Document:

AMENDMENT

    TO

    NOTE
      AND WARRANT PURCHASE AGREEMENT

    AND
      PROMISSORY NOTES

    

    

    AMENDMENT
      TO NOTE AND WARRANT PURCHASE AGREEMENT AND PROMISSORY NOTES
      (the
“Amendment”),
      dated
      as of May 2, 2007, by and among EyeTel Imaging, Inc., a Delaware corporation
      (the “Company”),
      and
      the other parties hereto, amending (i) that certain Note and Warrant Purchase
      Agreement, dated as of December 28, 2006, by and among the Company and the
      persons and entities named on the Schedule of Purchasers attached thereto as
      amended from time to time (the “Purchase
      Agreement”),
      and
      (ii) the outstanding Notes thereunder. All capitalized terms used in this
      Amendment but not otherwise defined herein shall have the respective meanings
      ascribed to such terms in the Purchase Agreement.

    

    Whereas,
      the
      Company and the undersigned, being (i) the Purchasers of at least a majority
      of
      the Total Loan Amount and (ii) the Majority Holders (as defined in the Notes),
      desire to amend the Purchase Agreement and the Notes to allow the Company to
      prepay any Notes that are held by a licensed small business investment
      company.

    

    NOW,
      THEREFORE
      in
      consideration of the foregoing and the promises and covenants contained herein,
      the undersigned hereby agree as follows:

    

    1. Amendment
      to Note Purchase Agreement. The
      Note
      Purchase Agreement is hereby amended by deleting the form of Note attached
      as
      Exhibit A thereto and substituting therefor the form of Note attached as
Exhibit
      A
      to this
      Amendment. The form of Note attached as Exhibit
      A
      to this
      Amendment shall be the form of Note issued to Purchasers under the Purchase
      Agreement on or after the date hereof.

    

    2. Amendment
      to Notes.
      Section
      4 of each of the Notes issued under the Purchase Agreement prior to the date
      hereof is hereby deleted and restated in its entirety to read as
      follows:

    

    “4. Prepayment.
      Except
      as otherwise set forth in this Section 4, this Note may not be prepaid, in
      whole
      or in part, without the prior written consent of the holders of at least a
      majority of the outstanding principal amount of the Notes (the “Majority
      Holders”);
      provided, that the Company may, at any time, prepay all or any part of a Note
      (each such Note, an “SBIC
      Note”)
      that
      is then held by a Holder who is a “licensed small business investment company,”
as defined under the Small Business Investment Company Act of 1958, as amended.
      Prior to prepaying any SBIC Note, in whole or in part, the Company shall offer
      to simultaneously therewith prepay all other Notes outstanding, pro-rata based
      on the outstanding principal amount thereof, in which case the Holder of each
      such other Note shall have the right, in its sole discretion, to determine
      whether to accept or decline such prepayment.”

    

    3. Confirmation.
      Each of
      the undersigned Purchasers hereby confirms that its representations and
      warranties set forth in Section 4 of the Purchase Agreement are true and correct
      on the date hereof. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. Governing
      Law.
      This
      Amendment shall be governed by and construed under the laws of the State of
      New
      York as such laws are applied to agreements among New York residents entered
      into and performed entirely within the State of New York, without reference
      to
      the conflict of laws provisions thereof. 

    

    5. Entire
      Agreement.
      The
      Purchase Agreement and the Notes, as amended hereby, constitute the full and
      entire understanding among the parties regarding the subject matter herein
      and
      therein.

    

    6. Amendment
      Limited.
      In all
      other respects, the Purchase Agreement and the Notes are hereby ratified,
      confirmed and approved, and all terms thereof shall remain in full force and
      effect.

    

    7. Counterparts.
      This
      Amendment may be executed in counterparts (including by facsimile or other
      electronic transmission), each of which shall constitute an original, but all
      of
      which, when taken together, shall constitute but one agreement.

    

    8. Headings.
      Headings
      in this Amendment are included for reference only and have no effect upon the
      construction or interpretation of any part of this Amendment.

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the
      parties hereto have executed this Amendment as of the day and year first set
      forth above. 

     

    
      	 	 	 
	COMPANY:	PURCHASERS AND MAJORITY
              HOLDERS: 
	 	 
	Eyetel
              Imaging, Inc. 	BAIN
              CAPITAL
              VENTURE FUND 2001, LP
	 	By: Bain Capital Venture Partners,
              LP 
	 	
              its
                general partner 

            
	 	 
	By: /s/
              John Garbarino 	By: Bain
              Capital Venture Investors, LLC 
	
              

              Name: John Garbarino 	
              its
                general partner 

            
	
              Title:
                Chief Executive Officer 

            	 
	 
 	 
 	 
 
	
            	By:  	/s/ James
              J.
              Nahirny
	 	
              
Name:
              James J. Nahirny
	 	Title:
              Managing Director

    

    
      	 	 	 
	 	 	 
	 	BCIP
              ASSOCIATES
              III, LLC
	 	By: BCIP
              Associates III, 
	 	
              its
                sole member and manager 

            
	 	 
	 	BCIP ASSOCIATES III-B, LLC 
	 	By: BCIP
              Associates III-B, 
	 	
              its
                sole member and manager 

            
	 
 	 
 	 
 
	
            	By:  	Bain
              Capital Investors, LLC
	 	 	their Managing
              Partner 

    

    
      	
            	 	 
	
            	By:  	/s/ James
              J.
              Nahirny
	 	
              
Name:
              James J. Nahirny
	 	Title:
              Managing Director

    

     

    
      	 	 	 
	 	BROOKSIDE
              CAPITAL
              PARTNERS FUND, L.P.
	 
 	 
 	 
 
	
            	By:  	/s/
              William Pappendick
	 	
              
Name:
              William Pappendick
	 	Title:
              Managing Director

    

     

    
      
        	 	 	 
	 	RGIP,
                LLC
	 
 	 
 	 
 
	
              	By:  	/s/
                R.
                Bradford Malt
	 	
                
Name:
                R. Bradford Malt
	 	Title:
                Managing Member

      

       

      
        
          
            	 	 	 
	 	RADIUS
                    VENTURE
                    PARTNERS II, L.P.
	 	By: Radius
                    Venture
                    Partners II, LLC
	 
 	 
 	 
 
	
                  	By:  	/s/
                    Jordan Davis
	 	
                    
Name:
                    Daniel Lubin / Jordan Davis
	 	
                    Title:
                      Managing Partner

                  

          

           

        

      

    

     

    

      Signature
        Page To Amendment To Note and Warrant Purchase Agreement And

      Promissory
        Notes

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Form
      of Note

    

    See
      attached

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THIS
      PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE
      144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
      AN
      OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER
      FROM
      THE SECURITIES AND EXCHANGE COMMISSION.

    

    PROMISSORY
      NOTE

    
 

    
      
        	
                $[_________] 

              	
                April __
                  2007

              
	 	
                Columbia
                  Maryland

              

      

    For
      value
      received Eyetel Imaging, Inc.,
      a
      Delaware corporation (“Payor”
      or the “Company”)
      promises to pay to [_______________]
      or
      its
      assigns (“Holder”)
      the
      principal sum of $[_________] with simple interest on the outstanding principal
      amount at the rate of 10.0% per annum. Interest shall commence with the date
      hereof and shall continue on the outstanding principal until paid in full or
      converted. Interest shall be computed on the basis of a year of 365 days for
      the
      actual number of days elapsed.

    1. Series
      of Notes.
      This
      note (the “Note”)
      is
      issued as part of a series of similar notes (collectively, the “Notes”)
      to be
      issued pursuant to the terms of that certain Note and Warrant Purchase Agreement
      (the “Agreement”)
      dated
      as of December 28, 2006, as amended from time to time (the “Agreement
      Date”)
      to the
      persons and entities listed on the Schedule of Purchasers thereof (collectively,
      the “Holders”).

    

    2. Payment.
      All
      payments of interest and principal shall be in lawful money of the United States
      of America and shall be made pro rata among all Holders. All payments shall
      be
      applied first to accrued interest, and thereafter to principal.

    

    3. Maturity.
      Unless
      this Note has been converted in accordance with the terms of Sections 5 or
      6
      below, the entire outstanding principal balance and all unpaid accrued interest
      shall become fully due and payable on December 28, 2007 (the “Maturity
      Date”).

    

    4. Prepayment.
      Except
      as otherwise set forth in this Section 4, this Note may not be prepaid, in
      whole
      or in part, without the prior written consent of the holders of at least a
      majority of the outstanding principal amount of the Notes (the “Majority
      Holders”);
      provided, that the Company may, at any time, prepay all or any part of a Note
      (each such Note, an “SBIC
      Note”)
      that
      is then held by a Holder who is a “licensed small business investment company,”
as defined under the Small Business Investment Company Act of 1958, as amended.
      Prior to prepaying any SBIC Note, in whole or in part, the Company shall offer
      to simultaneously therewith prepay all other Notes outstanding, pro-rata based
      on the outstanding principal amount thereof, in which case the Holder of each
      such other Note shall have the right, in its sole discretion, to determine
      whether to accept or decline such prepayment.

    

    5. Conversion.

    

    Mandatory
      Conversion Upon Qualified Financing.
      In the
      event that, prior to the Maturity Date, the Company closes a financing that
      is
      or is deemed a Qualified Financing (as defined in the Agreement), then at the
      Closing of the Qualified Financing this Note and all other Notes shall convert
      into that number and series of fully paid and non-assessable shares of such
      preferred stock issued by the Company (the “Financing
      Securities”)
      in the
      Qualified Financing, determined by dividing the total principal outstanding
      under this Note, together with all accrued but unpaid interest thereon, by
      the
      lowest price paid per share for Financing Securities (subject to adjustment
      for
      stock dividends, stock splits or other similar recapitalizations of the
      Company’s common stock) in such Qualified Financing. The Financing Securities
      issued pursuant to this Section
      5
      shall be
      entitled to rights and benefits equivalent to those granted to other purchasers
      of the Financing Securities and it shall be a condition to such conversion
      that
      the holders of the Notes shall be provided with all of the same rights,
      privileges, preferences and obligations as provided to investors in such
      Qualified Financing.

     

    
      
        
        

      

      
        1.

        
          

        

      

      
        
        

      

    

    (b) Mandatory
      Conversion Upon Initial Offering.
      In the
      event an initial public offering of securities of the Company registered under
      the Securities Act (an "Initial
      Offering")
      occurs
      prior to the Maturity Date, a Qualified Financing or a Liquidity Event, then
      this Note, including any accrued but unpaid interest thereon shall convert
      into
      that number of fully paid and non-assessable shares of Common Stock of the
      Company at a price equal to the lesser of (i) a fraction, the numerator of
      which
      is $1.394 per share (as adjusted for stock splits, stock dividends,
      subdivisions, combinations or consolidations of the shares of Series B Preferred
      Stock occurring after June 27, 2005), and the denominator of which is the number
      of shares of Common Stock into which each share of Series B Preferred Stock
      is
      convertible immediately prior to the occurrence of such Initial Offering and
      (ii) the price paid by the public in the Initial Offering for the number of
      shares of Common Stock into which each share of Series B Preferred Stock is
      convertible immediately prior to the occurrence of such Initial
      Offering.

     

    (c) Optional
      Conversion at Maturity Date.
      If the
      Company does not complete a Qualified Financing or another equity financing
      that
      results in the conversion of this Note prior to the Maturity Date, then this
      Note, including any accrued but unpaid interest thereon, will be convertible,
      at
      the option of the Holder, into Series B Preferred Stock of the Company on the
      Maturity Date at the price of $1.394 per share (as adjusted for stock splits,
      stock dividends, subdivisions, combinations or consolidations of the shares
      of
      Series B Preferred Stock occurring after June 27, 2005), subject to the same
      rights, preferences, privileges and obligations attached to shares of Series
      B
      Preferred Stock outstanding at the time of such conversion.

     

    (d) Conversion
      Procedure.

     

    (i)
      Upon
      any conversion pursuant to Section
      5(a), 5(b) or 5(c),
      or upon
      any conversion or redemption pursuant to Section
      6,
      the
      Company shall take all measures necessary or appropriate to permit such
      conversion or redemption to occur as promptly as practicable and otherwise
      comply with all of its obligations hereunder, including, but not limited to,
      (A)
      calling a special meeting of the Board of Directors and/or stockholders of
      the
      Company to authorize an amendment to the Company’s Certificate of Incorporation
      authorizing the applicable class or series of Company capital stock issuable
      upon conversion of the Note and, if necessary, the additional capital stock
      issuable upon conversion of the aforementioned capital stock, (B) filing such
      amendment with the Secretary of State of the State of Delaware, and
      (C) taking any other action necessary or appropriate to consummate the
      transactions contemplated hereby and to permit the conversion to occur as
      promptly as practicable. If at any time the number of authorized but unissued
      shares of Company capital stock are insufficient to permit the conversions
      contemplated by this Section
      5
      or
Section
      6,
      the
      Company shall take such actions as may be necessary to increase the Company’s
      authorized, unreserved and unissued shares of the applicable class or series
      of
      capital stock to such number of shares as shall be sufficient for such
      conversion. Upon delivery, all shares issued pursuant to this Section
      5
      or
Section
      6
      shall be
      duly and validly issued, fully paid and non-assessable.

     

    
      
        
        

      

      
        2.

        
          

        

      

      
        
        

      

    

    (ii)
       No
      fractional shares or interest of capital stock of the Company, or scrip
      representing fractional shares or interests, shall be issued upon conversion
      of
      the Note pursuant to this Section
      5
      or
Section
      6.
      Any
      principal amount and accrued but unpaid interest not converted into the capital
      stock because of the restrictions of the preceding sentence shall be paid by
      the
      Company to Holder in immediately available funds on the date of the conversion.
      If this Note is converted into capital stock of the Company, this Note shall
      be
      treated by the Company as surrendered for cancellation and exchanged into such
      capital stock and this Note will be deemed, for all purposes, to be canceled
      on
      the books of the Company and the obligation represented by this Note so
      terminated. The Company shall, as soon as practicable after receipt of this
      Note
      marked cancelled, issue and deliver to the Holder at its designated address
      a
      certificate or certificates for the number of shares of capital stock to which
      Holder shall be entitled upon such conversion (bearing such legends as are
      required by applicable state and Federal securities laws in the opinion of
      counsel to the Company), together with immediately available funds payable
      to
      Holder for any cash amounts payable as described in this clause (ii).

     

    6. Liquidity
      Event.
      If the
      Company shall determine to engage in any transaction which would result in
      a
      Liquidity Event (defined below) at any time while this Note remains outstanding,
      the Company shall deliver written notice thereof (the “Company
      Liquidity Notice”),
      including a summary of the material terms of such Liquidity Event to Holder
      not
      less than fifteen (15) days prior to the consummation of such Liquidity Event
      (or such shorter period as may be approved by the Majority Holders). Immediately
      prior to the occurrence of such a Liquidity Event, the then outstanding amount
      of this Note and all accrued but unpaid interest thereon shall become
      immediately due and payable and the Holder shall have the option to either
      (i)
      convert the Note into Series B Preferred Stock of the Company immediately prior
      to consummation of the Liquidity Event at the price of $1.394 per share (as
      adjusted for stock splits, stock dividends, subdivisions, combinations or
      consolidations of the shares of Series B Preferred Stock occurring after June
      27, 2005), subject to the same rights, preferences, privileges and obligations
      attached to shares of Series B Preferred Stock outstanding at the time of such
      conversion, and participate in such Liquidity Event on the same basis as other
      Series B Preferred Stock holders or (ii) upon the consummation of a Liquidity
      Event and delivery by the Holder of this Note, direct the Company to pay the
      Holder, in cash, an amount equal to the outstanding principal amount of this
      Note, plus accrued but unpaid interest thereon. The term “Liquidity
      Event”
means
      the consummation of a Sale of the Company (as defined in the Company’s
      Certificate of Incorporation); provided,
      however,
      that a
      Qualified Financing shall not, in any event, be deemed to be a Liquidity
      Event.

    

    7. Changes
      in Securities.
      Upon
      the
      automatic conversion of all outstanding shares of the series of equity
      securities comprising the Financing Securities or shares of Series B Preferred
      Stock into which this Note is convertible (the “Conversion
      Shares”),
      this
      Note shall become convertible into that number of shares of Common Stock of
      the
      Company into which the Conversion Shares would then be convertible, so long
      as
      such shares, if this Note had been converted prior to such offering, would
      have
      been converted into shares of the Company’s Common Stock pursuant to the
      Company’s Certificate of Incorporation. In such case, all references to the
      Conversion Shares shall mean shares of the Company’s Common Stock issuable upon
      the conversion of this Note, as appropriate.

    

    
      
        
        

      

      
        3.

        
          

        

      

      
        
        

      

    

    8. Events
      of Default.
      If
      there shall be any Event of Default hereunder, at the option and upon the
      declaration of the Majority Holders and upon written notice to the Payor
      (which
      election and notice shall not be required in the case of an Event of Default
      under Section 8(c) or 8(d)), this Note shall accelerate and all principal and
      unpaid accrued interest shall become due and payable. The occurrence of any
      one
      or more of the following shall constitute an Event of Default:

    

    (a) Payor
      fails to pay timely any of the principal amount due under this Note on the
      date
      the same becomes due and payable or any accrued interest or other amounts due
      under this Note on the date the same becomes due and payable;

    

    (b) Payor
      shall default in its performance of any covenant under the
      Agreement;

    

    (c) Payor
      files any petition or action for relief under any bankruptcy, reorganization,
      insolvency or moratorium law or any other law for the relief of, or relating
      to,
      debtors, now or hereafter in effect, or makes any assignment for the benefit
      of
      creditors or takes any corporate action in furtherance of any of the foregoing;
      or

    

    (d) An
      involuntary petition is filed against Payor (unless such petition is dismissed
      or discharged within sixty (60) days) under any bankruptcy statute now or
      hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit
      of creditors (or other similar official) is appointed to take possession,
      custody or control of any property of Payor. 

    

    9. Costs.
      In the
      event of any default hereunder, Payor shall pay all reasonable attorneys’ fees
      and court costs incurred by Holder in enforcing and collecting this
      Note.

    

    10. Waiver
      of Demand.
      Payor
      hereby waives demand, notice, presentment, protest and notice of
      dishonor.

    

    11. Governing
      Law.
      This
      Note
      shall be governed by and construed under the laws of the State of New York
      as
      such laws are applied to agreements among New York residents entered into and
      performed entirely within the State of New York, without reference to the
      conflict of laws provisions thereof. 

    

    12. Subordination.
      The
      indebtedness evidenced by this Note is subordinated in right of payment to
      the
      prior payment in full of any Senior Indebtedness in existence on the date of
      this Note. “Senior
      Indebtedness”
shall
      mean, unless expressly subordinated to or made on a parity with the amounts
      due
      under this Note, all amounts due in connection with (a) indebtedness of Payor
      to
      banks or other lending institutions regularly engaged in the business of lending
      money (excluding venture capital, investment banking or similar institutions
      and
      their affiliates, which sometimes engage in lending activities but which are
      primarily engaged in investments in equity securities) which shall include
      indebtedness to Lighthouse Capital Partners V, L.P., and (b) any such
      indebtedness or any debentures, notes or other evidence of indebtedness issued
      in exchange for such Senior Indebtedness, or any indebtedness arising from
      the
      satisfaction of such Senior Indebtedness by a guarantor. 

    

    
      
        
        

      

      
        4.

        
          

        

      

      
        
        

      

    

    13. Amendment
      and Waiver.
      Any
      term of this Note may be amended or waived with the written consent of Payor
      and
      the Majority Holders. Upon the effectuation of such waiver or amendment in
      conformance with this Section
      13,
      the
      Payor shall promptly give written notice thereof to the record Holders of the
      Notes who have not previously consented thereto in writing.

    

    14. Notices.
      All
      notices and other communications provided for herein shall be in writing and
      shall be deemed to have been duly given, delivered and received: (a) upon
      personal delivery to the party to be notified, (b) when sent by confirmed
      telex, electronic mail or facsimile if sent during normal business hours of
      the
      recipient, if not, then on the next business day, (c) five (5) days after
      having been sent by registered or certified mail, return receipt requested,
      postage prepaid, or (d) one (1) day after deposit with a nationally
      recognized overnight courier, specifying next day delivery, with written
      verification of receipt. 

     

    
      
        	 	
                (a)

              	
                If
                  to Holder:

              
	 	 	
                [______________________

              
	 	 	
                _______________________

              
	 	 	
                _______________________

              
	 	 	
                _______________________]

              
	 	 	 
	 	 	 
	 	
                (b)

              	
                If
                  to the Company:

              
	 	 	
                Eyetel
                  Imaging, Inc.

              
	 	 	
                9130
                  Guilford Road

              
	 	 	
                Columbia,
                  MD 21046

              
	 	 	
                Attention:
                  Keith G. Frey

              
	 	 	 
	 	 	
                with
                  a copy to:

              
	 	 	 
	 	 	
                Cooley
                  Godward, LLP

              
	 	 	
                One
                  Freedom Square, Reston Town Center

              
	 	 	
                11951
                  Freedom Drive

              
	 	 	
                Reston,
                  VA 20190-5656

              
	 	 	
                Attn:
                  Christian Plaza, Esq.

              
	 	 	
                Fax:
                  (703) 456-8100

              

      

    

     

    15. Transfers.
      Subject
      to the restrictions set forth in Section 5 of the Agreement, this
      Note,
      and all rights hereunder, are transferable, in whole or in part by the Holder
      thereof; provided,
      that
      the transferee in each case agrees to be subject to the restrictions in Section
      5 of the Agreement.

    

    

    *
      * * *
      *

    
      
        
        

      

      
        5.

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has executed this Note as of the date first written
      above.

     

    
      	 	 	 
	 	EYETEL
              IMAGING, INC.
	 
 	 
 	 
 
	
            	By:  	/s/ 
	 	
              
Name:____________________
	 	Title:
              _____________________

     

    
      
        
        

      

      
        6.Unassociated Document

    
      EXHIBIT
        4.5

    

    
 

     

      
        	
                _______________CONFIDENTIAL
                  TREATMENT REQUESTED______________

              
	 
	
                CERTAIN
                  PORTIONS INDICATED BY [*****] HAVE BEEN OMITTED PURSUANT 
TO A REQUEST
                  FOR CONFIDENTIAL TREATMENT.

              
	 
	
                THE
                  OMITTED NON-PUBLIC PORTIONS HAVE BEEN FILED SEPARATELY WITH 
THE
                  SECURITIES AND EXCHANGE COMMISSION.

              
	 

      

    

    
      	
              Warrant
                No. _____

            	
              October
                24, 2006

            

    

    

    WARRANT
      TO PURCHASE COMMON STOCK

    OF

    EYETEL
      IMAGING, INC.

    

    THIS
      WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD,
      TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A
      REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS EFFECTIVE UNDER
      THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
      UNDER
      THE SECURITIES ACT RELATING TO THE DISPOSITION OF SECURITIES AND (2) IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

    

    EyeTel
      Imaging, Inc., a Delaware corporation (the “Company”),
      hereby certifies that, for value received and pursuant to the Exclusive License
      Agreement, dated as of the date hereof, by and between the Company and
      NeuroMetrix, Inc. (the “License
      Agreement”),
      NeuroMetrix, Inc., a Delaware corporation (together with its successors and
      assigns and any transferee of this Warrant, and its successors and assigns,
      the
“Holder”),
      is
      entitled, subject to the terms and conditions set forth in this warrant (this
      “Warrant”),
      to
      purchase from the Company, at any time or times in accordance with the vesting
      provisions set forth on Schedule
      I
      attached
      hereto, but not after 5:00 P.M., New York City time on October 24, 2016 (the
      “Expiration
      Date”),
      up to
      500,000 duly authorized, validly issued, fully paid, nonassessable shares of
      the
      Company’s Common Stock, par value $.001 per share (“Common
      Stock”)
      (the
“Warrant
      Shares”),
      which
      shall be adjusted or readjusted from time to time as provided in this Warrant,
      at an initial purchase price per share equal to $0.16 (the “Initial
      Warrant Price”),
      which
      shall be adjusted or readjusted from time to time as provided in this Warrant
      (as adjusted, the “Warrant Price”).

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      1. Exercise; Exchange of Warrant

    

    1.1. Manner
      of Exercise; Exchange.

    

    (a) Exercise.
      The
      Holder may exercise this Warrant, in whole or in part (except as to a fractional
      share), at any time and from time to time during normal business hours on any
      Business Day on or prior to the Expiration Date, by (i) delivering to the
      Company a written notice, in the form attached hereto as Exhibit
      A
      (the
“Exercise
      Notice”),
      duly
      executed by the Holder, specifying the number of Warrant Shares (without giving
      effect to any adjustment thereto) to be issued to the Holder as a result of
      such
      exercise, (ii) surrendering this Warrant to the Company, properly endorsed
      by
      the Holder (or if this Warrant has been destroyed, stolen or has otherwise
      been
      misplaced, by delivering to the Company an affidavit of loss duly executed
      by
      the Holder), and (iii) by tendering payment for the shares of Common Stock
      designated by the Exercise Notice in lawful money of the United States in the
      form of cash, bank or certified check made payable to the order of the Company,
      or by wire transfer of immediately available funds, or by the cancellation
      of
      indebtedness of the Company owed to the Holder, or in any combination thereof,
      of an amount equal to the product of (A) the Initial Warrant Price and (B)
      the
      number of Warrant Shares (without giving effect to any adjustment thereof)
      as to
      which this Warrant is being exercised.

    

    (b) Net
      Exchange.
      The
      Holder may, in lieu of exercising or converting this Warrant pursuant to the
      terms of Section
      1.1(a),
      elect
      to exchange this Warrant, in whole or in part (except as to a fractional share),
      at any time and from time to time during normal business hours on any Business
      Day on or prior to the Expiration Date by (i) delivering to the Company a
      written notice, in the form attached hereto as Exhibit
      B
      (the
“Exchange
      Notice”),
      duly
      executed by the Holder, specifying the number of Warrant Shares (without giving
      effect to any adjustment thereto) to be issued to the Holder as a result of
      such
      exchange, and (ii) surrendering this Warrant to the Company, properly endorsed
      by the Holder (or if this Warrant has been destroyed, stolen or has otherwise
      been misplaced, by delivering to the Company an affidavit of loss duly executed
      by the Holder), and the Holder shall thereupon been entitled to receive the
      number of Warrant Shares equal to the product of (A) the number of Warrant
      Shares issuable upon exercise of this Warrant (or, if only a portion of this
      Warrant is being exercised, issuable upon the exercise of such portion) for
      cash, determined as provided in Section
      2,
      and (B)
      a fraction, the numerator of which is the Fair Market Value per share of Common
      Stock at the time of such exercise minus
      the
      Warrant Price in effect at the time of such exercise, and the denominator of
      which is the Fail-Market Value per share of Common Stock at the time of such
      exercise, such number of shares so issuable upon such exchange to be rounded
      up
      or down to the nearest whole number of shares of Common Stock.

    

    (c) The
      “exchange” of this Warrant pursuant to Section 1.1(b) is intended to qualify as
      a recapitalization within the meaning of Section 368(a)(1)(E) of the
      Code.

    

    (d) For
      all
      purposes of this Warrant (other than this Section 1.1), any reference herein
      to
      the “exercise” of this Warrant shall be deemed to include a reference to the
      exchange of this Warrant into Common Stock in accordance with the terms of
      Section 1.1(b), and any reference to an “Exercise Notice” shall be deemed to
      include a reference to an Exchange Notice in accordance with the terms of
      Section 1.1(b).

    

    1.2. When
      Exercise Effective.
      Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the Business Day on which this Warrant shall be
      deemed to have been surrendered to the Company as provided in Section
      1.1,
      and at
      such time the person or persons in whose name or names any certificate or
      certificates for shares of Common Stock shall be issuable upon such exercise
      as
      provided in Section
      1.3
      shall be
      deemed to have become the Holder or Holders of record thereof.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    1.3. Delivery
      of Stock Certificates Upon Exercise.
      As soon
      as practicable after exercise of this Warrant in accordance with this
Section
      1,
      but in
      no event later than five (5) Business Days after such exercise, the Company
      shall at its expense cause to be issued in the name of and delivered to the
      Holder or, subject to Section
      5
      of this
      Warrant, as the Holder may direct: (a) a certificate or certificates for the
      number of Warrant Shares, determined as provided in Section
      2
      of this
      Warrant, to which the Holder shall be entitled upon such exercise and, (b)
      unless this Warrant has expired or has been exercised in full, a new Warrant
      (or
      Warrants) substantially in the form of, and on the terms in, this Warrant,
      for
      the number of Warrant Shares remaining following such exercise (without giving
      effect to any adjustment thereto), and shall be subject to adjustment as
      provided for in this Warrant as of the date hereof.

    

    

    Section
      2. Adjustments to Warrant Price and Warrant Shares

    

    2.1. General.
      The
      number of Warrant Shares that the Holder shall be entitled to receive upon
      exercise of this Warrant shall be determined by multiplying the number of
      Warrant Shares which would otherwise (but for the provisions of this
Section
      2)
      be
      issuable upon such exercise, as designated by the Holder in the Exercise Notice,
      by a fraction, (i) the numerator of which shall be the Initial Warrant Price,
      and (ii) the denominator of which shall be Warrant Price in effect on the date
      of such exercise.

    

    2.2. Adjustments.

    

    (a) Subdivision
      or Combination of Common Stock.
      If the
      Company shall at any time after the date hereof subdivide its outstanding shares
      of Common Stock into a greater number of shares (by any stock split, stock
      dividend or otherwise), then the Warrant Price in effect immediately prior
      to
      such subdivision shall be proportionately reduced, and, conversely, if the
      Company shall at any time after the date hereof combine its outstanding shares
      of Common Stock into a smaller number of shares (by any reverse stock split
      or
      otherwise), then the Warrant Price in effect immediately prior to such
      combination shall be proportionately increased.

    

    (b) Reorganization
      or Reclassification.
      If any
      capital reorganization or reclassification of the capital stock of the Company
      shall be effected in such a way that holders of Common Stock shall be entitled
      to receive stock, securities or assets with respect to or in exchange for Common
      Stock, then, as a condition of such reorganization or reclassification, lawful
      and adequate provisions shall be made whereby the Holder shall thereupon have
      the right to receive, upon the basis and upon the terms and conditions specified
      herein and in lieu of the Warrant Shares immediately theretofore receivable
      upon
      the exercise of this Warrant in full, as the case may be, such shares of stock,
      securities or assets as may be issued or payable with respect to or in exchange
      for a number of outstanding shares of such Common Stock equal to the number
      of
      shares of such Common Stock immediately theretofore receivable upon such
      exercise of this Warrant in full had such reorganization or reclassification
      not
      taken place, and in any such case appropriate provisions shall be made with
      respect to the rights and interests of the Holder to the end that the provisions
      hereof (including, without limitation, provisions for adjustments of the Warrant
      Price) shall thereafter be applicable, as nearly as may be, in relation to
      any
      shares of stock, securities or assets thereafter deliverable upon the exercise
      of such conversion rights.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    Section
      3. Covenants of the Company

    

    The
      Company covenants and agrees that:

    

    (a) all
      shares of Common Stock that may be issued upon the exercise of the rights
      represented by this Warrant shall, upon issuance, be duly authorized, validly
      issued, fully paid and nonassessable;

    

    (b) during
      the period within which this Warrant may be exercised, it will at all times
      have
      authorized and reserved a sufficient number of shares of Common Stock to provide
      for the exercise of rights represented by this Warrant;

    

    (c) if
      any
      shares of Common Stock reserved or to be reserved to provide for the exercise
      of
      this Warrant require registration with or approval of any governmental or
      self-regulatory authority under any federal or state law or stock exchange
      rule
      before such shares may be validly issued, then it shall in good faith and as
      expeditiously as possible endeavor to secure such registration or approval,
      as
      the case may be;

    

    (d) it
      shall
      not, by amendment to its certificate of incorporation (whether by way of merger,
      operation of law, or otherwise) or through any other reorganization, transfer
      of
      assets, consolidation, merger, dissolution, issuance or sale of securities,
      agreement or any other voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms to be observed or performed hereunder by
      the
      Company and shall at all times in good faith assist in the carrying out of
      all
      the provisions of this Warrant and in the taking of all such action as may
      be
      reasonably necessary or appropriate in order to protect the rights of the
      Holders against impairment. Any successor to the Company shall agree in writing,
      as a condition to such succession, to carry out and observe the obligations
      of
      the Company hereunder with respect to the Warrants.

    

    

    Section
      4. Restrictions on Transfer

    

    (a) Each
      certificate representing shares of Common Stock issued upon exercise of this
      Warrant and each certificate representing shares of Common Stock issued to
      any
      subsequent transferee of any such certificate, shall be stamped or otherwise
      imprinted with a legend in substantially the form as follows:

    

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY
      NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT
      (1)
      PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH
      IS
      EFFECTIVE UNDER THE SECURITIES ACT OR TO AN AVAILABLE EXEMPTION FROM
      REGISTRATION UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (2)
      IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (b) If
      at any
      time any securities other than shares of Common Stock shall be issuable upon
      the
      exercise of this Warrant, such securities shall bear a legend similar to the
      one
      set forth above. Whenever the legend requirement imposed shall terminate, the
      Holder shall be entitled to receive within five (5) Business Days from the
      Company, at the Company’s expense, a new Warrant certificate or certificates and
      new stock certificates representing Common Stock issued upon exercise of this
      Warrant, in each case, without such legends.

    

    

    Section
      5. Miscellaneous

    

    5.1. Notice
      of Adjustments.

    

    (a) In
      each
      case of any adjustment or readjustment in the Warrant Price and the Warrant
      Shares issuable upon exercise of this Warrant, the Company shall promptly
      thereafter compute such adjustment or readjustment in accordance with the terms
      of this Warrant and provide written report thereof certified by the Chief
      Financial Officer of the Company to the Holder stating the number of Warrant
      Shares and the Warrant Price, after giving effect to such adjustment or
      readjustment, and setting forth in reasonable detail the method of calculation
      and the facts upon which such calculation is based.

    

    (b) The
      Company shall, within (10) days of receipt of a written request by Holder or
      Holders who retain the right to receive greater than fifty percent (50%) of
      the
      shares of Common Stock issuable upon exercise of this Warrant, cause independent
      certified public accountants of recognized national standing, which may be
      the
      regular auditors of the Company, selected by the Company to verify such
      computations reported pursuant to Section
      5.1(a),
      other
      than any computation that pursuant to the provisions of this Warrant are to
      be
      determined reasonably and in good faith by the Board of Directors. The Company
      shall promptly prepare, and remit to Holder, a copy of such independent
      accountant’s report setting forth such adjustment or readjustment, showing in
      reasonable detail the method of calculation thereof and the facts upon which
      such adjustment or readjustment is based.

    

    (c) The
      Company shall also keep copies of all such reports generated pursuant to this
      Section
      5.1
      at its
      principal offices and will cause the same to be available for inspection at
      such
      offices during normal business hours by Holder any prospective purchaser of
      this
      Warrant designated by Holder.

    

    5.2. Notice
      of Certain Events.
      In case
      at any time:

    

    (a) the
      Company shall pay any dividend upon, or make any distribution in respect of,
      its
      stock of the Company;

    

    (b) the
      Company shall propose to register any of its equity securities under the
      Securities Act in connection with a public offering;

    

    (c) there
      shall be any proposed capital reorganization or reclassification of the capital
      stock, of the Company, or consolidation or merger of the Company with, or sale
      of all or substantially all of its assets to, another person; or

    

    (d) there
      shall be a voluntary or involuntary dissolution, liquidation or winding up
      of
      the Company;

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    then,
      in
      any one or more of said cases, the Company shall give notice to Holder of the
      date on which (i) the books of the Company shall close or a record shall be
      taken for such dividend, distribution or subscription rights, or (ii) such
      public offering, reorganization, reclassification, consolidation, merger, sale,
      dissolution, liquidation or winding up shall take place, as the case may be.
      Such notice shall be given not less than ten (10) days prior to the record
      date
      or the date on which the transfer books of the Company are to be closed in
      respect thereto in the case of an action specified in clause (i). In the case
      of
      an action specified in clause (ii), such notice shall be given at least twenty
      (20) days prior to the action in question, provided that Holder agrees to
      maintain the confidentiality of such information to the same extent required
      by
      the Company.

    

    and
      at
      least twenty (20) days prior to the action in question in the case of an action
      specified in clause (ii) unless prohibited under the terms of a confidentiality
      agreement to which the Company is then a party.

    

    5.3. Notice.
      Any
      notice that is required or provided to be given under this Warrant shall be
      deemed to have been sufficiently given and received for all purposes when
      delivered in writing by hand, telecopy, telex or other method of facsimile,
      or
      five (5) days after being sent by certified or registered mail, postage and
      charges prepaid, return receipt requested, or two (2) days after being sent
      by
      overnight delivery providing receipt of delivery, to the following addresses:
      if
      to the Company, EyeTel Imaging, Inc., 9130 Guilford Road, Columbia, Maryland
      21046, Attention: Keith Frey, Chief Financial Officer, Facsimile: (301)
      483-6168, or at any other address designated by the Company to Holder; if to
      Holder, NeuroMetrix, Inc., 62 Fourth Avenue, Waltham, Massachusetts 02451,
      Facsimile: (781) 890-1556, or at any other address designated by Holder to
      the
      Company in writing.

    

    5.4. No
      Change in Warrant Terms on Adjustment.
      Irrespective of any adjustment in the Warrant Price or the number of shares
      of
      Common Stock, this Warrant, whether theretofore or thereafter issued or
      reissued, may continue to express the same price and number of shares of Common
      Stock as are stated herein and the Warrant Price and such number of Common
      Stock
      shares specified herein shall be deemed to have been so adjusted.

    

    5.5. Issuance
      and Transfer Taxes.
      The
      issuance of certificates for shares of Common Stock upon any exercise of this
      Warrant shall be made without charge to Holder for any issuance tax in respect
      thereto; provided,
      that
      the Company shall not be required to pay any tax that may be payable in respect
      of any transfer involved in the issuance and delivery of any certificate in
      a
      name other than that of Holder or upon any transfer of this
      Warrant.

    

    5.6. Market
      Stand Off.
      Holder
      agrees, if requested by an underwriter in connection with any underwritten
      public offering of the Company’s securities, not to sell or otherwise transfer
      or dispose of any securities held by it for such period, not to exceed one
      hundred eighty (180) days following the effective date of the relevant
      registration statement filed under the Securities Act in connection with such
      public offering, as such underwriter shall specify reasonably and in good faith;
      provided
      that the
      directors, officers and each of the Holders who hold 1% or more of the
      outstanding securities of the Company enters into a similar
      agreement.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    5.7. Exchange
      of Warrant.
      This
      Warrant is exchangeable at no cost to the Holder upon the surrender hereof
      by
      Holder at such office or agency of the Company, for a new warrant of like tenor
      representing in the aggregate the right to subscribe for and purchase the number
      of shares that may be subscribed for and purchased hereunder from time to time
      after giving effect to all the provisions hereof, each of such new warrants
      to
      represent the right to subscribe for and purchase such number of shares as
      shall
      be designated by said Holder hereof at the time of such surrender.

    

    5.8. Lost,
      Stolen, Mutilated or Destroyed Warrant.
      If this
      Warrant is lost, stolen, mutilated or destroyed, the Company shall at no cost
      to
      the Holder, on such terms as to indemnity or otherwise as the Company may in
      its
      discretion impose (which shall, in the case of a mutilated Warrant, include
      the
      surrender thereof), issue a new warrant of like denomination and tenor as the
      Warrant so lost, stolen, mutilated or destroyed. Any such new warrant shall
      constitute an original contractual obligation of the Company, whether or not
      the
      allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
      enforceable by anyone.

    

    5.9. Governing
      Law.
      This
      Warrant shall be deemed to be a contract made under, and shall be construed
      in
      accordance with, the laws of the Commonwealth of Massachusetts, without giving
      effect to conflict of laws principles thereof.

    

    5.10. Section
      Headings; Construction.
      The
      descriptive headings in this Warrant have been inserted for convenience only
      and
      shall not be deemed to limit or otherwise affect the construction of any
      provision thereof or hereof. The parties have participated jointly in the
      negotiation and drafting of this Warrant and the other agreements, documents
      and
      instruments executed and delivered in connection herewith with counsel
      sophisticated in investment transactions. In the event an ambiguity or question
      of intent or interpretation arises, this Warrant shall be construed as if
      drafted jointly by the parties and no presumption or burden of proof shall
      arise
      favoring or disfavoring any party by virtue of the authorship of any provisions
      of this Warrant and the agreements, documents and instruments executed and
      delivered in connection herewith.

    

    5.11. Remedies;
      Severability.
      It is
      specifically understood and agreed that any breach of the provisions of this
      Warrant by any person subject hereto will result in irreparable injury to the
      other parties hereto, that the remedy at law alone will be an inadequate remedy
      for such breach, and that, in addition to any other remedies which they may
      have, such other parties may enforce their respective rights by actions for
      specific performance (to the extent permitted by law). Whenever possible, each
      provision of this Warrant shall be interpreted in such a manner as to be
      effective and valid under applicable law, but if any provision of this Warrant
      shall be deemed prohibited or invalid under such applicable law, such provision
      shall be ineffective to the extent of such prohibition or invalidity, and such
      prohibition or invalidity shall not invalidate the remainder of such provision
      or the other provisions of this Warrant.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5.12. Integration.
      This
      Warrant, including the exhibits referred to herein, constitute the entire
      agreement and supersede all other prior agreements and understandings, both
      written and oral, among the parties with respect to the subject matter
      hereof.

    

    5.13. No
      Rights or Liabilities as Stockholder.
      Except
      as expressly set forth herein, nothing contained in this Warrant shall be
      construed as conferring upon Holder any rights as a stockholder of the Company
      or as imposing any obligation on Holder to purchase any securities or as
      imposing any liabilities on Holder as a stockholder of the Company, whether
      such
      obligation or liabilities are asserted by the Company or creditors of the
      Company.

    

    5.14. Waivers
      and Consents; Amendments.

    

    (a) For
      the
      purposes of this Warrant and all documents executed pursuant hereto, no course
      of dealing between or among any of the parties hereto and no delay on the part
      of any party hereto in exercising any rights hereunder or thereunder shall
      operate as a waiver of the rights hereof or thereof. No covenant or provision
      hereof may be waived otherwise than by a written instrument signed by the party
      or parties so waiving such covenant or other provision contemplated
      herein.

    

    (b) No
      amendment to this Warrant may be made without the written consent of the Company
      and Holder or Holders who retain the right to receive greater than fifty percent
      (50%) of the shares of Common Stock issuable upon exercise of this
      Warrant.

    

    (c) Any
      actions required to be taken with respect to consents, approvals or waivers
      required or contemplated to be given by Holder, shall require the vote of Holder
      or Holders who retain the right to receive greater than 50% of the shares of
      Common Stock issuable under this Warrant, and any such action by such majority
      interest vote shall bind all Holders.

    

    5.15. Certain
      Definitions.
      The
      following terms as used in this Warrant shall have the following
      meanings:

    

    (a) “Business
      Day”
means
      any day other than a Saturday or a Sunday or a day on which commercial banking
      institutions in New York City, New York are authorized or obligated by law
      or
      executive order to be closed. Any reference to “days” (unless Business Days are
      specified) shall mean calendar days.

    

    (b) “Code”
means
      the Internal Revenue Code of 1986, as amended.

    

    (c) “Fair
      Market Value”
means
      either (i) the Market Price, if any, of a share of Common Stock or (ii) if
      no
      Market Price exists, the value (which shall not take into effect any minority
      discounts) of a share of Common Stock as determined by the Board of Directors
      in
      good faith. In the event that the parties disagree on the value, then it shall
      be determined by a nationally recognized investment banking firm or accounting
      firm designated by Holder and reasonably acceptable to the Company; provided
      that if the parties cannot agree on such a firm, each party shall choose a
      nationally recognized investment banking firm, which shall choose a third
      nationally recognized firm and that third firm shall determine the Fair Market
      Value, which determination shall be final and binding. The cost relating to
      retaining any such firm(s) pursuant to this definition shall be equally borne
      by
      the Company and the Holder.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (d) “Market
      Price”
of
      any
      security means: if such security is listed on a national securities exchange
      registered under the Exchange Act, a price equal to the average of the closing
      sales prices for such security on such exchange for each day during the twenty
      (20) consecutive trading days immediately preceding the date in
      question.

    

    5.16. Other
      Definitional Provisions.

    

    (a) Except
      as
      otherwise specified herein, all references herein:

    

    (i) to
      any
      person other than the Company, shall be deemed to include such person’s
      successors and assigns;

    

    (ii) to
      the
      Company shall be deemed to include the Company’s successors; and

    

    (iii) to
      any
      applicable law defined or referred to herein, shall be deemed references to
      such
      applicable law as the same may have been or may be amended or supplemented
      from
      time to time.

    

    (b) When
      used
      in this Warrant, the words “herein”, “hereof” and “hereunder,” and words of
      similar import, shall refer to this Warrant as a whole and not to any provision
      of this Warrant, and the words “Section” and “Exhibit” shall refer to Sections
      of, and Exhibits to, this Warrant unless otherwise specified.

    

    (c) Whenever
      the context so requires the neuter gender includes the masculine or feminine,
      and the singular number includes the plural, and vice versa.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      duly
      authorized as of the date first written above.

     

    
      	 	 	EYETEL IMAGING,
              INC. 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	ATTEST: 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By:

            	 	
              By:

            	
            
	
              
                

              

              Name:

            	 	 	
              
Name:
              John C. Garbarino
	
              Title:

            	 	 	Title:
              President
              and Chief Executive Officer

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    FINAL

    

    

    Schedule
      I

    

    This
      Warrant shall vest based upon the Holder achieving the following milestones
      during the calendar years set forth in the table below. Any terms used but
      not
      defined herein shall have the meanings set forth in the License
      Agreement.

     

    
      	
              Year

            	
              2007

            	
              2008

            	
              2009

            	
              2010

            	
              2011

            	
              Total

            
	
              Units
                placed (= or >)

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            
	
              Average
                usage per installed unit per month

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            
	
              #
                of Shares Vesting

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              500,000

            

    

    

    

    For
      purposes of the table above:

    

    “Units
      placed” will equal the number of Initial Products for which the Holder has
      received initial payment with respect to installation during the calendar
      year(s) set forth in the table above (regardless of whether installation has
      occurred prior to the end of such calendar year(s)). In the event that an
      initial payment with respect to installation has been paid for an Initial
      Product during a calendar year but such Initial Product is removed from the
      Customer site prior to the end of such calendar year, then such Initial Product
      shall not be deemed to be a “unit placed” for the purpose of this calculation.
      In addition, in the event that an initial payment with respect to the
      installation has been paid for an Initial Product during a calendar year but
      such Initial Product is removed from the Customer site prior to the end of
      [*****] after such calendar year, then such Initial Product will be deducted
      from the units placed in such subsequent year.

    

    “Average
      usage per installed unit per month” will equal the monthly average number of
      Scans ordered per installed Initial Product, for all Initial Products installed
      by September 30 of each calendar year, by Customers in the Territory during
      the
      last three months of each of the calendar years set forth in the table
      above.

    

    Both
      the
      units placed and the average usage per installed unit per month requirements
      must be met for any given calendar year(s) for the number of shares vesting
      for
      such calendar year(s) to vest; provided that if Holder does not meet one or
      both
      of the requirements for a specific year, but does meet the combined requirements
      for two (2) or more consecutive years including such year, then all of the
      shares scheduled to vest for each of the years during such period will vest.
      All
      shares will vest as of December 31st of the year in which the vesting
      requirements are met.

    

    

    

    *
      Confidential Treatment Requested. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

    
      	
              Year

            	
              2007

            	
              2008

            	
              2009

            	
              2010

            	
              2011

            	
              Total

            
	
              Units
                placed (= or >)

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            
	
              Average
                usage per installed unit per month

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            
	
              #
                of Shares Vesting

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              [*****]

            	
              500,000

            

    

    

    

     

     

    

    

    *
      Confidential Treatment Requested.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    FORM
      OF EXERCISE NOTICE

    

    [To
      be
      executed only upon exercise of Warrant pursuant to Section
      1.1(a)]

    

    To
      EyeTel
      Imaging, Inc.

    

    The
      undersigned registered Holder of the within Warrant hereby irrevocably exercises
      such Warrant for, and purchases thereunder, ______ shares of the Common Stock
      and herewith makes payment of $____________ therefor, and requests that the
      certificates for such shares be issued in the name of, and delivered to
      _____________________, whose address is
      ____________________________.

     

    
      	 	 	 	 
	
              Dated:
                ____________________ 

            	 	 	
              
                

              

               (Signature
                must conform in all
                respects to

              name
                of Holder as specified on the face of
                Warrant) 

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              

              (Street
                Address)  

            
	 	 	 	 
	 	 	 	 
	
            	 	 	
            
	
            	 	 	
              

              (City)                                              
                 (State) 
(Zip
                Code)

            
	 	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    FORM
      OF EXCHANGE NOTICE

    

    [To
      be
      executed only upon net exchange of the Warrant pursuant to Section
      1.1(b)]

    

    To
      EyeTel
      Imaging, Inc.

    

    The
      undersigned registered Holder of the within Warrant hereby irrevocably exchanges
      such Warrant with respect to ____________ shares of the Common Stock which
      such
      Holder would be entitled to receive upon the exercise hereof, and requests
      that
      the certificates for such shares be issued in the name of, and delivered to
      _____________________, whose address is ______________________.

     

    
       

      
        	 	 	 	 
	
                Dated:
                  ____________________ 

              	 	 	
                
                  

                

                 (Signature
                  must conform in all
                  respects to

                name
                  of Holder as specified on the face of
                  Warrant) 

              
	 	 	 	 
	 	 	 	 
	 	 	 	
                

                (Street
                  Address)  

              
	 	 	 	 
	 	 	 	 
	
              	 	 	
              
	
              	 	 	
                

                (City)                                              
                   (State) 
(Zip
                  Code)

              
	 	 	 	 

      

       

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

    
      	
               

              EyeTel
                Imaging, Inc. - Capitalization as of
                10/24/06

            

    

    

    
      	
               

              Class/Series
                of Stock

            	
              Number
                of Shares

              Outstanding

            	
              Reserved
                for Issuance

            
	
              Common
                Stock

            	
              619,1071 

            	
              2,297,1832 

            
	
              Series
                B Preferred Stock

            	
              13,704,875

            	
              297,7033 

            

    

     

    
 

    
      
        
1 Excludes
        112,443 shares of restricted stock issued to Donald A. Fosanto.

      
        2 Consists
          of 55,120 and 2,139,474 shares reserved for issuance under the 2002 and
          2004
          Equity Incentive Plans, respectively, and 102,589 shares reserved for issuance
          upon exercise of warrants. Also excludes 744,750 shares approved by the
          board of
          directors of EyeTel for issuance under the 2004 Equity Incentive Plan still
          pending shareholder approval.

      

      
        3  Shares
          reserved for issuance upon exercise of warrants.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]