Document:

Exhibit
10.1

    

    TERM
DEBT - CONVERTIBLE DEBT EXCHANGE AGREEMENT

    

    This TERM DEBT – CONVERTIBLE DEBT
EXCHANGE AGREEMENT (this "Agreement") is
entered into as of March 31, 2010, by and between Zanett, Inc., a Delaware
corporation (the "Company") and
Rockport Investments Ltd. (the "Investor").

    

    RECITALS

    

    WHEREAS, on February 28, 2010,
the Investor and Bruno Guazzoni ("Mr. Guazzoni")
entered into an arrangement whereby (i) the Investor agreed to purchase from Mr.
Guazzoni, and Mr. Guazzoni agreed to sell to the Investor, those two certain
promissory notes held by Mr. Guazzoni in an aggregate principal amount equal to
$5,325,000 (the "Promissory Notes"),
and (ii) the Investor agreed to assume from Mr. Guazzoni, and Mr. Guazzoni
agreed to assign to the Investor, all of Mr. Guazzoni's rights under that
certain line of credit to extend credit to the Company up to $3,000,000 (the
"Line of
Credit"), in each case extinguishing in full all obligations owing by the
Company to Mr. Guazzoni thereunder in favor of repayment obligations owing to
the Investor.

    

    WHEREAS, the Company wishes to
refinance its obligations now owing to the Investor in respect of the Promissory
Notes and the Line of Credit in a transaction with the Investor in which the
Company will issue convertible debt of the Company to the Investor (the "Company Convertible
Debt") in exchange for the Promissory Notes and the Line of Credit, on
the terms and conditions set forth herein;

    

    NOW, THEREFORE, in
consideration of the foregoing recitals and for good and other valuable
consideration hereinafter set forth, the parties hereto, intending to be legally
bound, hereby agree as follows:

    

    ARTICLE
I

    EXCHANGE
OF PROMISSORY NOTES AND LINE OF CREDIT

    FOR
COMPANY CONVERTIBLE DEBT

     

    Section
1.1       Authorization.  The Company has
authorized the issuance of the Company Convertible Debt to the Investor as
contemplated hereby.

     

    Section
1.2       Issuance
of Convertible Debt and Delivery of Promissory Note and Line of
Credit.  Subject to
Section 5.1 hereof, at the Closing (as defined in Section 1.3 below), the
Company shall issue to the Investor the Company Convertible Debt in the
aggregate principal amount of Seven Million One Hundred Thirty One Thousand Nine
Hundred Eighty Three Dollars and No Cents ($7,131,983.00) and the Investor shall
deliver to the Company the Promissory Notes and the agreement evidencing the
Line of Credit.  The issuance of the Company Convertible Debt shall be
deemed to be made in full and indefeasible satisfaction of the Company's
obligations under the Promissory Notes and the Line of Credit.

     

    
      C.G.
______

      D.H.
______

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Section
1.3       Closing.  The
closing of the issuance of the Company Convertible Debt and the exchange of the
Promissory Note and Line of Credit pursuant to this Agreement (the "Closing") shall take
place at the offices of the Company at 10:00 a.m. local time, on March 31, 2010,
or such earlier date upon which each of the conditions set forth in Sections
5.1(a) and 5.1(b) have been satisfied or waived, or at such other time or place
as the Company and the Investor may mutually agree (such date is hereinafter
referred to as the "Closing
Date").

     

    ARTICLE
II

    AMENDMENT
OF PROMISSORY NOTES AND LINE OF CREDIT; FORBEARANCE

     

    Section
2.1       Amendment
of Promissory Notes.

     

    (a)    
  Section 1 of the Promissory Note issued by Zanett Commercial
Solutions, Inc., a wholly-owned subsidiary of the Company, to the Investor (as
successor to Mr. Guazzoni) on March 15, 2009 in the aggregate principal amount
of $4,575,000 is hereby amended and restated in its entirety to read as
follows:

     

    "1.  Maturity
Date.  The principal balance of this Note and all accrued
interest thereon shall be due and payable on March 31, 2010 (the "Maturity Date")."

    

    (b)  
    Section 1 of the Promissory Note issued by Zanett
Commercial Solutions, Inc., a wholly-owned subsidiary of the Company, to the
Investor (as successor to Mr. Guazzoni) on March 15, 2009 in the aggregate
principal amount of $750,000 is hereby amended and restated in its entirety to
read as follows:

     

    "1.  Maturity
Date.  The principal balance of this Note and all accrued
interest thereon shall be due and payable on March 31, 2010 (the "Maturity
Date")."

    

    (c)   
   Section 2 of the Loan Agreement between the Company and the
Investor (as successor to Mr. Guazzoni) effective as of February 21, 2007 is
hereby amended and restated in its entirety to read as follows:

     

    "2.  Maturity
Date.  The outstanding balance of this Note and all accrued
interest thereon shall be due and payable on March 31, 2010 (the "Maturity
Date")."

    

    Section
2.2       Forbearance.  The
Investor agrees that until April 1, 2010, it shall not exercise or attempt to
exercise any right or remedy otherwise available to the Investor as an unsecured
creditor of the Company, including, without limitation filing any action or
proceeding against the Company (the forbearance from such actions by the
Investor being herein referred to as the “Forbearance
Covenant”).  The Company expressly acknowledges and agrees,
however, that from and after April 1, 2010 (unless the Closing shall have
occurred), the Investor shall have the right, at any time and from time to time,
to exercise any and all rights and remedies available to it under the Promissory
Notes and the agreement evidencing the Line of Credit (subject to any applicable
subordination agreement), at law and in equity, to the same extent as the
Investor would be entitled if the Forbearance Covenant had never been part of
this Agreement. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    ARTICLE
III

    REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

     

    The Company hereby represents and
warrants to the Investor, as of the date of this Agreement and as of the Closing
Date, as follows:

    

    Section
3.1       Organization;
Requisite Power.  The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware.  The Company has all requisite corporate
power and authority (a) to own and lease its properties and assets and to carry
on its business as now conducted and as presently proposed to be conducted, (b)
to execute and deliver this Agreement, the promissory note evidencing the
Company Convertible Debt (the "Convertible Note")
and any other agreements, documents and instruments to be delivered by the
Company that are contemplated in, or delivered pursuant to, this Agreement or
the Convertible Note, (c) to issue the Company Convertible Debt and (d) to carry
out the provisions of this Agreement and the Convertible Note. The Company is
duly qualified and is authorized to do business and is in good standing as a
foreign corporation in all jurisdictions in which the nature of its activities
and of its properties makes such qualification necessary, except for those
jurisdictions in which a failure to be so qualified or authorized would not have
a material adverse effect on the properties, assets, liabilities, financial
condition, business, operations of the Company (a "Material Adverse
Effect").

     

    Section
3.2       Authorization;
Binding Obligations.  All corporate
action on the part of the Company and its officers and Board of Directors
necessary for (a) the authorization of this Agreement and the issuance of the
Company Convertible Debt, (b) the performance of all obligations of the Company
hereunder and under the Convertible Note, and (c) the authorization, issuance
and delivery of the Convertible Note and the common stock issuable upon
conversion of the Company Convertible Debt has been taken (subject to, however,
that if the common stock of the Company is then-listed on the Nasdaq Capital
Markets or any other national securities exchange, to approval by the Company’s
stockholders at its 2010 Annual Meeting of Stockholders).  This
Agreement, when executed and delivered, will be the legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its
terms, except as limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other laws of general application affecting
enforcement of creditors’ rights and (ii) general principles of equity that
restrict the availability of equitable remedies.

     

    Section
3.3       Compliance
with Laws and Other Instruments.  The Company is
not in violation of or default (with or without the passage of time or giving of
notice) under (a) any term of its Certificate of Incorporation or Bylaws, (b)
any provision of any mortgage, indenture, agreement, instrument, arrangement or
oral or written contract to which the Company is a party or by which it is bound
or (c) any judgment, decree, order, writ, injunction, law, statute, rule,
regulation or restriction of any domestic or foreign government (whether
federal, state or local, including any political subdivision, department,
instrumentality, commission, board, bureau or agency thereof, and any other
regulatory or administrative body, a "Governmental Entity")
applicable to the Company, which violation or default could have a Material
Adverse Effect. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    Section
3.4       No
Conflicts.  The execution,
delivery and performance of, and compliance with, this Agreement, the
Convertible Note and the issuance of the Company Convertible Debt and the common
stock issuable upon conversion of the Company Convertible Debt will not, with or
without the passage of time or giving of notice, (a) violate, be in conflict
with or constitute a default under (i) any term of the Company’s Certificate of
Incorporation or Bylaws, (ii) any provision of any mortgage, indenture,
contract, agreement, instrument or contract to which the Company is party or by
which it is bound, or (iii) any judgment, decree, order, writ, injunction, law,
statute, rule, regulation or restriction of any Governmental Entity applicable
to the Company, or (b) result in (i) the creation of any mortgage, pledge, lien,
claim, encumbrance or charge (each, an "Encumbrance") upon
any of the properties or assets of the Company or (ii) the suspension,
revocation, impairment, forfeiture or nonrenewal of any franchise, permit,
license, authorization or approval applicable to the Company, its business or
operations or any of its properties or assets.

     

    Section
3.5       Litigation.  There is no
claim, action, suit, proceeding or investigation pending or, to the Company’s
knowledge, currently threatened against the Company that (a) questions the
validity of this Agreement or the right of the Company to enter into any of such
agreements or to consummate the transactions contemplated hereby or thereby, or
(b) could have, either individually or in the aggregate, a Material Adverse
Effect, nor is the Company aware that there is any reasonable basis for either
of the foregoing.  The Company is not a party or subject to the
provisions of any judgment, decree, order, writ or injunction of any court or
Governmental Entity.

     

    Section
3.6       No
Material Adverse Effect  Since September 30, 2009,the Company
has operated its business only in the ordinary course consistent with past
practice, and there has not been, nor is there presently any change, condition,
occurrence, circumstance or event of any character that, either individually or
in the aggregate, has had or could reasonably be expected to have a Material
Adverse Effect.

     

    Section
3.7       Capitalization.  All issued and
outstanding stock of the Company has been duly authorized and validly issued in
full compliance with all applicable laws concerning the issuance of
securities.  The common stock issuable upon conversion of the Company
Convertible Debt, when issued in compliance with the provisions of the
Convertible Note, will be duly authorized and validly issued in full compliance
with all applicable laws concerning the issuance of securities, and will be free
and clear of any Encumbrances.

     

    Section
3.8       Offering
Valid.  Assuming the
accuracy of the representations and warranties of the Investor contained in
Article III hereof, the offer, sale and issuance of the Company Convertible Debt
and the common stock issuable upon conversion of the Company Convertible Debt
will be exempt from the registration requirements of the Securities Act of 1933,
as amended (the "Securities
Act").  Neither the Company nor any agent on its behalf has
solicited or will solicit any offers to sell or has offered to sell or will
offer to sell all or any part of the principal amount of the Company Convertible
Debt to any person or entity so as to bring the sale of such Company Convertible
Debt by the Company within the registration provisions of the Securities Act or
any other applicable securities laws. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    ARTICLE
IV

    REPRESENTATIONS
AND WARRANTIES OF THE INVESTOR

     

    The Investor hereby represents and
warrants to the Company, as of the date of this Agreement and as of the Closing
Date, as follows:

    

    Section
4.1       Organization;
Requisite Power.  The Investor is a
limited company duly organized and validly existing under the laws of its
jurisdiction of formation.  The Investor was not organized for the
purpose of making an investment in the Company.  The Investor has all
requisite power and authority to execute and deliver this Agreement and to carry
out its provisions.

     

    Section
4.2       Authorization;
Binding Obligations.  All action on the
part of the Investor necessary for the authorization of this Agreement and the
performance of all obligations of the Investor hereunder has been
taken.  This Agreement, when executed and delivered, will be the
legal, valid and binding obligation of the Investor enforceable against the
Investor in accordance with its terms, except as limited by (a) applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general
application affecting enforcement of creditors’ rights and (b) general
principles of equity that restrict the availability of equitable
remedies.

     

    Section
4.3       Investment
Representations.  The Investor
understands that the Company Convertible Debt is being offered pursuant to an
exemption from registration contained in the Securities Act based in part upon
the following representations of the Investor:

     

    (a)  
    The Investor has substantial experience in evaluating
and investing in private placement transactions of securities in companies
similar to the Company so that it is capable of evaluating the merits and risks
of its investment in the Company.  The Investor must bear the economic
risk of this investment indefinitely unless the Company Convertible Debt and/or
the common stock issuable upon conversion of the Company Convertible Debt are
registered pursuant to the Securities Act and applicable state securities laws,
or an exemption from registration is available.

     

    (b)    
  The Investor is acquiring the Company Convertible Debt for the
Investor’s own account for investment only, and not with a view towards their
distribution other than in compliance with all applicable securities
laws.

     

    (c)   
   The Investor has had an opportunity to ask questions and
receive answers from representatives of the Company concerning the terms and
conditions of the investment, the business, operations, financial condition and
prospects of the Company and all other matters deemed relevant to the
Investor.  The Investor has independently evaluated the transactions
contemplated by this Agreement and has reached its own decision to enter into
this Agreement.  However, notwithstanding the Investor’s
investigation, the Investor is relying on the representations, warranties and
covenants of the Company set forth herein in making this investment. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    (d)    
  The Investor is an “accredited investor” within the meaning of
Regulation D under the Securities Act.

     

    Section
4.4       Transfer
Restrictions.  The Investor
understands that the Company Convertible Debt and the common stock issuable upon
conversion of the Company Convertible Debt have not been registered under the
Securities Act or the laws of any state and may not be sold, transferred or
otherwise disposed of without registration under the Securities Act and
applicable state securities laws or pursuant to an exemption therefrom, and in
any case subject to the restrictions and terms set forth in the Convertible
Note.

     

    Section
4.5       Finders’
Fees.  No agent, broker,
investment banker, person or firm acting on behalf of or under the authority of
the Investor is or will be entitled to any broker’s or finder’s fee or any other
commission directly or indirectly in connection with the transactions
contemplated hereby.

     

    ARTICLE
V

    CONDITIONS
TO CLOSING

     

    Section
5.1       Conditions to
Closing.

     

    (a)       Conditions to Investor’s
Closing Obligations.  The obligation of the Investor to
exchange its Promissory Notes and Line of Credit for the Company Convertible
Debt is subject to the satisfaction or waiver of each of the following
conditions precedent:

     

    (i)           The
representations and warranties made by the Company in Article II hereof shall
have been true and correct on and as of the date hereof and shall be true and
correct as of the Closing Date as if made on the Closing Date, and the Company
shall have performed and complied with all covenants and provisions of this
Agreement required to be performed or complied with by it at or prior to the
Closing.

     

    (ii)           (A)
No law, statute, rule, regulation or restriction shall have been promulgated,
enacted or entered that restrains, enjoins, prevents, prohibits or otherwise
makes illegal the issuance or transfer, as applicable, of the Company
Convertible Debt, the performance by the Investor and the Company of any of
their respective obligations under this Agreement or the Convertible Note or the
consummation of the transactions contemplated hereby or thereby; (B) no
preliminary or permanent injunction or other order shall have been issued and
remain in effect by any court or Governmental Entity that restrains, enjoins,
prevents, prohibits or otherwise makes illegal the issuance or transfer, as
applicable, of the Company Convertible Debt, the performance by the Investor or
the Company of any of their obligations under this Agreement or the Convertible
Note or the consummation of the transactions contemplated hereby or thereby; and
(C) no court or Governmental Entity shall have instituted any action, suit,
proceeding or investigation that seeks to restrain, enjoin, prevent, prohibit or
otherwise make illegal the issuance or transfer, as applicable, of the Company
Convertible Debt, the performance by the Investor or the Company of any of their
obligations under this Agreement or the Convertible Note or the consummation of
the transactions contemplated hereby or thereby. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    (iii)           The
Company shall have duly authorized the issuance of the Company Convertible Debt
and delivered the executed Convertible Note to the Investor at the Closing,
reflected on the books and records of the Company, contingent on approval by the
Company's common stockholders of the transactions contemplated by this Agreement
and the issuance of the Company Convertible Debt to the Investor at the
Company's 2010 Annual Meeting of Stockholders (if the Company's common stock is
then-listed on a national securities exchange).

     

    (iv)           The
Company shall have obtained any and all consents, permits and waivers, including
those from NASDAQ or any other national securities exchange, necessary or
appropriate for consummation of the transactions contemplated by this Agreement
and the Convertible Note, each in form and substance reasonably satisfactory to
the Investor, and shall have provided copies of all such consents, permits and
waivers to the Investor at or prior to the Closing; provided, however, that
approval by the Company's stockholders of the transactions contemplated by this
Agreement and the issuance of the Company Convertible Debt to the Investor shall
not be required until the Company's 2010 Annual Meeting of Stockholders (and
only shall it be required if the Company's common stock is then-listed on a
national securities exchange).

     

    (b)       Conditions to Company’s
Closing Obligations.  The obligation of the Company to issue
and transfer the Company Convertible Debt to the Investor at the Closing is
subject to the satisfaction or waiver of each of the following conditions
precedent:

     

    (i)           The
representations and warranties made by the Investor in Article III hereof shall
have been true and correct on and as of the date hereof and shall be true and
correct as of the Closing Date as if made on the Closing Date, and the Investor
shall have performed and complied with all covenants and provisions of this
Agreement required to be performed or complied with by them at or prior to the
Closing.

     

    (ii)           (A)
No law, statute, rule, regulation or restriction shall have been promulgated,
enacted or entered that restrains, enjoins, prevents, prohibits or otherwise
makes illegal the issuance or transfer, as applicable, of the Company
Convertible Debt, the performance by the Investor and the Company of any of
their respective obligations under this Agreement of the Convertible Note or the
consummation of the transactions contemplated hereby or thereby; (B) no
preliminary or permanent injunction or other order shall have been issued and
remain in effect by any court or Governmental Entity that restrains, enjoins,
prevents, prohibits or otherwise makes illegal the issuance or transfer, as
applicable, of the Company Convertible Debt, the performance by the Investor or
the Company of any of their obligations under this Agreement or the Convertible
Note or the consummation of the transactions contemplated hereby or thereby; and
(C) no court or Governmental Entity shall have instituted any action, suit,
proceeding or investigation that seeks to restrain, enjoin, prevent, prohibit or
otherwise make illegal the issuance of the Company Convertible Debt, the
performance by the Investor or the Company of any of their obligations under
this Agreement or the Convertible Note or the consummation of the transactions
contemplated hereby or thereby. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    (iii)           The
Company shall have received an agreement, in form and substance acceptable to
it, among the Company, Mr. Guazzoni, Claudio Guazzoni, Charles Deskins and
Dennis Harkins, executed by all parties, pursuant to which each of them agree to
vote all of the voting interests in the Company owned by them "FOR" the
transactions contemplated by this Agreement and the issuance of the Company
Convertible Debt to the Investor at the Company's 2010 Annual Meeting of
Stockholders, if the Company's common stock is then-listed on a national
securities exchange (the "Transaction Approval
Agreement"), in the form attached hereto as Exhibit
A.

     

    (iv)           The
Company shall have received an agreement, in form and substance acceptable to
it, among the Company, the Investor and Claudio Guazzoni, executed by all
parties, pursuant to which the Investor appoints Claudio Guazzoni as its proxy
to vote in his discretion on all matters all of the votes which the Investor has
the right to vote at all meetings of stockholders of the Company so long as any
amounts remaining outstanding under the Company Convertible Debt (the "Voting Agreement"),
in the form attached hereto as Exhibit
B.

     

    (v)           The
Company shall have received a copy of the Subordination Agreement (as defined
below) among the Company, Bank of America, N.A. and the Investor, executed by
all parties.

     

    ARTICLE
VI

    COVENANTS

     

    Section
6.1       2010
Annual Meeting of Stockholders.  The Company shall
include in its Proxy Statement for the 2010 Annual Meeting of Stockholders the
proposal for stockholder vote to approve the transactions contemplated by this
Agreement (including the increase in the authorized Common Stock of the Company)
and the issuance of the Company Convertible Debt to the Investor, and recommend
that stockholders vote "FOR" such proposal.

     

    Section
6.2       Subordination.  The
Investor and the Company shall enter into a subordination agreement with Bank of
America, N.A. (the “Subordination Agreement”) (and, in the event the Company's
senior credit facility with Bank of America, N.A. is refinanced with another
senior lender, with such other senior lender), pursuant to the terms of which
the Investor's rights under the Convertible Note shall be subordinate to the
Company's obligations to Bank of America, N.A. or such other senior
lender.

     

    Section
6.3       Hedging
Transactions.  The Investor shall not (and will cause any
spouse or immediate family member of the Investor, or any affiliate of the
Investor or any of the foregoing persons not to), directly or indirectly, grant
any option to sell, engage in any short sale or enter into any other transaction
with respect to securities of the Company, or publicly announce an intention to
do any of the foregoing, for a period commencing on the date hereof and
continuing through the close of trading on the date on which payment in full of
all amounts owing on the Convertible Note is made.  For purposes of
this Section 6.3, “affiliate” means, with respect to a specified person, a
person that directly, or indirectly through one or more intermediaries, controls
or is controlled by, or is under common control with, the person specified.

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    Section
6.4       Publicity.  Unless required
to do so by law, neither the Company nor the Investor shall issue any press
release or other public statement relating to this Agreement or the transactions
contemplated hereby without the prior approval of the other
parties.

     

    Section
6.5       Costs and
Expenses.  Each party shall
pay all costs and expenses that it incurs with respect to the negotiation,
execution, delivery and performance of the Agreement.

     

    ARTICLE
VII

    MISCELLANEOUS

     

    Section
7.1       Governing
Law.  This Agreement
shall be construed in accordance with and governed by the laws of the State of
Delaware (without giving effect to any conflicts or choice of law provisions
that would cause the application of the domestic substantive laws of any other
jurisdiction).  None of the parties hereto has agreed with or
represented to any other party that the provisions of this section will not be
fully enforced in all instances.

     

    Section
7.2       Waiver of
Jury Trial.  Each of the
parties hereto hereby voluntarily and irrevocably waives trial by jury in any
action or other proceeding brought in connection with this agreement or any of
the transactions contemplated hereby.  No party has agreed with or
represented to any other party that the provisions of this section will not be
fully enforced in all instances.

     

    Section
7.3       Prevailing
Party’s Costs and Expenses.  The prevailing
party in any mediation, arbitration or legal action to enforce or interpret this
Agreement shall be entitled to recover from the non-prevailing party all costs
and expenses, including reasonable attorneys’ fees, incurred in such action or
proceeding.

     

    Section
7.4       Cumulative
Remedies; Failure to Pursue Remedies.  The rights and
remedies provided by this Agreement are cumulative and the use of any one right
or remedy by any party shall not preclude or waive its right to use any or all
other remedies.  Said rights and remedies are given in addition to any
other rights the parties may have by law, statute, ordinance or
otherwise.  Except where a time period is specified, no delay on the
part of any party in the exercise of any right, power, privilege or remedy
hereunder shall operate as a waiver thereof, nor shall any exercise or partial
exercise of any such right, power, privilege or remedy preclude any further
exercise thereof or the exercise of any other right, power, privilege or
remedy.

     

    Section
7.5       Equitable
Remedies.  The parties
hereto agree that irreparable harm would occur in the event that any of the
agreements and provisions of this Agreement were not performed fully by the
parties hereto in accordance with their specific terms or conditions or were
otherwise breached, and that money damages are an inadequate remedy for breach
of the Agreement because of the difficulty of ascertaining and quantifying the
amount of damage that will be suffered by the parties hereto in the event that
this Agreement is not performed in accordance with its terms or conditions or is
otherwise breached.  It is accordingly hereby agreed that the parties
hereto shall be entitled to an injunction or injunctions to restrain, enjoin and
prevent breaches of this Agreement by the other parties and to enforce
specifically such terms and provisions of this Agreement, such remedy being in
addition to and not in lieu of, any other rights and remedies to which the other
parties are entitled to at law or in equity. 

       

      
        C.G.
______

        D.H.
______

      

    

     

    
      
         

      

      
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    Section
7.6       Amendment
and Waiver .  No provision of
this Agreement may be amended, modified or waived except upon the written
consent of the Company and the Investor.  The failure of any party to
enforce any of the provisions of this Agreement shall in no way be construed as
a waiver of such provisions and shall not affect the right of such party
thereafter to enforce each and every provision of this Agreement in accordance
with its terms.

     

    Section
7.7       Assignment;
Binding Effect.  The rights and
obligations set forth herein may not be assigned or delegated by the Company or
the Investor without the prior written consent of the others.  This
Agreement shall be binding upon and inure to the benefit of all of the parties
and, to the extent permitted by this Agreement, their successors, legal
representatives and permitted assigns.

     

    Section
7.8       Notices.  Except as
otherwise expressly provided herein, all demands, notices, requests, consents
and other communications required or permitted under this Agreement shall be in
writing and shall be personally delivered or sent by facsimile machine (with a
confirmation copy sent by one of the other methods authorized in this section),
commercial (including Federal Express) or U.S. Postal Service overnight delivery
service, or deposited with the U.S. Postal Service mailed first class,
registered or certified mail, postage prepaid, as follows:

     

    (a)       if
to the Company, to:

     

    Zanett,
Inc.

    635
Madison Avenue, 15th
Floor

    New York,
NY  10022

    Attention:
Claudio Guazzoni

     

    with a
copy (which copy shall not constitute notice) to:

     

    Drinker
Biddle & Reath LLP

    One Logan
Square

    18th &
Cherry Streets

    Philadelphia,
PA 19103

    Facsimile:
(215) 988-2757

    Attention:
Stephen T. Burdumy, Esq.

     

    (b)       if
to the Investor, to the address on file with the Company.

     

    Notices
shall be deemed given upon the earlier to occur of (i) receipt by the party to
whom such notice is directed; (ii) if sent by facsimile machine, the day (other
than a Saturday, Sunday or legal holiday in the jurisdiction to which such
notice is directed) such notice is sent if sent (as evidenced by the facsimile
confirmed receipt) prior to 5:00 p.m. U.S. Eastern Time, or the day (other than
a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is
directed) after which such notice is sent if sent after 5:00 p.m. U.S. Eastern
Time; (iii) if sent by overnight delivery service, the first business day
(other than a Saturday, Sunday or legal holiday in the jurisdiction to which
such notice is directed) following the day the same is deposited with the
commercial carrier or U.S. Postal Service; or (iv) if sent by first class mail,
registered or certified, postage prepaid, the fifth day (other than a Saturday,
Sunday or legal holiday in the jurisdiction to which such notice is directed)
following the day the same is deposited with the U.S. Postal
Service.  Each party, by notice duly given in accordance herewith, may
specify a different address for the giving of any notice hereunder. 

       

      
        C.G.
______

        D.H.
______

      

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    Section
7.9       Severability.  If any term or
provision of this Agreement, or the application thereof to any person or
circumstance, shall, to any extent, be invalid or unenforceable, the remainder
of this Agreement, or application to other persons or circumstances, shall not
be affected thereby, and each term and provision of this Agreement shall be
enforced to the fullest extent permitted by law.

     

    Section
7.10     Survival.  The
representations and warranties made herein and in other documents delivered
pursuant hereto shall survive the closing of the transactions contemplated
hereby for a period of 12 months.  The covenants and agreements made
herein and in other documents delivered pursuant hereto shall survive the
closing of the transactions contemplated hereby
indefinitely.  Anything in this Agreement to the contrary
notwithstanding, the representations and warranties of the Company hereunder
shall not be affected by any investigation of the Company made by the Investor
or their respective agents or representatives.

     

    Section
7.11     Construction.  Whenever the
context requires, the gender of any word used in this Agreement includes the
masculine, feminine or neuter, and the number of any word includes the singular
or plural.  Unless the context otherwise requires, all references to
articles and sections refer to articles and sections of this Agreement, and all
references to schedules are to schedules attached hereto, each of which is made
a part hereof for all purposes.

     

    Section
7.12     Headings.  The headings and
subheadings in this Agreement are included for convenience and identification
only and are in no way intended to describe, interpret, define or limit the
scope, extent or intent of this Agreement or any provision hereof.

     

    Section
7.13     Counterparts.  This Agreement
may be executed in any number of counterparts with the same effect as if all
parties hereto had signed the same document, and all counterparts shall be
construed together and shall constitute one instrument.  A facsimile
or photocopied signature shall be deemed to be the functional equivalent of an
original for all purposes.

     

    Section
7.14     Entire
Agreement.  This Agreement,
the Company Convertible Debt and the Convertible Note relating thereto, the
Transaction Approval Agreement, the Voting Agreement and the other documents
delivered pursuant hereto constitute the full and entire understanding and
agreement among the parties hereto pertaining to the subject matter hereof and
supersede all prior understandings and agreements pertaining thereto, whether
oral or written.

     

    Section
7.15     Further
Assurances.  Each party hereto
shall use its reasonable best efforts to comply with all requirements imposed
hereby on such party and to cause the transactions contemplated hereby and by
the other agreements contemplated herein to be consummated as contemplated
hereby or thereby and shall, from time to time and without further
consideration, either before or after the Closing Date, execute such further
instruments and take such other actions as any other party hereto shall
reasonably request in order to fulfill its obligations under this Agreement and
such other agreements, to effectuate the purposes of this Agreement and such
other agreements.

     

    [Signature
Page Follows] 

       

      
        C.G.
______

        D.H.
______

      

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first above
stated.

     

    
      
        
          
            
              
                
                  
                    	COMPANY: 
	 
	
                            ZANETT,
      INC.

                          
	 
      
	
                            By:

                          	
                             

                          
	
                            Name:  Claudio
      M. Guazzoni

                            Title:    Chief
      Executive Officer

                          
	 
      
	
                            INVESTOR:

                             

                            ROCKPORT
      INVESTMENTS LTD.

                          
	 
      
	
                            By:

                          	  
      
	
                            Name:

                            Title:

                          

                  

                

              

            

          

        

      

    

     

    [Signature
Page to Term Debt – Convertible Debt Exchange Agreement]

     

    
      C.G.
______

      D.H.
______

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    Transaction
Approval Agreement

     

    
      C.G.
______

      D.H.
______

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    Voting
Agreement

     

    
      
        C.G.
______

        D.H.
______

      

    

    
      
         

      

      
        15Exhibit
10.2

    VOTING
AGREEMENT

     

    THIS
VOTING AGREEMENT (the "Agreement") is made and
entered into as of this 31st day of
March, 2010, by and among Zanett, Inc., a Delaware corporation (the "Company"), Claudio M. Guazzoni
(together with his designee from time to time) and the holder of voting
securities of the Company listed on the signature page hereto (together with its
successors, assigns and transferees who become subject to the provisions hereof
pursuant to Section
4.1, the "Investor").  The
Company and the Investor are sometimes referred to herein collectively as the
"Parties."

     

    Concurrently
with the execution of this agreement, the Company is issuing to the Investor a
convertible promissory note (the "Convertible Note") pursuant to
a Term Debt- Convertible Debt Exchange Agreement between the Company and the
Investor dated as of March 31, 2010 (the "Exchange Agreement"), and in
connection with the issuance of the Convertible Note, the Investor desires to
appoint Claudio M. Guazzoni as its proxy to vote in his discretion all of the
votes held by the Investor under the terms of the Convertible Note on all
matters to which the Investor is entitled to vote, so long as the Convertible
Note remains outstanding.

     

    NOW,
THEREFORE, in consideration of the foregoing and the mutual promises contained
herein, the Parties agree as follows:

     

    1.      Voting
Agreement.  The Investor shall appoint Claudio M. Guazzoni ,
with full power of substitution, as its proxy to vote in its sole and absolute
discretion all of the votes to which the Investor is entitled under the terms of
the Convertible Note and any shares of common stock of the Company, par value
$0.001 (the "Common
Stock") acquired in respect of the Convertible Note (whether through
conversion, payment of principal or interest in Common Stock of the Company or
otherwise) (collectively, the "Shares") at all meetings of
the stockholders of the Company, and any adjournments thereof, and to execute
with respect to said Shares any and all consents of stockholders of the Company,
waivers of notice or other documents, with all powers the Investor would possess
as a stockholder of the Company, pursuant to an irrevocable proxy in the form
attached as Exhibit
A.

     

    2.      Term.  This
Agreement shall be effective as of the date upon which the Company's
stockholders approve the transactions contemplated by the Exchange Agreement and
shall continue in effect until and shall terminate upon the earlier to occur of
(a) prepayment in full of all amounts owing under the Convertible Note and
(b) March 31, 2015.

     

    3.      Specific
Enforcement.  Each Party acknowledges and agrees that each
Party hereto will be irreparably damaged in the event any of the provisions of
this Agreement are not performed by the Parties in accordance with their
specific terms or are otherwise breached.  Accordingly, it is agreed
that each of the Parties shall be entitled to an injunction to prevent breaches
of this Agreement and to specific enforcement of this Agreement and its terms
and provisions in any action instituted in any court of the United States or any
state having subject matter jurisdiction, in addition to any other remedy to
which the Parties may be entitled at law or in equity.

     

    
      C.G.
_____

       

      D.H.
_____

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              4. 

            	
              Miscellaneous.

            

    

     

    4.1           Transfers,
Successors and Assigns.

     

    (i)           The
terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the
Parties.  Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the Parties or their respective successors
and assigns any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided in this
Agreement.  For the sake of clarify, Claudio M. Guazzoni shall have
the right to designate such other person as he deems appropriate from time to
time to act as the Investor's proxy to vote in accordance with the terms of the
irrevocable proxy in the form attached as Exhibit A should Claudio M.
Guazzoni be unavailable, incapacitated, or in the event of his death prior to
the termination of this Agreement and the irrevocable proxy attached as Exhibit A.

     

    (ii)          Each
transferee or assignee of the Shares subject to this Agreement shall continue to
be subject to the terms hereof, and, as a condition to the Company’s recognizing
such transfer, each transferee or assignee shall agree in writing to be subject
to each of the terms of this Agreement by executing and delivering an Adoption
Agreement substantially in the form attached hereto as Exhibit B.  Upon the
execution and delivery of an Adoption Agreement by any transferee, such
transferee shall be deemed to be a party hereto as if such transferee’s
signature appeared on the signature pages of this Agreement.

     

    (iii)         Each
certificate representing the Shares subject to this Agreement if issued on or
after the date of this Agreement shall be endorsed by the Company with the
legend set forth in Section
4.10.  Nothing in this Agreement, express or implied, is
intended to confer upon any person or entity other than the Parties or their
respective executors, administrators, heirs, successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

     

    4.2           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the internal substantive laws (but not the law governing choice
of law) of Delaware.

     

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

     

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

    
       

      C.G.
_____

       

      D.H.
_____

    

      

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.5           Notices.  All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given:  (a) upon
personal delivery to the Party to be notified, (b) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the
recipient, and if not so confirmed, then on the next business day, (c) five (5)
days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written
verification of receipt.  All communications shall be sent to the
respective Parties at their address as set forth on the signature page hereto,
or to such email address, facsimile number or address as subsequently modified
by written notice given in accordance with this Section
4.4.  If notice is given to the Company, a copy shall also be
sent to Drinker Biddle & Reath LLP, One Logan Square, Suite 2000,
Philadelphia, PA  19103, Attention: Stephen T. Burdumy,
Esq..

     

    4.6           Amendment. This
Agreement may not be amended, supplemented or modified, and no provisions hereof
may be modified or waived, except by an instrument in writing signed by all the
Parties.  No waiver of any provisions hereof by any Party shall be
deemed a waiver of any other provisions hereof by such Party, nor shall any such
waiver be deemed a continuing waiver of any provision hereof by such
Party.

     

    4.7           Severability.  The
invalidity of unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision.

     

    4.8           Delays or
Omissions.  No delay or omission to exercise any right, power
or remedy accruing to any Party under this Agreement, upon any breach or default
of any other Party under this Agreement, shall impair any such right, power or
remedy of such non-breaching or non-defaulting Party nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of
or in any similar breach or default thereafter occurring; nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring.  Any waiver, permit,
consent or approval of any kind or character on the part of any Party of any
breach or default under this Agreement, or any waiver on the part of any Party
of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such
writing.  All remedies, either under this Agreement or by law or
otherwise afforded to any Party, shall be cumulative and not
alternative.

     

    4.9           Entire
Agreement.  This Agreement (including the Exhibits hereto, if
any) constitutes the full and entire understanding and agreement between the
Parties with respect to the subject matter hereof.

     

    4.10         Legend on Share
Certificates.  Each certificate representing any Shares shall
be endorsed by the Company with a legend reading substantially as
follows:

     

    “The
shares represented by this Certificate are subject to an irrevocable proxy dated
as of March 31, 2010, and any amendments thereto, a copy of which may be
inspected at the principal office of the Company.”

     

    
      C.G.
_____

       

      D.H.
_____

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        
 

    

    4.11         Execution by the
Company.  The Company, by its execution in the space provided
below, agrees that it will cause the certificates evidencing the Shares to bear
the legend required by Section 4.10 of this
Agreement, and it shall supply, free of charge, a copy of irrevocable proxy to
any holder of a certificate evidencing Shares upon written request from such
holder to the Company at its principal office.  The Parties do hereby
agree that the failure to cause the certificates evidencing the Shares to bear
the legend required by Section 4.10 herein
and the failure of the Company to supply, free of charge, a copy of the
irrevocable proxy as provided under this Section 4.11 shall
not affect the validity or enforcement of this Agreement.

     

    4.12         Stock Splits, Stock
Dividends, etc.  In the event of any issuance of Shares of the
Company’s voting securities hereafter to the Investor (including, without
limitation, in connection with any stock split, stock dividend,
recapitalization, reorganization, or the like), such Shares shall become subject
to this Agreement and shall be endorsed with the legend set forth in Section
4.10.

    

    [Remainder
of Page Intentionally Left Blank]

    
       

      C.G.
_____

       

      D.H.
_____

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

     

    IN
WITNESS WHEREOF, the Parties have executed this Voting Agreement as of the date
first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      ZANETT,
      INC.

                                    
	 	 
      	 
      
	 	
                                      By:

                                    	 
      
	 	
                                      Name:

                                    	 
      
	 	
                                      Title:

                                    	 
      
	 	 
      	 
      
	 	
                                      INVESTOR:

                                    
	 	 
      	 
      
	 	
                                      ROCKPORT
      INVESTMENTS LTD.

                                    
	 	 
      	 
      
	 	
                                      By:

                                    	 
      
	 	
                                      Name:

                                    	 
      
	 	
                                      Title:

                                    	 
      

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 	
                                                  Address:

                                                	 
      
	 	 	 
      
	 	 	 
	 	
                                                  PROXY:

                                                	 
      
	 	 
      	 
      
	 	 	 
	 	 	

                                                  Claudio
      M.
Guazzoni

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [Signature
Page to Voting Agreement]

     

    
      C.G.
_____

       

      D.H.
_____

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

        Exhibit
10.2

      

    

     

    EXHIBIT
A

     

    IRREVOCABLE
PROXY

     

    Irrevocable
Proxy dated as of March 31, 2010, among Rockport Investments, Ltd., a limited
company organized under the laws of the United Kingdom (the “Investor”), Zanett, Inc., a
Delaware corporation (the “Company”), and Claudio M.
Guazzoni (“Proxy”).

     

    BACKGROUND

     

    The
Investor has entered into a Term Debt-Convertible Debt Exchange Agreement with
the Company, dated as of March 31, 2010 (the "Exchange Agreement"), pursuant
to which the Company will issue to the Investor a convertible promissory note
(the "Convertible
Note").  It is a condition to the closing of the transactions
contemplated by the Exchange Agreement that the Investor enter into this
Irrevocable Proxy. In connection with the Exchange Agreement, the Investor, the
Company and Claudio M. Guazzoni entered into that certain Voting Agreement dated
as of March 31, 2010 (the "Voting
Agreement").  Capitalized terms used herein but not otherwise
defined have the meanings assigned to them in the Voting Agreement.

     

    NOW,
THEREFORE, in consideration of the mutual agreements contained herein and in the
Exchange Agreement, the Convertible Note and the Voting Agreement, and intending
to be legally bound hereby, the parties hereto agree as follows:

     

    
      	 	
              1.

            	
              Grant of Irrevocable
      Proxy.

            

    

     

    (a)           The
Investor, revoking all prior proxies, hereby appoints Claudio M. Guazzoni, with
full power of substitution (or such other person as may be designated by Claudio
M. Guazzoni from time to time, if Claudio M. Guazzoni is unavailable,
incapacitated, or in the event of his death prior to the termination of this
irrevocable proxy pursuant to Section 3 below), as his proxy to vote in its sole
and absolute discretion all of the Shares owned by him at all meetings of the
stockholders of the Company, and at any adjournments thereof, and to execute
with respect to said Shares any and all consents of stockholders, waivers of
notice or other documents, with all powers such Investor would possess if this
proxy had not been granted.  Without in any way limiting the foregoing
grant of discretionary authority, the Proxy is authorized to vote the Shares for
the election of persons to the Board of Directors of the Company as he shall
determine to vote in his discretion, on any proposal to merge or dissolve the
Company or amend its Certificate of Incorporation, and to vote on any other
matter.

     

    (b)           The
undersigned acknowledges and agrees that the grant of this irrevocable proxy is
coupled with an interest and is irrevocable except as hereinafter provided or as
otherwise provided by law, and further acknowledges that (i) the affirmative
vote of the Shares by the Proxy on matters, such as the sale of the Company,
with respect to which dissenters’ or appraisal rights are afforded by law would
render such rights unavailable to the Investor and (ii) the grant of this proxy
effectively relinquishes the Investors’ rights to vote on any and all matters
prior to the expiration of the proxy as provided herein.

    
       

      C.G.
_____

       

      D.H.
_____

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.            Legend on
Certificate.  So long as this proxy is in effect, all
certificates representing Shares held by the Investor shall bear substantially
the following legend, in addition to any other legends required by law or any
other agreement:

     

    “The
Shares represented by this Certificate are subject to an irrevocable proxy dated
as of March 31, 2010, and any amendments thereto, a copy of which may be
inspected at the principal office of the Company.”

     

    3.           
Effectiveness;
Termination.  This irrevocable proxy shall be effective
immediately upon approval by the stockholders of the Company of the transactions
contemplated by the Exchange Agreement, and shall terminate upon the earlier to
occur of (a) prepayment in full of all amounts owing under the Convertible
Note and (b) March 31, 2015.

     

    4.           
Binding
Effect.  This irrevocable proxy shall be binding upon the
Investor and his heirs, personal representatives, successors and assigns, and
shall inure to the benefit of the Proxy and his designees from time to time
appointed in accordance with Section 1(a).

     

    5.            Governing
Law.  This irrevocable proxy shall be governed by and construed
in accordance with the internal substantive laws (but not the law governing
choice of law) of Delaware.

     

    6.            Severability.  If
any term or provision of this irrevocable proxy or the application thereof to
any circumstance shall, in any jurisdiction and to any extent, be invalid or
unenforceable, such term or provision shall be ineffective as to such
jurisdiction to the extent of such invalidity or unenforceability without
invalidating or rendering unenforceable the remaining terms and provisions of
this irrevocable proxy or the application of such terms and provisions to
circumstances other than those as to which it is held invalid or
enforceable.

     

    
      C.G.
_____

       

      D.H.
_____

      

        
          
             

          

          
             

            
              

            

          

          
             

          

        
 

    

    IN
WITNESS WHEREOF, the undersigned hereto has duly executed this irrevocable proxy
as of March 31, 2010.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            	 	
                                                                    INVESTOR

                                                                  
	 	 	 
	 	

                                                                    By:

                                                                  	 
	 	 	 
	 	
                                                                    Name:

                                                                  	 
	 	 	 
	 	
                                                                    Title:

                                                                  	 
	 	 
      	 
	 	
                                                                    ZANETT,
      INC.

                                                                  
	 	 	 
	 	By:	 
	 	 	 
	 	
                                                                    Name:

                                                                  	 
	 	 	 
	 	
                                                                    Title:

                                                                  	 

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  	 	

                          (x) 

                        	 
	 	 
	 	
                          Claudio
      M.
Guazzoni

                        

                

              

            

          

        

      
 

    
      C.G.
_____

       

      D.H.
_____

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
10.2

     

    EXHIBIT
B

     

    ADOPTION
AGREEMENT

     

    This
Adoption Agreement ("Adoption
Agreement") is executed by the undersigned (the "Transferee") pursuant to the
terms of that certain Voting Agreement dated as of March 31, 2010 (the "Agreement") by and among
Zanett, Inc. (the "Company"), Claudio M. Guazzoni
and Rockport Investments Ltd..  Capitalized terms used but not defined
in this Adoption Agreement shall have the respective meanings ascribed to such
terms in the Agreement.  By the execution of this Adoption Agreement,
the Transferee agrees as follows:

     

    1.1           Acknowledgement.  Transferee
acknowledges that Transferee is acquiring certain shares of the capital stock of
the Company (the "Stock"), subject to the terms
and conditions of the Agreement.

     

    1.2           Agreement.  Transferee
(i) agrees that the Stock acquired by Transferee shall be bound by and subject
to the terms of the Agreement, and (ii) hereby adopts the Agreement with the
same force and effect as if Transferee were originally a party
thereto.

     

    1.3           Notice.  Any
notice required or permitted by the Agreement shall be given to Transferee at
the address listed beside Transferee’s signature below.

     

    EXECUTED
AND DATED this __ day of ________ __, 20___.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 	
                                  TRANSFEREE

                                
	 	 
      	 
      
	 	
                                  By:

                                	 
      
	 	 	

                                  Name
      and Title

                                
	 	 
      	 
      
	 	
                                  Address:

                                	 
      

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          
            
              
                	 	
                        Fax: 

                      	 
      

              

            

          

        

      

    

    Accepted
and Agreed:

    

    ZANETT,
INC.

    

    
      
        
          
            
              	
                      By:

                    	 
      
	
                      Title:

                    	 
      

            

          

        

      

    

     

      C.G.
_____

       

      D.H.
_____

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