Document:

PROMISSORY NOTE

$_________                                                  As of April 21, 2005
                                                            Miami, Florida

         Ithaka  Acquisition  Corp.  ("Maker")  promises  to pay to the order of
_________ ("Payee") the principal sum of _________ Thousand Dollars and No Cents
($____)  in  lawful  money of the  United  States of  America,  on the terms and
conditions described below.

         1. PRINCIPAL.  The principal balance of this Note shall be repayable on
the earlier of (i) April 21, 2006 or (ii) the date on which Maker consummates an
initial public offering of its securities.

         2. INTEREST.  No interest shall accrue on the unpaid principal  balance
of this Note.

         3.  APPLICATION  OF PAYMENTS.  All payments  shall be applied  first to
payment in full of any costs  incurred  in the  collection  of any sum due under
this Note,  including (without limitation)  reasonable  attorneys' fees, then to
the  payment in full of any late  charges and  finally to the  reduction  of the
unpaid principal balance of this Note.

         4. EVENTS OF DEFAULT. The following shall constitute Events of Default:

            (a) FAILURE TO MAKE REQUIRED  PAYMENTS.  Failure by Maker to pay the
principal of this Note within five (5)  business  days  following  the date when
due.

            (b)  VOLUNTARY  BANKRUPTCY,  ETC.  The  commencement  by  Maker of a
voluntary  case  under  the  Federal  Bankruptcy  Code,  as now  constituted  or
hereafter  amended,  or  any  other  applicable  federal  or  state  bankruptcy,
insolvency, reorganization,  rehabilitation or other similar law, or the consent
by it to the  appointment  of or taking  possession  by a receiver,  liquidator,
assignee, trustee, custodian,  sequestrator (or other similar official) of Maker
or for  any  substantial  part  of its  property,  or  the  making  by it of any
assignment  for the benefit of creditors,  or the failure of Maker  generally to
pay its debts as such debts  become  due, or the taking of  corporate  action by
Maker in furtherance of any of the foregoing.

            (c) INVOLUNTARY BANKRUPTCY,  ETC. The entry of a decree or order for
relief by a court having  jurisdiction in the premises in respect of maker in an
involuntary  case  under  the  Federal  Bankruptcy  Code,  as now  or  hereafter
constituted, or any other applicable federal or state bankruptcy,  insolvency or
other similar law, or appointing a receiver,  liquidator,  assignee,  custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part
of its property,  or ordering the winding-up or liquidation of its affairs,  and
the  continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

         5. REMEDIES.

            (a) Upon the occurrence of an Event of Default  specified in Section
4(a),  Payee may, by written  notice to Maker,  declare  this Note to be due and
payable,  whereupon  the  principal  amount of this Note,  and all other amounts
payable   thereunder,   shall  become

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immediately due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived, anything contained herein
or in the documents evidencing the same to the contrary notwithstanding.

            (b) Upon the occurrence of an Event of Default  specified in Section
4(b) or  Section  4(c),  the  unpaid  principal  balance  of, and all other sums
payable with regard to, this Note shall automatically and immediately become due
and payable, in all cases without any action on the part of Payee.

         6. WAIVERS.  Maker and all endorsers  and  guarantors  of, and sureties
for,  this Note waive  presentment  for  payment,  demand,  notice of  dishonor,
protest, and notice of protest with regard to the Note, all errors,  defects and
imperfections  in any  proceedings  instituted  by Payee under the terms of this
Note,  and all  benefits  that might accrue to Maker by virtue of any present or
future  laws  exempting  any  property,  real or  personal,  or any  part of the
proceeds arising from any sale of any such property,  from  attachment,  levy or
sale under  execution,  or providing for any stay of execution,  exemption  from
civil process, or extension of time for payment;  and Maker agrees that any real
estate that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon,  may be sold upon any such writ in whole
or in part in any order desired by Payee.

         7.  UNCONDITIONAL  LIABILITY.   Maker  hereby  waives  all  notices  in
connection with the delivery, acceptance,  performance,  default, or enforcement
of  the  payment  of  this  Note,  and  agrees  that  its  liability   shall  be
unconditional, without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence,  extension of time, renewal, waiver
or  modification  granted or consented to by Payee,  and consents to any and all
extensions of time,  renewals,  waivers, or modifications that may be granted by
Payee with respect to the payment or other  provisions  of this Note,  and agree
that additional makers,  endorsers,  guarantors,  or sureties may become parties
hereto without notice to them or affecting their liability hereunder.

         8. NOTICES.  Any notice called for hereunder  shall be deemed  properly
given if (i) sent by certified mail, return receipt  requested,  (ii) personally
delivered,  (iii) dispatched by any form of private or governmental express mail
or delivery service providing receipted delivery,  (iv) sent by telefacsimile or
(v) sent by e-mail,  to the  following  addresses  or to such  other  address as
either party may designate by notice in accordance with this Section:

         If to Maker:

                   Ithaka Acquisition Corp.
                   100 South Pointe Drive
                   Miami, Florida 33139
                   Attn.:  Paul A. Brooke, Chairman of the Board

         If to Payee:

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<PAGE>

Notice  shall be  deemed  given on the  earlier  of (i)  actual  receipt  by the
receiving   party,   (ii)  the  date  shown  on  a  telefacsimile   transmission
confirmation, (iii) the date on which an e-mail transmission was received by the
receiving  party's  on-line access  provider (iv) the date reflected on a signed
delivery receipt,  or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

         9.  CONSTRUCTION.   This  Note  shall  be  construed  and  enforced  in
accordance with the domestic, internal law, but not the law of conflict of laws,
of the State of Florida.

         10.  SEVERABILITY.  Any  provision  contained  in this  Note  which  is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

         IN WITNESS WHEREOF,  Maker,  intending to be legally bound hereby,  has
caused  this Note to be duly  executed  by its  ______________  the day and year
first above written.

                                         ITHAKA ACQUISITION CORP.

                                         By: __________________________________
                                              Name:
                                              Title:

                                       3REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION  RIGHTS AGREEMENT (this  "Agreement") is entered into
as of the ____ day of ______,  2005, by and among:  Ithaka  Acquisition Corp., a
Delaware  corporation (the "Company");  and the undersigned parties listed under
Investor on the signature page hereto (each, an "Investor" and collectively, the
"Investors").

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

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

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

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

                  "AGREEMENT"  means  this  Agreement,  as  amended,   restated,
supplemented, or otherwise modified from time to time.

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

                  "COMMON  STOCK" means the common stock,  par value $0.0001 per
share, of the Company.

                  "COMPANY" is defined in the preamble to this Agreement.

                  "DEMAND REGISTRATION" is defined in Section 2.1.1.

                  "DEMANDING HOLDER" is defined in Section 2.1.1.

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

                  "FORM S-3" is defined in Section 2.3.

                  "INDEMNIFIED PARTY" is defined in Section 4.3.

                  "INDEMNIFYING PARTY" is defined in Section 4.3.

                  "INVESTOR" is defined in the preamble to this Agreement.

                  "INVESTOR INDEMNIFIED PARTY" is defined in Section 4.1.

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                  "MAXIMUM NUMBER OF SHARES" is defined in Section 2.1.4.

                  "NOTICES" is defined in Section 6.3.

                  "PIGGY-BACK REGISTRATION" is defined in Section 2.2.1.

                  "REGISTER,"    "REGISTERED"   and   "REGISTRATION"    mean   a
registration  effected  by  preparing  and filing a  registration  statement  or
similar  document in compliance with the requirements of the Securities Act, and
the  applicable  rules  and  regulations   promulgated   thereunder,   and  such
registration statement becoming effective.

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

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

                  "RELEASE  DATE" means the date on which shares of Common Stock
are  disbursed  from escrow  pursuant to Section 3 of that certain  Stock Escrow
Agreement  dated as of  _____________,  2005 by and among the parties hereto and
Continental Stock Transfer & Trust Company.

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

                  "UNDERWRITER"  means a  securities  dealer who  purchases  any
Registrable  Securities as principal in an underwritten offering and not as part
of such dealer's market-making activities.

                  "UPOs" means those certain Unit Purchase  Options to be issued
to  EarlyBirdCapital,  Inc. or its  designees in  connection  with the Company's
initial public offering in _________ 2005.

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<PAGE>

         2. REGISTRATION RIGHTS.

            2.1 DEMAND REGISTRATION.

                2.1.1.  REQUEST FOR  REGISTRATION.  At any time and from time to
time on or after the date that is three  months prior to the Release  Date,  the
holders of a  majority-in-interest  of the  Registrable  Securities  held by the
Investors or the  transferees  of the  Investors,  may make a written demand for
registration  under  the  Securities  Act of all or  part of  their  Registrable
Securities (a "DEMAND REGISTRATION"). Any demand for a Demand Registration shall
specify the number of shares of Registrable  Securities  proposed to be sold and
the intended  method(s)  of  distribution  thereof.  The Company will notify all
holders of Registrable  Securities of the demand, and each holder of Registrable
Securities  who wishes to include all or a portion of such holder's  Registrable
Securities  in the Demand  Registration  (each such holder  including  shares of
Registrable  Securities in such  registration,  a "DEMANDING  HOLDER")  shall so
notify the Company  within  fifteen (15) days after the receipt by the holder of
the notice from the Company.  Upon any such request, the Demanding Holders shall
be  entitled  to  have  their  Registrable  Securities  included  in the  Demand
Registration,  subject to Section  2.1.4 and the  provisos  set forth in Section
3.1.1.  The Company  shall not be  obligated to effect more than an aggregate of
two (2) Demand  Registrations under this Section 2.1.1 in respect of Registrable
Securities.

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

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

                2.1.4.  REDUCTION  OF  OFFERING.  Subject  to the  rights of the
holders of  securities  issued or issuable  upon  exercise  of the UPOs,  if the
managing  Underwriter or Underwriters for a Demand Registration that is to be an
underwritten  offering  advise the

                                       3

<PAGE>

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

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

            2.2 PIGGY-BACK REGISTRATION.

                2.2.1. PIGGY-BACK RIGHTS. If at any time on or after the Release
Date the Company proposes to file a Registration  Statement under the Securities
Act with respect to an offering of equity  securities,  or  securities  or other
obligations  exercisable  or  exchangeable  for,  or  convertible  into,  equity
securities,  by the  Company  for its own  account  or for  shareholders  of the
Company for their account (or by the Company and by  shareholders of the Company
including,   without  limitation,   pursuant  to  Section  2.1),  other  than  a
Registration Statement (i) filed in connection with any employee stock option or
other benefit plan, (ii) for an exchange offer or offering of securities  solely
to the Company's  existing  shareholders,  (iii) for an offering of debt that is
convertible  into  equity  securities  of the  Company  or (iv)  for a  dividend
reinvestment  plan,  then the  Company  shall  (x) give  written  notice of such
proposed filing to the holders of

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<PAGE>

Registrable Securities as soon as practicable but in no event less than ten (10)
days before the anticipated  filing date, which notice shall describe the amount
and type of securities to be included in such offering,  the intended  method(s)
of  distribution,   and  the  name  of  the  proposed  managing  Underwriter  or
Underwriters,  if  any,  of the  offering,  and  (y)  offer  to the  holders  of
Registrable  Securities in such notice the  opportunity  to register the sale of
such number of shares of  Registrable  Securities as such holders may request in
writing  within five (5) days  following  receipt of such notice (a  "PIGGY-BACK
REGISTRATION").  The  Company  shall  cause such  Registrable  Securities  to be
included  in such  registration  and  shall  use its best  efforts  to cause the
managing  Underwriter or  Underwriters  of a proposed  underwritten  offering to
permit the  Registrable  Securities  requested  to be included  in a  Piggy-Back
Registration  to be  included  on the same terms and  conditions  as any similar
securities  of the Company and to permit the sale or other  disposition  of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof.  All holders of Registrable  Securities  proposing to distribute  their
securities  through a Piggy-Back  Registration  that involves an  Underwriter or
Underwriters  shall enter into an underwriting  agreement in customary form with
the Underwriter or Underwriters selected for such Piggy-Back Registration.

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

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

                        (ii)  If the  registration  is a  "demand"  registration
undertaken  at the demand of  persons  other  than the  holders  of  Registrable
Securities pursuant to written contractual  arrangements with such persons,  (A)
first, the shares of Common Stock for the account of the demanding  persons that
can be sold without  exceeding the Maximum Number of Shares;  (B) second, to the
extent  that the  Maximum  Number  of  Shares  has not been  reached  under  the
foregoing  clause (A), the shares of Common Stock or other  securities  that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares;

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<PAGE>

and (C) third,  to the  extent  that the  Maximum  Number of Shares has not been
reached under the foregoing  clauses (A) and (B), the Registrable  Securities as
to which  registration  has been  requested  under this Section 2.2 (PRO RATA in
accordance with the number of shares of Registrable Securities held by each such
holder); and (D) fourth, to the extent that the Maximum Number of Shares has not
been reached under the foregoing  clauses (A), (B) and (C), the shares of Common
Stock, if any, as to which  registration has been requested  pursuant to written
contractual  piggy-back  registration  rights which other shareholders desire to
sell that can be sold without exceeding the Maximum Number of Shares.

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

            2.3 REGISTRATIONS ON FORM S-3. The holders of Registrable Securities
may at any time and from  time to time,  request  in  writing  that the  Company
register the resale of any or all of such Registrable  Securities on Form S-3 or
any similar  short-form  registration which may be available at such time ("FORM
S-3"); PROVIDED, HOWEVER, that the Company shall not be obligated to effect such
request through an underwritten offering.  Upon receipt of such written request,
the Company will promptly give written  notice of the proposed  registration  to
all  other  holders  of  Registrable  Securities,  and,  as soon as  practicable
thereafter,  effect the  registration of all or such portion of such holder's or
holders' Registrable Securities as are specified in such request,  together with
all or such portion of the Registrable Securities of any other holder or holders
joining in such  request as are  specified  in a written  request  given  within
fifteen  (15) days  after  receipt  of such  written  notice  from the  Company;
PROVIDED,  HOWEVER,  that the Company  shall not be obligated to effect any such
registration  pursuant to this Section 2.3: (i) if Form S-3 is not available for
such offering;  or (ii) if the holders of the Registrable  Securities,  together
with the holders of any other securities of the Company entitled to inclusion in
such  registration,  propose  to sell  Registrable  Securities  and  such  other
securities (if any) at any aggregate  price to the public of less than $500,000.
Registrations  effected  pursuant  to this  Section  2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

         3. REGISTRATION PROCEDURES.

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

                3.1.1.  FILING  REGISTRATION  STATEMENT.  The Company shall,  as
expeditiously  as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a

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<PAGE>

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

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

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

                3.1.4.   NOTIFICATION.   After  the  filing  of  a  Registration
Statement,  the  Company  shall  promptly,  and in no  event  more  than two (2)
business days after such filing,  notify the holders of  Registrable  Securities
included in such Registration Statement of such filing, and shall further notify
such holders  promptly  and confirm such advice in writing in all events  within
two (2) business days of the occurrence of any of the  following:  (i) when such
Registration Statement becomes effective; (ii) when any post-effective amendment
to  such  Registration  Statement  becomes  effective;  (iii)  the  issuance  or
threatened  issuance by the  Commission of any stop order (and the Company shall
take all  actions  required to prevent the entry of such stop order or to remove
it if  entered);  and (iv) any request by the  Commission  for any  amendment or
supplement to such Registration  Statement or any prospectus relating thereto or
for  additional  information  or of the  occurrence  of an event  requiring  the
preparation  of a

                                       7

<PAGE>

supplement or amendment to such  prospectus so that, as thereafter  delivered to
the purchasers of the securities  covered by such Registration  Statement,  such
prospectus  will not contain an untrue  statement of a material  fact or omit to
state any material fact  required to be stated  therein or necessary to make the
statements therein not misleading, and promptly make available to the holders of
Registrable   Securities  included  in  such  Registration  Statement  any  such
supplement  or  amendment;  except that  before  filing  with the  Commission  a
Registration  Statement or prospectus  or any  amendment or supplement  thereto,
including documents incorporated by reference,  the Company shall furnish to the
holders of Registrable Securities included in such Registration Statement and to
the legal counsel for any such holders, copies of all such documents proposed to
be filed  sufficiently  in advance of filing to provide  such  holders and legal
counsel  with a  reasonable  opportunity  to review such  documents  and comment
thereon, and the Company shall not file any Registration Statement or prospectus
or  amendment  or  supplement  thereto,   including  documents  incorporated  by
reference, to which such holders or their legal counsel shall object.

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

                3.1.6. AGREEMENTS FOR DISPOSITION.  The Company shall enter into
customary agreements  (including,  if applicable,  an underwriting  agreement in
customary form) and take such other actions as are reasonably  required in order
to expedite or facilitate the disposition of such  Registrable  Securities.  The
representations,  warranties  and  covenants of the Company in any  underwriting
agreement  which  are made to or for the  benefit  of any  Underwriters,  to the
extent  applicable,  shall also be made to and for the benefit of the holders of
Registrable  Securities  included in such registration  statement.  No holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting  agreement except,
if  applicable,  with  respect to such  holder's  organization,  good  standing,
authority,  title to Registrable Securities,  lack of conflict of such sale with
such holder's material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration Statement.

                3.1.7.  COOPERATION.  The  principal  executive  officer  of the
Company,   the  principal  financial  officer  of  the  Company,  the  principal
accounting  officer of the  Company  and all other  officers  and members of the
management of the Company shall  cooperate  fully in any offering of Registrable
Securities hereunder,  which cooperation shall include, without limitation,

                                       8

<PAGE>

the preparation of the Registration  Statement with respect to such offering and
all other  offering  materials  and  related  documents,  and  participation  in
meetings with  Underwriters,  attorneys,  accountants and, subject to applicable
securities laws, potential investors.

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

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

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

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

            3.2 OBLIGATION TO SUSPEND  DISTRIBUTION.  Upon receipt of any notice
from the Company of the happening of any event of the kind  described in Section
3.1.4(iv),  or, in the case of a resale  registration  on Form S-3  pursuant  to
Section 2.3 hereof,  upon any  suspension by the Company,  pursuant to a written
insider trading  compliance program adopted by the Company's Board of Directors,
of the  ability of all  "insiders"  covered by such  program to  transact in the
Company's   securities   because  of  the   existence  of  material   non-public
information,  each holder of Registrable Securities included in any registration
shall  immediately   discontinue  disposition  of  such  Registrable  Securities
pursuant to the  Registration  Statement  covering such  Registrable  Securities
until such holder receives the supplemented or amended  prospectus  contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's

                                       9

<PAGE>

securities is removed, as applicable,  and, if so directed by the Company,  each
such holder will deliver to the Company all copies,  other than  permanent  file
copies then in such holder's possession,  of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice.

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

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

         4. INDEMNIFICATION AND CONTRIBUTION.

            4.1 INDEMNIFICATION BY THE COMPANY.  The Company agrees to indemnify
and hold harmless each Investor and each other holder of Registrable Securities,
and  each  of  their  respective  officers,  employees,  affiliates,  directors,
partners,  members,  attorneys and agents, and each person, if any, who controls
an Investor and each other holder of Registrable  Securities (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an
"INVESTOR INDEMNIFIED PARTY"), from and against any expenses, losses, judgments,
claims,  damages or  liabilities,  whether  joint or several,  arising out of or
based upon any untrue  statement (or allegedly  untrue  statement) of a material
fact  contained  in any  Registration  Statement  under  which  the sale of such
Registrable  Securities was registered under the Securities

                                       10

<PAGE>

Act,  any  preliminary  prospectus,   final  prospectus  or  summary  prospectus
contained in the Registration  Statement, or any amendment or supplement to such
Registration Statement, or arising out of or based upon any omission (or alleged
omission) to state a material fact required to be stated therein or necessary to
make the statements  therein not misleading,  or any violation by the Company of
the Securities Act or any rule or regulation  promulgated  thereunder applicable
to the  Company and  relating  to action or inaction  required of the Company in
connection with any such registration;  and the Company shall promptly reimburse
the Investor  Indemnified Party for any legal and any other expenses  reasonably
incurred by such Investor Indemnified Party in connection with investigating and
defending any such expense, loss, judgment,  claim, damage, liability or action;
PROVIDED,  HOWEVER,  that the Company will not be liable in any such case to the
extent that any such expense,  loss, claim, damage or liability arises out of or
is based upon any untrue  statement or allegedly untrue statement or omission or
alleged omission made in such Registration  Statement,  preliminary  prospectus,
final prospectus, or summary prospectus, or any such amendment or supplement, in
reliance upon and in conformity with  information  furnished to the Company,  in
writing,  by such selling  holder  expressly  for use therein.  The Company also
shall indemnify any Underwriter of the Registrable  Securities,  their officers,
affiliates, directors, partners, members and agents and each person who controls
such Underwriter on substantially the same basis as that of the  indemnification
provided above in this Section 4.1.

            4.2  INDEMNIFICATION  BY HOLDERS  OF  REGISTRABLE  SECURITIES.  Each
selling  holder  of  Registrable   Securities   will,  in  the  event  that  any
registration  is being  effected  under  the  Securities  Act  pursuant  to this
Agreement of any Registrable  Securities held by such selling holder,  indemnify
and hold  harmless  the  Company,  each of its  directors  and officers and each
underwriter  (if any), and each other person,  if any, who controls such selling
holder or such underwriter within the meaning of the Securities Act, against any
losses,  claims,  judgments,  damages or liabilities,  whether joint or several,
insofar as such losses, claims, judgments, damages or liabilities (or actions in
respect  thereof)  arise  out of or are  based  upon  any  untrue  statement  or
allegedly  untrue  statement of a material  fact  contained in any  Registration
Statement  under which the sale of such  Registrable  Securities  was registered
under the  Securities  Act, any  preliminary  prospectus,  final  prospectus  or
summary prospectus contained in the Registration  Statement, or any amendment or
supplement to the Registration  Statement, or arise out of or are based upon any
omission or the alleged  omission to state a material fact required to be stated
therein or  necessary  to make the  statement  therein  not  misleading,  if the
statement  or  omission  was  made  in  reliance  upon  and in  conformity  with
information furnished in writing to the Company by such selling holder expressly
for use therein,  and shall  reimburse the Company,  its directors and officers,
and each such  controlling  person  for any legal or other  expenses  reasonably
incurred by any of them in connection with  investigation  or defending any such
loss, claim, damage,  liability or action. Each selling holder's indemnification
obligations hereunder shall be several and not joint and shall be limited to the
amount of any net proceeds actually received by such selling holder.

            4.3 CONDUCT OF INDEMNIFICATION  PROCEEDINGS.  Promptly after receipt
by any  person of any  notice of any loss,  claim,  damage or  liability  or any
action in respect of which  indemnity  may be sought  pursuant to Section 4.1 or
4.2, such person (the "INDEMNIFIED  PARTY") shall, if a claim in respect thereof
is to be made against any other  person for  indemnification  hereunder,  notify
such other  person  (the  "INDEMNIFYING  PARTY") in writing of the loss,  claim,

                                       11

<PAGE>

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

         4.4 CONTRIBUTION.

            4.4.1. If the indemnification provided for in the foregoing Sections
4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss,
claim,  damage,   liability  or  action  referred  to  herein,  then  each  such
Indemnifying  Party,  in lieu of  indemnifying  such  Indemnified  Party,  shall
contribute to the amount paid or payable by such  Indemnified  Party as a result
of such  loss,  claim,  damage,  liability  or action in such  proportion  as is
appropriate  to reflect the relative  fault of the  Indemnified  Parties and the
Indemnifying  Parties in connection with the actions or omissions which resulted
in such loss, claim, damage,  liability or action, as well as any other relevant
equitable  considerations.  The relative fault of any Indemnified  Party and any
Indemnifying  Party shall be  determined  by reference  to, among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission or alleged  omission to state a material  fact  relates to  information
supplied by such Indemnified Party or such  Indemnifying  Party and the parties'
relative intent, knowledge,  access to information and opportunity to correct or
prevent such statement or omission.

            4.4.2.  The  parties  hereto  agree  that it  would  not be just and
equitable if  contribution  pursuant to this Section 4.4 were  determined by PRO
RATA allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding Section
4.4.1.  The amount  paid or payable by an  Indemnified  Party

                                       12

<PAGE>

as a result of any loss, claim,  damage,  liability or action referred to in the
immediately  preceding  paragraph  shall be deemed to  include,  subject  to the
limitations  set forth  above,  any  legal or other  expenses  incurred  by such
Indemnified Party in connection with  investigating or defending any such action
or claim.  Notwithstanding  the  provisions  of this  Section  4.4, no holder of
Registrable  Securities  shall be required to contribute any amount in excess of
the dollar amount of the net proceeds (after payment of any  underwriting  fees,
discounts,  commissions or taxes) actually received by such holder from the sale
of Registrable  Securities which gave rise to such contribution  obligation.  No
person  guilty of  fraudulent  misrepresentation  (within the meaning of Section
11(f) of the Securities Act) shall be entitled to  contribution  from any person
who was not guilty of such fraudulent misrepresentation.

         5. UNDERWRITING AND DISTRIBUTION.

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

         6. MISCELLANEOUS.

            6.1 OTHER REGISTRATION  RIGHTS.  Except for the registration  rights
granted  pursuant  to the UPOs,  the Company  represents  and  warrants  that no
person,  other  than a holder of the  Registrable  Securities,  has any right to
require the Company to register any shares of the  Company's  capital  stock for
sale or to include  shares of the Company's  capital  stock in any  registration
filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other person.

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

            6.3 NOTICES. All notices, demands, requests,  consents, approvals or
other communications (collectively, "NOTICES") required or permitted to be given
hereunder or which are given with respect to this Agreement  shall be in writing
and shall be personally served,  delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery,  telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party

                                       13

<PAGE>

shall have  specified  most recently by written  notice.  Notice shall be deemed
given on the date of service or transmission if personally served or transmitted
by telegram, telex or facsimile;  PROVIDED, that if such service or transmission
is not on a business day or is after  normal  business  hours,  then such notice
shall be  deemed  given on the  next  business  day.  Notice  otherwise  sent as
provided herein shall be deemed given on the next business day following  timely
delivery  of such notice to a reputable  air courier  service  with an order for
next-day delivery.

                           To the Company:

                           Ithaka Acquisition Corp.
                           100 South Pointe Drive, 23rd Floor
                           Miami, Florida 33139
                           Attention:  Chairman

                           with a copy to:

                           Foley & Lardner LLP                         ; and
                           111 Huntington Avenue
                           Boston, Massachusetts 02199
                           Attention:  Paul D. Broude, Esq.

                           Graubard Miller
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, NY 10174
                           Attention: David Alan Miller, Esq.

                           To an Investor, to:

                           Paul A. Brooke                              ; or
                           Ithaka Acquisition Corp.
                           100 South Pointe Drive, 23rd Floor
                           Miami, Florida 33139

                           Eric Hecht                                  ; or
                           Ithaka Acquisition Corp.
                           100 South Pointe Drive, 23rd Floor
                           Miami, Florida 33139

                                       14

<PAGE>

                           John M. Glazer                     ; or
                           ATP Management Group LLC
                           712 Fifth Avenue, 20th Floor
                           New York, New York 10019

                           PMSV Holdings LLC
                           c/o Paul A. Brooke
                           Ithaka Acquisition Corp.
                           100 South Pointe Drive, 23rd Floor
                           Miami, Florida 33139

                           with a copy to:

                           Graubard Miller
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, NY 10174
                           Attention: David Alan Miller, Esq.

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

            6.5  COUNTERPARTS.  This  Agreement  may  be  executed  in  multiple
counterparts,  each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

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

            6.7  MODIFICATIONS  AND  AMENDMENTS.  No amendment,  modification or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party.

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

            6.9 WAIVERS AND  EXTENSIONS.  Any party to this  Agreement may waive
any right,  breach or default which such party has the right to waive,  PROVIDED
that such waiver will

                                       15

<PAGE>

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

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

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

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

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       16

<PAGE>

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

                                                  ITHAKA ACQUISITION CORP.
                                                  A Delaware corporation

                                            By:   ______________________________
                                                  Paul A. Brooke, Chairman

                                                  INITIAL STOCKHOLDERS:

                                                  ---------------------------
                                                  Paul A. Brooke

                                                  ---------------------------
                                                  Eric Hecht

                                                  ---------------------------
                                                  John M. Glazer

                                                  PMSV HOLDINGS LLC

                                            By:   ____________________________
                                                  Name: Paul A. Brooke
                                                  Title: Member

                                       17

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