Document:

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

                    SECURITIES
PURCHASE AGREEMENT, dated as of October 18, 2007, between Viewpoint
Corporation, a Delaware corporation (the “COMPANY”), and the investors listed
on Schedule of Purchasers (the “SCHEDULE OF PURCHASERS”) attached hereto as
Exhibit A (individually, a “PURCHASER” and collectively, the “PURCHASERS”).

PREAMBLE

                    The
Company has duly authorized (i) the issuance of 15,714,286 shares of the
Company’s common stock, par value $.001 per share (the “COMMON STOCK”) (ii) the
issuance of warrants to purchase 4,714,286 shares of Common Stock to the
Purchasers (such number being thirty percent (30%) of the total number of
shares of Common Stock issuable to the Purchasers as described above) (the
“WARRANTS”) and (iii) the issuance of warrants to the Company’s financial
advisor as provided in Schedule 3.01(v), pursuant to the provisions of this
Securities Purchase Agreement and the Warrants to be entered into
simultaneously with this Securities Purchase Agreement, the form of which is
attached as Exhibit B hereto.

                    Each
party hereto agrees as follows for the benefit of the other party:

ARTICLE ONE

DEFINITIONS

	
 

	
 

	
 

	
 

	
SECTION
 1.01.

	
DEFINITIONS.

                    “8-K
FILING” has the meaning set forth in Section 4.09 of the Securities Purchase
Agreement.

                    “AFFILIATE”
has the meaning as set forth in Rule 144.

                    “AGENT”
means Merriman Curhan Ford & Co.

                    “AVAILABLE
UNDERSUBSCRIPTION AMOUNT” has the meaning set forth in Section 4.10(b)(i)
of the Securities Purchase Agreement. 

                    “BASIC
AMOUNT” has the meaning set forth in Section 4.10(b)(i) of the Securities
Purchase Agreement. 

                    “BOARD
OF DIRECTORS” means, as to any Person, the board of directors of such Person or
any duly authorized committee thereof.

                    “BUSINESS
DAY” means any day other than a Saturday, Sunday or any other day on which
banking institutions in The City of New York are required or authorized by law
or other governmental action to be closed.

                    “BUY-IN
PRICE” has the meaning set forth in Section 3.02(f) of the Securities Purchase
Agreement.

                    “BUY-IN
PRICE” has the meaning set forth in Section 3.02(f) of the Securities Purchase
Agreement.

                    “CAPITAL
STOCK” means (1) with respect to any Person that is a corporation, any and all
shares, interests, participations or other equivalents, however designated, of
corporate stock, including each class of common stock and preferred stock of
such Person and (2) with respect to any Person that is not a corporation, any
and all partnership or other equity interests of such Person.

                    “CLOSING”
has the meaning set forth in Section 2.02 of the Securities Purchase
Agreement.

                    “CLOSING
BID PRICE” shall mean the closing bid price of the Company’s Common Stock on
the Principal Market.

                    “CLOSING
DATE” has the meaning set forth in Section 2.02 of the Securities Purchase
Agreement.

                    “COMMON
STOCK” has the meaning set forth in the Preamble of the Securities Purchase
Agreement. 

                    “COMMISSION”
means the Securities and Exchange Commission, or any successor agency thereto
with respect to the regulation or registration of securities.

                    “COMPANY”
means the party named as such in the Preamble until a successor replaces it
pursuant to this Securities Purchase Agreement.

                    “COMPANY
COMMISSION FILINGS” has the meaning set forth in Section 3.01(d) of the
Securities Purchase Agreement.

                    “EXCHANGE
ACT” means the Securities Exchange Act of 1934, as amended, or any successor
statute or statutes thereto.

                    “GAAP”
is defined to mean generally accepted accounting principles in the United
States of America as in effect from time to time, including, without
limitation, those set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as approved by
a significant segment of the accounting profession.

                    “INTELLECTUAL
PROPERTY” has the meaning set forth in Section 3.01(r) of the Securities
Purchase Agreement.

                    “KNOWLEDGE
OF THE COMPANY” means the actual knowledge of any executive officer of the
Company.

2

                    “LIEN”
means any lien, mortgage, deed of trust, pledge, security interest, charge or
encumbrance of any kind (including any conditional sale or other title
retention agreement, any lease in the nature thereof and any agreement to give
any security interest).

                    “MATERIAL
ADVERSE EFFECT” has the meaning set forth in Section 3.01(b) of the
Securities Purchase Agreement. 

                    “NOTICE
OF ACCEPTANCE” has the meaning set forth in Section 4.10(b)(ii) of the Securities
Purchase Agreement. 

                    “OFFER”
has the meaning set forth in Section 4.10(b)(i) of the Securities Purchase
Agreement. 

                    “OFFER
NOTICE” has the meaning set forth in Section 4.10(b)(i) of the Securities
Purchase Agreement. 

                    “OFFER
PERIOD” has the meaning set forth in Section 4.10(b)(ii) of the Securities
Purchase Agreement. 

                    “OFFERED
SECURITIES” has the meaning set forth in Section 4.10(b)(i) of the
Securities Purchase Agreement. 

                    “OPINION
OF COUNSEL” means a written opinion from legal counsel which counsel may be
counsel to or an employee of the Company.

                    “PERSON”
means an individual, partnership, corporation, unincorporated organization,
trust or joint venture, or a governmental agency or political subdivision
thereof.

                    “PRINCIPAL
MARKET” means The NASDAQ Capital Market.

                    “PURCHASE
PRICE” has the meaning set forth in Section 2.01 of the Securities Purchase
Agreement.

                    “PURCHASER”
or “PURCHASERS” has the meaning set forth in the Preamble of the Securities
Purchase Agreement.

                    “REFUSED
SECURITIES” has the meaning set forth in Section 4.10(b)(iii) of the
Securities Purchase Agreement. 

                    “REGISTRATION
RIGHTS AGREEMENT” means that certain Registration Rights Agreement, dated as of
October 18, 2007, by and between the Company and the Purchasers, as amended
from time to time.

                    “REGISTRATION
STATEMENT” has the meaning set forth in Section 3.01(f) of the Securities
Purchase Agreement.

                    “REMOVAL
DATE” has the meaning set forth in 3.02(f) of the Securities Purchase
Agreement.

3

                    “RULE
144” has the meaning set forth in Section 3.02(f) of the Securities Purchase
Agreement.

                    “SCHEDULE
OF PURCHASERS” has the meaning set forth in the Preamble of the Securities
Purchase Agreement.

                    “SECURITIES”
means the Common Stock and the Warrants to be issued pursuant to the provisions
of the Securities Purchase Agreement and the Warrant.

                    “SECURITIES
ACT” means the Securities Act of 1933, as amended, or any successor statute or
statutes thereto.

                    “SECURITIES
PURCHASE AGREEMENT” means this Securities Purchase Agreement, dated as of
October 18, 2007, by and between the Company and the Purchasers, as amended
from time to time.

                    “SHORT
SALES” has the meaning set forth in Section 3.02(d) of the Securities
Purchase Agreement.

                    “SUBSIDIARY”
with respect to any Person, means (i) any corporation of which the
outstanding Capital Stock having at least a majority of the votes entitled to
be cast in the election of directors under ordinary circumstances shall at the
time be owned, directly or indirectly, by such Person, or (ii) any other
Person of which at least a majority of the voting interest under ordinary
circumstances is at the time, directly or indirectly, owned by such Person.

                    “TRADING
DAY” has the meaning set forth in the Form of Warrant, attached as Exhibit B to
the Securities Purchase Agreement.

                    “TRANSACTION
DOCUMENTS” means, collectively, this Agreement, the Warrants and the
Registration Rights Agreement.

                    “UNDERSUBSCRIPTION
AMOUNT” has the meaning set forth in Section 4.10(b)(i) of the Securities
Purchase Agreement. 

                    “WARRANT
EXERCISE PRICE” has the meaning set forth in Section 2.01 of the
Securities Purchase Agreement. 

                    “WARRANTS”
has the meaning set forth in the Preamble of the Securities Purchase Agreement,
which such Warrants shall be exercisable six months after the Closing Date and
have a term equal to five and one-half (5.5) years.

	
 

	
 

	
 

	
 

	
SECTION
 1.02.

	
RULES OF
 CONSTRUCTION.

                    Unless
the context otherwise requires:

4

	
 

	
 

	
 

	
          (1)
 an accounting term not otherwise defined has the meaning assigned to it in
 accordance with GAAP;

	
 

	
 

	
 

	
          (2)
 “or” is not exclusive;

	
 

	
 

	
 

	
          (3)
 words in the singular include the plural, and words in the plural include the
 singular;

	
 

	
 

	
 

	
          (4)
 provisions apply to successive events and transactions; and

	
 

	
 

	
 

	
          (5)
 “herein,” “hereof” and other words of similar import refer to this Securities
 Purchase Agreement as a whole and not to any particular Article,
 Section or other subdivision.

ARTICLE TWO

THE SECURITIES

	
 

	
 

	
 

	
 

	
SECTION
 2.01.

	
PURCHASE AND
 SALE OF THE SECURITIES.

                    Subject
to the terms and conditions of this Securities Purchase Agreement and in
reliance on the representations, warranties and covenants of the parties
contained herein, the Company shall issue and deliver to each Purchaser, and
each Purchaser severally, but not jointly, agrees to purchase from the Company
on the Closing Date (as defined below) at a purchase price per unit
(representing one share of Common Stock and a Warrant to purchase 0.3 shares of
Common Stock) of $0.70 (a) the number of shares of Common Stock as set forth
opposite such Purchaser’s name in column (3) on the Schedule of Purchasers and
(b) a Warrant to purchase the number of shares of Common Stock set forth
opposite such Purchaser’s name in column (4) on the Schedule of Purchasers, such
number being thirty percent (30%) of the total number of shares of Common Stock
issuable to such Purchaser as described above in this Section 2.01, which
warrants shall be exercisable six (6) months after the issuance date hereof and
shall have a term of five and one-half (5.5) years from the issuance date
hereof, and an exercise price (the “WARRANT EXERCISE PRICE”) equal to the
greater of (i) $0.70 or (ii) the Closing Bid Price on the Nasdaq Stock Market
on the date immediately preceding the date hereof, for an aggregate purchase
price (the “PURCHASE PRICE”) as set forth opposite such Purchaser’s name in
column (5) on the Schedule of Purchasers.

	
 

	
 

	
 

	
 

	
SECTION
 2.02.

	
CLOSING.

                    The
closing of the transactions contemplated by Section 2.01 (the “CLOSING”) shall
take place at 3:00 p.m. on the date hereof (the “CLOSING DATE”) at the offices
of Merriman Curhan Ford & Co. or at such other place and time as the
Company and the Purchasers shall mutually agree.

                    At
the Closing, the Company shall deliver to each Purchaser (i) certificates
representing the Common Stock and (ii) Warrants, in substantially the form
attached as Exhibit B hereto and to be purchased by such Purchaser at
the Closing duly registered in the name of such Purchaser. Delivery of such
certificates to each Purchaser shall be made against receipt by 

5

the Company
from such Purchaser of the aggregate purchase price set forth opposite such
Purchaser’s name in column (5) on the Schedule of Purchasers by wire transfer
of immediately available funds to an account designated by the Company in
writing for such purpose.

ARTICLE THREE

REPRESENTATIONS AND WARRANTIES

	
 

	
 

	
 

	
 

	
SECTION
 3.01.

	
REPRESENTATIONS
 AND WARRANTIES OF THE COMPANY. 

                    In
order to induce each Purchaser to enter into this Securities Purchase Agreement
and purchase the Securities, the Company represents and warrants to each
Purchaser as follows:

	
 

	
 

	
 

	
          (a)
 Organization, Good Standing and Corporate Power. The Company is a
 corporation duly organized, validly existing and in good standing under the
 laws of the State of Delaware, with all requisite corporate power and
 authority to own its properties and to conduct its business as presently
 conducted. The Company is qualified to do business and is in good standing
 (or has active status) in each jurisdiction in which the failure to be so
 qualified could have a Material Adverse Effect (as hereinafter defined). No
 proceeding has been instituted in any such jurisdiction, revoking, limiting
 or curtailing, or seeking to revoke, limit or curtail, such power and
 authority or qualification. The Company has all requisite corporate power and
 authority to enter into this Securities Purchase Agreement and to perform its
 obligations hereunder, including, without limitation, the issuance and sale
 of the Common Stock and Warrants. 

	
 

	
 

	
 

	
          (b)
 Due Authorization; Enforceability; No Conflicts. The Company has taken
 all corporate and stockholder action necessary to authorize the execution,
 delivery and performance by it of this Securities Purchase Agreement, the
 Registration Rights Agreement and the Warrant. Assuming the due execution and
 delivery of this Securities Purchase Agreement and the Registration Rights
 Agreement by the Purchaser, this Securities Purchase Agreement and the
 Registration Rights Agreement each constitutes a valid and binding obligation
 of the Company, enforceable against the Company in accordance with its terms,
 subject to applicable bankruptcy, insolvency, reorganization, moratorium and
 other similar laws relating to the enforcement of creditors’ rights
 generally, the availability of equitable remedies and to general equity
 principles. The execution, delivery and performance by the Company of this
 Securities Purchase Agreement and the Registration Rights Agreement and
 compliance by the Company with the terms hereof and thereof will not
 (i) violate or result in a violation of the Company’s Certificate of
 Incorporation or the Company’s Bylaws, or any resolutions of the Company’s Board
 of Directors or stockholders or (ii) violate or result in a violation of, or
 constitute a material breach of or constitute a default under, any indenture,
 deed of trust, mortgage, loan agreement, or other agreement or instrument,
 judgment, order, law, rule or regulation applicable to the Company or by
 which the Company is bound or to which any of the Company’s properties are
 subject, except in the case of clause (ii), where such violation, conflict or
 event of default would not result in a material adverse effect on the
 Company’s business, financial condition, results of operations or properties
 (a 

6

	
 

	
 

	
 

	
“MATERIAL
 ADVERSE EFFECT”). The Common Stock, upon issuance in accordance with the
 terms of this Securities Purchase Agreement and the issuance of the Warrants
 and the reservation for issuance and the issuance of the shares of Common
 Stock issuable upon exercise thereof, as the case may be, are and will
 continue upon issuance to be duly authorized, validly issued, fully-paid and
 nonassessable and free of any Liens, claims or encumbrances and rights of
 first refusal, preemptive rights, co-sale rights, registration rights, or
 other similar rights. No further approval or authorization of any
 stockholder, the Board of Directors of the Company or other third party is
 required for the issuance and sale of the Securities.

	
 

	
 

	
 

	
          (c)
 Capitalization. As of the date hereof and prior to giving effect to
 the issuance of the Securities, the authorized Capital Stock of the Company
 consists of (i) 5,000,000 shares of preferred stock, par value $.001 per
 share, of which no shares are issued and outstanding, and (ii) 150,000,000
 shares of Common Stock, of which 82,622,584 shares are issued and
 outstanding. Except with respect to any Securities to be issued in connection
 with this Securities Purchase Agreement, including the Warrants or as set
 forth on SCHEDULE 3.01(c) annexed hereto, there are no outstanding
 subscriptions, rights, options, warrants, conversion rights, agreements or
 other claims for the purchase or acquisition from the Company of any shares
 of its Capital Stock or obligating the Company to issue, repurchase, register
 or otherwise acquire, any shares of its Capital Stock or any securities
 convertible into, exercisable or exchangeable for, or otherwise entitling the
 holder to acquire, any shares of Capital Stock of the Company. The
 outstanding shares of Capital Stock of the Company have been duly and validly
 issued and are fully paid and nonassessable, have been issued in compliance
 with all federal and state securities laws, and were not issued in violation
 of any preemptive rights or similar rights.

	
 

	
 

	
 

	
          (d)
 Reports and Financial Statements. The Company has previously furnished
 the Purchaser with true and complete copies, as amended or supplemented, of
 the following documents, to the extent not available on the EDGAR system (i)
 Annual Report on Form 10-K, Amendment No. 1 to the Annual Report and
 Amendment No. 2 to the Annual Report for the year ended December 31, 2006, as
 filed with the Commission, (ii) proxy statements relating to all meetings of
 its shareholders (whether annual or special) since June 1, 2006 and (iii) all
 other reports or registration statements filed by the Company with the SEC
 since December 31, 2005 (such reports, registration statements and other
 filings, together with any amendments or supplements thereto, are
 collectively referred to as the “COMPANY COMMISSION FILINGS”). Except as set
 forth on SCHEDULE 3.01(d), the Company Commission Filings constituted all of
 the documents required to be filed by the Company with the Commission since
 December 31, 2005. As of their respective dates, such Company’s Commission
 Filings (as amended or supplemented) complied in all material respects with
 the requirements of the Securities Act and the Exchange Act and the rules and
 regulations of the Commission promulgated thereunder, and did not contain any
 untrue statement of a material fact or omit to state a material fact required
 to be stated therein or necessary to make the statements therein, in the
 light of the circumstances under which they were made, not misleading. The
 audited consolidated financial statements and any unaudited interim financial
 statements of the Company included in such Company’s Commission Filings
 comply as to form in all 

7

	
 

	
 

	
 

	
material
 respects with applicable accounting requirements and the published rules and
 regulations of the Commission with respect thereto, and have been prepared in
 accordance with GAAP (except as may be indicated therein or in the notes
 thereto and, in the case of the quarterly financial statements, as permitted
 by Form 10-Q under the Exchange Act) and fairly present in all material
 respects the financial position of the Company at the dates thereof and the
 results of its operations and its cash flows for the periods then ended.

	
 

	
 

	
 

	
          (e)
 Absence of Certain Changes or Events. Except as publicly disclosed or
 otherwise disclosed in writing to each Purchaser prior to the date of this
 Securities Purchase Agreement or as otherwise contemplated by this Securities
 Purchase Agreement, since March 16, 2007, there has not been any material
 adverse change or material adverse development in the financial condition,
 results of operations, or the business or properties of the Company.

	
 

	
 

	
 

	
          (f)
 Information in the Registration Statement. None of the information
 relating to the Company, its executive officers or directors, supplied by the
 Company for inclusion or incorporation by reference in the registration
 statement (the “REGISTRATION STATEMENT”) to be filed with the Commission by
 the Company pursuant to the Registration Rights Agreement to be entered into
 between the Company and the Purchasers or any amendments or supplements
 thereto, will, at the time it becomes effective under the Securities Act and
 at the effective date, contain any untrue statement of material fact or omit
 to state any material fact required to be stated therein or necessary in
 order to make the statements therein, in the light of the circumstances under
 which they were made, not misleading. If at any time prior to the effective
 date any event with respect to the Company, its executive officers or
 directors should occur which is required to be described in an amendment, or
 a supplement to, the Registration Statement, such event shall be so described
 and such description in such amendment or supplement of such information will
 not contain any statement which, at the time and in the light of
 circumstances under which it is made, is false or misleading with respect to
 any material fact or omits to state any material fact required to be stated
 therein or in the Registration Statement or necessary to make the statements
 therein or in the Registration Statement not false or misleading.

	
 

	
 

	
 

	
          (g)
 Compliance With Laws. The conduct of the business of the Company
 complies in all material respects with all statutes, laws, regulations,
 ordinances, rules, judgments, orders or decrees applicable thereto. Except as
 set forth on SCHEDULE 3.01(g) annexed hereto, the Company has not received
 notice of any alleged material violation of any statute, law, regulation,
 ordinance, rule, judgment, order or decree from any governmental authority
 applicable to the Company or any of its assets or properties.

	
 

	
 

	
 

	
          (h)
 Consents. Except as set forth on SCHEDULE 3.01(h) annexed hereto, no
 consent or waiver of, order or approval by, or registration, qualification or
 filing with, any regulatory body, administrative agency, or other
 governmental authority or other third party is required in connection with
 the Company’s execution and delivery of this Securities Purchase Agreement
 and the Registration Rights Agreement, and the valid

8

	
 

	
 

	
 

	
issuance and
 sale of the Securities to be sold and issued pursuant to this Securities
 Purchase Agreement.

	
 

	
 

	
 

	
          (i)
 Litigation Proceedings. Except as set forth on SCHEDULE 3.01(i)
 annexed hereto, there is no action, suit, notice of violation, proceeding or
 investigation pending or, to the Knowledge of the Company, threatened against
 or affecting the Company or any of its properties before or by any court,
 governmental or administrative agency or regulatory authority (federal,
 state, county, local or foreign) which (i) adversely affects or
 challenges the legality, validity or enforceability of any of this Securities
 Purchase Agreement or (ii) could reasonably be expected to, individually or
 in the aggregate, have a Material Adverse Effect.

	
 

	
 

	
 

	
          (j)
 No Default or Violation. Except as set forth on SCHEDULE 3.01(j)
 annexed hereto, the Company (i) is not in default under or in violation of
 any indenture, loan or other credit agreement or any other agreement or
 instrument to which it is a party or by which it or any of its properties is
 bound, (ii) is not in violation of any order of any court, arbitrator or
 governmental body applicable to it, (iii) is not in violation of any statute,
 rule or regulation of any governmental authority to which it is subject or
 (iv) is not in default under or in violation of its Certificate of
 Incorporation, Bylaws or other organizational documents, respectively, except
 in the case of clause (i), (ii) and (iii), for defaults and violations which
 individually or in the aggregate would not reasonably be expected to have a
 Material Adverse Effect. The business of the Company is not being conducted,
 and shall not be conducted in violation of any law, ordinance, rule or
 regulation of any governmental entity, except where such violations have not
 resulted or would not reasonably be expected to result, individually or in
 the aggregate, in a Material Adverse Effect. The Company is not in breach of
 any agreement where such breach, individually or in the aggregate, would not reasonably
 be expected to have a Material Adverse Effect.

	
 

	
 

	
 

	
          (k)
 Private Offering. Neither the Company nor any person acting on its
 behalf has taken or will take any action which might subject the offering,
 issuance or sale of the Securities to each Purchaser hereunder to the
 registration requirements of the Securities Act. The offer, sale and issuance
 of the Common Stock to the Purchasers will not be integrated with any other
 offer, sale and issuance of the Company’s securities (past, current, or
 future) under the Securities Act or any regulations of any exchange or
 automated quotation system on which any of the securities of the Company are
 listed or designated or for purposes of any stockholder approval provision
 applicable to the Company or its securities. Subject to the accuracy and
 completeness of the representations and warranties of each Purchaser
 contained in Section 3.02 hereof, the offer, sale and issuance by the Company
 to each Purchaser of the Securities hereunder is exempt from the registration
 requirements of the Securities Act.

	
 

	
 

	
 

	
          (l)
 Investment Company. The Company is not, and is not controlled by or
 under common control with an affiliate of an “investment company” within the
 meaning of the Investment Company Act of 1940, as amended.

9

	
 

	
 

	
 

	
          (m)
 No General Solicitation. The Company has not solicited any offer to
 buy or sell the Securities hereunder by means of any form of general
 solicitation or advertising.

	
 

	
 

	
 

	
          (n)
 Listing and Maintenance Requirements Compliance. Except as set forth
 on SCHEDULE 3.01(n) annexed hereto, the Company has not in the two years
 preceding the date hereof received written notice from any stock exchange or
 market on which the Common Stock is or has been listed (or on which it has
 been quoted) to the effect that the Company is not in compliance with the
 listing or maintenance requirements of such exchange or market.

	
 

	
 

	
 

	
          (o)
 Registration Rights; Rights of Participation. Except as set forth on
 SCHEDULE 3.01(o) annexed hereto, the Company has not granted or agreed to
 grant to any person any rights (including “piggy-back” registration rights)
 to have any securities of the Company registered with the Commission or any
 other governmental authority which has not been satisfied, and no person,
 including, but not limited to, current or former stockholders of the Company,
 underwriters, brokers or agents, has any right of first refusal, preemptive
 right, right of participation, or any similar right to participate in the
 transactions contemplated by this Securities Purchase Agreement.

	
 

	
 

	
 

	
          (p)
 Issuance of Securities. The Common Shares and the Warrants are duly
 authorized and, upon issuance in accordance with the terms hereof, shall be
 validly issued and free from all taxes, liens and charges with respect to the
 issue thereof and the Common Shares shall be fully paid and nonassessable
 with the holders being entitled to all rights accorded to a holder of Common
 Stock. As of the Closing Date, the Company shall have duly authorized and
 reserved for issuance a number of shares of Common Stock which equals the
 number of Warrant Shares. The Company shall, so long as any of the Warrants
 are outstanding, take all action necessary to reserve and keep available out
 of its authorized and unissued Capital Stock, solely for the purpose of
 effecting the exercise of the Warrants, the number of shares of Common Stock
 issuable upon exercise of the Warrants. Upon exercise in accordance with the
 Warrants, the Warrant Shares will be validly issued, fully paid and
 nonassessable and free from all taxes, liens and charges with respect to the
 issue thereof, with the holders being entitled to all rights accorded to a
 holder of Common Stock. The offer and issuance by the Company of the
 Securities is exempt from registration under the Securities Act.

	
 

	
 

	
 

	
          (q)
 Transactions With Affiliates. None of the executive officers or
 directors of the Company is presently a party to any transaction with the
 Company or any of its Subsidiaries (other than for ordinary course services
 as executive officers or directors), including any contract, agreement or
 other arrangement providing for the furnishing of services to or by,
 providing for rental of real or personal property to or from, or otherwise
 requiring payments to or from any such executive officer or director or, to
 the Knowledge of the Company, any corporation, partnership, trust or other
 entity in which any such executive officer or director has a substantial
 interest or is an officer, director, trustee or partner.

10

	
 

	
 

	
 

	
          (r)
 Intellectual Property. Except as set forth in on SCHEDULE 3.01(r)
 annexed hereto, (i) the Company owns or possesses sufficient rights to use
 all material patents, patent rights, trademarks, copyrights, licenses,
 inventions, trade secrets, trade names, designs, manufacturing or other
 processes, systems, data compilation, research results, know-how or other
 proprietary rights (collectively, “INTELLECTUAL PROPERTY”) that are necessary
 for the conduct of its business as now conducted as described in the
 Company’s filings under the Exchange Act except where the failure to
 currently own or possess such rights would not have a Material Adverse
 Effect, (ii) the Company has not received any notice of, nor to the Knowledge
 of the Company is there, any asserted infringement by the Company of, any
 rights of a third party with respect to any Intellectual Property that,
 individually or in the aggregate, would have a Material Adverse Effect and
 (iii) to the Knowledge of the Company, it is not infringing, nor has it
 received any notice of, infringement by a third party with respect to any
 Intellectual Property rights of the Company that, individually or in the
 aggregate, would have a Material Adverse Effect.

	
 

	
 

	
 

	
                    Except
 as would not have a Material Adverse Effect, all material licenses or other
 material agreements under which the Company is granted rights in Intellectual
 Property, other than Intellectual Property generally available on commercial
 terms from other sources are in full force and effect and, to the Knowledge
 of the Company, there is no material default by the Company thereunder.

	
 

	
 

	
 

	
                    To
 the Knowledge of the Company, the Company is not making unauthorized use of
 any confidential information or trade secrets of any person. Except as would
 not have a Material Adverse Effect, neither the Company nor, to the Knowledge
 of the Company, any of its employees have any agreements or arrangements with
 any persons other than the Company related to confidential information or
 trade secrets of such persons or restricting any such employee’s engagement
 in business activities of the kind engaged in by the Company.

	
 

	
 

	
 

	
          (s)
 Reporting Status. Except as set forth on SCHEDULE 3.01(s), the Company
 has filed in a timely manner all documents that the Company was required to
 file under the Exchange Act during the 12 months preceding the date of this
 Securities Purchase Agreement. Except as set forth on SCHEDULE 3.01(s), the
 following documents complied in all material respects with the SEC’s
 requirements as of their respective filing dates, and the information
 contained therein as of the date thereof did not contain an untrue statement
 of a material fact or omit to state a material fact required to be stated
 therein or necessary to make the statements therein, in light of the
 circumstances under which they were made, not misleading:

	
 

	
 

	
 

	
                    (1)
 Annual Report on Form 10-K, Amendment No. 1 to Form 10-K and Amendment No. 2
 to Form 10-K for the year ended December 31, 2006;

	
 

	
 

	
 

	
                    (2)
 Definitive Proxy Statement for the Annual Meeting held on October 16, 2006;

11

	
 

	
 

	
 

	
                    (3)
 Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007 and June
 30, 2007;

	
 

	
 

	
 

	
                    (4)
 Current Reports on Form 8-K, filed subsequent to December 31, 2006;
 and

	
 

	
 

	
 

	
                    (5)
 All other documents, if any, filed by the Company with the SEC during the 12
 months preceding the date of this Agreement pursuant to the reporting
 requirements of the Exchange Act.

	
 

	
 

	
 

	
          (t)
 Foreign Corrupt Practices; Sarbanes-Oxley Act.

	
 

	
 

	
 

	
                    Neither
 the Company, nor to the Knowledge of the Company, any agent or other person
 acting on behalf of the Company, has (i) directly or indirectly, used any
 corrupt funds for unlawful contributions, gifts, entertainment or other
 unlawful expenses related to foreign or domestic political activity, made any
 unlawful payment to foreign or domestic government officials or employees or
 to any foreign or domestic political parties or campaigns from corporate
 funds, (iii) failed to disclose fully any contribution made by the Company
 (or made by any person acting on its behalf of which the Company is aware)
 which is in violation of law, or (iv) violated in any material respect any
 provision of the Foreign Corrupt Practices Act of 1977, as amended.

	
 

	
 

	
 

	
                    The
 Company is in compliance in all material respects with all provisions of the
 Sarbanes-Oxley Act of 2002 that are applicable to it.

	
 

	
 

	
 

	
          (u)
 Taxes. Except as set forth on SCHEDULE 3.01(u) annexed hereto, the
 Company has filed all necessary federal, state and foreign income and
 franchise tax returns and has paid or accrued all taxes shown as due thereon,
 and to the Knowledge of the Company there is no tax deficiency which has been
 or might be asserted or threatened against it which would have a Material
 Adverse Effect.

	
 

	
 

	
 

	
          (v)
 Brokers or Finders. Except as on SCHEDULE 3.01(v) annexed hereto, the
 Company has not dealt with any broker or finder in connection with the
 transactions contemplated by this Securities Purchase Agreement, and Company
 has not incurred, and shall not incur, directly or indirectly, any liability
 for any brokerage or finders’ fees or agents commissions or any similar
 charges in connection with the transactions contemplated by this Securities
 Purchase Agreement.

	
 

	
 

	
 

	
          (w)
 Subsidiary Rights. The Company or one of its Subsidiaries has the
 unrestricted right to vote, and (subject to limitations imposed by applicable
 law) to receive dividends and distributions on, all capital securities of its
 Subsidiaries as owned by the Company or such Subsidiary.

	
 

	
 

	
 

	
          (x)
 Off Balance Sheet Arrangements. There is no material transaction,
 arrangement, or other relationship between the Company and an unconsolidated
 or other off balance sheet entity that is required to be disclosed by the
 Company in its Exchange Act filings and is not so disclosed or that otherwise
 would be reasonably likely to have a Material Adverse Effect.

12

	
 

	
 

	
 

	
          (y)
 U.S. Real Property Holding Corporation. The Company is not, has never
 been, and so long as any Common Shares remain outstanding, shall not become,
 a U.S. real property holding corporation within the meaning of Section 897 of
 the Internal Revenue Code of 1986, as amended, and the Company shall so
 certify upon Purchaser’s request.

	
 

	
 

	
 

	
          (z)
 No Misleading Statements. The representations and warranties of the
 Company contained in this Securities Purchase Agreement, Exhibits and the
 Schedules hereto are true and correct in all material respects and do not
 omit to state any material fact required by such representations and
 warranties, Exhibits and Schedules that are necessary in order to prevent
 such representations and warranties, in light of the circumstances, from
 being misleading. Each press release issued by the Company during the twelve
 (12) months preceding the date of this Agreement did not at the time of
 release contain any untrue statement of a material fact or omit to state a
 material fact required to be stated therein or necessary in order to make the
 statements therein, in the light of the circumstances under which they are
 made, not misleading. No event or circumstance has occurred or information
 exists with respect to the Company or any Subsidiary or either of its or
 their respective business, properties, operations or financial conditions,
 which, under applicable law, rule or regulation, requires public disclosure
 or announcement by the Company but which has not been so publicly announced
 or disclosed (assuming for this purpose that the Company’s reports filed
 under the Exchange Act of 1934, as amended, are being incorporated into an
 effective registration statement filed by the Company under the Securities
 Act). The Company acknowledges and agrees that no Purchaser makes or has made
 any representations or warranties with respect to the transactions
 contemplated hereby other than those specifically set forth in Section 3.02.

	
 

	
 

	
 

	
          (aa)
 Leases. Neither the Company nor its Subsidiaries own any real
 property. Except as on SCHEDULE 3.01(aa), any real property and facilities
 held under lease by the Company or any of its Subsidiaries are held by them
 under valid, subsisting and enforceable leases with such exceptions as are
 not material and do not interfere with the use made and proposed to be made
 of such property and buildings by the Company and its Subsidiaries.

	
 

	
 

	
 

	
          (bb)
 Disclosure Controls and Procedures, Internal Controls. The Company and
 each of its Subsidiaries maintain a system of internal accounting controls
 sufficient to provide reasonable assurance that (i) transactions are executed
 in accordance with management’s general or specific authorizations, (ii)
 transactions are recorded as necessary to permit preparation of financial
 statements in conformity with generally accepted accounting principles and to
 maintain asset and liability accountability, (iii) access to assets or
 incurrence of liabilities is permitted only in accordance with management’s
 general or specific authorization and (iv) the recorded accountability for
 assets and liabilities is compared with the existing assets and liabilities
 at reasonable intervals and appropriate action is taken with respect to any
 difference. The Company maintains disclosure controls and procedures (as such
 term is defined in Rule 13a-15 under the 1934 Act) that are effective in
 ensuring that information required to be disclosed by the Company in the
 reports that it files or submits under the 1934 Act is recorded, processed,
 summarized and reported, within the time periods specified in the

13

	
 

	
 

	
 

	
rules and
 forms of the SEC, including, without limitation, controls and procedures
 designed in to ensure that information required to be disclosed by the
 Company in the reports that it files or submits under the 1934 Act is
 accumulated and communicated to the Company’s management, including its
 principal executive officer or officers and its principal financial officer
 or officers, as appropriate, to allow timely decisions regarding required
 disclosure. During the twelve months prior to the date hereof neither the
 Company nor any of its Subsidiaries has received any written notice or
 written correspondence from the Company’s independent registered public
 accounting firm relating to any material weakness in any part of the system
 of internal accounting controls of the Company or any of its Subsidiaries.

	
 

	
 

	
          (cc)
 Manipulation of Price. The Company has not, and to its knowledge no
 one acting on its behalf has, (i) taken, directly or indirectly, any action
 designed to cause or to result in the stabilization or manipulation of the
 price of any security of the Company to facilitate the sale or resale of any
 of the Common Shares, (ii) other than the Agent sold, bid for, purchased, or
 paid any compensation for soliciting purchases of, any of the Common Shares,
 or (iii) other than the Agent paid or agreed to pay to any person any
 compensation for soliciting another to purchase any other securities of the
 Company.

	
 

	
 

	
 

	
 

	
SECTION 3.02.

	
REPRESENTATIONS
 AND WARRANTIES OF EACH PURCHASER.

                    In
order to induce the Company to enter into this Securities Purchase Agreement
and issue the Securities, each Purchaser represents and warrants to the
Company, only with respect to itself, as follows:

	
 

	
 

	
 

	
          (a)
 Organization, Good Standing and Corporate Power. Such Purchaser is an
 entity duly formed, validly existing and in good standing under the laws of
 the State of its organization, with all requisite corporate power and
 authority to own its properties, conduct its business, enter into this
 Securities Purchase Agreement and perform its obligations hereunder.

	
 

	
 

	
 

	
          (b)
 Due Authorization; Enforceability; No Conflicts. Such Purchaser has
 taken all action necessary to authorize the execution, delivery and
 performance by it of this Securities Purchase Agreement. Assuming the due
 execution and delivery of this Securities Purchase Agreement by the Company,
 this Securities Purchase Agreement constitutes a valid and binding obligation
 of such Purchaser, enforceable against such Purchaser in accordance with its
 terms, subject to applicable bankruptcy, insolvency, reorganization,
 moratorium and other similar laws relating to the enforcement of creditors’
 rights generally, the availability of equitable remedies and general equity
 principles. The execution, delivery and performance by such Purchaser of this
 Securities Purchase Agreement and compliance by such Purchaser with the terms
 hereof will not violate, conflict with or cause an event of default under
 such Purchaser’s organizational documents or any other agreement, instrument,
 judgment, order, law, rule or regulation by which such Purchaser is bound or
 to which any properties of such Purchaser are subject, except where such
 violation, conflict or event of default would not result in a

14

	
 

	
 

	
 

	
material
 adverse effect on such Purchaser’s business, financial condition, results of
 operations or properties.

	
 

	
 

	
 

	
          (c)
 Accredited Investor. Such Purchaser is an “accredited investor” as
 that term is defined in Rule 501(a) under the Securities Act and such
 Purchaser is also knowledgeable, sophisticated and experienced in making, and
 is qualified to make decisions with respect to investments in shares
 presenting an investment decision like that involved in the purchase of the
 Securities.

	
 

	
 

	
 

	
          (d)
 Investment. Such Purchaser is acquiring the Securities in the ordinary
 course of its business and for investment for its own account and not with a
 present view to, or for resale in connection with, any distribution thereof.
 Such Purchaser understands that the Securities have not been registered under
 the Securities Act or applicable state securities laws by reason of certain
 exemptions from the registration provisions thereof that depend upon, among
 other things, the truth and accuracy of such Purchaser’s representations and
 warranties herein. Such Purchaser acknowledges that until the earlier to
 occur of (x) ninety days (90) from the Closing Date and (y) the date the
 Registration Statement (as defined in the Registration Rights Agreement) is
 declared effective, such Purchaser shall not engage in any Short Sales of the
 Company’s common stock, will not use any of the Securities acquired in
 connection with the transactions contemplated hereby to cover any short
 position in the Common Stock of the Company in violation of applicable
 securities laws and will not sell any of the Securities acquired in
 connection with the transactions contemplated hereby. For purposes hereof,
 “Short Sales” shall mean “short sales” as defined in Regulation SHO adopted
 by the Commission under the 1934 Act and all types of direct and indirect
 stock pledges or similar arrangements having the effect of hedging the
 securities or investment made hereunder.

	
 

	
 

	
 

	
          (e)
 Restricted Transferability. Such Purchaser acknowledges that the
 Securities are being offered and sold hereunder in a private placement that
 is exempt from the registration requirements of the Securities Act and that
 certificates or other instruments for the Securities will bear the legend set
 forth in Section 3.02(f) below. 

	
 

	
 

	
 

	
          (f)
 Legends. The Purchaser understands that the certificates or other
 instruments representing the Securities, except as set forth below, shall
 bear any legend as required by the “blue sky” laws of any state and a
 restrictive legend in substantially the following form (and a stop-transfer
 order may be placed against transfer of such stock certificates):

	
 

	
 

	
 

	
 

	
[NEITHER THE
 ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE
 SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN] [THE
 SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER
 THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
 THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN
 THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE 

	
 

15

	
 

	
 

	
 

	
 

	
SECURITIES
 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES
 LAWS, OR (B) AN OPINION OF COUNSEL ADDRESSED TO THE COMPANY, IN A GENERALLY
 ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
 APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE
 SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
 OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

	
 

	
 

	
 

	
 

	
The legend
 set forth above shall be removed and the Company shall issue a certificate
 without such legend to the holder of the Securities upon which it is stamped,
 if, unless otherwise required by state securities laws, (i) such Securities
 are registered for sale under the Securities Act, (ii) in connection with a
 sale, assignment or other transfer, such holder provides the Company with an
 opinion of counsel, in a generally acceptable form, to the effect that such
 sale, assignment or transfer of the Securities may be made without
 registration under the Securities Act, or (iii) such holder provides the Company
 with reasonable assurance that the Securities can be sold, assigned or
 transferred pursuant to Rule 144 promulgated under the Securities Act (or a
 successor rule thereto) (collectively, “RULE 144”). If the Company shall fail
 for any reason or for no reason to issue to the holder of the Common Shares
 within three (3) Trading Days after the occurrence of any of (i) through
 (iii) above (the date of such occurrence, the “REMOVAL DATE”), a certificate
 without such legend to the holder or to issue such Common Shares to such
 holder by electronic delivery at the applicable balance account at DTC, and
 if on or after such Trading Day the holder purchases (in an open market
 transaction or otherwise) shares of Common Stock to deliver in satisfaction
 of a sale by the holder of such Common Shares that the holder anticipated
 receiving without legend from the Company (a “BUY-IN”), then the Company shall, within
 three (3) Business Days after the holder’s request and in the holder’s
 discretion, either (i) pay cash to the holder in an amount equal to the
 holder’s total purchase price (including brokerage commissions, if any) for
 the shares of Common Stock so purchased (the “BUY-IN PRICE”), at which point the Company’s
 obligation to deliver such unlegended Common Shares shall terminate, or (ii)
 promptly honor its obligation to deliver to the holder such unlegended Common
 Shares as provided above and pay cash to the holder in an amount equal to the
 excess (if any) of the Buy-In Price over the product of (A) such number of shares
 of Common Stock, times (B) the Weighted Average Price on the Removal Date.

	
 

	
 

	
 

	
          (g)
 The Purchaser understands that except as provided in the Registration Rights
 Agreement: (i) the Securities have not been and are not being registered
 under the Securities Act or any state securities laws, and may not be offered
 for sale, sold, assigned or transferred unless (A) subsequently registered
 thereunder, or (B) the Purchaser shall have delivered to the Company an
 opinion of counsel, in a generally acceptable form, to the effect that such
 Securities to be sold, assigned or transferred may be sold, assigned or
 transferred pursuant to an exemption from such registration, (ii) any sale of
 the Securities made in reliance on Rule 144 may be made in accordance with
 the terms of Rule 144 and further, if Rule 144 is not applicable, any resale
 of the Securities under circumstances in which the seller or Person through
 whom the sale is made may be deemed to be an

16

	
 

	
 

	
 

	
underwriter
 (as that term is defined in the Securities Act) may require compliance with
 some other exemption under the Securities Act or the rules and regulations of
 the Commission thereunder; and (iii) neither the Company nor any other Person
 is under any obligation to register the Securities under the Securities Act
 or any state securities laws or to comply with the terms and conditions of
 any exemption thereunder.

ARTICLE FOUR

COVENANTS

	
 

	
 

	
 

	
 

	
SECTION
 4.01.

	
PAYMENT OF
 TAXES AND OTHER CLAIMS.

                    The
Company will pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (a) all material taxes, assessments and
governmental charges levied or imposed upon it or any of its Subsidiaries or
upon the income, profits or property of it or any of its Subsidiaries and (b)
all lawful claims for labor, materials and supplies which, in each case, if
unpaid, would reasonably be expected, by law, to become a material liability or
Lien upon the property of it or any of its Subsidiaries; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge or claim the amount,
applicability or validity of which is being contested in good faith by
appropriate proceedings and for which adequate provision has been made or for
which adequate reserves, to the extent required under GAAP, have been taken.

	
 

	
 

	
 

	
 

	
SECTION
 4.02.

	
MAINTENANCE
 OF PROPERTIES AND INSURANCE.

                    (a)
The Company shall cause all material properties owned by or leased by it or any
of its Subsidiaries used or useful to the conduct of its business or the
business of any of its Subsidiaries to be maintained and kept in normal
condition, repair and working order and supplied with all necessary equipment
and shall cause to be made all necessary repairs, renewals and replacements
thereof, all as in its judgment may be reasonably necessary, so that the
business carried on in connection therewith may be properly conducted at all
times; provided, however, that nothing in this Section 4.02 shall prevent
the Company or any of its Subsidiaries from discontinuing the use, operation or
maintenance of any of such properties, or disposing of any of them, if such
properties are, in the reasonable and good faith judgment of the Board of
Directors of the Company or such Subsidiary, as the case may be, no longer
reasonably necessary in the conduct of their respective businesses or such
disposition is otherwise permitted by this Securities Purchase Agreement.

                    (b)
The Company shall provide or cause to be provided, for itself and each of its
Subsidiaries, insurance (including appropriate self-insurance) against loss or
damage of the kinds that, in the reasonable, good faith judgment of the Board
of Directors of the Company, are adequate and appropriate for the conduct of
the business of the Company and such Subsidiaries in a prudent manner, with
reputable insurers or with the government of the United States of America or an
agency or instrumentality thereof, in such amounts, with such deductibles and
by such methods as shall be customary, in the good faith judgment of the Board
of Directors of the Company, for companies similarly situated in the industry.

17

	
 

	
 

	
 

	
 

	
SECTION
 4.03.

	
COMPLIANCE
 WITH LAWS.

                    The
Company will comply, and will cause each of its Subsidiaries to comply, with
all applicable statutes, rules, regulations, orders and restrictions of the
United States, all states and municipalities thereof, and of any governmental
department, commission, board, regulatory authority, bureau, agency and
instrumentality of the foregoing, in respect of the conduct of their respective
businesses and the ownership of their respective properties, except for such
noncompliances as are being contested in good faith and by appropriate
proceedings and except for such noncompliances as would not in the aggregate
reasonably be expected to have a Material Adverse Effect.

	
 

	
 

	
 

	
 

	
SECTION
 4.04.

	
COMMISSION
 REPORTS.

                    (a)
The Company will deliver to each Purchaser promptly, but in any event no later
than 5 Business Days after it files with the Commission, to the extent not
available on the EDGAR system, copies of the quarterly and annual reports and
of the information, documents and other reports, if any, which the Company is
required to file with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act.

                    (b)
In the event the Company is not required to furnish such reports to its
stockholders pursuant to the Exchange Act, the Company (at its own expense)
shall cause its consolidated financial statements, comparable to those which
would have been required to appear in annual or quarterly reports, to be
delivered to each Purchaser.

	
 

	
 

	
 

	
 

	
SECTION
 4.05.

	
SECURITIES
 MATTERS.

	
 

	
 

	
 

	
          (a)
 The Company shall file all periodic reports required to be filed with the
 Commission pursuant to the Exchange Act in a timely manner and shall not
 terminate its status as an issuer required to file periodic reports under the
 Exchange Act. 

	
 

	
 

	
 

	
          (b)
 The Company shall promptly secure the listing of all Registrable Securities
 (as defined in the Registration Rights Agreement) upon each national
 securities exchange and automated quotation system, if any, upon which shares
 of Common Stock are listed (subject to official notice of issuance) and shall
 maintain such listing. The Company shall maintain the Common Stock’s
 authorization for quotation on the The NASDAQ Capital Market, or obtain a
 listing on The NASDAQ Global Market, The NASDAQ Global Select Market, The New
 York Stock Exchange or the American Stock Exchange. 

	
 

	
 

	
 

	
          (c)
 The Company shall timely file a Form D with respect to the Securities as
 required under Regulation D and provide a copy thereof to the Purchaser
 promptly after such filing. The Company shall, on or before the date of the
 Closing, take such actions as shall be reasonably necessary in order to
 obtain an exemption for or to qualify the Securities for sale to the
 Purchaser pursuant to this Securities Purchase Agreement under applicable
 securities or “blue sky” laws of the states of the United States (or to
 obtain an exemption from such qualification) and shall provide evidence of
 any such action so taken to the Purchaser on or prior to the date of the
 Closing. The Company shall make all 

18

	
 

	
 

	
 

	
filings and
 reports relating to the offer and sale of the Securities required under
 applicable securities or “blue sky” laws of the states of the United States
 following the date of the Closing. 

	
 

	
 

	
 

	
          (d)
 The Company agrees that, in connection with the issuance and sale of
 Securities pursuant to this Securities Purchase Agreement, it will not issue
 Common Stock (excluding the Common Stock underlying the Warrants)
 representing more than 19.99% of its outstanding capital stock. 

	
 

	
 

	
 

	
 

	
SECTION 4.06.

	
USE OF
 PROCEEDS. 

                    The
Company will use (i) $5.3 million of the proceeds from the sale of the
Securities to fund a strategic acquisition and (ii) the remainder of the
proceeds from the sale of the Securities to expand its overseas operations and
for general corporate purposes. 

	
 

	
 

	
 

	
 

	
SECTION
 4.07.

	
FEES 

                    The
Company shall be responsible for the payment of any placement agent’s fees or
commissions, financial advisory fees, or broker’s commissions (other than for
Persons engaged by any Purchaser) relating to or arising out of the
transactions contemplated hereby. The Company shall pay, and hold each
Purchaser harmless against, any liability, loss or expense (including, without
limitation, reasonable attorney’s fees and out-of-pocket expenses) arising in
connection with any claim relating to any such payment. 

	
 

	
 

	
 

	
 

	
SECTION
 4.08.

	
ISSUANCES
 BELOW PURCHASE PRICE. 

                    For
a period of six months following the date hereof, the Company shall not,
without the prior written consent of the each of the Purchasers, issue or sell
any shares of the Company’s capital stock or other securities exercisable for,
convertible into or otherwise giving the holder thereof the right to acquire
the Company’s capital stock at a price per share, including the exercise or
conversion price per share, which is below $0.70 per share; provided, however,
that this restriction shall not apply to any capital stock issued pursuant to:
(i) employee benefit plans set forth on SCHEDULE 3.01(c) annexed hereto, (ii)
outstanding warrants, options or other securities set forth on SCHEDULE 3.01(c)
annexed hereto or the Company filings under the Exchange Act or (iii) a merger
or acquisition or strategic transaction or partnership; provided that such
strategic transaction or partnership does not include a capital raise by the
Company below $0.70 per share. 

	
 

	
 

	
 

	
 

	
SECTION 4.09

	
DISCLOSURE
 OF TRANSACTIONS. 

          On
or before 5:30 p.m., New York City time, on the
fourth Business Day following the date of this Agreement, the Company shall
issue a press release and file a Current Report on Form 8-K describing the
terms of the transactions contemplated by the Transaction Documents in the form
required by the 1934 Act and attaching the material Transaction Documents
(including, without limitation, this Agreement (and all schedules to this
Agreement), the form of Warrant and the form of Registration Rights Agreement)
as exhibits to such filing (including all attachments, the “8-K FILING”). From
and after the filing of an 8-K with respect to the Company’s third quarter
earnings with the SEC, which shall be filed no later than December 31,

19

2007, no
Purchaser shall be in possession of any material, nonpublic information
received from the Company, any of its Subsidiaries or any of its respective
officers, directors, employees or agents, that is not disclosed in the 8-K
Filing or the 8-K filed with respect to the Company’s third quarter earnings.
The Company shall not, and shall cause each of its Subsidiaries and its and
each of their respective officers, directors, employees and agents, not to,
provide any Purchaser with any material, nonpublic information regarding the
Company or any of its Subsidiaries from and after the filing of the 8-K with
respect to the Company’s third quarter earnings with the SEC without the
express written consent of such Purchaser. Without the prior written consent of
any applicable Purchaser, neither the Company nor any of its Subsidiaries or
affiliates shall disclose the name of such Purchaser in any filing,
announcement, release or otherwise, except as may be required by law, rule,
regulation, court order or similar action. 

	
 

	
 

	
 

	
 

	
SECTION 4.10

	
ADDITIONAL
 ISSUANCES OF SECURITIES.

                    (a)
For purposes of this Section 4.10, the following definitions shall apply. 

                              (i)
“APPROVED STOCK PLAN” means any contract, plan or arrangement which has been
approved by the Board of Directors of the Company, pursuant to which the
Company’s securities may be issued to any employee, officer, director or
consultant for services provided to the Company. 

                              (ii)
“COMMON STOCK EQUIVALENTS” means, collectively, Options and Convertible
Securities. 

                              (iii)
“CONVERTIBLE SECURITIES” means any stock or securities (other than Options)
convertible into or exercisable or exchangeable for Common Shares. 

                              (iv)
“EXCLUDED SECURITIES” means any shares of Common Stock or Common Stock Equivalents
issued or issuable: (i) in connection with any Approved Stock Plan (ii) upon
exercise of the Warrants, (iii) upon conversion of any Options or Convertible
Securities which are outstanding on the day immediately preceding the Closing
Date, provided that the terms of such Options or Convertible Securities are not
amended, modified or changed on or after the Closing Date, (iii) in connection
with any strategic acquisition or strategic transaction by the Company, whether
through an acquisition of stock or assets or a merger of any business, assets
or technologies the primary purpose of which is not to raise equity capital,
and (iv) pursuant to a bona fide firm commitment underwritten public offering
with a nationally recognized underwriter (excluding any equity line). 

                              (v)
“OPTIONS” means any rights, warrants or options to subscribe for or purchase
Common Stock or Convertible Securities. 

                              (vi)
“SUBSEQUENT PLACEMENT” the direct or indirect, offer, sale, grant of any option
to purchase, or otherwise dispose of (or announce any offer, sale, grant or any
option to purchase or other disposition of) any of the Company’s or its
Subsidiaries’ equity or equity equivalent securities, including without limitation
any debt, preferred stock or other instrument or security that is, at any time
during its life and under any circumstances, convertible into or exchangeable
or exercisable for shares of Common Stock or Common Stock Equivalents. 

20

                    (b)
From the Closing Date until the two (2) year anniversary thereof and for so
long as a Purchaser holds 50% of the number of shares of Common Stock
originally purchased by such Purchaser pursuant hereto, the Company will not,
directly or indirectly, effect any Subsequent Placement unless the Company
shall have first complied with this
Section 4.10(b). 

                              (i)
The Company shall deliver to each Purchaser a written notice, which may be
revoked by the Company at any time prior to the execution of definitive
documentation relating to a Subsequent Placement (the “OFFER NOTICE”), of any
proposed or intended issuance or sale or exchange (the “OFFER”) of the
securities being offered (the “OFFERED SECURITIES”) in a Subsequent Placement, which
Offer Notice shall (w) identify and describe the Offered Securities, (x)
describe the price and other terms upon which they are to be issued, sold or
exchanged, and the number or amount of the Offered Securities to be issued,
sold or exchanged, (y) identify the persons or entities (if known) to which or
with which the Offered Securities are to be offered, issued, sold or exchanged
and (z) offer to issue and sell to or exchange with such Purchaser (A) such
number of Offered Securities equal to the product of (1) seven-tenths (0.70)
multiplied by (2) such Purchaser’s pro rata portion of Common Shares purchased
hereunder multiplied by (3) the number or amount of securities to be sold in
the contemplated Subsequent Placement (the “BASIC AMOUNT”), and (B) with
respect to each Purchaser that elects to purchase its Basic Amount, any
additional portion of the Offered Securities attributable to the Basic Amounts
of other Purchasers as such Purchaser shall indicate it will purchase or
acquire should the other Purchasers subscribe for less than their Basic Amounts
(the “UNDERSUBSCRIPTION AMOUNT”), which process shall be repeated until the
Purchasers shall have an opportunity to subscribe for any remaining
Undersubscription Amount; provided that in no event shall any Purchaser
purchase any Offered Securities if such Purchaser’s beneficial ownership
interest (together with such Purchaser’s affiliates) would immediately
following such purchase of Offered Securities, equal or exceed 15% of the then
outstanding shares of Common Stock. 

                              (ii)
To accept an Offer, in whole or in part, such Purchaser must deliver a written
notice to the Company prior to the end of the seventh (7th) Business
Day after such Purchaser’s receipt of the Offer Notice (the “OFFER PERIOD”),
setting forth the portion of such Purchaser’s Basic Amount that such Purchaser
elects to purchase and, if such Purchaser shall elect to purchase all of its
Basic Amount, the Undersubscription Amount, if any, that such Purchaser elects
to purchase (in either case, the “NOTICE OF ACCEPTANCE”). If the Basic Amounts
subscribed for by all Purchasers are less than the total of all of the Basic
Amounts, then each Purchaser who has set forth an Undersubscription Amount in
its Notice of Acceptance shall be entitled to purchase, in addition to the
Basic Amounts subscribed for, the Undersubscription Amount it has subscribed
for; provided, however, that if the Undersubscription Amounts
subscribed for exceed the difference between the total of all the Basic Amounts
and the Basic Amounts subscribed for (the “AVAILABLE UNDERSUBSCRIPTION
AMOUNT”), each Purchaser who has subscribed for any Undersubscription Amount
shall be entitled to purchase only that portion of the Available
Undersubscription Amount as the Basic Amount of such Purchaser bears to the
total Basic Amounts of all Purchasers that have subscribed for
Undersubscription Amounts, subject to rounding by the Company to the extent its
deems reasonably necessary. 

21

                              (iii)
The Company shall have twenty (20) Business Days from the expiration of the
Offer Period above to offer, issue, sell or exchange all or any part of such
Offered Securities as to which a Notice of Acceptance has not been given by the
eligible Purchasers (the “REFUSED SECURITIES”), but only upon terms and
conditions (including, without limitation, unit prices and interest rates) that
are not more favorable to the acquiring person or persons than those set forth
in the Offer Notice. 

                              (iv)
In the event the Company shall propose to sell less than all the Refused
Securities (any such sale to be in the manner and on the terms specified in
Section 4.10(b)(iii) above), then each Purchaser may, at its sole option and in
its sole discretion, reduce the number or amount of the Offered Securities
specified in its Notice of Acceptance to an amount that shall be not less than
the number or amount of the Offered Securities that such Purchaser elected to
purchase pursuant to Section 4.10(b)(ii) above multiplied by a fraction, (i)
the numerator of which shall be the number or amount of Offered Securities the
Company actually proposes to issue, sell or exchange (including Offered
Securities to be issued or sold to Purchasers pursuant to Section 4.10(b)(iii)
above prior to such reduction) and (ii) the denominator of which shall be the
original amount of the Offered Securities. In the event that any Purchaser so
elects to reduce the number or amount of Offered Securities specified in its
Notice of Acceptance, the Company may not issue, sell or exchange more than the
reduced number or amount of the Offered Securities unless and until such
securities have again been offered to the Purchasers in accordance with Section
4.10(b)(i) above. 

                              (v)
Upon the closing of the issuance, sale or exchange of all or less than all of
the Refused Securities, the Purchasers shall acquire from the Company, and the
Company shall issue to the Purchasers, the number or amount of Offered Securities
specified in the Notices of Acceptance, as reduced pursuant to Section
4.10(b)(iv) above if the Purchasers have so elected, upon the terms and
conditions specified in the Offer. The purchase by the Purchasers of, and the
obligations of the Company to sell, any Offered Securities is subject in all
cases to the preparation, execution and delivery by the Company and the
Purchasers of a purchase agreement relating to such Offered Securities
satisfactory in all respects to the Company and such Purchasers. 

                              (vi)
Any Offered Securities not acquired by the Purchasers or other persons in accordance
with Sections 4.10(b)(iii) or 4.10(b)(v) above may not be issued, sold or
exchanged until they are again offered to the Purchasers under the procedures
specified in this Agreement. 

	
 

	
 

	
 

	
          (c)
 The restrictions contained in subsection (b) of this Section 4.10 shall not
 apply in connection with the issuance of any Excluded Securities. 

22

ARTICLE FIVE

CONDITIONS

	
 

	
 

	
 

	
 

	
SECTION
 5.01.

	
CONDITIONS
 TO THE COMPANY’S OBLIGATION. 

                    The
obligation of the Company hereunder to issue and sell the Securities to each
Purchaser at the Closing is subject to the satisfaction, at or before the
Closing, of each of the following conditions, provided that these conditions
are for the Company’s sole benefit and may be waived by the Company at any time
in its sole discretion by providing each Purchaser with prior written notice
thereof: 

	
 

	
 

	
 

	
          (a)
 Such Purchaser shall have delivered to the Company the Registration Rights
 Agreement duly executed by such Purchaser. 

	
 

	
 

	
 

	
          (b)
 Such Purchaser and each other Purchaser shall have delivered to the Company
 the Purchase Price for the Securities, by wire transfer of immediately available
 funds pursuant to the wire instructions provided by the Company. 

	
 

	
 

	
 

	
          (c)
 The representations and warranties of each Purchaser contained in Section
 3.02 of this Securities Purchase Agreement shall be true and correct in all
 material respects (other than representations and warranties that are
 qualified by materiality or Material Adverse Effect which shall be true and
 correct in all respects), in each case as of the Closing Date as though made
 at and as of such date, except to the extent that they expressly refer to an
 earlier or specific time, in which case they shall be true and correct in all
 material respects as of such time. 

	
 

	
 

	
 

	
          (d)
 Each Purchaser shall have performed and complied with, in all material
 respects, the agreements, covenants and obligations required by this
 Securities Purchase Agreement to be so performed or complied with by such
 Purchaser at or before the Closing. 

	
 

	
 

	
 

	
 

	
SECTION
 5.02.

	
CONDITIONS
 TO THE PURCHASER’S OBLIGATION. 

                    The
obligation of each Purchaser to purchase the Securities at the Closing is
subject to the satisfaction, at or before the Closing, of each of the following
conditions, provided that these conditions are for each Purchaser’s sole
benefit and may be waived by such Purchaser at any time in its sole discretion
by providing the Company with prior written notice thereof: 

	
 

	
 

	
 

	
          (a)
 Such Purchaser shall have received the Registration Rights Agreement and the
 Warrant duly executed by the Company. 

	
 

	
 

	
 

	
          (b)
 Such Purchaser shall have received certificates for shares of Common Stock to
 be purchased by it at the Closing. 

	
 

	
 

	
 

	
          (c)
 Such Purchaser shall have received an Opinion of Counsel from the Company in
 substantially the form of Exhibit C attached hereto. 

23

	
 

	
 

	
 

	
          (d)
 Such Purchaser shall have received a certified copy of the Certificate of
 Incorporation of the Company, together with a Good Standing Certificate with
 respect to the Company issued by the Secretary of State of such state of incorporation
 as of a date within ten (10) days of the date of the Closing. 

	
 

	
 

	
 

	
          (e)
 Such Purchaser shall have received a copy of the certificate evidencing the
 Company’s qualification as a foreign corporation in good standing issued by
 the Secretary of State of the State of New York as of a date within ten (10)
 days of the date of the Closing. 

	
 

	
 

	
 

	
          (f)
 Such Purchaser shall have received a certificate executed by the Secretary of
 the Company and dated as of the date of the Closing, certifying as to (i) the
 resolutions as adopted by the Company’s Board of Directors in connection with
 the authorization of the transactions contemplated hereby, (ii) the
 Certificate of Incorporation of the Company and (iii) the Bylaws of the
 Company, each as in effect at the time of the Closing Date. 

	
 

	
 

	
 

	
          (g)
 Such Purchaser shall have received a copy of all governmental, regulatory or
 third party consents and approvals, if any, necessary for the sale of the
 Securities. 

	
 

	
 

	
 

	
          (h)
 Such Purchaser shall have received a copy of such other documents relating to
 the transactions contemplated by this Securities Purchase Agreement, the
 Registration Rights Agreement and the Warrant as the Purchaser or its counsel
 may reasonably request. 

	
 

	
 

	
 

	
          (i)
 The representations and warranties of the Company contained in Section 3.01
 of this Securities Purchase Agreement shall be true and correct in all
 material respects, in each case as of the Closing Date as though made at and
 as of such date, except to the extent that they expressly refer to an earlier
 or specific time, in which case they shall be true and correct in all
 material respects as of such time. 

	
 

	
 

	
 

	
          (j)
 The Company shall have performed and complied with, in all material respects,
 the agreements, covenants and obligations required by this Securities
 Purchase Agreement to be so performed or complied with by the Company at or
 before the Closing. 

ARTICLE SIX

MISCELLANEOUS

	
 

	
 

	
 

	
 

	
SECTION
 6.01.

	
NOTICES. 

                    Any
notices or other communications required or permitted hereunder shall be in
writing, and shall be sufficiently given if made by hand delivery, by
verifiable facsimile transmission or by reputable overnight delivery service,
addressed as follows: 

                    if
to the Company: 

                              Viewpoint
Corporation

24

	
 

	
 

	
 

	
498 Seventh
 Avenue, Suite 1810

 New York, New York 10018

 Facsimile: (212) 201-0846

 Attention: General Counsel 

                    with
a copy to: 

	
 

	
 

	
 

	
Milbank,
 Tweed, Hadley & McCloy LLP

 1 Chase Manhattan Plaza

 New York, New York 10005

 Facsimile: (212) 822-5171

 Attention: Alexander M. Kaye, Esq. 

                    If
to a Purchaser, to its address and facsimile number set forth on the Schedule
of Purchasers, with copies to such Purchaser’s representatives as set forth on
the Schedule of Purchasers. 

                    with
a copy (for informational purposes only) to: 

	
 

	
 

	
 

	
Schulte Roth
 & Zabel LLP

 919 Third Avenue

 New York, NY 10022

 Telephone: (212) 756-2000

 Facsimile: (212) 593-5955

 Attention: Eleazer N. Klein, Esq. 

                    The
Company and each Purchaser by written notice to each other may designate
additional or different addresses for notices to such Person. Any notice or
communication to a party shall be deemed to have been given or made as of the
date so delivered if personally delivered; when received if by facsimile
transmission or electronic mail; and one (1) business day after mailing by
reputable overnight courier (except that, notwithstanding the foregoing, a
notice of change of address shall not be deemed to have been given until
actually received by the addressee). 

	
 

	
 

	
 

	
 

	
SECTION
 6.02.

	
GOVERNING
 LAW. 

                    THIS
SECURITIES PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF THE
FEDERAL OR STATE COURTS LOCATED IN THE CITY OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITIES PURCHASE AGREEMENT. 

25

	
 

	
 

	
 

	
 

	
SECTION
 6.03.

	
SUCCESSORS. 

                    All
agreements of the Company in this Securities Purchase Agreement shall bind its
successors. 

	
 

	
 

	
 

	
 

	
SECTION
 6.04.

	
COUNTERPARTS.
 

                    The
parties may sign any number of copies of this Securities Purchase Agreement.
Each signed copy or counterpart shall be an original, but all of them together
shall represent the same agreement. Delivery by facsimile of an executed
counterpart of any signature page to this Securities Purchase Agreement to be
executed hereunder shall have the same effectiveness as delivery of a manually
executed counterpart thereof. 

	
 

	
 

	
 

	
 

	
SECTION 6.05.

	
SEVERABILITY.
 

                    In
case any one or more of the provisions in this Securities Purchase Agreement
shall be held invalid, illegal or unenforceable, in any respect for any reason,
the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions shall not in any way be affected or
impaired thereby, it being intended that all of the provisions hereof shall be
enforceable to the full extent permitted by law. 

	
 

	
 

	
 

	
 

	
SECTION
 6.06.

	
INDEPENDENT
 NATURE OF PURCHASER’S OBLIGATIONS AND RIGHTS. 

                    The
obligations of each Purchaser hereunder are several and not joint with the
obligations of the other Purchasers hereunder, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser hereunder. Nothing contained herein or in any other agreement or
document delivered at any Closing, and no action taken by any Purchaser
pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of entity, or a
“group” as described in Section 13(d) of the Exchange Act, or create a
presumption that the Purchasers are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Securities
Purchase Agreement. Each Purchaser has been represented by its own separate
counsel in connection with the transactions contemplated hereby, shall be
entitled to protect and enforce its rights, including without limitation rights
arising out of this Securities Purchase Agreement or the other transaction
documents, individually, and shall not be required to join any other Purchaser
as an additional party in any proceeding for such purpose. 

[SIGNATURE PAGES TO FOLLOW]

26

SIGNATURES

                    IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above. 

	
 

	
 

	
 

	
 

	
THE COMPANY:

	
 

	
 

	
 

	
VIEWPOINT
 CORPORATION 

	
 

	
 

	
 

	
By: 

	
/s/
 Christopher C. Duignan

	
 

	
 

	

	
 

	
 

	
Name:
 Christopher C. Duignan 

	
 

	
 

	
Title: CFO

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Kaia Investment Management

Signature
of Authorized Signatory of Purchaser: /s/ Oded Levy

Name of Authorized Signatory: Oded Levy

Title of Authorized Signatory: Managing Partner

Email Address of Purchaser: jraaen@kaiamanagement.com

Address for
Notice of Purchaser:

767 Third
Avenue, 21st Floor 

New York, NY 10017

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $100,000

Shares of Common Stock: 142,857

Warrants: 42,857

EIN/Social Security Number: 20-2521083

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: ASC Capital Partners

Signature
of Authorized Signatory of Purchaser: /s/ Adam Cohen

Name of Authorized Signatory: Adam Cohen

Title of Authorized Signatory: President

Email Address of Purchaser: acohen@asccap.com

Address for
Notice of Purchaser:

767 Third
Avenue, 16th Floor 

New York, NY 10017

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $50,000

Shares of Common Stock: 71,429

Warrants: 21,429

EIN/Social Security Number: 13-3548886

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Chesapeake Partners Limited Partnership

Signature
of Authorized Signatory of Purchaser: /s/ Mark Lerner

Name of Authorized Signatory: Mark Lerner

Title of Authorized Signatory: Member of Management, LLC

Email Address of Purchaser: mlerner@chespartners.com

Address for
Notice of Purchaser:

2800 Quarry Lake Drive, Suite 300 

Baltimore, MD 21209

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $2,000,000

Shares of Common Stock: 2,857,143

Warrants: 857,143

EIN/Social Security Number: 54-1599401

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Chesapeake Partners International Ltd. 

Signature
of Authorized Signatory of Purchaser: /s/ Mark Lerner

Name of Authorized Signatory: Mark Lerner

Title of Authorized Signatory: Member of Management, LLC 

Email Address of Purchaser: mlerner@chespartners.com

Address for
Notice of Purchaser:

2800 Quarry Lake Drive, Suite 300 

Baltimore, MD 21209

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $2,000,000

Shares of Common Stock: 2,857,143

Warrants: 857,143

EIN/Social Security Number: N/A

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Diker Micro-Value Fund, LP

Signature
of Authorized Signatory of Purchaser: /s/ Mark Diker

Name of Authorized Signatory: Mark Diker

Title of Authorized Signatory: General Partner

Email Address of Purchaser: mgilman@dikerllc.com

Address for
Notice of Purchaser:

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $2,020,237.10

Shares of Common Stock: 2,886,053

Warrants: 865,816

EIN/Social Security Number: 75-3124944

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Diker Micro-Value QP Fund, LP

Signature
of Authorized Signatory of Purchaser: /s/ Mark Diker

Name of Authorized Signatory: Mark Diker

Title of Authorized Signatory: General Partner

Email Address of Purchaser: mgilman@dikerllc.com

Address for
Notice of Purchaser:

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $2,479,762.60

Shares of Common Stock: 3,542,518

Warrants: 1,062,755

EIN/Social Security Number: 30-0317781

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Galleon Captains Partners, LP 

Signature
of Authorized Signatory of Purchaser: /s/ Rag Ragaradaam

Name of Authorized Signatory: Rag Ragaradaam

Title of Authorized Signatory: Managing Member, Galleon Advisers, LLC as
General Partner

Email Address of Purchaser: rage@galleongrp.com

Address for
Notice of Purchaser:

c/o Galleon Management, LP 

390 Madison Avenue, 34th Floor

New York, NY 10022

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $75,880

Shares of Common Stock: 108,400

Warrants: 32,520

EIN/Social Security Number: _76-0724776

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Galleon Captains Offshore, Ltd. 

Signature
of Authorized Signatory of Purchaser: /s/ Rag Ragaradaam

Name of Authorized Signatory: Rag Ragaradaam 

Title of Authorized Signatory: Managing Member, Galleon Advisers, LLC as
General Partner

Email Address of Purchaser: rage@galleongrp.com

Address for
Notice of Purchaser:

c/o Galleon Management, LP 

390 Madison Avenue, 34th Floor

New York, NY 10022

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $274,120

Shares of Common Stock: 391,600

Warrants: 117,480

EIN/Social Security Number: N/A

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of Purchaser:
Galleon International Master Fund SPC, Ltd.

Signature
of Authorized Signatory of Purchaser: /s/ Rag Ragaradaam

Name of Authorized Signatory: Rag Ragaradaam 

Title of Authorized Signatory: Managing Member, Galleon Advisers, LLC as
General Partner

Email Address of Purchaser: rage@galleongrp.com

Address for
Notice of Purchaser:

c/o Galleon Management, LP 

390 Madison Avenue, 34th Floor

New York, NY 10022

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $350,000

Shares of Common Stock: 500,000

Warrants: 150,000

EIN/Social Security Number: N/A

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Stephen Grosberg

Signature
of Authorized Signatory of Purchaser: /s/ Stephen Grosberg

Name of Authorized Signatory: Self

Title of Authorized Signatory: Self

Email Address of Purchaser: steve.grosberg@opco.com

Address for
Notice of Purchaser:

601 E. 20th
Street, Apt. #8C 

New York, NY 10010

Address for Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $300,000

Shares of Common Stock: 428,571

Warrants: 128,571

EIN/Social Security Number: 117261219

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: John S. & Laura J. Maring

Signature
of Authorized Signatory of Purchaser: /s/ John S. Maring

Name of Authorized Signatory: John S. Maring

Title of Authorized Signatory: Owner

Email Address of Purchaser: jsmaring@yahoo.com

Address for
Notice of Purchaser:

9415 NE 27th Street

Clyde Hill, WA 98004

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $200,000

Shares of Common Stock: 285,714

Warrants: 85,714

EIN/Social Security Number: ###-##-####

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of
Purchaser: Prime Mover Capital Partners LP 

Signature
of Authorized Signatory of Purchaser: /s/ Patrick J. Belton

Name of Authorized Signatory: Patrick J. Belton 

Title of Authorized Signatory: Chief Operating Officer

Email Address of Purchaser: patrickb@primemovercapital.com

Address for
Notice of Purchaser:

767 Third Avenue, 16th Floor 

New York, NY 10017

	
 

	
 

	
Address for
Delivery of Securities for Purchaser (if not same as above):

	
c/o UBS
  Securities at

	
DTC: UBS
  Securities

	
Jim Golden

	
DTC 0642

	
UBS
  Securities LLC

	
a/c Prime
  Mover Capital Partners LP

	
1285 Ave. of
  the Americas, 8th Fl.

	
a/c 750-0570

	
New York, NY
  10019

	
 

DWAC: Quantity
& cusip of shares being transferred

a/c Prime Mover Capital Partners LP 

a/c 750-05701

Attn: David Lemm ph: 212-713-9715

Subscription
Amount: $650,000

Shares of Common Stock: 928,571

Warrants: 278,571

EIN/Social Security Number: 20-5583695

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of Purchaser:
Truk Opportunity Fund, LLC by Atoll Asset Management, LLC

Signature
of Authorized Signatory of Purchaser: /s/ Stephen Saltzstein

Name of Authorized Signatory: Stephen Saltzstein

Title of Authorized Signatory: Principal

Email Address of Purchaser: abraxton@ramcapital.com

Address for
Notice of Purchaser:

One E. 52nd Street, 6th Floor

New York, NY 10022

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $200,000

Shares of Common Stock: 285,714

Warrants: 85,714

EIN/Social Security Number: 04-373-8841

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

Name of Purchaser:
Truk International Fund LP by Atoll Asset Management, LLC 

Signature
of Authorized Signatory of Purchaser: /s/ Stephen Saltzstein

Name of Authorized Signatory: Stephen Saltzstein

Title of Authorized Signatory: Principal

Email Address of Purchaser: abraxton@ramcapital.com

Address for
Notice of Purchaser:

One E. 52nd Street, 6th Floor

New York, NY 10022

Address for
Delivery of Securities for Purchaser (if not same as above):

Subscription
Amount: $50,000

Shares of Common Stock: 71,429

Warrants: 21,429

EIN/Social Security Number: 20-049-5789

Exhibit A

Schedule of Purchasers

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(1)

	
 

	
(2)

	
 

	
(3)

	
 

	
(4)

	
 

	
(5)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Purchaser

	
 

	
Mailing
  Address / Phone / Email

	
 

	
Common

  Shares

	
 

	
Warrants

	
 

	
Purchase
  Price

	

	
 

	

	
 

	

	
 

	

	
 

	

	
Diker Micro-Value Fund, LP
  

	
 

	
745 Fifth Avenue, Suite
  1409 

  New York, NY 10151
212-904-0321 TEL 
212-308-6891 FAX
mdiker@dikerllc.com
rkiller@dikerllc.com 

	
 

	
2,886,053

	
 

	
 

	
865,816

	
 

	
 

	
$   2,020,237.00

	
Diker Micro-Value QP Fund,
  LP 

	
 

	
745 Fifth Avenue, Suite
  1409 

  New York, NY 10151
212-904-0321 TEL 
212-308-6891 FAX
mdiker@dikerllc.com
rkiller@dikerllc.com

	
 

	
3,542,518

	
 

	
 

	
1,062,755

	
 

	
 

	
$   2,479,763.00

	
Chesapeake Partners
  Limited Partnership 

	
 

	
2800 Quarry Lake Drive,
  Suite 300 

  Baltimore, MD 21209
410-602-0195 TEL 
410-602-03901 FAX
alevinoff@chespartners.com 

	
 

	
2,857,143

	
 

	
 

	
857,143

	
 

	
 

	
$   2,000,000.00

	
Chesapeake Partners
  International Ltd. 

	
 

	
2800 Quarry Lake Drive,
  Suite 300 

  Baltimore, MD 21209
410-602-0195 TEL 
410-602-03901 FAX
alevinoff@chespartners.com 

	
 

	
2,857,143

	
 

	
 

	
857,143

	
 

	
 

	
$   2,000,000.00

	
Prime Mover Capital
  Partners LP

	
 

	
767 Third Avenue, 16th
  Floor 

  New York, NY 10017
212-371-1611 TEL
347-715-0901 MOB
peterb@primemovercapital.com 
patrickb@primemovercapital.com

	
 

	
928,571

	
 

	
 

	
278,571

	
 

	
 

	
$      650,000.00

	
ASC Capital Partners LP 

	
 

	
767 Third Avenue, 16th
  Floor 

  New York, NY 10017
acohen@asccap.com 

	
 

	
71,429

	
 

	
 

	
21,429

	
 

	
 

	
$        50,000.00

	
Stephen Grosberg

	
 

	
601 East 20th
  Street, Apt #8C

  New York, NY 10010
Steve.grosberg@opco.com

	
 

	
428,571

	
 

	
 

	
128,571

	
 

	
 

	
$      300,000.00

	
Kaia Investment Management

	
 

	
767 Third Avenue, 16th
  Floor 

  New York, NY 10017
jraaen@kaiamanagement.com 

	
 

	
142,857

	
 

	
 

	
42,857

	
 

	
 

	
$      100,000.00

	
Galleon International
  Master Fund SPC, Ltd. 

	
 

	
590 Madison Avenue, 34th
  Floor 

  New York, NY 10022
212-829-4001 TEL 
212-371-0092 FAX
Justin Pollock 
jpollock@galleongrp.com 

	
 

	
500,000

	
 

	
 

	
150,000

	
 

	
 

	
$      350,000.00

	
Galleon Captains Partners,
  LP 

	
 

	
590 Madison Avenue, 34th
  Floor 

  New York, NY 10022
212-829-4001 TEL 
212-371-0092 FAX
Todd Deutsch 
tdeutsch@gelleongrp.com

	
 

	
108,400

	
 

	
 

	
32,520

	
 

	
 

	
$        75,880.00

	
Galleon Captains Offshore
  Ltd. 

	
 

	
590 Madison Avenue, 34th
  Floor 

  New York, NY 10022
212-829-4001 TEL 
212-371-0092 FAX
Todd Deutsch 
tdeutsch@gelleongrp.com 

	
 

	
391,600

	
 

	
 

	
117,480

	
 

	
 

	
$      274,120.00

	
John & Laura Maring

	
 

	
9415 NE 27th
  Street 

  Clyde Hill, WA 98004
jsmaring@yahoo.com

	
 

	
285,714

	
 

	
 

	
85,714

	
 

	
 

	
$      200,000.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Truk Opportunity Fund 

  LLC by: Atoll Asset
  Management, LLC 

	
 

	
1 East 52nd
  Street, 6th Floor 

  New York, NY 10022
212-888-2224
abraxton@ramcapital.com

	
 

	
285,714

	
 

	
 

	
85,714

	
 

	
 

	
$      200,000.00

	
Truk International Fund,
  LP 

  LLC by: Atoll Asset
  Management, LLC

	
 

	
1 East 52nd
  Street, 6th Floor 

  New York, NY 10022
212-888-2224
abraxton@ramcapital.com

	
 

	
71,429

	
 

	
 

	
21,429

	
 

	
 

	
$        50,000.00

Exhibit B

Form of Warrant

Filed as Exhibit 10.3 to this Form 8-K

Exhibit C

Opinion of Counsel 

	
 

	
 

	
 

	
October 18,
  2007

The Investors
Listed on the Schedule 

of Purchasers Attached to the Securities 

Purchase Agreement

Dear Sirs:

          I
am General Counsel of Viewpoint Corporation, a Delaware corporation (the “Company”),
and I am delivering this opinion letter in connection with the Securities
Purchase Agreement, dated as of October 18, 2007 (the “Purchase Agreement”),
by and between the Company and the investors listed on the Schedule of
Purchasers attached thereto (individually, the “Purchaser” and
collectively, the “Purchasers”). Capitalized terms used but not
otherwise defined herein shall have the respective meanings given to such terms
in the Purchase Agreement. This opinion letter is delivered to you pursuant to
Section 5.02(c) of the Purchase Agreement.

          In
rendering the opinions expressed below, I have examined the following
agreements, instruments and other documents:

	
 

	
 

	
 

	
 

	
(a)

	
the
  Securities Purchase Agreement;

	
 

	
 

	
 

	
 

	
(b)

	
the
  Registration Rights Agreement;

	
 

	
 

	
 

	
 

	
(c)

	
the Common
  Stock to be issued on the date hereof; 

	
 

	
 

	
 

	
 

	
(d)

	
the
  Warrants; and

	
 

	
 

	
 

	
 

	
(e)

	
such records
  of the Company and such other documents as I have deemed necessary as a basis
  for the opinions expressed below.

          In
my examination, I have assumed the genuineness of all signatures (other than
signatures on behalf of the Company), the legal capacity of all natural
persons, the authenticity of all documents submitted to me as originals and the
conformity with authentic original documents of all documents submitted to me
as copies. When relevant facts were not independently established, I have
relied upon representations and warranties made in or pursuant to the Purchase
Agreement, Registration Rights Agreement and the Warrants and certificates of
governmental officials.

          In
rendering the opinions expressed below, I have assumed (except as to the
Company), with respect to all of the documents referred to in this opinion
letter, that:

	
 

	
 

	
 

	
 

	
(i)

	
such
  documents (x) have been duly authorized by, (y) have been duly executed and
  delivered by, and (z) constitute legal, valid, binding and enforceable
  obligations of, all of the parties to such documents;

	
 

	
 

	
 

	
 

	
(ii)

	
all
  signatories to such documents have been duly authorized;

	
 

	
 

	
 

	
 

	
(iii)

	
all of the
  parties to such documents are duly organized and validly existing; and

	
 

	
 

	
 

	
 

	
(iv)

	
all of the
  parties have the power and authority (corporate, partnership or other) to
  execute, deliver and perform such documents.

          Based
upon and subject to the foregoing and subject also to the comments and
qualifications set forth below, and having considered such questions of law as
I have deemed necessary as a basis for the opinions expressed below, I am of
the opinion that:

          1. The
Company is a corporation validly existing and in good standing under the laws
of the State of Delaware. The Company has the requisite corporate power to own,
lease and operate its properties and to conduct its business as presently
conducted. The Company is duly qualified as a foreign corporation to do
business in the State of New York. Each of the Company’s Subsidiaries is a
corporation duly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation and has the requisite corporate
power to own, lease and operate its properties and to conduct its business as
presently conducted, except, with respect to all of the foregoing, as would not
be reasonably expected to have a Material Adverse Effect. 

          2. The
Company has the requisite corporate power and authority to execute, deliver and
perform its obligations under the Purchase Agreement, the Registration Rights
Agreement and the Warrants including, without limitation, the issuance of the
Common Stock in accordance with the terms thereof.

          3. The
execution and delivery by the Company of the Purchase Agreement, the
Registration Rights Agreement and the Warrants and the performance by it of its
obligations thereunder have been duly authorized by all necessary corporate
action on its part and do not violate (i) its certificate of incorporation and
by-laws or (ii) any applicable Federal law, rule or regulation of the United
States or the State of New York.

          4. When
issued in accordance with the terms of the Purchase Agreement, the Common Stock
will (i) be free of any liens created by the Company and (ii) be validly
issued. 

          5. Subject
to the accuracy as to factual matters of the Purchaser’s representations in
Section 3.02 of the Purchase Agreement, the offer and sale of the Common Stock
in the manner contemplated by the Purchase Agreement do not require
registration under the 1933 Act.

          6. No
consent or authorization of, filing with, notice to or registration with, any
federal or New York State court, or any third party is required to be obtained
by the Company (i) to enter into and perform its obligations under the Purchase
Agreement, the Registration Rights Agreement or the Warrants or (ii) for the
issuance and sale of the Common Stock as contemplated thereby, except for the
listing of shares of Common Stock on the NASDAQ

National
Market and the filing of the Registration Statement with the Commission and a
Form D with the Commission.

          7. The
Purchase Agreement, the Registration Rights Agreement and the Warrants have
been duly executed and delivered on behalf of the Company, and constitute a
valid and binding obligation of the Company enforceable against the Company in
accordance with its respective terms, except as may be limited by bankruptcy, insolvency,
liquidation, reorganization, moratorium, fraudulent conveyance or transfer or
other similar laws relating to or affecting the rights of creditors generally
and except as the enforceability thereof is subject to the application of
general principles of equity (regardless of whether considered in a proceeding
in equity or at law), including, without limitation, (a) the possible
unavailability of specific performance, injunctive relief or any other
equitable remedy and (b) concepts of materiality, reasonableness, good faith
and fair dealing.

          8. Except
as disclosed in the Purchase Agreement, no action, suit, proceeding or
investigation before or by any court, public board or body or any governmental
agency or self-regulatory organization is pending or, to my knowledge, threatened against the Company or any of the
properties or assets of the Company which (i) adversely affects or challenges
the legality, validity or enforceability of the Purchase Agreement and (ii)
could reasonably be expected to, individually or in the aggregate, have a
Material Adverse Effect.

          9. The
execution, delivery and performance by the Company of the Purchase Agreement,
the Registration Rights Agreement and the Warrants, the consummation by the
Company of the transactions contemplated thereby and the compliance by the
Company with the terms thereof do not violate, conflict with or constitute a
default (or an event which, with the giving of notice or lapse of time or both,
constitutes or would constitute a default) under,
give rise to any right of termination, cancellation or acceleration under, or
result in the creation of any lien, charge or encumbrance on or against any of
the properties of the Company pursuant
to, any agreement, note, lease, mortgage, deed or other instrument (other than
the Certificate of Incorporation or By-laws of the Company, as to which I
express no opinion in this paragraph) to which the Company is a party or by
which the Company is bound or affected, or any statute, law, rule or regulation
applicable to the Company or, to my knowledge, any order, writ, injunction or
decree.

	
 

	
 

	
 

	
The
  foregoing opinions are subject to the following comment and qualification:

	
 

	
 

	
 

	
The
  enforceability of provisions in the Purchase Agreement, the Registration Rights
  Agreement and the Warrants to the effect that terms may not be waived or
  modified except in writing may be limited under certain circumstances.

          The
foregoing opinions are limited to matters involving the Federal laws of the
United States of America, the Delaware General Corporation Law and the law of
the State of New York, and I do not express any opinion as to the laws of any
other jurisdiction. I do not express any opinion as to the insurance laws,
rules, regulations or determinations of any jurisdiction (including, without
limitation, the State of New York).

          This
opinion letter is provided to you by me in my capacity as General Counsel to
the Company, and this opinion letter may not be relied upon by any other Person
or for any purpose other than in connection with the transactions contemplated
by the Purchase Agreement, the Registration Rights Agreement and the Warrants
without, in each instance, my prior written consent.

	
 

	
 

	
 

	
 

	
Very truly
  yours,

	
 

	
 

	
 

	
 

	
 

	
Andrew J.
  Graf

	
 

	
 

	
EVP and

  General CounselExhibit 10.2

REGISTRATION RIGHTS AGREEMENT

                    REGISTRATION
RIGHTS AGREEMENT, dated as of October 18, 2007 (the “Agreement”) by and
between Viewpoint Corporation, a Delaware corporation (the “Company”),
and the undersigned investors (each a “Purchaser” and collectively, the
“Purchasers”). Capitalized terms used herein but not defined herein
shall have the respective meanings given to such terms in the Securities
Purchase Agreement by and between the parties hereto of even date herewith (the
“Securities Purchase Agreement”).

WITNESSETH

                    WHEREAS,
in connection with the Securities Purchase Agreement, the Company has agreed,
upon the terms and conditions set forth therein, to issue and sell to each
Purchaser (i) shares of the Company’s common stock, par value $.001 per share
(the “Common Stock”) and (ii) warrants (the “Warrants”)
which will be exercisable six months following the issuance date, to purchase
shares of Common Stock (as exercised collectively, the “Warrant Shares”).

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

                    1.
Certain Definitions.

                    As
used in this Agreement, the following terms shall have the meanings ascribed to
them below:

                    “Commission”:
the Securities and Exchange Commission or any successor agency.

                    “Common
Stock”: Common Stock, par value $.001 per share, of the Company.

                    “Person”:
any natural person, corporation, partnership, limited liability company, firm,
association, trust, government, governmental agency or other entity, whether
acting in an individual, fiduciary, or other capacity.

                    “Purchaser”
or “Purchasers”: each Purchaser identified in the Preamble hereto and
any other Person who shall hereafter acquire Registrable Securities from such
Purchaser and to whom such Purchaser assigns its rights under this Agreement
and who agrees to become bound by the provisions of this Agreement in
accordance with Section 3.4(a).

                    “Registrable
Securities”: (i) shares of Common Stock acquired pursuant to the Securities
Purchase Agreement, (ii) the Warrant Shares issued or issuable upon exercise of
the Warrants, and (iii) any shares of capital stock issued or issuable with
respect to the Warrant Shares or the Warrants as a result of any stock split,
stock dividend, recapitalization, exchange or similar event; provided, that any
shares of Common Stock constituting Registrable Securities shall cease to be
such at such time as (A) they are distributed to the public pursuant to a
registration statement under the Securities Act or Rule 144 thereunder, (B)
they become subject to resale pursuant to Rule 144(k) under the Securities Act
(or any successor provision) (“Rule 

144”), (C) the Purchaser thereof may sell all
such shares held by such Purchaser in a single 90-day period under Rule 144
because such shares constitute not more than 1.0% of the outstanding shares of
Common Stock (provided, in the case of clause (B) and this clause (C), that any
shares which cease to be Registrable Securities by operation of such clauses
shall again become Registrable Securities if such shares can no longer be sold
in a single 90-day period pursuant to Rule 144), or (D) they shall have
otherwise been transferred and the new certificate evidencing ownership thereof
does not bear a restrictive legend pursuant to the Securities Act and is not
subject to a stop transfer order delivered by or on behalf of the Company. 

                    For
all purposes of this Agreement, a “majority in interest” of the
Purchasers or a group thereof shall be determined on the basis of the
Registrable Securities held by them.

                    “Registration
Statement” means the registration statement or registration statements
filed under the Securities Act covering the Registrable Securities.

                    “Securities
Act”: the Securities Act of 1933, as amended.

                    2.
Registration Rights.

                    2.1
Mandatory Registration.

                    (a)
Subject to receipt of necessary information from the Purchasers after prompt
request from the Company to the Purchasers to provide such information, the
Company shall prepare, and, as soon as practicable but in no event later than
forty-five (45) days after the Closing (as defined in the Securities Purchase
Agreement) (the “Filing Deadline”), file with the Commission a
Registration Statement covering the resale of all of the Registrable
Securities. The Registration Statement prepared pursuant hereto shall register
for resale all of the Registrable Securities. The Company shall use its
reasonable best efforts, subject to receipt of necessary information from the
Purchasers after prompt request from the Company to the Purchasers to provide
such information, to have the Registration Statement declared effective by the
Commission as soon as practicable, but in no event later than (i) the date
which is one hundred twenty (120) days after the Closing Date if the Company is
informed in writing by the Commission within such 120 day period that it will
not review the Registration Statement, (ii) the date which is one hundred fifty
(150) days after the Closing Date if the Company is not so informed in writing
by the Commission or (iii) the fifth (5th) Business Day following
written notification by the Commission that it has no comments or no further
comments on the Registration Statement (such applicable date is referred to as
the “Effectiveness Deadline”). By 9:30 a.m. New York City time on the
date following the date the Registration Statement is first declared effective
by the Commission, the Company shall file with the Commission in accordance
with Rule 424 under the Securities Act the final prospectus to be used in
connection with sales pursuant to such Registration Statement.

                    (b)
The registration pursuant to this Section 2.1 shall be on Form S-3 (or any
equivalent successor form), if permitted. If the Company does not meet the
eligibility requirements for filing a Registration Statement on Form S-3, then
the Company shall instead prepare and file with the Commission a Registration
Statement meeting the requirements of Form S-1, Form S-2 or Form SB-2, and in
such event, the Company shall re-file such 

2

Registration
Statement, or file a new Registration Statement covering at least the number of
shares then registered on the existing Registration Statement (and not
previously sold pursuant to the existing Registration Statement or pursuant to
Rule 144), on Form S-3 as promptly as practicable (but in no event later than
forty-five (45) days) after the Company meets the eligibility requirements to
use Form S-3 for the resale of Registrable Securities by each Purchaser.

                    2.2
Effect of Failure to File and Obtain and Maintain Effectiveness of
Registration Statement.

                    If
(i) a Registration Statement covering all the Registrable Securities required
to be covered thereby and required to be filed by the Company pursuant to this
Agreement is (A) not filed with the Commission on or before the respective
Filing Deadline or (B) not declared effective by the Commission on or before
the Effectiveness Deadline or (ii) on any day after such Registration Statement
has been declared effective by the Commission (other than during an Allowable
Grace Period) sales of all the Registrable Securities required to be included
on such Registration Statement cannot be made pursuant to such Registration
Statement (including, without limitation, because of a failure to keep such
Registration Statement effective, to disclose such information as is necessary
for sales to be made pursuant to such Registration Statement or to register
sufficient shares of Common Stock), then, as partial relief for the damages to
any holder by reason of any such delay in or reduction of its ability to sell
the Registrable Securities (which remedy shall not be exclusive of any other
remedies available at law or in equity), the Company shall pay to an applicable
Purchaser liquidated damages at a rate equal to one percent (1.0%) for every
thirty days after such failure (prorated for periods of less than 30 days) of
the total purchase price of the Registrable Securities purchased by such
Purchaser pursuant to the Securities Purchase Agreement and held by such
Purchaser as of the relevant date; provided, however, that in no
event shall such damages, in the aggregate, exceed ten percent (10%) of the
total purchase price of the Registrable Securities purchased by such Purchaser
pursuant to the Securities Purchase Agreement. Such payments shall be due
within 5 days after the relevant date. 

                    2.3
Registration Procedures. When the Company, pursuant to the provisions of
this Agreement, uses its reasonable best efforts to effect or cause the
registration of any Registrable Securities under the Securities Act as provided
in this Agreement, the Company shall, as expeditiously as possible:

                    (a)
prepare and file with the Commission a Registration Statement on Form S-3, to
the extent permitted, or, if not permitted, on such other available form for
the disposition of Registrable Securities in accordance with the intended
method of disposition thereof (provided such intended method of distribution
shall not include an underwritten public offering), which form shall be
available for the sale of the Registrable Securities by the selling Purchasers
thereof and such Registration Statement shall comply as to form in all material
respects with the requirements of the applicable form and include all financial
statements required by the Commission to be filed therewith, and the Company
shall use its reasonable best efforts to cause such Registration Statement to
become and remain effective (provided, however, that before filing a
Registration Statement or prospectus or any amendments or supplements thereto,
or 

3

comparable
statements under securities or blue sky laws of any jurisdiction, the Company
will furnish to one counsel designated by the holders of a majority of the
Registrable Securities (the “Designated Counsel”) participating in the
planned offering, copies of all such documents proposed to be filed (including
all exhibits thereto but excluding Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and any similar or
successor reports), which documents will be subject to the reasonable review
and reasonable comment of such counsel;

                    (b)
prepare and file with the Commission such amendments and supplements to such
Registration Statement and the prospectus used in connection therewith as may
be necessary to keep such Registration Statement effective for such period as
any seller of Registrable Securities pursuant to such Registration Statement
shall reasonably request and to comply with the provisions of the Securities
Act with respect to the sale or other disposition of all Registrable Securities
covered by such Registration Statement in accordance with the intended methods
of disposition (provided such intended method of distribution shall not include
an underwritten public offering) by the seller or sellers thereof as set forth
in such Registration Statement;

                    (c)
furnish, without charge and upon request, to each seller of such Registrable
Securities covered by such Registration Statement such number of copies of such
Registration Statement, each amendment and supplement thereto (in each case
including all exhibits), and the prospectus included in such registration
statement (including each preliminary prospectus) in conformity with the
requirements of the Securities Act, and other documents, as such seller may
reasonably request in order to facilitate the public sale or other disposition
of the Registrable Securities owned by such seller (the Company hereby
consenting to the use in accordance with all applicable law of each such
Registration Statement (or amendment or post-effective amendment thereto) and
each such prospectus (or preliminary prospectus or supplement thereto) by each
such seller of Registrable Securities in connection with the offering and sale
of the Registrable Securities covered by such Registration Statement or
prospectus;

                    (d)
use its reasonable best efforts to register and qualify, unless an exemption
from registration and qualification applies, the resale by Purchasers of the
Registrable Securities covered by such Registration Statement under such other
applicable securities or “blue sky” laws of all applicable jurisdictions in the
United States, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such sellers or underwriter, if any, to
consummate the disposition of the Registrable Securities in such jurisdictions,
except that in no event shall the Company be required to qualify to do business
as a foreign corporation in any jurisdiction where it would not, but for the
requirements of this paragraph (d), be required to be so qualified, to subject
itself to taxation in any such jurisdiction or to consent to general service of
process in any such jurisdiction;

                    (e)
promptly notify each Purchaser selling Registrable Securities covered by such
Registration Statement: (i) when the Registration Statement, any pre-effective
amendment, the prospectus or any prospectus supplement related thereto or
post-effective amendment to the Registration Statement has been filed and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective; (ii) of any request by the Commission or state
securities authority for amendments or supplements to the Registration 

4

Statement or
the prospectus related thereto or for additional information; (iii) of the
issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or the initiation of any proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification of any Registrable Securities for sale
under the securities or blue sky laws of any jurisdiction or the initiation of
any proceeding for such purpose; and (v) of the existence of any fact of which
the Company becomes aware which results in the Registration Statement, the
prospectus related thereto or any document incorporated therein by reference
containing an untrue statement of a material fact or omitting to state a
material fact required to be stated therein or necessary to make any statement
therein not misleading (provided that in no event shall such notification
contain any material, non-public information); and, subject to Section 2.3 (m),
if the notification relates to an event described in clause (v), the Company
shall promptly prepare and furnish to each such seller a reasonable number of
copies of a prospectus supplemented or amended so that, as thereafter delivered
to the Purchasers of such Registrable Securities, such prospectus shall not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein in
the light of the circumstances under which they were made not misleading;

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

                    (g)
use its reasonable best efforts to cause all such Registrable Securities
covered by such registration statement to be listed on the principal securities
exchange on which similar securities issued by the Company are then listed (if
any), if the listing of such Registrable Securities is then permitted under the
rules of such exchange, or (ii) if no similar securities are then so listed,
use reasonable best efforts to cause all such Registrable Securities to be, at
the Company’s option, listed on a national securities exchange or, as a NASDAQ
security within the meaning of Rule 11Aa2-1 promulgated by the Commission
pursuant to the Exchange Act or, failing that, secure NASDAQ authorization for
such shares and without limiting the generality of the foregoing, take all
actions that may be required by the Company as the issuer of such Registrable
Securities in order to facilitate the registration of at least two market
makers as such with respect to such shares with the National Association of
Securities Dealers, Inc. (the “NASD”);

                    (h)
at the reasonable request of any Purchaser, the Company shall furnish to such
Purchaser, not later than the next business day following the date of the
effectiveness of the Registration Statement, an opinion from the Company’s
General Counsel in customary form covering such matters as are customarily
covered by such opinions, addressed to such Purchaser;

                    (i)
deliver to the Designated Counsel copies of all correspondence between the
Commission and the Company, its counsel or auditors or with the Commission or
its staff with respect to the Registration Statement, other than those portions
of any such correspondence and memoranda which contain information subject to
attorney-client privilege with respect to the Company, and, upon receipt of
such confidentiality agreements as the Company may reasonably 

5

request, make
reasonably available for inspection by (i) any seller of such Registrable
Securities covered by such registration statement, (ii) the Designated Counsel
and (iii) one firm of accountants or other agents designated by the majority of
the Purchasers whose Registrable Securities are included in the registration
statement, all pertinent financial and other records, pertinent corporate
documents and properties of the Company, and cause all of the Company’s
officers, directors and employees to supply all information reasonably
requested by any such persons or entities, in connection with such Registration
Statement;

                    (j)
use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of the registration statement;

                    (k)
cooperate with the selling Purchasers of Registrable Securities to facilitate
the timely preparation and delivery of certificates representing the
Registrable Securities to be sold, and cause such Registrable Securities to be
issued in such denominations and registered in such names in accordance with
the instructions of the selling Purchasers of Registrable Securities, at least
three business days prior to any sale of Registrable Securities; 

                    (l)
take all such other commercially reasonable actions as the Company deems
necessary or advisable in order to expedite or facilitate the disposition of
such Registrable Securities in accordance with this Agreement; and

                    (m) notwithstanding anything to the contrary
herein, at any time after the Registration Statement has been declared
effective by the Commission, the Company may delay the disclosure of material
non-public information concerning the Company the disclosure of which at the
time is not, in the good faith opinion of the Board of Directors of the Company
and its counsel, in the best interest of the Company and, based upon the advice
of counsel to the Company, otherwise required (a “Grace Period”);
provided, that the Company shall promptly (i) notify the Purchasers in writing
of the existence of material non-public information giving rise to a Grace
Period (provided that in each notice the Company will not disclose the content
of such material non-public information to any Purchaser without such
Purchaser’s written consent) and the date on which the Grace Period will begin,
and (ii) notify each Purchaser in writing of the date on which the Grace Period
ends; and, provided further, that no Grace Period shall exceed fifteen (15)
consecutive days and during any three hundred sixty five (365) day period such
Grace Periods shall not exceed an aggregate of sixty (60) days and the first
day of any Grace Period must be at least five (5) trading days after the last
day of any prior Grace Period (each, an “Allowable Grace Period”). For
purposes of determining the length of a Grace Period above, the Grace Period
shall begin on and include the date the Purchasers receive the notice referred
to in clause (i) and shall end on and include the later of the date the
Purchasers receive the notice referred to in clause (ii), the last day on which
such Grace Period will be on Allowable Grace Period and (iii) the date referred
to in such notice. The provisions of the last clause of Section 2.3 (e) hereof
shall not be applicable during the period of any Allowable Grace Period. Upon
expiration of the Grace Period, the Company shall again be bound by the last
clause of Section 2.3 (e) with respect to the information giving rise thereto
unless such material non-public information is no longer applicable. 

                    It
shall be a condition precedent to the Company’s obligations under this Section
2 that each seller of Registrable Securities as to which any registration is
being effected furnish 

6

the Company
(in a timely manner, but in any event within five (5) calendar days of written
request by the Company) such information regarding such seller, the Registrable
Securities held by it and the intended method of distribution of such
securities as the Company may from time to time reasonably request, provided
that such information shall be used only in connection with such registration.
For the avoidance of doubt, the Company shall not be liable for liquidated damages
pursuant to Section 2 hereof to a Purchaser to the extent that the failure to
meet the Filing Deadline or the Effectiveness Deadline relates to the failure
of such Purchaser of Registrable Securities to provide, in a timely manner,
information reasonably requested in writing by the Company.

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

                    Each
Purchaser of Registrable Securities agrees that upon receipt of any notice from
the Company of the happening of any event of the kind described in clause (v)
of paragraph (e) of this Section 2.3, such Purchaser will immediately
discontinue such Purchaser’s disposition of Registrable Securities pursuant to
the registration statement covering such Registrable Securities until such
Purchaser’s receipt of the copies of the supplemented or amended prospectus
contemplated by paragraph (e) of this Section 2.3 and if so directed by the Company
will deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies, then in such Purchaser’s possession of the prospectus
covering such Registrable Securities that was in effect at the time of receipt
of such notice. 

                    2.4
Registration Expenses. The Company shall, whether or not any
registration pursuant to this Agreement becomes effective, pay all reasonable
and customary expenses incident to the Company’s performance of or compliance
with this Article 2, including (i) Commission, stock exchange or NASD
registration and filing fees and all listing fees and fees with respect to the
inclusion of securities in NASDAQ, (ii) fees and expenses of compliance with
state securities or “blue sky” laws and in connection with the preparation of a
“blue sky” survey, including without limitation, reasonable fees and expenses
of blue sky counsel, (iii) printing expenses, (iv) messenger and delivery
expenses, (v) internal expenses (including, without limitation, all salaries and
expenses of the Company’s officers and employees performing legal and
accounting duties), (vi) fees and disbursements of counsel for the Company, and
(vii) fees and expenses of other persons, including special experts, retained
by the Company. Notwithstanding the foregoing, (A) the provisions of this
Section 2.4 shall be deemed amended to the extent necessary to cause these
expense provisions to comply with “blue sky” laws of each state in which the
offering is made and (B) in connection with any registration hereunder, each
Purchaser of Registrable Securities being registered shall pay all underwriting
discounts and commissions and transfer taxes, if any, attributable to such
Registrable Securities.

                    2.5
Indemnification and Contribution.

                    (a) In the
event of any registration of any of the Registrable Securities under the
Securities Act pursuant to this Agreement, to the extent permitted by law, the
Company will

7

indemnify and hold harmless the seller of
such Registrable Securities, and each other person, if any, who controls such
seller or underwriter within the meaning of the Securities Act or the Exchange
Act (each, a “Seller Indemnified Party”) against any losses, claims,
damages or liabilities, joint or several, to which such Seller Indemnified
Party may become subject under the Securities Act, the Exchange Act, state
securities or Blue Sky laws or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are
based upon (i) any untrue statement or alleged untrue statement
of a material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the
offering under the securities or other “blue sky” laws of any jurisdiction in
which Registrable Securities are offered (“Blue Sky Filing”), or the
omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii) any
untrue statement or alleged untrue statement of a material fact contained in
any preliminary prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto
with the SEC) or the omission or alleged omission to state therein any material
fact necessary to make the statements made therein, in the light of the
circumstances under which the statements therein were made, not misleading,
(iii) any violation or alleged violation by the Company of the 1933 Act, the
1934 Act, any other law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of the
Registrable Securities pursuant to a Registration Statement or (iv) any
material violation of this Agreement; and the Company will reimburse such Seller Indemnified Party for
any legal or other expenses (in each case, to the extent such expenses are
documented and reasonable) incurred by such Seller Indemnified Party in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the foregoing indemnification
and reimbursement (i) shall not apply to the extent that any such loss, claim,
damage or liability arises out of or is based upon any untrue statement or
omission made in such Registration Statement, preliminary prospectus, final
prospectus or in any filing made in connection with the securities or blue sky
laws of any jurisdiction, or any such amendment or supplement thereto, in each
case, in reliance upon and in conformity with information furnished to the
Company, in writing, by or on behalf of such Seller Indemnified Party
specifically for use in the preparation thereof; (ii) with respect to
any preliminary prospectus, shall not inure to the benefit of any such person
from whom the person asserting any such loss, claim, damage or liability purchased
the Registrable Securities that are the subject thereof (or to the benefit of
any person controlling such person) if the untrue statement or omission of
material fact contained in the preliminary prospectus was corrected in the
prospectus, as then amended or supplemented, and the Seller Indemnified Party
was promptly advised in writing not to use the incorrect prospectus prior to
the use giving rise to a violation and such Seller Indemnified Party,
notwithstanding such advice, used it or failed to deliver the correct
prospectus as required by the Securities Act; and (iii) shall not apply to
amounts paid in settlement of any loss, claim, damage or liability if such
settlement is effected without the prior written consent of the Company.

                    (b)
In the
event of any registration of any of the Registrable Securities under the
Securities Act pursuant to this Agreement, each seller of Registrable
Securities, severally and not jointly, will indemnify and hold harmless the
Company, each of its directors and officers and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act (each, a “Company Indemnified Party”), against any losses, claims,
damages or liabilities, joint or several, to which such Company Indemnified
Party may become subject under

8

the Securities Act, Exchange Act, state
securities or Blue Sky laws or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement under which such Registrable Securities
were 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 alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, if, but only if, the statement or omission was made in reliance
upon and in conformity with information relating to such seller furnished in
writing to the Company by or on behalf of such seller specifically for use in
connection with the preparation of such Registration Statement, preliminary
prospectus, final prospectus, or in any filing made in connection with the
securities or blue sky laws of any jurisdiction or any amendment or supplement
thereto and such seller of Registrable Securities shall reimburse
the Company for any legal or other expenses (in each case, to the extent such
expenses are documented and reasonable) incurred by such Company Indemnified
Party in connection with investigating or defending any such loss, claim, damage,
liability or action; provided,
however, that the obligations of each Purchaser hereunder shall be
limited to an amount equal to the net proceeds to such Purchaser of Registrable
Securities sold in connection with such registration.

                    (c)
Each
party entitled to indemnification under this Section 2.5 (the “Indemnified
Party”) shall give notice to the party required to provide indemnification
(the “Indemnifying Party”) promptly after such Indemnified Party has
actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided, that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not be
unreasonably withheld); and, provided further, that the failure
of any Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations under this Section 2.5 except to the
extent, if any, that the Indemnifying Party shall have been actually and
materially prejudiced as a result of such failure (except that the Indemnifying
Party shall not be liable for any expenses incurred during the period in which
the Indemnified Party failed to give such notice). The Indemnified Party may
participate in such defense at such party’s expense; provided, however,
that the Indemnifying Party shall pay such expense if representation of such
Indemnified Party by the counsel retained by the Indemnifying Party would be
inappropriate due to actual or potential differing interests between the
Indemnified Party and any other party represented by such counsel in such
proceeding. No Indemnifying Party, in the defense of any such claim or
litigation shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect of such claim or
litigation, and no Indemnified Party shall consent to entry of any judgment or
settle such claim or litigation without the prior written consent of the
Indemnifying Party.

                    (d)
In order
to provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any holder of Registrable
Securities exercising rights under this Agreement, or any controlling person of
any such holder, makes a

9

claim for indemnification pursuant to this
Section 2.5 but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to
appeal or the denial of the last right of appeal) that such indemnification may
not be enforced in such case notwithstanding the fact that this Section 2.5
provides for indemnification in such case, or (ii) contribution under the
Securities Act may be required on the part of any such selling holder or any
such controlling person in circumstances for which indemnification is provided
under this Section 2.5; then, in each such case, the Company and such Purchaser
will contribute to the aggregate losses, claims, damages or liabilities to which
they may be subject (after contribution from others) in such proportions so
that such holder is responsible for the portion represented by the percentage
that the public offering price of its Registrable Securities offered by the
Registration Statement bears to the public offering price of all securities
offered by such Registration Statement, and the Company is responsible for the
remaining portion; provided, however, that, in any such case,
(A) no such holder will be required to contribute any amount in excess of
the proceeds to it of all Registrable Securities sold by it pursuant to such
Registration Statement, and (B) no person or entity guilty of fraudulent
misrepresentation, within the meaning of Section 11(f) of the Securities
Act, shall be entitled to contribution from any person or entity who is not
guilty of such fraudulent misrepresentation.

                    3.
General.

                    3.1
Rule 144. The Company covenants that it will timely file the reports
required to be filed by it under the Securities Act or the Exchange Act
(including, but not limited to, the reports under Sections 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the
Securities Act), and will take such further action as any Purchaser of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such Purchaser to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by (i) Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or (ii) any similar rule or regulation hereafter adopted by
the Commission. Upon the request of any Purchaser of Registrable Securities (so
long as such Purchaser owns such Registrable Securities), the Company will
deliver to such Purchaser a written statement as to whether it has complied
with such requirements.

                    3.2
Notices and Other Communications. All notices, requests, demands and
other communications made in connection with this Agreement shall be in writing
and shall be deemed to have been duly given (a) on the date of delivery, if
personally delivered to the persons identified below, (b) on the date of
receipt if sent by facsimile, or (c) one business day after delivered to a
nationally recognized overnight courier service marked for overnight delivery,
in each case addressed to the Purchasers at their respective addresses set
forth on the stock records of the Company, and to the Company at:

	
 

	
 

	
 

	
Viewpoint
 Corporation

	
 

	
498 Seventh
 Avenue, Suite 1810

	
 

	
New York,
 New York 10018

	
 

	
Attention:
 General Counsel

	
 

	
Telephone:
 (212) 201-0800

	
 

	
Facsimile:
 (212) 201-0846

10

or to such
other address as any party may, from time to time, designate in a written
notice given in a like manner, with a copy to:

	
 

	
 

	
 

	
 

	
Schulte Roth
 & Zabel LLP

	
 

	
919 Third
 Avenue

	
 

	
New York,
 New York 10022

	
 

	
Telephone:

	
(212)
 756-2000

	
 

	
Facsimile:

	
(212)
 593-5955

	
 

	
Attention:

	
Eleazer
 Klein, Esq.

                    3.3
Amendments. This Agreement may be amended only by written instruments
signed by the Company and a majority in interest of the Purchasers. No waiver
of any right or remedy provided for in this Agreement shall be effective unless
it is set forth in writing signed by a majority in interest of the Purchasers.
No waiver of any right or remedy granted in one instance shall be deemed to be
a continuing waiver under the same or similar circumstances thereafter arising.

                    3.4
Miscellaneous.

                    (a)
This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and the respective successors and assigns of
the parties hereto, whether so expressed or not. This Agreement and the rights
of the parties hereunder may be assigned by any of the parties hereto to any
transferee of Registrable Securities if: (i) each Purchaser agrees in
writing with the transferee or assignee to assign such rights, and a copy of
such agreement is furnished to the Company within a reasonable time after such
assignment; (ii) the Company is, within a reasonable time after such
transfer or assignment, furnished with written notice of (a) the name and
address of such transferee or assignee, and (b) the securities with respect to
which such registration rights are being transferred or assigned; (iii)
immediately following such transfer or assignment the further disposition of
such securities by the transferee or assignee is restricted under the
Securities Act and applicable state securities laws; (iv) at or before the time
the Company receives the written notice contemplated by clause (ii) of this
sentence the transferee or assignee agrees in writing with the Company to be
bound by all of the provisions contained herein; and (v) such transfer shall
have been made in accordance with the applicable requirements of the Securities
Purchase Agreement.

                    (b)
If any term, provision, covenant or restriction of this Agreement or any
exhibit hereto is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement and such exhibits shall remain in full force and
effect and shall in no way be affected, impaired or invalidated. It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and recitations without
including any of such which may be hereafter declared invalid, void or
unenforceable.

                    (c)
This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement, and shall become effective when one
or

11

more of the
counterparts have been signed by each party and delivered to the other parties,
it being understood that all parties need not sign the same counterpart. Delivery by facsimile of an executed counterpart
of any signature page to this Agreement to be executed hereunder shall have the
same effectiveness as delivery of a manually executed counterpart thereof.

                    (d)
This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of
laws principles that would require the application of the laws of another
jurisdiction. The parties hereto agree to submit to the jurisdiction of the
federal or state courts located in the City of New York in any action or
proceeding arising out of or relating to this Agreement.

                    (e)
Except as set forth in Sections 2.5(a) and (b), this Agreement is intended for
the benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

[The remainder of this page intentionally
left blank]

12

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above.

	
 

	
 

	
 

	
 

	
THE COMPANY:

	
 

	
 

	
 

	
 

	
VIEWPOINT
 CORPORATION

	
 

	
 

	
 

	
 

	
By:

	
Christopher
 C. Duignan

	
 

	
 

	

	
 

	
 

	
Name:
 Christopher C. Duignan

	
 

	
 

	
Title: CFO 

13

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Kaia Investment Management

Signature
of Authorized Signatory of Purchaser: /s/ Oded Levy

Name of Authorized Signatory: Oded Levy

Title of Authorized Signatory: Managing Partner

Email Address of Purchaser: jraaen@kaiamanagement.com

14

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: ASC Capital Partners

Signature
of Authorized Signatory of Purchaser: /s/ Adam Cohen

Name of Authorized Signatory: Adam Cohen

Title of Authorized Signatory: _President

Email Address of Purchaser: acohen@asccap.com

15

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Chesapeake Partners Limited Partnership

Signature
of Authorized Signatory of Purchaser: /s/ Mark Lerner

Name of Authorized Signatory: Mark Lerner

Title of Authorized Signatory: Member of Management, LLC

Email Address of Purchaser: mlerner@chespartners.com

16

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Chesapeake Partners International Ltd. 

Signature
of Authorized Signatory of Purchaser: /s/ Mark Lerner

Name of Authorized Signatory: Mark Lerner

Title of Authorized Signatory: Member of Management, LLC 

Email Address of Purchaser: mlerner@chespartners.com

17

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Diker Micro-Value Fund, LP

Signature
of Authorized Signatory of Purchaser: /s/ Mark Diker

Name of Authorized Signatory: Mark Diker

Title of Authorized Signatory: General Partner

Email Address of Purchaser: mgilman@dikerllc.com

18

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Diker Micro-Value QP Fund, LP

Signature
of Authorized Signatory of Purchaser: /s/ Mark Diker

Name of Authorized Signatory: Mark Diker

Title of Authorized Signatory: General Partner

Email Address of Purchaser: mgilman@dikerllc.com

19

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Galleon Captains Partners, LP

Signature
of Authorized Signatory of Purchaser: /s/ Rag Ragaradaam

Name of Authorized Signatory: Rag Ragaradaam

Title of Authorized Signatory: Managing Member, Galleon Advisers, LLC as
General Partner

Email Address of Purchaser: rage@galleongrp.com

20

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Galleon Captains Offshore, Ltd.

Signature
of Authorized Signatory of Purchaser: /s/ Rag Ragaradaam

Name of Authorized Signatory: Rag Ragaradaam 

Title of Authorized Signatory: Managing Member, Galleon Advisers, LLC as
General Partner

Email Address of Purchaser: rage@galleongrp.com

21

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Galleon International Master Fund SPC, Ltd.

Signature
of Authorized Signatory of Purchaser: /s/ Rag Ragaradaam

Name of Authorized Signatory: Rag Ragaradaam 

Title of Authorized Signatory: Managing Member, Galleon Advisers, LLC as
General Partner

Email Address of Purchaser: rage@galleongrp.com

22

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Stephen Grosberg

Signature
of Authorized Signatory of Purchaser: /s/ Stephen Grosberg

Name of Authorized Signatory: Self

Title of Authorized Signatory: Self

Email Address of Purchaser: steve.grosberg@opco.com

23

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: John S. & Laura J. Maring

Signature
of Authorized Signatory of Purchaser: /s/ John S. Maring

Name of Authorized Signatory: John S. Maring

Title of Authorized Signatory: Owner

Email Address of Purchaser: jsmaring@yahoo.com

24

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Prime Mover Capital Partners LP 

Signature
of Authorized Signatory of Purchaser: /s/ Patrick J. Belton

Name of Authorized Signatory: Patrick J. Belton 

Title of Authorized Signatory: Chief Operating Officer

Email Address of Purchaser: patrickb@primemovercapital.com

25

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Truk Opportunity Fund, LLC by Atoll Asset Management, LLC

Signature
of Authorized Signatory of Purchaser: /s/ Stephen Saltzstein

Name of Authorized Signatory: Stephen Saltzstein

Title of Authorized Signatory: Principal

Email Address of Purchaser: abraxton@ramcapital.com

26

SIGNATURES

          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
by their respective authorized signatories as of the date first indicated
above.

Name of
Purchaser: Truk International Fund LP by Atoll Asset Management, LLC 

Signature
of Authorized Signatory of Purchaser: /s/ Stephen Saltzstein

Name of Authorized Signatory: Stephen Saltzstein

Title of Authorized Signatory: Principal

Email Address of Purchaser: abraxton@ramcapital.com

27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]