereto, but subject
to the provisions of Section 21 hereof, may accept as conclusive evidence of
the correctness of any such provisions, and shall be protected in relying upon,
a certificate of a firm of independent certified public accountants (who may be
the accountants regularly employed by the Company) with respect thereto. 

                    F.
Irrespective of any adjustments in the number or kind of shares issuable upon
exercise of Warrants, Warrant Certificates theretofore or thereafter issued may
continue to express the same price and number and kind of shares as are stated
in the similar Warrant Certificates initially issuable pursuant to this Warrant
Agreement. 

                    G.
The Company may retain a firm of independent public accountants of recognized
standing, which may be the firm regularly retained by the Company, selected by
the Audit Committee of the Board of Directors of the Company, and not
disapproved by the Warrant Agent, to make any computation required under this
Section, and a certificate signed by such firm shall, in the absence of fraud
or gross negligence, be conclusive evidence of the correctness of any
computation made under this Section. 

                    H.
For the purpose of this Section, the term “Common Stock” shall mean: (i) the
common stock of the Company, $0.0001 par value; or (ii) any other class of
stock resulting from successive changes or reclassifications of such Common
Stock consisting solely of changes in par value, or from par value to no par
value, or from no par value to par value. In the event that at any time as a
result of an adjustment made pursuant to this Section, the holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive
any shares of capital stock of the Company other than shares of Common Stock,
thereafter the number of such other shares so receivable upon exercise of any
Warrant shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the
Common Stock contained in this Section, and all other provisions of this
Agreement, with respect to the Common Stock, shall apply on like terms to any
such other shares. 

                    I.
The Company may, from time to time and to the extent permitted by law, reduce
the Exercise Price of the Warrants by any amount for a period of not less than
60 days. If the Company so reduces the Exercise Price of such Warrants, it will
give not less than 60 days’ notice of such decrease, which notice may be in the
form of a press release, and shall take such 

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other steps as
may be required under applicable law in connection with any offers or sales of
securities at the reduced price. 

SECTION 7. Exercise of Warrants 

          The
registered holder of any Warrant Certificate may exercise the Warrants
evidenced thereby, in whole at any time or in part from time to time at or
prior to the close of business, on the Expiration Date relating to such
Warrant, subject to the provisions of Section 10, at which time the Warrant
Certificates shall be and become wholly void and of no value. Warrants may be
exercised by their holders as follows: 

                    A.
Exercise of Warrants shall be accomplished upon surrender of the Warrant Certificate
(or Book Entry Warrant Certificate by a Participant) evidencing such Warrants,
with the Form of Election to Purchase on the reverse side thereof duly filled
in and executed, to the Warrant Agent at its stock transfer office located in
New York, NY, together with payment to the Company of the Exercise Price (as of
the date of such surrender) of the Warrants then being exercised and an amount
equal to any applicable transfer tax and, if requested by the Company, any
other taxes or governmental charges which the Company may be required by law to
collect in respect of such exercise. Payment of the Exercise Price and other
amounts may be made by wire transfer of good funds, or by certified or bank
cashier’s check, payable in lawful money of the United States of America to the
order of the Company. No adjustment shall be made for any cash dividends,
whether paid or declared, on any securities issuable upon exercise of a
Warrant. The Warrant Agent shall deposit or invest any and all funds received
in connection with the exercise of the Warrants in federally insured, interest
bearing accounts with a financial institution or institutions designated by the
Warrant Agent. The Warrant Agent shall have no liability with respect to the
performance of any such investments other than, in the case of funds deposited
in accounts maintained by the Warrant Agent, the liability of the Warrant Agent
to its depositors in such accounts generally. The Company shall be entitled to
the interest, if any, on funds deposited with the Warrant Agent. At the request
of the Company, the Warrant Agent shall remit any funds held by it as a result
of the exercise of the Warrants to the Company. 

                    B.
Upon receipt of a Warrant Certificate, with the Form of Election to Purchase
duly filled in and executed, accompanied by payment of the Exercise Price of
the Warrants being exercised (and of an amount equal to any applicable taxes or
government charges as aforesaid), the Warrant Agent shall promptly request from
the Transfer Agent (which shall initially be the Warrant Agent) with respect to
the securities to be issued and deliver to or upon the order of the registered
holder of such Warrant Certificate, in such name or names as such registered
holder may designate, within three (3) trading days of the date of such
exercise (the “Warrant Share Delivery Date”), via the DWAC system maintained by
the Depository Trust Company, the number of full shares of the securities to be
purchased, together with cash made available by the Company pursuant to Section
9 hereof in respect of any fraction of a share of such securities otherwise
issuable upon such exercise. If the Warrant is then exercisable to purchase
property other than securities, the Warrant Agent shall take appropriate steps to
cause such property to be delivered to or upon the order of the registered
holder of such Warrant Certificate. In addition, the Warrant Agent will deliver
to each Warrantholder the then-current prospectus and the Company agrees to
supply Warrant Agent with a sufficient number of prospectuses to effectuate
that purpose. 

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                    C.
In case the registered holder of any Warrant Certificate shall exercise fewer
than all of the Warrants evidenced by such Warrant Certificate, the Warrant
Agent shall promptly countersign and deliver to the registered holder of such Warrant
Certificate, or to his duly authorized assigns, a new Warrant Certificate or
Certificates evidencing the number of Warrants that were not so exercised. 

                    D.
Each person in whose name any certificate for securities is issued upon the
exercise of Warrants shall for all purposes be deemed to have become the holder
of record of the securities represented thereby as of, and such certificate
shall be dated, the date upon which the Warrant Certificate was duly
surrendered in proper form and payment of the Exercise Price (and of any
applicable taxes or other governmental charges) was made; provided, however,
that if the date of such surrender and payment is a date on which the stock
transfer books of the Company are closed, such person shall be deemed to have
become the record holder of such shares as of, and the certificate for such
shares shall be dated, the next succeeding business day on which the stock
transfer books of the Company are open (whether before, on or after the
Expiration Date relating to such Warrant) and the Warrant Agent shall be under
no duty to deliver the certificate for such shares until such date. The Company
covenants and agrees that it shall not cause its stock transfer books to be
closed for a period of more than two consecutive business days except upon
consolidation, merger, sale of all or substantially all of its assets,
dissolution or liquidation or as otherwise provided by law. 

                    E.
In addition to any other rights available to the Warrantholder, if the Company
fails to cause its Transfer Agent to transmit to the Warrantholder a
certificate or the certificates representing the Warrant Shares pursuant to an
exercise on or before the Warrant Share Delivery Date, and if after such date
the Warrantholder is required by its broker to purchase (in an open market
transaction or otherwise) or the Warrantholder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the
Warrantholder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the
Warrantholder the amount, if any, by which (x) the Warrantholder’s total
purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (1)
the number of Warrant Shares that the Company was required to deliver to the
Warrantholder in connection with the exercise at issue times (2) the price at
which the sell order giving rise to such purchase obligation was executed, and
(B) at the option of the Warrantholder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not
honored (in which case such exercise shall be deemed rescinded) or deliver to
the Warrantholder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Warrantholder purchases Common Stock
having a total purchase price of $11,000 to cover a Buy-In with respect to an
attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the
Warrantholder $1,000. The Warrantholder shall provide the Warrant Agent and the
Company written notice indicating the amounts payable to the Warrantholder in
respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss.  

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SECTION 8. Redemption 

                    A.
Subject to Section 8D hereof, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, at any time after they become exercisable
and prior to their expiration, at the office of the Warrant Agent, upon the
notice referred to in Section 8B hereof, at a redemption price of $.01 per
warrant (the “Redemption Price”),
provided that (i) the last sales price of the Common Stock has been equal to or
greater than $7.00 per share (the “Trigger
Price”) for any twenty (20) trading days within a thirty (30)
trading day period ending on the third business day prior to the date on which
notice of redemption is given and (ii) the Warrants and the shares of Common
Stock underlying such Warrants are covered by an effective registration
statement and a current prospectus from the beginning of the measurement period
through the date fixed for redemption. The provisions of this Section 8A may not
be modified, amended or deleted without the prior written consent of the
Underwriter. 

                    B.
In the event the Company shall elect to redeem all of the Warrants, the Company
shall fix a date for the redemption (the “Redemption
Date”), which shall be prior to the expiration of the Warrants.
Notice of redemption shall be mailed by first class mail, postage prepaid, by
the Company not less than thirty (30) days prior to the date fixed for
redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the Warrant Register. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly
given on the date sent, whether or not the registered holder received such
notice. In the event of any adjustment of the Warrant Price or the number of
shares of Common Stock issuable on exercise of each Warrant as provided in
Section 6, a proportional adjustment shall be made to the Trigger Price. 

                    C.
The Warrants may be exercised in accordance with Section 7 of this Warrant
Agreement at any time after notice of redemption shall have been given by the
Company pursuant to Section 8B hereof and prior to the time and date fixed for
redemption. On and after the Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants,
the Redemption Price. 

                    D.
Except for a redemption in accordance with this Section 8, no holder of any
Warrant shall be entitled to any cash payment whatsoever from the Company in
connection with the ownership, exercise or surrender of any Warrant under this
Agreement, regardless of whether a registration statement is current under the
Act with respect to the Common Stock issuable upon exercise of the Warrants. 

SECTION 9. Fractional Interests 

          The Company shall not issue any Warrant Certificate evidencing a
fraction of a Warrant, nor shall the Company issue any fractional share of
securities upon exercise of a Warrant. By accepting a Warrant Certificate, the
holder thereof expressly waives any right to receive a Warrant Certificate
evidencing any fraction of a Warrant or to receive any fractional share of
securities upon exercise of a Warrant. 

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SECTION 10. Reservation of Equity Securities 

          The Company
covenants that it will at all times reserve and keep available, free from any
pre-emptive rights, out of its authorized and unissued equity securities,
solely for the purpose of issue upon exercise of the Warrants, such number of
shares of equity securities of the Company as shall then be issuable upon the
exercise of all outstanding Warrants (“Equity Securities”). The Company
covenants that all Equity Securities which shall be so issuable shall, upon
such issue, be duly authorized, validly issued, fully paid and non-assessable. 

The Company covenants that if any equity securities, required to be
reserved for the purpose of issue upon exercise of the Warrants hereunder,
require registration with or approval of any governmental authority under any
federal or state law before such shares may be issued upon exercise of
Warrants, the Company will use all commercially reasonable efforts to cause
such securities to be duly registered, or approved, as the case may be, and, to
the extent practicable, take all such action in anticipation of and prior to
the exercise of the Warrants, including, without limitation, filing any and all
post-effective amendments to the Company’s Registration Statement on Form S-1 necessary
to permit the issuance of the securities underlying the Warrants to the
Warrantholder at any and all times and to obtain any necessary Blue Sky
registrations or qualifications. 

If at the time of exercise hereof there is no effective registration statement
registering, or the prospectus contained therein is not available for the
issuance of the Warrant Shares to the Warrantholder and all of the Warrant
Shares are not then registered for resale by the Warrantholder into the market
at market prices from time to time on an effective registration statement for
use on a continuous basis (or the prospectus contained therein is not available
for use), then this Warrant may also be exercised, in whole or in part, at such
time by means of a “cashless exercise” in which the Warrantholder shall be
entitled to receive a certificate for the number of Warrant Shares equal to the
quotient obtained by dividing [(A-B) (X)] by (A), where: 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (A)

 	
 =

 	
 the VWAP on
 the trading day immediately preceding the date on which Holder elects to
 exercise this Warrant by means of a “cashless exercise,” as set forth in the
 applicable Notice of Exercise; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (B)

 	
 =

 	
 the Exercise
 Price of this Warrant, as adjusted hereunder; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (X)

 	
 =

 	
 the number
 of Warrant Shares that would be issuable upon exercise of this Warrant in
 accordance with the terms of this Warrant if such exercise were by means of a
 cash exercise rather than a cashless exercise. 

 

          “VWAP”
means, for any date, the price determined by the first of the following clauses
that applies: (a) if the Common Stock is then listed or quoted on a national
securities exchange, the daily volume weighted average price of the Common
Stock for such date (or the nearest preceding date) on such exchange as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time), (b) the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the
OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for
trading on the OTC 

- 10 -

Bulletin Board and if prices for the Common Stock are then reported in
the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by
an independent appraiser selected in good faith by the Holders of a majority in
interest of the Securities then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company. 

SECTION 11. Reduction of Exercise Price Below
Par Value 

          Before
taking any action that would cause an adjustment pursuant to Section 6 hereof
reducing the portion of the Exercise Price required to purchase one share of
capital stock below the then par value (if any) of a share of such capital
stock, the Company will use its best efforts to take any corporate action
which, in the opinion of its counsel, may be necessary in order that the
Company may validly and legally issue fully paid and non-assessable shares of
such capital stock. 

SECTION 12. Payment of Taxes 

          The Company
covenants and agrees that it will pay when due and payable any and all federal
and state documentary, stamp and other original issue taxes which may be
payable in respect of the original issuance of the Warrant Certificates, or any
shares of Common Stock or other securities upon the exercise of Warrants. The
Company shall not, however, be required (i) to pay any tax which may be payable
in respect of any transfer involved in the transfer and delivery of Warrant
Certificates or the issuance or delivery of certificates for Common Stock or
other securities in a name other than that of the registered holder of the
Warrant Certificate surrendered for purchase or (ii) to issue or deliver any
certificate for shares of Common Stock or other securities upon the exercise of
any Warrant Certificate until any such tax shall have been paid, all such tax
being payable by the holder of such Warrant Certificate at the time of
surrender. 

SECTION 13. Notice of Certain Corporate
Actions 

          In case the
Company after the date hereof shall propose (i) to offer to the holders of
Common Stock, generally, rights to subscribe to or purchase any additional
shares of any class of its capital stock, any evidences of its indebtedness or
assets, or any other rights or options or (ii) to effect any reclassification
of Common Stock (other than a reclassification involving merely the subdivision
or combination of outstanding shares of Common Stock) or any capital
reorganization, or any consolidation or merger to which the Company is a party
and for which approval of any stockholders of the Company is required, or any
sale, transfer or other disposition of its property and assets substantially as
an entirety, or the liquidation, voluntary or involuntary dissolution or
winding-up of the Company, then, in each such case, the Company shall file with
the Warrant Agent and the Company, or the Warrant Agent on the Company’s behalf
and at the Company’s request, shall mail (by first-class, postage prepaid mail)
to all registered holders of the Warrant Certificates notice of such proposed
action, which notice shall specify the date on which the books of the Company
shall close or a record be taken for such offer of rights or options, or the
date on which such reclassification, reorganization, 

- 11 -

consolidation, merger, sale, transfer, other disposition, liquidation,
voluntary or involuntary dissolution or winding-up shall take place or
commence, as the case may be, and which shall also specify any record date for
determination of holders of Common Stock entitled to vote thereon or
participate therein and shall set forth such facts with respect thereto as
shall be reasonably necessary to indicate any adjustments in the Exercise Price
and the number or kind of shares or other securities purchasable upon exercise
of Warrants which will be required as a result of such action. Such notice
shall be filed and mailed in the case of any action covered by clause (i)
above, at least ten days prior to the record date for determining holders of
the Common Stock for purposes of such action or, if a record is not to be
taken, the date as of which the holders of shares of Common Stock of record are
to be entitled to such offering; and, in the case of any action covered by
clause (ii) above, at least 20 days prior to the earlier of the date on which
such reclassification, reorganization, consolidation, merger, sale, transfer,
other disposition, liquidation, voluntary or involuntary dissolution or
winding-up is expected to become effective and the date on which it is expected
that holders of shares of Common Stock of record on such date shall be entitled
to exchange their shares for securities or other property deliverable upon such
reclassification, reorganization, consolidation, merger, sale, transfer, other
disposition, liquidation, voluntary or involuntary dissolution or winding-up. 

          Failure to
give any such notice or any defect therein shall not affect the legality or
validity of any transaction listed in this Section 13. 

SECTION 14. Disposition of Proceeds on Exercise
of Warrant Certificates, etc. 

          The Warrant
Agent shall account promptly to the Company with respect to Warrants exercised
and concurrently pay to the Company all monies received by the Warrant Agent
for the purchase of securities or other property through the exercise of such
Warrants. 

          The Warrant
Agent shall keep copies of this Agreement available for inspection by
Warrantholders during normal business hours at its stock transfer office.
Copies of this Agreement may be obtained upon written request addressed to the
Warrant Agent at its stock transfer office located in New York, New York. 

SECTION 15. Warrantholder Not Deemed a
Stockholder 

          No
Warrantholder, as such, shall be entitled to vote, receive dividends or be deemed
the holder of Common Stock or any other securities of the Company which may at
any time be issuable on the exercise of the Warrants represented thereby for
any purpose whatever, nor shall anything contained herein or in any Warrant
Certificate be construed to confer upon any Warrantholder, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par
value or change of stock to no par value, consolidation, merger, conveyance or
otherwise), or to receive notice of meetings or other actions affecting
stockholders (except as provided in Section 13 hereof), or to receive dividend
or subscription rights, or otherwise, until such Warrant Certificate shall have
been exercised in accordance with the provisions hereof and the receipt of the
Exercise Price and any other amounts payable upon such exercise by the Warrant
Agent. 

- 12 -

SECTION 16. Right of Action 

          All rights
of action in respect to this Agreement are vested in the respective registered
holders of the Warrant Certificates; and any registered holder of any Warrant
Certificate, without the consent of the Warrant Agent or of any other holder of
a Warrant Certificate, may, in his own behalf for his own benefit, enforce, and
may institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, his right to exercise the
Warrants evidenced by such Warrant Certificate, for the purchase of shares of
the Common Stock in the manner provided in the Warrant Certificate and in this
Agreement. 

SECTION 17. Agreement of Holders of Warrant
Certificates 

          Every
holder of a Warrant Certificate by accepting the same consents and agrees with
the Company, the Warrant Agent and with every other holder of a Warrant
Certificate that: 

                    A.
the Warrant Certificates are transferable on the registry books of the Warrant
Agent only upon the terms and conditions set forth in this Agreement; and 

                    B.
the Company and the Warrant Agent may deem and treat the person in whose name
the Warrant Certificate is registered as the absolute owner of the Warrant
(notwithstanding any notation of ownership or other writing thereon made by
anyone other than the Company or the Warrant Agent) for all purposes whatever
and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. 

SECTION 18. Cancellation of Warrant
Certificates 

          The Warrant
Agent shall cancel any Warrant Certificate delivered to it for exercise, in
whole or in part, or delivered to it for transfer, split-up, combination or
exchange. Warrant Certificates so canceled shall be retained by the Warrant
Agent or disposed of in accordance with its customary business practices
relating to such matters; provided that the Warrant Agent shall give the
Company notice prior to its disposition or destruction of the Warrant
Certificates. 

SECTION 19. Concerning the Warrant Agent 

          The Company
agrees to pay to the Warrant Agent from time to time, upon receipt of a written
demand of the Warrant Agent, reasonable compensation for all services rendered
by it hereunder and also its reasonable expenses, including counsel fees, and
other disbursements incurred in the administration and execution of this
Agreement and the exercise and performance of its duties hereunder. The Warrant
Agent agrees to use its best efforts to submit in advance a written estimate of
any costs in excess of $5,000 that it expects to incur in the exercise and
performance of its duties hereunder. The Company also agrees to indemnify the
Warrant Agent for, and to hold it harmless against, any loss, liability or
expense, incurred without gross negligence, bad faith or willful misconduct on
the part of the Warrant Agent, arising out of or in connection with the acceptance
and administration of this Agreement. 

- 13 -

SECTION 20. Merger or Consolidation or Change
of Name of Warrant Agent 

          Any
corporation into which the Warrant Agent may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to
which the Warrant Agent shall be a party, or any corporation succeeding to the
corporate trust business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such
corporation would be eligible for appointment as a successor warrant agent
under the provisions of Section 22 hereof. In case at the time such successor
to the Warrant Agent shall succeed to the agency created by this Agreement, any
of the Warrant Certificates shall have been countersigned but not delivered,
any such successor to the Warrant Agent may adopt the countersignature of the
original Warrant Agent and deliver such Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been
countersigned, any successor to the Warrant Agent may countersign such Warrant
Certificates either in the name of the predecessor Warrant Agent or in the name
of the successor Warrant Agent; and in all such cases such Warrant Certificates
shall have the full force provided in the Warrant Certificates and in this
Agreement. 

          In case at
any time the name of the Warrant Agent shall be changed and at such time any of
the Warrant Certificates shall have been countersigned but not delivered, the
Warrant Agent may adopt the countersignature under its prior name and deliver
Warrant Certificates so countersigned; and in case at that time any of the
Warrant Certificates shall not have been countersigned, the Warrant Agent may
countersign such Warrant Certificates either in its prior name or in its
changed name; and in all such cases such Warrant Certificates shall have the
full force provided in the Warrant Certificates and in this Agreement. 

SECTION 21. Duties of Warrant Agent 

          The Warrant
Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Company and the holders of
Warrant Certificates, by their acceptance thereof, shall be bound: 

                    A.
The Warrant Agent may consult with counsel satisfactory to it (who may be
counsel for the Company), and the opinion of such counsel shall be full and
complete authorization and protection to the Warrant Agent as to any action
taken, suffered or omitted by it in good faith and in accordance with such
opinion; provided, however, that the Warrant Agent shall have exercised reasonable
care in the selection of such counsel. Fees and expenses of such counsel, to
the extent reasonable, shall be paid by the Company, and subject to the
provisions of Section 19 hereof. 

                    B.
Whenever in the performance of its duties under this Agreement, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or
established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by a Chairperson or co-Chairperson of the
Board or the President or a Vice President or the Secretary of the Company and
delivered to the Warrant Agent; and such certificate shall be full
authorization to the Warrant Agent for any 

- 14 -

action taken or suffered in good faith by it under the provisions of
this Agreement in reliance upon such certificate. 

                    C.
The Warrant Agent shall be liable hereunder only for its own gross negligence,
bad faith or willful misconduct. 

                    D.
The Warrant Agent shall not be liable for or by reason of any of the statements
of fact or recitals contained in this Agreement or in the Warrant Certificates
(except its countersignature on the Warrant Certificates and such statements or
recitals as describe the Warrant Agent or action taken or to be taken by it) or
be required to verify the same, but all such statements and recitals are and
shall be deemed to have been made by the Company only. 

                    E.
The Warrant Agent shall not be under any responsibility in respect of the
validity of this Agreement or the execution and delivery hereof (except the due
execution hereof by the Warrant Agent) or in respect of the validity or
execution of any Warrant Certificate (except its countersignature thereof); nor
shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant Certificate; nor shall
it be responsible for the making of any change in the number of shares of Common
Stock for which a Warrant is exercisable required under the provisions of
Section 6 or responsible for the manner, method or amount of any such change or
the ascertaining of the existence of facts that would require any such
adjustment or change (except with respect to the exercise of Warrant
Certificates after actual notice of any adjustment of the Exercise Price); nor
shall it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any shares of Common Stock to be
issued pursuant to this Agreement or any Warrant Certificate or as to whether
any shares of Common Stock will, when issued, be validly issued, fully paid and
non-assessable. 

                    F.
The Warrant Agent shall be under no obligation to institute any action, suit or
legal proceeding or take any other action likely to involve expense unless the
Company or one or more registered holders of Warrant Certificates shall furnish
the Warrant Agent with reasonable security and indemnity for any costs and
expenses which may be incurred. All rights of action under this Agreement or
under any of the Warrants may be enforced by the Warrant Agent without the
possession of any of the Warrants or the production thereof at any trial or
other proceeding relative thereto, and any such action, suit or proceeding
instituted by the Warrant Agent shall be brought in its name as Warrant Agent,
and any recovery of judgment shall be for the ratable benefit of the registered
holders of the Warrant Certificates, as their respective rights or interests
may appear. 

                    G.
The Warrant Agent and any stockholder, director, officer or employee of the
Warrant Agent may buy, sell or deal in any of the Warrants or other securities
of the Company or become pecuniarily interested in any transaction in which the
Company may be interested, or contract with or lend money to or otherwise act
as fully and freely as though it were not Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other
capacity for the Company or for any other legal entity. 

                    H.
The Warrant Agent is hereby authorized and directed to accept instructions with
respect to the performance of its duties hereunder from a Chairman or co-Chairman
of the 

- 15 -

Board or President or a Vice President or the Secretary or the
Controller of the Company, and to apply to such officers for advice or
instructions in connection with the Warrant Agent’s duties, and it shall not be
liable for any action taken or suffered or omitted by it in good faith in
accordance with instructions of any such officer. 

                    I. The
Warrant Agent will not be responsible for any failure of the Company to comply
with any of the covenants contained in this Agreement or in the Warrant
Certificates to be complied with by the Company. 

                    J.
The Warrant Agent may execute and exercise any of the rights or powers hereby
vested in it or perform any duty hereunder either itself or by or through its
attorneys, agents or employees and the Warrant Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such attorneys,
agents or employees or for any loss to the Company resulting from such neglect
or misconduct; provided, however, that reasonable care shall have been
exercised in the selection and continued employment of such attorneys, agents
and employees. 

                    K.
The Warrant Agent will not incur any liability or responsibility to the Company
or to any holder of any Warrant Certificate for any action taken, or any
failure to take action, in reliance on any notice, resolution, waiver, consent,
order, certificate, or other paper, document or instrument reasonably believed
by the Warrant Agent to be genuine and to have been signed, sent or presented
by the proper party or parties. 

                    L.
The Warrant Agent will act hereunder solely as agent of the Company in a
ministerial capacity, and its duties will be determined solely by the
provisions hereof. The Warrant Agent will not be liable for anything which it
may do or refrain from doing in connection with this Agreement except for its
own gross negligence, bad faith or willful conduct. 

SECTION 22. Change of Warrant Agent 

          The Warrant
Agent may resign and be discharged from its duties under this Agreement upon 30
days’ prior notice in writing mailed, by registered or certified mail, to the
Company. The Company may remove the Warrant Agent or any successor warrant
agent upon 30 days’ prior notice in writing, mailed to the Warrant Agent or
successor warrant agent, as the case may be, by registered or certified mail.
If the Warrant Agent shall resign or be removed or shall otherwise become
incapable of acting, the Company shall appoint a successor to the Warrant Agent
and shall, within 15 days following such appointment, give notice thereof in
writing to each registered holder of the Warrant Certificates. If the Company
shall fail to make such appointment within a period of 15 days after giving
notice of such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Warrant Agent, then
the Company agrees to perform the duties of the Warrant Agent hereunder until a
successor Warrant Agent is appointed. After appointment and execution of a copy
of this Agreement in effect at that time, the successor Warrant Agent shall be
vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Warrant Agent without further act or deed; but the
former Warrant Agent shall deliver and transfer to the successor Warrant Agent,
within a reasonable time, any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary for
the 

- 16 -

purpose. Failure to give any notice provided for in this Section,
however, or any defect therein shall not affect the legality or validity of the
resignation or removal of the Warrant Agent or the appointment of the successor
warrant agent, as the case may be. 

SECTION 23. Issuance of New Warrant
Certificates 

          Notwithstanding
any of the provisions of this Agreement or the several Warrant Certificates to
the contrary, the Company may, at its option, issue new Warrant Certificates in
such form as may be approved by its Board of Directors to reflect any
adjustment or change in the Exercise Price or the number or kind of shares
purchasable under the several Warrant Certificates made in accordance with the
provisions of this Agreement, or to make all Warrant Certificates Book Entry
Certificates. 

SECTION 24. Notices 

          Notice
or demand pursuant to this Agreement to be given or made on the Company by the
Warrant Agent or by the registered holder of any Warrant Certificate shall be sufficiently
given or made if sent by first class mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the Warrant Agent) as
follows: 

	
  

 	
  

 
	
  

 	
 Wave2Wave
 Communications, Inc.

 433 Hackensack Avenue 

 Hackensack, NJ 07601 

 Attention: Aaron Dobrinsky, CEO 

 

          Subject to
the provisions of Section 22, any notice pursuant to this Agreement to be given
or made by the Company or by the holder of any Warrant Certificate to or on the
Warrant Agent shall be sufficiently given or made if sent by first-class or
registered mail, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company) as follows: 

	
  

 	
  

 
	
  

 	
 Continental
 Stock Transfer & Trust Company 

 17 Battery Place 

 New York, New York 10004 

 

          Any notice
or demand authorized to be given or made to the registered holder of any
Warrant Certificate under this Agreement shall be sufficiently given or made if
sent by first-class or registered mail, postage prepaid, to the last address of
such holder as it shall appear on the registers maintained by the Warrant
Agent. 

SECTION 25. Modification of Agreement 

          The Warrant
Agent may, without the consent or concurrence of the Warrantholders, by
supplemental agreement or otherwise, concur with the Company in making any
changes or corrections in this Agreement that the Warrant Agent shall have been
advised by counsel (who may be counsel for the Company) are necessary or
desirable to cure any ambiguity or to correct any defective or inconsistent
provision or clerical omission or mistake or manifest error herein contained,
or to make any other provisions in regard to matters or questions arising
hereunder 

- 17 -

and which shall not be inconsistent with the provisions of the Warrant
Certificates and which shall not adversely affect the interests of the
Warrantholders. As of the date hereof, this Agreement contains the entire and
only agreement, understanding, representation, condition, warranty or covenant
between the parties hereto with respect to the matters herein, supersedes any
and all other agreements between the parties hereto relating to such matters,
and may be modified or amended only by a written agreement signed by both
parties hereto pursuant to the authority granted by the first sentence of this
Section. 

SECTION 26. Successors 

          All the
covenants and provisions of this Agreement by or for the benefit of the Company
or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder. 

SECTION 27. New York Contract 

          This
Agreement and each Warrant Certificate issued hereunder shall be deemed to be a
contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the laws of said State. 

SECTION 28. Termination 

          This
Agreement shall terminate as of the close of business on the Expiration Date,
or such earlier date upon which all Warrants shall have been exercised or
redeemed, except that the Warrant Agent shall account to the Company as to all
Warrants outstanding and all cash held by it as of the close of business on the
Expiration Date. 

SECTION 29. Benefits of this Agreement 

          Nothing in
this Agreement or in the Warrant Certificates shall be construed to give to any
person or corporation other than the Company, the Warrant Agent, and their
respective successors and assigns hereunder and the registered holders of the
Warrant Certificates any legal or equitable right, remedy or claim under this Agreement;
but this Agreement shall be for the sole and exclusive benefit of the Company,
the Warrant Agent, their respective successors and assigns hereunder and the
registered holders of the Warrant Certificates. 

SECTION 30. Descriptive Headings 

          The
descriptive headings of the several Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof. 

SECTION 31. Counterparts 

          This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but such counterparts shall together constitute one and the same
instrument. 

 (Remainder of page intentionally left blank;
signature page follows)

- 18 -

          IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed, all as of the day and year first above written. 

	
  

 	
  

 	
  

 
	
  

 	
 WAVE2WAVE
 COMMUNICATIONS, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 CONTINENTAL
 STOCK TRANSFER &

 
	
  

 	
 TRUST
 COMPANY

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

- 19 -

EXHIBIT A

VOID AFTER 5:00 P.M. EASTERN TIME ON _______,
2015

WARRANTS TO PURCHASE COMMON STOCK

	
  

 	
  

 
	
 No. W-

 	
 Warrants 

 

WAVE2WAVE COMMUNICATIONS, INC. 

THIS CERTIFIES THAT

or registered assigns, is the registered holder of the number of
Warrants (“WARRANTS”) set forth above. Each Warrant, unless and until redeemed
by the Company as provided in the Warrant Agreement, hereinafter more fully
described (the “WARRANT AGREEMENT”), entitles the holder thereof to purchase
from Wave2Wave Communications, Inc., a corporation incorporated under the laws
of the State of Delaware (the “COMPANY”), subject to the terms and conditions
set forth hereinafter and in the Warrant Agreement before the close of business
on ________, 2015 (“EXPIRATION DATE”), one fully paid and non-assessable share
of Common Stock, $0.0001 par value per share, of the Company (“COMMON STOCK”)
upon presentation and surrender of this Warrant Certificate, with the
instructions for the registration and delivery of Common Stock filled in, at
the stock transfer office of Continental Stock Transfer & Trust Company
located in New York, New York, Warrant Agent of the Company (“WARRANT AGENT”)
or of its successor warrant agent or, if there be no successor warrant agent,
at the corporate offices of the Company, and upon payment of the Exercise Price
(as defined in the Warrant Agreement) and any applicable taxes paid either in
cash, or by certified or official bank check, payable in lawful money of the
United States of America to the order of the Company. Each Warrant initially
entitles the holder to purchase one share of Common Stock for $4.40. The number
and kind of securities or other property for which the Warrants are exercisable
are subject to adjustment in certain events, such as mergers, splits, stock
dividends, reverse splits and the like, to prevent dilution. 

          This
Warrant Certificate is subject to all of the terms, provisions and conditions
of the Warrant Agreement, dated as of ________, 2010, between the Company and
the Warrant Agent, to all of which terms, provisions and conditions the
registered holder of this Warrant Certificate consents by acceptance hereof.
The Warrant Agreement is incorporated herein by reference and made a part
hereof and reference is made to the Warrant Agreement for a full description of
the rights, limitations of rights, obligations, duties and immunities of the
Warrant Agent, the Company and the holders of the Warrant Certificates. Copies
of the Warrant Agreement are available for inspection at the stock transfer
office of the Warrant Agent or may be obtained upon written request addressed
to the Company at Wave2Wave Communications, Inc., 433 Hackensack Avenue,
Hackensack, New Jersey 07601, Attention: Chief Financial Officer. 

          The Company
shall not be required upon the exercise of the Warrants evidenced by this
Warrant Certificate to issue fractions of Warrants, Common Stock or other
securities, but shall make adjustment therefor in cash on the basis of the
current market value of any fractional interest as provided in the Warrant
Agreement. 

A-1

          In certain
cases, the sale of securities by the Company upon exercise of Warrants may
violate the securities laws of the United States, certain states thereof or
other jurisdictions. The Company will not be required to honor the exercise of
Warrants if, in the opinion of the Board of Directors, upon advice of counsel,
the sale of securities upon such exercise would be unlawful. In any such case,
the holder shall have the right of cashless, or net exercise, as set forth in
Section 10 of the Warrant Agreement. 

          This
Warrant Certificate, with or without other Certificates, upon surrender to the
Warrant Agent, any successor warrant agent or, in the absence of any successor
warrant agent, at the corporate offices of the Company, may be exchanged for
another Warrant Certificate or Certificates evidencing in the aggregate the
same number of Warrants as the Warrant Certificate or Certificates so
surrendered. If the Warrants evidenced by this Warrant Certificate shall be
exercised in part, the holder hereof shall be entitled to receive upon
surrender hereof another Warrant Certificate or Certificates evidencing the
number of Warrants not so exercised. 

          No holder
of this Warrant Certificate, as such, shall be entitled to vote, receive
dividends or be deemed the holder of Common Stock or any other securities of
the Company which may at any time be issuable on the exercise hereof for any
purpose whatsoever, nor shall anything contained in the Warrant Agreement or
herein be construed to confer upon the holder of this Warrant Certificate, as
such, any of the rights of a stockholder of the Company or any right to vote
for the election of directors or upon any matter submitted to stockholders at
any meeting thereof or give or withhold consent to any corporate action
(whether upon any matter submitted to stockholders at any meeting thereof, or
give or withhold consent to any merger, recapitalization, issuance of stock,
reclassification of stock, change of par value or change of stock to no par
value, consolidation, conveyance or otherwise) or to receive notice of meetings
or other actions affecting stockholders (except as provided in the Warrant
Agreement) or to receive dividends or subscription rights or otherwise until
the Warrants evidenced by this Warrant Certificate shall have been exercised
and the Common Stock purchasable upon the exercise thereof shall have become
deliverable as provided in the Warrant Agreement. 

          If this
Warrant Certificate shall be surrendered for exercise within any period during
which the transfer books for the Company’s Common Stock or other class of stock
purchasable upon the exercise of the Warrants evidenced by this Warrant
Certificate are closed for any purpose, the Company shall not be required to
make delivery of certificates for shares purchasable upon such transfer until
the date of the reopening of said transfer books. 

          Every
holder of this Warrant Certificate by accepting the same consents and agrees
with the Company, the Warrant Agent, and with every other holder of a Warrant
Certificate that: 

          (a) this
Warrant Certificate is transferable on the registry books of the Warrant Agent
only upon the terms and conditions set forth in the Warrant Agreement, and 

          (b) the
Company and the Warrant Agent may deem and treat the person in whose name this
Warrant Certificate is registered as the absolute owner hereof (notwithstanding
any notation of ownership or other writing thereon made by anyone other than
the Company or the Warrant Agent) for all purposes whatsoever and neither the
Company nor the Warrant Agent shall be affected by any notice to the contrary.
The Company shall not be required to issue or deliver any 

A-2

certificate for shares of Common Stock or other securities upon the
exercise of Warrants evidenced by this Warrant Certificate until any tax which
may be payable in respect thereof by the holder of this Warrant Certificate
pursuant to the Warrant Agreement shall have been paid, such tax being payable
by the holder of this Warrant Certificate at the time of surrender. 

          This
Warrant Certificate shall not be valid or obligatory for any purpose until it
shall have been countersigned by the Warrant Agent. 

          The Company
reserves the right to call the Warrant at any time after [____], 2011 [SIX
MONTHS FROM THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT] and prior to its
exercise, with a notice of call in writing to the holders of record of the Warrant,
giving 30 days’ notice of such call at any time after the Warrant becomes
exercisable if, and only if, the last sale price of the Shares has been at
least $7.00 per share on each of 20 trading days within a 30 trading day period
ending on the third business day prior to the date on which notice of such call
is given. The call price of the Warrants is to be $.01 per Warrant. Any Warrant
either not exercised or tendered back to the Company by the end of the date
specified in the notice of call share be canceled on the books of the Company
and have no further value except for the $.01 call price. 

          WITNESS the
facsimile signatures of the proper officers of the Company and its corporate
seal. 

Dated: 

	
  

 	
  

 	
  

 
	
  

 	
 WAVE2WAVE COMMUNICATIONS, INC.

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 CORPORATE

 	
  

 
	
  

 	
  

 	
  

 
	
 [               ]

 	
 SEAL

 	
 [                  ]

 
	
  

 	
  

 	
  

 
	
  

 	
 DELAWARE

 	
  

 
	
  

 	
  

 	
  

 
	
 SECRETARY

 	
  

 	
 PRESIDENT

 
	
  

 	
  

 	
  

 

A-3

Countersigned: 

Continental
Stock Transfer & Trust Company 

WARRANT AGENT 

	
  

 	
  

 
	
 By:

 	
  

 
	
  

 	
 Authorized
 Officer 

 

          The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
           TEN COM

 	
  —

 	
 as tenants
 in common

 
	
           TEN ENT

 	
  —

 	
 as tenants
 by the entireties

 
	
           JT TEN

 	
  —

 	
 as joint
 tenants with rights of survivorship and not as tenants in common

 
	
           COM PROP

 	
  —

 	
 as community
 property

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 UNIF GIFT
 MIN ACT

 	
  —

 	
  

 	
   Custodian  

 	
  

 
	
  

 	
  

 	
 (Cust)

 	
  

 	
 (minor)

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 under
 Uniform Gifts to Minors Act

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (State)

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 UNIF TRF MIN
 ACT

 	
  —

 	
  

 	
   Custodian  

 	
  

 
	
  

 	
  

 	
 (Cust)

 	
  

 	
 (minor)

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 under
 Uniform Transfers to Minors Act

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (State)

 	
  

 	
  

 

A-4

FORM OF EXERCISE 
(To be executed upon exercise of Warrant)

To: Wave2Wave
Communications, Inc. 

          The
undersigned, pursuant to the provisions set forth in the within Warrant
Certificate, hereby irrevocably elects to exercise the right of purchase
represented thereby, and hereby agrees to subscribe for and to purchase shares
of the Common Stock of Wave2Wave Communications, Inc. (“Common Shares”), as
provided for therein, and tenders herewith payment of the purchase price in
full by wire transfer, check, draft, money order or certified or bank cashier’s
check in the amount of $          (or, if available pursuant to Section 10 of the
Warrant Agreement, by “cashless exercise” and the number of Common Shares to be
issued shall be:_____________ ). 

          Please
issue a certificate or certificates for such Common Shares in the name of the
undersigned. If the number of Common Shares purchased hereby shall not be all
the Common Shares purchasable under the within Warrant Certificate, a new
Warrant Certificate is to be issued in the name of the undersigned for the
balance remaining of the Common Shares purchasable thereunder. 

	
  

 	
  

 
	
 Name:

 	
  

 
	
  

 	
 (Please
 Print Name and Address)

 
	
  

 	
  

 
	
 Address:

 	
  

 
	
  

 	
  

 
	
  

 	
 DWAC
delivery instructions: 

 
	
  

 	
  

 
	
 Signature(s):

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
 Note: This above signature(s) must correspond with the name on the
 face of this Warrant Certificate or with the name of the assignee appearing
 in the assignment form below. 

 
	
  

 	
  

 
	
 Date:

 	
  

 

A-5

FORM OF ASSIGNMENT

(TO BE SIGNED ONLY UPON ASSIGNMENT)

FOR VALUE
RECEIVED, the undersigned Registered Holder
(                                             )

	
  

 	
  

 
	
  

 	
  

 
	
 (Please
 insert social security or other identification number of Registered Holder) 

 
	
  

 	
  

 
	
 hereby
 sells, assigns and transfers unto 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 (Please
 Print Name and Address including Zip Code) 

 
	
  

 	
  

 
	
 Warrants
 evidenced by the within Warrant Certificate, and irrevocably constitutes and
 appoints            
              
               
            
            
           
attorney to transfer this Warrant Certificate on the books of
 Wave2Wave Communications, Inc. with the full power of substitution in the
 premises. 

 

	
  

 	
  

 
	
 Dated: 

 	
  

 

	
  

 	
  

 
	
 Signature(s):
 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 (Signature(s) must conform in all respects to the name of Registered
 Holder as specified on the face of this Warrant Certificate in every
 particular, without alteration or any change whatsoever, and the signature(s)
 must be guaranteed in the usual manner.) 

 	
  

 
	
  

 	
  

 
	
 Signature(s)
 Guaranteed: 

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
 The signature(s) should be guaranteed by an eligible institution
 (banks, stockbrokers, savings and loan association and credit unions with
 membership in an approved signature medallion program), pursuant to S.E.C.
 Rule 17Ad-15. 

 

 Exhibit B

A-6Exhibit 10.92 

December 13, 2010 

VIA HAND DELIVERY

Andrew
Bressman 

14 Hoverman Road 

Old Tappan, NJ 07675 

	
  

 	
  

 
	
  

 	
 Re: Amendment
 to Separation Agreement 

 

Dear Andrew: 

This letter
confirms our discussion, whereby Sections 3 and 17(b) of that certain
Separation Agreement, dated as of May 6, 2010, by and between us (the
“Agreement”), are amended as set forth below. 

	
  

 	
  

 
	
  

 	
 Section 3 of
 the Agreement shall be deleted in its entirety and replaced with the
 following: 

 
	
  

 	
  

 
	
  

 	
 “3. Extension
 of Non Compete. Provided that the Employee executes this Agreement
 without revocation, the Company shall pay to the Employee, or his designee,
 (i) an aggregate of Five Hundred Fifty-One Thousand Two Hundred and Fifty
 Dollars ($551,250), with a minimum payment of $175,000 on or prior to January
 15, 2011 and a final payment of any balance due on or prior to March 15, 2011
 (collectively, the “Lump Sum Payments”), and (ii) One Hundred Ninety-Eight
 Thousand Seven Hundred and Fifty Dollars ($198,750), in twelve substantially
 equal monthly installments, with the first payment being made on the
 thirtieth day of the month after the consummation of the Company’s currently
 contemplated initial public offering (the “IPO Date”) (the “First Payment
 Date”), and each subsequent monthly payment being made on the monthly
 anniversary of the First Payment Date, as consideration for the extension of
 the “Restricted Period” set forth in Article V of the Employment Agreement
 until June 11, 2015. It is intended that each installment of the payments
 provided for in clause (ii) in the preceding sentence shall be treated as a
 separate “payment” for purposes of Section 409A of the Internal Revenue Code
 of 1986, as amended, and guidance issued thereunder, including Treas. Reg. §
 1.409A-2(b) and Treas. Reg. § 1.409A-2(b)(2)(iii), and neither the Company
 nor Employee shall have the right to accelerate or defer the delivery of such
 payments except to the extent specifically permitted or required by Code
 Section 409A.” 

 
	
  

 	
  

 
	
  

 	
 The
 following shall be added to Section 17 (b) of the Agreement: 

 
	
  

 	
  

 
	
  

 	
 “Notwithstanding
 the foregoing, if one or more Lump Sum Payments are overdue, the Company
 shall execute and deliver to the Employee an Affidavit of Confession of
 Judgment, in a form acceptable in the State of New Jersey, for the full
 amount of the overdue Lump Sum Payment or Payments.” 

 

In all other
respects, the Agreement is hereby ratified, confirmed and approved, and all
terms thereof shall remain in full force and effect. 

Please sign
where indicated below to acknowledge your acceptance of this amendment and
restatement of Sections 3 and 17(b) of the Agreement. 

	
  

 	
  

 	
  

 
	
  

 	
 Very truly
 yours, 

 
	
  

 	
  

 
	
  

 	
 Wave2Wave
 Communications, Inc.

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Aaron
 Dobrinsky 

 
	
  

 	
  

 	
 Aaron Dobrinsky 

 
	
  

 	
  

 	
 CEO

 

I HAVE READ
THE ABOVE AMENDMENT TO SECTIONS 3 AND 17 OF THE AGREEMENT AND I UNDERSTAND AND
ACCEPT THIS AMENDMENT TO THE AGREEMENT. 

Accepted and
Agreed to: 

/s/ Andrew
Bressman 

Andrew Bressman 

	
  

 
	 December 13, 2010

 
	
 Date

 

2

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