Document:

EX-10.2

IKON Office Solutions, Inc.

$225,000,000

7.75% Senior Notes due 2015

REGISTRATION RIGHTS AGREEMENT

September 21, 2005

Wachovia Capital Markets, LLC

Lehman Brothers Inc.

c/o Wachovia Capital Markets, LLC

One Wachovia Center

301 South College Street

Charlotte, North Carolina 28288-0604

Ladies and Gentlemen:

IKON Office Solutions, Inc., an Ohio corporation (the “Company”) confirms its
agreement with Wachovia Capital Markets, LLC and Lehman Brothers Inc. as representatives of the
initial purchasers (the “Initial Purchasers”) set forth in Schedule I to the Purchase
Agreement, as defined below, on the terms set forth herein.

This agreement (the “Registration Rights Agreement” or this “Agreement”) is
being entered into in connection with a certain purchase agreement, dated September 16, 2005, by
and between the Company and the Initial Purchasers (the “Purchase Agreement”), which
provides for the issuance and sale by the Company to the Initial Purchasers of $225,000,000
aggregate principal amount of the Company’s 7.75% Senior Notes due 2015 (the “Notes”). In
order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed
to provide the registration rights set forth in this Agreement for the benefit of the Initial
Purchasers and their direct and indirect transferees. The parties hereby agree as follows:

1. Definitions. Capitalized terms used herein without definition shall have their
respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following
capitalized defined terms shall have the following meanings:

“Act” means the Securities Act of 1933, as amended, and the rules and regulations of
the Commission promulgated thereunder.

“Additional Interest” has the meaning set forth in Section 4 hereto.

“Affiliate” means, with respect to any specified person, any other person that,
directly or indirectly, is in control of, is controlled by, or is under common control with, such
specified person. For purposes of this definition, control of a person means the power, direct or
indirect, to direct or cause the direction of the management and policies of such person whether by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing.

“Agreement” has the meaning set forth in the preamble hereto.

“Business Day” means any day excluding Saturday, Sunday or any other day which is a
legal holiday under the laws of New York, New York or is a day on which banking institutions
therein located are authorized or required by law or other governmental action to close.

“Commission” means the Securities and Exchange Commission.

“Consummate” means, with respect to a Registered Exchange Offer, the occurrence of (a)
the filing and effectiveness under the Act of the Exchange Offer Registration Statement relating to
the Exchange Notes to be issued in the Registered Exchange Offer, (b) the launching of the
Registered Exchange Offer and the keeping of the Registered Exchange Offer open for a period not
less than the minimum period required pursuant to Section 2(c)(ii) hereof, (c) the Company’s
acceptance for exchange of all Transfer Restricted Notes duly tendered and not validly withdrawn
pursuant to the Registered Exchange Offer and (d) the delivery of Exchange Notes by the Company to
the registrar under the Indenture in the same aggregate principal amount as the aggregate principal
amount of Transfer Restricted Notes duly tendered and not validly withdrawn by Holders thereof
pursuant to the Registered Exchange Offer and the delivery of such Exchange Notes to such Holders.
The term “Consummation” has a meaning correlative to the foregoing.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder.

“Exchange Notes” means debt securities of the Company, substantially identical in all
material respects to the Notes other than issue date (except that the Additional Interest
provisions and the transfer restrictions pertaining to the Notes will be modified or eliminated, as
appropriate), to be issued under the Indenture in connection with the Registered Exchange Offer.

“Exchange Offer Registration Period” means the 180-day period following the
Consummation of the Registered Exchange Offer, exclusive of any period during which any stop order
shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement
following consummation or during which the Company has suspended the use of the Prospectus
contained therein pursuant to Section 3(d) following consummation; provided,
however, that in the event that (i) all resales of Exchange Notes (including, subject to
the time periods set forth herein, any resales by Participating Broker-Dealers) covered by such
Exchange Offer Registration Statement have been made or (ii) all such Exchange Notes cease to be
Transfer Restricted Notes, the Exchange Offer Registration Statement need not thereafter remain
effective for such period.

“Exchange Offer Registration Statement” means a registration statement of the Company
on an appropriate form under the Act with respect to the Registered Exchange Offer, all amendments
and supplements to such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all material incorporated by
reference therein.

“Filing Date” has the meaning set forth in Section 2 hereto.

“Holder” means any holder from time to time of Transfer Restricted Notes or Exchange
Notes (including the Initial Purchaser).

“Indenture” means the indenture relating to the Notes and the Exchange Notes, dated as
of September 21, 2005, between the Company and The Bank of New York, as trustee, as the same may be
amended, supplemented, waived or otherwise modified from time to time in accordance with the terms
thereof.

“Initial Purchasers” has the meaning set forth in the preamble hereto.

“Issue Date” means September 21, 2005.

“Losses” has the meaning set forth in Section 8(d) hereto.

“Majority Holders” means the Holders of a majority of the aggregate principal amount
of Transfer Restricted Notes registered under a Registration Statement.

“Managing Underwriters” means the investment banker or investment bankers and manager
or managers that shall administer an underwritten offering under a Shelf Registration Statement.

“Notes” has the meaning set forth in the preamble hereto.

“Participating Broker-Dealer” means any Holder (which may include one of the Initial
Purchasers) that is a broker-dealer electing to exchange Notes acquired for its own account as a
result of market-making activities or other trading activities for Exchange Notes.

“Private Exchange Notes” has the meaning set forth in Section 2(g) hereof.

“Prospectus” means the prospectus included in any Registration Statement (including a
prospectus that discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the Act or any similar rule that
may be adopted by the Commission), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Transfer Restricted Notes covered by
such Registration Statement, and all amendments and supplements to the Prospectus.

“Purchase Agreement” has the meaning set forth in the preamble hereto.

“Registered Exchange Offer” means the proposed offer to the Holders to issue and
deliver to such Holders, in exchange for the Notes, a like aggregate principal amount of Exchange
Notes.

“Registration Statement” means any Exchange Offer Registration Statement or Shelf
Registration Statement that covers any of the Transfer Restricted Notes pursuant to the provisions
of this Agreement, amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto, and all material incorporated by reference therein.

“Shelf Registration” means a registration of Transfer Restricted Notes with the
Commission effected pursuant to Section 3 hereof.

“Shelf Registration Period” has the meaning set forth in Section 3(b) hereof.

“Shelf Registration Statement” means a “shelf” registration statement of the Company
filed pursuant to the provisions of Section 3 hereof, which covers some or all of the Transfer
Restricted Notes, as applicable, on an appropriate form under Rule 415 under the Act, or any
similar rule that may be adopted by the Commission, and which may be in the format of an amendment
to the Exchange Offer Registration Statement if permitted by the Commission, all amendments and
supplements to such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all material incorporated by
reference therein.

“Transfer Restricted Notes” means each Note upon original issuance thereof and at all
times subsequent thereto, each Private Exchange Note as to which Section 3(a)(iii) or Section
3(a)(iv) applies upon original issuance and at all times subsequent thereto, until in the case of
any such Note or Exchange Note, as the case may be, the earliest to occur of (i) the date on which
such Note has been exchanged by a person other than a Participating Broker-Dealer for an Exchange
Note (other than with respect to an Exchange Note as to which Section 3(a)(iii) or Section 3(a)(iv)
applies), (ii) with respect to Exchange Notes received by Participating Broker-Dealers in the
Registered Exchange Offer, the date on which such Exchange Note has been sold by such Participating
Broker-Dealer by means of the Prospectus contained in the Exchange Offer Registration Statement,
(iii) a Shelf Registration Statement covering such Note or Exchange Note, as the case may be, has
been declared effective by the Commission and such Note or Exchange Note, as the case may be, has
been disposed of in accordance with such effective Shelf Registration Statement, (iv) the date on
which such Note or Exchange Note, as the case may be, can be sold without any limitations under
clauses (c), (e), (f) or (h) of Rule 144 under the Act or any similar rule that may be adopted by
the Commission, (v) the date on which such Note or Exchange Note is transferred to the public
pursuant to Rule 144 under the Act or (vi) such Note or Exchange Note, as the case may be, ceases
to be outstanding for purposes of the Indenture.

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

“Trustee” means the trustee with respect to the Notes and Exchange Notes under the
Indenture.

2. Registered Exchange Offer; Resales of Exchange Notes by Participating Broker-Dealers;
Private Exchange. (a) The Company shall prepare and, not later than 110 days from the Issue
Date (or, if such 110th day is not a Business Day, by the first Business Day
thereafter), shall file with the Commission the Exchange Offer Registration Statement with respect
to the Registered Exchange Offer (the date of such filing hereinafter referred to as the
“Filing Date”). The Company shall use its reasonable best efforts (i) to cause the
Exchange Offer Registration Statement to be declared effective under the Act within 200 days from
the Issue Date (or, if such 200th day is not a Business Day, by the first Business Day
thereafter) and (ii) to Consummate the Registered Exchange Offer within 230 days from the Issue
Date (or, if such 230th day is not a Business Day, by the first Business Day
thereafter).

(b) The objective of the Registered Exchange Offer is to enable each Holder electing to
exchange Transfer Restricted Notes for Exchange Notes (assuming that such Holder (x) is not an
“affiliate” of the Company within the meaning of the Act, (y) is not a broker-dealer that acquired
the Transfer Restricted Notes in a transaction other than as a part of its market-making or other
trading activities and (z) if such Holder is not a broker-dealer, acquires the Exchange Notes in
the ordinary course of such Holder’s business, is not participating in the distribution of the
Exchange Notes and has no arrangements or intentions with any person to make a distribution of the
Exchange Notes) to resell such Exchange Notes from and after their receipt without any limitations
or restrictions under the Act. Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the Consummation of the Registered
Exchange Offer each of the items listed in subsections (x), (y) and (z) of this Section 2(b) is
true.

(c) In connection with the Registered Exchange Offer, the Company shall:

(i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and related
documents;

(ii) keep the Registered Exchange Offer open for acceptance for not less than 30
Business Days (or longer if required by applicable law) after the date notice thereof is
mailed to Holders;

(iii) permit Holders to withdraw tendered Notes at any time prior to 5:00 p.m. New York
City time on the last Business Day on which the Registered Exchange Offer shall remain open;

(iv) utilize the services of a depositary for the Registered Exchange Offer with an
address in the Borough of Manhattan, The City of New York; and

(v) comply in all material respects with all applicable laws relating to the Registered
Exchange Offer.

(d) As soon as practicable after the Consummation of the Registered Exchange Offer, the
Company shall:

(i) accept for exchange all the Notes validly tendered and not withdrawn pursuant to
the Registered Exchange Offer;

(ii) deliver to the Trustee for cancellation all of the Notes so accepted for exchange;
and

(iii) cause the Trustee promptly to authenticate and deliver to each Holder Exchange
Notes equal in principal amount to the Transfer Restricted Notes of such Holder so accepted
for exchange.

(e) The Initial Purchasers and the Company acknowledge that, pursuant to interpretations by
the staff of the Commission of Section 5 of the Act, and in the absence of an applicable exemption
therefrom, each Participating Broker-Dealer is required to deliver a Prospectus in connection with
a sale of any Exchange Notes received by such Participating Broker-Dealer pursuant to the
Registered Exchange Offer in exchange for Transfer Restricted Notes acquired for its own account as
a result of market-making activities or other trading activities. Accordingly, the Company will
allow Participating Broker-Dealers and other persons, if any, with similar prospectus delivery
requirements to use the Prospectus contained in the Exchange Offer Registration Statement during
the Exchange Offer Registration Period in connection with the resale of such Exchange Notes and
shall:

(i) include the information set forth in (a) Annex A hereto on the cover of the
Prospectus forming a part of the Exchange Offer Registration Statement; (b) Annex B hereto
in the forepart of the Exchange Offer Registration Statement in a section setting forth
details of the Registered Exchange Offer; (c) Annex C hereto in the plan of distribution
section of the Prospectus forming a part of the Exchange Offer Registration Statement, and
(d) Annex D hereto in the letter of transmittal delivered pursuant to the Registered
Exchange Offer; and

(ii) use reasonable best efforts to keep the Exchange Offer Registration Statement
continuously effective under the Act during the Exchange Offer Registration Period for
delivery of the Prospectus included therein by Participating Broker-Dealers in connection
with sales of Exchange Notes received pursuant to the Registered Exchange Offer, as
contemplated by Section 5(h) below.

(f) In the event that one of the Initial Purchasers determines that it is not eligible to
participate in the Registered Exchange Offer with respect to the exchange of Transfer Restricted
Notes constituting any portion of an unsold allotment, upon the effectiveness of the Shelf
Registration Statement as contemplated by Section 3 hereof and at the request of the Initial
Purchaser, the Company shall issue and deliver to such Initial Purchaser, or to the party
purchasing Transfer Restricted Notes registered under the Shelf Registration Statement from such
Initial Purchaser, in exchange for such Transfer Restricted Notes, a like principal amount of
Exchange Notes to the extent permitted by applicable law (the “Private Exchange Notes”).
The Company shall use their reasonable best efforts to cause the CUSIP Service Bureau to issue the
same CUSIP number for such Private Exchange Notes as for Exchange Notes issued pursuant to the
Registered Exchange Offer.

3. Shelf Registration. If (i) the Company is not permitted to file the Exchange Offer
Registration Statement or to Consummate the Registered Exchange Offer because the Registered
Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any other reason
the Registered Exchange Offer is not Consummated within 230 days (or if such 230th day
is not a Business Day, by the first Business Day thereafter) of the Issue Date (provided that the
Company’s obligation pursuant to this clause (ii) shall cease if the Exchange Offer is subsequently
Consummated), (iii) the Initial Purchasers so request with respect to Notes acquired by it directly
from the Company, which have not been resold on or prior to the 20th day (or if such 20th day is
not a Business Day, by the first Business Day thereafter) following the Consummation of the
Registered Exchange Offer, (iv) any Holder notifies the Company on or prior to the 20th day (or if
such 20th day is not a Business Day, by the first Business Day thereafter) following the
Consummation of the Registered Exchange Offer that (A) such Holder is not eligible to participate
in the Registered Exchange Offer, due to applicable law or Commission policy, (B) the Exchange
Notes such Holder would receive would not be freely tradable, (C) such Holder is a Participating
Broker-Dealer that cannot publicly resell the Exchange Notes that it acquires in the Registered
Exchange Offer without delivering a Prospectus and the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for resales following the completion of the
Registered Exchange Offer, or (D) the Holder is a broker-dealer and owns Notes it has not exchanged
and that it acquired directly from the Company or one of its Affiliates, or (v) in the case where
the Initial Purchasers participate in the Registered Exchange Offer or acquires Private Exchange
Notes pursuant to Section 2(f) hereof, the Initial Purchasers do not receive freely tradable
Exchange Notes in exchange for Notes constituting any portion of an unsold allotment and the
Initial Purchasers notify the Company on or prior to the 20th day following the Consummation of the
Registered Exchange Offer (it being understood that, for purposes of this Section 3, (x) the
requirement that the Initial Purchasers deliver a Prospectus containing the information required by
Items 507 and/or 508 of Regulation S-K under the Act in connection with sales of Exchange Notes
acquired in exchange for such Transfer Restricted Notes shall result in such Exchange Notes being
not “freely tradable” and (y) the requirement that a Participating Broker-Dealer deliver a
Prospectus in connection with sales of Exchange Notes acquired in the Registered Exchange Offer in
exchange for Transfer Restricted Notes acquired as a result of market-making activities or other
trading activities shall result in such Exchange Notes being not “freely tradable”), the following
provisions shall apply:

(a) The Company shall use its reasonable best efforts to prepare and file with the Commission
a Shelf Registration Statement prior to the 45th day (or if such 45th day is not a Business Day, by
the first Business Day thereafter) following the earliest to occur of (i) the date on which the
Company determines that it is not permitted to file the Exchange Offer Registration Statement or to
Consummate the Registered Exchange Offer; (ii) 45 days (or if such 45th day is not a Business Day,
by the first Business Day thereafter) after the Exchange Offer Registration Statement has been
declared effective if the Registered Exchange Offer has not been Consummated by such date and (iii)
the date notice is given pursuant to Section 3(a)(iii), (iv) or (v) above, and shall use its
reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the
Commission within 90 days after such filing (or if such 90th day is not a Business Day, by the
first Business Day thereafter). With respect to Exchange Notes received by the Initial Purchasers
in exchange for Notes constituting any portion of an unsold allotment, the Company may, if
permitted by current interpretations by the Commission’s staff, file a post-effective amendment to
the Exchange Offer Registration Statement containing the information required by Regulation S-K
Items 507 and/or 508, as applicable, in satisfaction of its obligations under this paragraph (b)
with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be
referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration
Statement.

(b) The Company shall use its reasonable best efforts to keep such Shelf Registration
Statement continuously effective (subject to Section 3(d)) in order to permit the Prospectus
forming a part thereof to be usable by Holders until the earliest of (i) such time as the Notes or
Exchange Notes covered by the Shelf Registration Statement cease to be Transfer Restricted Notes
and (ii) two years from the date the Shelf Registration Statement has been declared effective
exclusive of any period during which any stop order shall be in effect suspending the effectiveness
of the Shelf Registration Statement or during which the Company has suspended the use of the
Prospectus contained therein pursuant to Section 3(d) (in any such case, such period being called
the “Shelf Registration Period”). The Company shall be deemed not to have used its
reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf
Registration Period if it voluntarily takes any action that would result in Holders of Transfer
Restricted Notes covered thereby not being able to offer and sell such notes during that period,
unless such action is (x) required by applicable law or (y) pursuant to Section 3(d) hereof, and,
in either case, so long as the Company promptly thereafter complies with the requirements of
Section 5(k) hereof, if applicable.

(c) The Company may suspend the use of the Prospectus for a period not to exceed 30 days in
any six-month period or an aggregate of 60 days in any twelve-month period for valid business
reasons (not including avoidance of its obligations hereunder) or to avoid premature public
disclosure of a pending corporate transaction, including pending acquisitions or divestitures of
assets, mergers and combinations and similar events; provided that (i) the Company
promptly thereafter complies with the requirements of Section 5(k) hereof, if applicable; and (ii)
the period during which the Registration Statement is required to be effective and usable shall be
extended by the number of days during which such Registration Statement was not effective or usable
pursuant to the foregoing provisions;

(d) No Holder of Transfer Restricted Notes may include any of its Transfer Restricted Notes in
any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes
to the Company in writing, within 10 days after receipt of a request therefor, such information as
the Company may reasonably request for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. Each Holder of Transfer Restricted Notes as
to which any Shelf Registration Statement is being effected agrees to furnish promptly to the
Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not misleading.

4. Additional Interest. (a) The parties hereto agree that Holders of Transfer
Restricted Notes will suffer damages if the Company fails to perform its obligations under Section
2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages.
Accordingly, in the event that (i) the applicable Registration Statement is not filed with the
Commission on or prior to the date specified herein for such filing, (ii) the applicable
Registration Statement has not been declared effective by the Commission on or prior to the date
specified herein for such effectiveness after such obligation arises, (iii) if the Registered
Exchange Offer is required to be Consummated hereunder, the Registered Exchange Offer has not been
Consummated by the Company within the time period set forth in Section 2(a) hereof, or (iv) prior
to the end of the Exchange Offer Registration Period or the Shelf Registration Period, any Shelf
Registration Statement or Exchange Offer Registration Statement, as the case may be, ceases to be
effective or usable at any time it is required to be effective pursuant to this Agreement except as
permitted under Section 3(c) hereto (each such event referred to in clauses (i) through (iv), a
“Registration Default”), then additional interest with respect to the Transfer Restricted
Notes (“Additional Interest”) will accrue with respect to the first 90-day period
immediately following the occurrence of the first Registration Default in an amount equal to 0.25%
per annum per $1,000 principal amount of such Notes and will increase by an additional 0.25% per
annum per $1,000 principal amount of such Notes for each subsequent 90-day period until all
Registration Defaults have been cured, up to an aggregate maximum amount of Additional Interest of
0.5% per annum per $1,000 principal amount of Notes for all Registration Defaults. A Registration
Default shall be cured on the date on which (1) in the case of clause (i) above, the applicable
Registration Statement is filed, (2) in the case of clause (ii) above, the applicable Registration
Statement is declared effective; (3) in the case of clause (iii) above, the Registered Exchange
Offer is Consummated; and (4) in the case of clause (iv) above, the Registration Statement which
had ceased to remain effective or usable is declared effective or usable. Following the cure of
all Registration Defaults, the accrual of Additional Interest with respect to such Registration
Defaults will cease and the interest rate on the Notes shall thereafter be the coupon rate.
Notwithstanding anything to the contrary in this Section 4(a), the Company shall not be required to
pay Additional Interest to a Holder of Restricted Transfer Notes if such Holder failed to comply
with its obligations to make the representations set forth in the second sentence of Section 2(b)
or provide the requested information pursuant to Section 3(e).

(b) The Company shall notify the Trustee and paying agent under the Indenture (or the trustee
and paying agent under such other indenture under which any Transfer Restricted Notes are issued)
immediately upon the happening of each and every Registration Default. The Company shall pay the
Additional Interest due on the Transfer Restricted Notes by depositing with the paying agent (which
shall not be the Company for these purposes) for the Transfer Restricted Notes, in trust, for the
benefit of the Holders thereof, prior to 11:00 a.m. on the next interest payment date specified in
the Indenture (or such other indenture), sums sufficient to pay the Additional Interest then due.
The Additional Interest due shall be payable on each interest payment date specified by the
Indenture (or such other indenture) to the record holders entitled to receive the interest payment
to be made on such date. Each obligation to pay Additional Interest shall be deemed to accrue from
and include the date of the first applicable Registration Default to, but excluding, the earlier of
(i) the cure of all relevant Registration Defaults and (ii) the relevant interest payment date.

(c) The parties hereto agree that the Additional Interest provided for in this Section 4
constitutes a reasonable estimate of the damages that will be suffered by Holders of Transfer
Restricted Notes by reason of the happening of any Registration Default and are intended to and
shall constitute the sole remedy for damages that will be suffered by the Holders of the Transfer
Restricted Notes by reason of any of the failures listed in Section 4(a).

(d) All Additional Interest which has accrued pursuant to this Section 4 and which is
outstanding with respect to any Transfer Restricted Note shall remain outstanding until paid in
full (notwithstanding termination of this Agreement, Consummation of the Registered Exchange Offer
or cessation of effectiveness of the Shelf Registration Period).

5. Registration Procedures. In connection with any Exchange Offer Registration
Statement, and, to the extent applicable, any Shelf Registration Statement, the following
provisions shall apply:

(a) The Company shall furnish to the Initial Purchasers, prior to the filing thereof
with the Commission, a copy of any Registration Statement, and each amendment thereof and
each amendment or supplement, if any, to the Prospectus included therein and shall reflect
in each such document, when so filed with the Commission, such comments as the Initial
Purchasers reasonably may propose.

(b) The Company shall ensure that:

(i) any Registration Statement and any amendment thereto and any Prospectus
contained therein and any amendment or supplement thereto complies in all material
respects with the Act;

(ii) any Registration Statement and any amendment thereto does not, when it
becomes effective, 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 not misleading; and

(iii) any Prospectus forming part of any Registration Statement, including any
amendment or supplement to such Prospectus, does not include an untrue statement of
a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not
misleading;

provided that the Company shall have no obligation to ensure the foregoing with
respect to information with respect to the Initial Purchasers, any Underwriter or any Holder
required to be included in any Registration Statement or Prospectus pursuant to the Act or
provided by the Initial Purchasers, any Holder or any Underwriter specifically for inclusion
in any Registration Statement or Prospectus.

(c) The Company shall promptly advise (which advice, other than in the case of clause
(i), shall be accompanied by an instruction to suspend the use of the Prospectus until the
requisite changes have been made) the Initial Purchasers and, in the case of a Shelf
Registration Statement, the Holders of Transfer Restricted Notes covered thereby, and, in
the case of an Exchange Offer Registration Statement, any Participating Broker-Dealer that
has provided in writing to the Company a telephone or facsimile number and address for
notices, and, if requested by the Initial Purchasers or any such Holder or Participating
Broker-Dealer, confirm such advice in writing:

(i) when a Registration Statement and any amendment thereto has been filed with
the Commission and when the Registration Statement or any post effective amendment
thereto has become effective;

(ii) of any request by the Commission for amendments or supplements to the
Registration Statement or the Prospectus included therein 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 the Transfer Restricted Notes included in any
Registration Statement for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; and

(v) of the happening of any event that requires the making of any changes in
the Registration Statement or the Prospectus so that, as of the date of the issuance
of such advice, the statements therein are not misleading and do not omit to state a
material fact required to be stated therein or necessary to make the statements
therein (in the case of the Prospectus, in light of the circumstances under which
they were made) not misleading.

(d) The Company shall use reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of any Registration Statement at the earliest possible time.

(e) The Company shall furnish to each Holder of Transfer Restricted Notes included
within the coverage of any Shelf Registration Statement, without charge, at least one copy
of such Shelf Registration Statement and any post effective amendment thereto, including
financial statements and schedules, and, if the Holder so requests in writing, all exhibits
thereto (including those incorporated by reference).

(f) The Company shall, during the Shelf Registration Period, deliver to each Holder of
Transfer Restricted Notes included within the coverage of any Shelf Registration Statement,
without charge, as many copies of the Prospectus (including any preliminary Prospectus)
included in such Shelf Registration Statement and any amendment or supplement thereto as
such Holder may reasonably request; and the Company consents to the use of the Prospectus
(including any preliminary prospectus) or any amendment or supplement thereto by each of the
selling Holders of Transfer Restricted Notes in connection with the offering and sale of the
Transfer Restricted Notes covered by the Prospectus or any amendment or supplement thereto.

(g) The Company shall furnish to each Participating Broker-Dealer that so requests,
without charge, at least one copy of the Exchange Offer Registration Statement and any
post-effective amendment thereto, including financial statements and schedules, any
documents incorporated by reference therein and, if the Participating Broker-Dealer so
requests in writing, all exhibits thereto (including those incorporated by reference).

(h) The Company shall, during the Exchange Offer Registration Period and pursuant to
the requirements of the Act for the resale of the Exchange Notes during the period in which
a prospectus is required to be delivered under the Act (including any Commission no-action
letters relating to the Registered Exchange Offer), deliver to each Participating
Broker-Dealer, without charge, as many copies of the Prospectus (including any preliminary
Prospectus) included in such Exchange Offer Registration Statement and any amendment or
supplement thereto as such Participating Broker-Dealer may reasonably request; and the
Company consents to the use of the Prospectus (including any preliminary Prospectus) or any
amendment or supplement thereto by any such Participating Broker-Dealer in connection with
the offering and sale of the Exchange Notes, as provided in Section 2(e) above.

(i) Prior to the Registered Exchange Offer or any other offering of Transfer Restricted
Notes pursuant to any Registration Statement, the Company shall use reasonable best efforts
to register, qualify or cooperate with the Holders of Transfer Restricted Notes included
therein and their respective counsel in connection with the registration or qualification of
such Transfer Restricted Notes for offer and sale under the securities or blue sky laws of
such states as any such Holders reasonably request in writing and do any and all other acts
or things necessary or advisable to enable the offer and sale in such jurisdictions of the
Transfer Restricted Notes covered by such Registration Statement; provided,
however, that the Company will not be required to qualify generally to do business
in any jurisdiction in which it is not then so qualified, to file any general consent to
service of process or to take any action which would subject it to general service of
process or to taxation in any such jurisdiction where it is not then so subject.

(j) The Company shall cooperate with the Holders to facilitate the timely preparation
and delivery of certificates representing Transfer Restricted Notes to be sold pursuant to
any Registration Statement free of any restrictive legends and in denominations and
registered in such names as Holders may appropriately request prior to sales of Transfer
Restricted Notes pursuant to such Registration Statement.

(k) Upon the occurrence of any event contemplated by Section 3(d) or paragraph (c) (v)
of this Section 5, the Company shall promptly prepare and file a post-effective amendment to
any Registration Statement or an amendment or supplement to the related Prospectus or any
other required document so that, as thereafter delivered to purchasers of the Transfer
Restricted Notes included therein, the Prospectus will not include an untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

(l) The Company shall use its reasonable best efforts to obtain a new CUSIP number (if
not already obtained) for the Transfer Restricted Notes or Exchange Notes registered under
such Registration Statement, as the case may be, not later than the effective date of such
Registration Statement.

(m) The Company shall use its reasonable best efforts to comply with all applicable
rules and regulations of the Commission and shall make generally available to the security
holders as soon as practicable after the effective date of the applicable Registration
Statement an earnings statement satisfying the provisions of Section 11(a) of the Act and
Rule 158 promulgated thereunder.

(n) The Company shall use reasonable best efforts to cause the Indenture to be
qualified under the Trust Indenture Act in a timely manner.

(o) The Company may require each Holder of Transfer Restricted Notes to be sold
pursuant to any Shelf Registration Statement to furnish to the Company such information
regarding the Holder and the distribution of such Transfer Restricted Notes as may, from
time to time, be reasonably required by the Act, and the obligations of the Company to any
Holder hereunder shall be expressly conditioned on the compliance of such Holder with such
request.

(p) The Company shall, if requested, promptly incorporate in a Prospectus supplement or
post-effective amendment to a Shelf Registration Statement (i) such information as the
Majority Holders or, if the Transfer Restricted Notes are being sold in an underwritten
offering, as the Managing Underwriters and the Majority Holders, reasonably provide to the
Company in writing for inclusion in the Shelf Registration Statement, or Prospectus, and
(ii) such information as a Holder may reasonably provide from time to time to the Company in
writing for inclusion in a Prospectus or any Shelf Registration Statement, in the case of
clause (i) or (ii) above, concerning such Holder and/or underwriter and the distribution of
such Holder’s Transfer Restricted Notes and, in either case, shall make all required filings
of such Prospectus supplement or post-effective amendment as soon as practicable after being
notified in writing of the matters to be incorporated in such Prospectus supplement or
post-effective amendment.

(q) In the case of any Shelf Registration Statement, the Company shall enter into such
agreements (including underwriting agreements) and take all other customary and appropriate
actions as may be reasonably requested in order to expedite or facilitate the registration
or the disposition of any Transfer Restricted Notes, and in connection therewith, if an
underwriting agreement is entered into, cause the same to contain indemnification provisions
and procedures no less favorable than those set forth in Section 8 (or such other provisions
and procedures reasonably acceptable to the Majority Holders and the Managing Underwriters,
if any, with respect to all parties to be indemnified pursuant to Section 8).

(r) In the case of any Shelf Registration Statement, the Company shall:

(i) make reasonably available for inspection by the Holders of Transfer
Restricted Notes to be registered thereunder, any Managing Underwriter participating
in any disposition pursuant to such Shelf Registration Statement, and any attorney,
accountant or other agent retained by the Holders or any such Managing Underwriter,
all relevant financial and other records, pertinent corporate documents and
properties of the Company and any of its subsidiaries reasonably requested by such
persons;

(ii) make available for inspection by the Holders or any such Managing
Underwriter, and any attorney, accountant or other agent retained by such Holder or
Managing Underwriter (collectively, the “Inspectors”), at the offices where
normally kept, during reasonable business hours at such time or times as shall be
mutually convenient for the Company and the Inspectors as a group, all financial and
other records, pertinent corporate documents and instruments of the Company and its
subsidiaries (collectively, the “Records”) as shall be reasonably necessary
to enable them to exercise any applicable due diligence responsibilities, and cause
the officers, directors and employees of the Company and its subsidiaries to supply
all information reasonably requested by any such Inspector in connection with the
Shelf Registration Statement. Records that the Company determines, in good faith,
to be confidential and any Records that it notifies the Inspectors are confidential
shall not be disclosed by any Inspector unless: (aa) the disclosure of such Records
is necessary to avoid or correct a material misstatement or material omission in the
Shelf Registration Statement or Prospectus; (bb) the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent
jurisdiction; (cc) disclosure of such information is, in the opinion of counsel for
any Inspector, necessary or advisable in connection with any action, claim, suit or
proceeding, directly involving or potentially involving such Inspector and arising
out of, based upon, relating to, or involving this Agreement or any transactions
contemplated hereby or arising hereunder; or (dd) the information in such Records
has been made generally available to the public other than through the acts of such
Inspector; provided that prior notice shall be provided as soon as practicable to
the Company of the potential disclosure of any information by such Inspector
pursuant to clauses (bb) and (cc) of this Section 5(r)(ii) to permit the Company to
obtain a protective order (or waive the provisions of this Section 5(r)(ii)). Each
Inspector shall take such actions as are reasonably necessary to protect the
confidentiality of such information (if practicable) to the extent such actions are
otherwise not inconsistent with, an impairment of or in derogation of the rights and
interests of the Holder or any Inspector, unless and until such information in such
Records has been made generally available to the public other than as a result of a
breach of this Agreement;

(iii) make such representations and warranties to the Holders of Transfer
Restricted Notes registered thereunder and the Managing Underwriters, if any, in
form, substance and scope as are customarily made by the Company to Managing
Underwriters and covering matters including, but not limited to, those set forth in
the Purchase Agreement;

(iv) obtain opinions of counsel to the Company and updates thereof (which
counsel and opinions, in form, scope and substance, shall be reasonably satisfactory
to the Managing Underwriters, if any) addressed to each selling Holder and the
Managing Underwriters, if any, covering such matters as are customarily covered in
opinions requested in underwritten offerings and such other matters as may be
reasonably requested by such Holders and Managing Underwriters;

(v) obtain “comfort” letters and updates thereof from the independent certified
public accountants of the Company (and, if necessary, any other independent
certified public accountants of any subsidiary of the Company or of any business
acquired by the Company for which financial statements and financial data are, or
are required to be, included in the Registration Statement), addressed to each
selling Holder of the Transfer Restricted Notes covered by such Shelf Registration
Statement (provided such Holder furnishes the accountants with such representations
as the accountants customarily require in similar situations) and the Managing
Underwriters, if any, in customary form and covering matters of the type customarily
covered in “comfort” letters in connection with primary underwritten offerings; and

(vi) deliver such documents and certificates as may be reasonably requested by
the Majority Holders and the Managing Underwriters, if any, including those to
evidence compliance with Section 5(i) and with any customary conditions contained in
the underwriting agreement or other agreement entered into by the Company.

The foregoing actions set forth in this Section 5(r) shall be performed at (i) the
effectiveness of such Shelf Registration Statement and each post-effective amendment
thereto and (ii) each pricing and closing, as applicable, under any underwriting or
similar agreement as and to the extent required thereunder.

(s) If in the reasonable opinion of counsel to the Company there is a question as to
whether the Registered Exchange Offer is permitted by applicable law, the Company hereby
agrees to seek a no-action letter or other favorable decision from the Securities Exchange
Commission (the “Commission”) allowing the Company to consummate a Registered
Exchange Offer for such Transfer Restricted Notes. The Company hereby agrees to pursue the
issuance of such a decision to the Commission staff level but shall not be required to take
commercially unreasonable action to effect a change of Commission policy. The Company
hereby agrees, however, to (A) participate in telephonic conferences with the Commission,
(B) deliver to the Commission staff an analysis prepared by counsel to the Company setting
forth the legal bases, if any, upon which such counsel has concluded that such a Registered
Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the
Commission staff of such submission.

6. Registration Expenses. The Company shall bear all reasonable fees and expenses
(including the reasonable fees and expenses, if any, of Shearman & Sterling LLP, counsel for the
Initial Purchaser, incurred in connection with the Registered Exchange Offer) incurred in
connection with the performance of its obligations under Sections 2, 3, 4 and 5 hereof (other than
brokers’, dealers’ and underwriters’ discounts and commissions and brokers’, dealers’ and
underwriters’ counsel fees) and, in connection with the Shelf Registration Statement, shall
reimburse the Holders for the reasonable fees and disbursements of one counsel for the Holders in
connection therewith (which counsel shall be selected by the Majority Holders).

7. Rules 144 and 144A. The Company shall use reasonable best efforts to file the
reports required to be filed by it under the Act and the Exchange Act in a timely manner and, if at
any time the Company is not required to file such reports, it will, upon the request of any Holder
of Transfer Restricted Notes, make publicly available the applicable information necessary to
permit sales of their securities pursuant to Rules 144 and 144A (or any successor rule adopted by
the Commission). The Company covenants that it will use its reasonable best efforts to take such
further action as any Holder of Transfer Restricted Notes may reasonably request, all to the extent
required from time to time to enable such Holder to sell Transfer Restricted Notes without
registration under the Securities Act within the limitations of the exemptions provided by Rules
144 and 144A (including the requirements of Rule 144A(d)(4) if applicable). The Company will
provide a copy of this Agreement to prospective Purchaser of Transfer Restricted Notes identified
to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Transfer
Restricted Notes, the Company shall deliver to such Holder a written statement as to whether it has
complied with such requirements.

8. Indemnification and Contribution. (a) (i) In connection with any Registration
Statement, the Company agrees to indemnify and hold harmless each Holder of Transfer Restricted
Notes covered thereby, the directors, officers, employees and agents of each such Holder and each
person who controls any such Holder within the meaning of either the Act or the Exchange Act
against any losses, claims, damages or liabilities, joint or several, to which they or any of them
may become subject, 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 any
material fact contained in the Registration Statement as originally filed or in any amendment
thereof, in any preliminary Prospectus or Prospectus or in any amendment thereof or supplement
thereto, or (ii) the omission or alleged omission to state therein a material fact necessary to
make the statements therein not misleading (in the case of the Prospectus, in light of the
circumstances under which they were made), and will reimburse, as incurred, each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with
investigating, defending against or appearing as a third-party witness in connection with any such
loss, claim, damage, liability or action; provided, however, that the Company will not be liable in
any case to the extent that any such loss, claim, damage or liability arises out of or is based
upon (A) any untrue statement or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information relating to the Holder
furnished to the Company by or on behalf of any such Holder specifically for use therein, or (B)
use of a Registration Statement or the related Prospectus during a period when a stop order has
been issued in respect of such Registration Statement or any proceedings for that purpose have been
initiated or use of a Prospectus when use of such Prospectus has been suspended pursuant to Section
3(d) or 5(c)(2); provided that in each case, that the Company has previously provided notice to
such Holder of such stop order, initiation of proceedings or suspension. This indemnity agreement
will be in addition to any liability that the Company may otherwise have.

(ii) The Company also agrees to indemnify or contribute to Losses, as provided in
Section 8(d), of any Managing Underwriters of Transfer Restricted Notes registered under a
Registration Statement, their officers and directors and each person who controls such
Managing Underwriters on substantially the same basis as that of the indemnification of the
selling Holders provided in this Section 8(a) and shall, if requested by any Holder, enter
into an underwriting agreement reflecting such agreement, as provided in Section 5(q)
hereof.

(b) Each Holder of Transfer Restricted Notes covered by a Registration Statement severally
agrees to indemnify and hold harmless the Company and its directors, officers, employees and agents
and each person who controls the Company within the meaning of either the Act or the Exchange Act
to the same extent as the foregoing indemnity from the Company to each such Holder, but only with
reference to written information relating to such Holder furnished to the Company by or on behalf
of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity,
or improper use by the Holder of a Registration Statement or the related Prospectus during a period
when a stop order has been issued in respect of such Registration Statement or any proceedings for
that purpose have been initiated or use of a Prospectus when use of such Prospectus has been
suspended pursuant to Section 2(d), 3(d) or 5(c)(2); provided that in each case, that such
Holder received prior notice of such stop order, initiation of proceedings or suspension. This
indemnity agreement will be in addition to any liability which any such Holder or person may
otherwise have.

(c) Promptly after receipt by an indemnified party under this Section 8 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section 8, notify the indemnifying party in writing
of the commencement thereof; but the failure so to notify the indemnifying party (i) will not
relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by the indemnifying party
of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party
from any obligations to any indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the
indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party
in any action for which indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel retained by the
indemnified party or parties except as set forth below); provided, however, that
such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the
indemnifying party’s election to appoint counsel to represent the indemnified party in an action,
the indemnified parties collectively shall have the right to employ one separate counsel (in
addition to local counsel), and the indemnifying party shall bear the reasonable fees, costs and
expenses of such separate counsel (and local counsel) if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of
interest, (ii) the actual or potential defendants in, or targets of, any such action include both
the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded, based on the advice of outside counsel, that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those available to the
indemnifying party, (iii) the indemnifying party shall not have employed counsel satisfactory to
the indemnified party to represent the indemnified party within a reasonable time after notice of
the institution of such action or (iv) the indemnifying party shall have authorized the indemnified
party to employ separate counsel at the expense of the indemnifying party; provided
further, that the indemnifying party shall not be responsible for the fees and expenses of
more than one separate counsel (not including appropriate local counsel) representing all the
indemnified parties under paragraph (a) or paragraph (b) above. An indemnifying party will not,
without the prior written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought hereunder (whether or
not the indemnified parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each indemnified party from
all liability arising out of such claim, action, suit or proceeding.

(d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is
unavailable to or insufficient to hold harmless an indemnified party for any reason, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party, shall have a joint
and several obligation to contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively “Losses”) to which such indemnified party may be subject in
such proportion as is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the Registration
Statement which resulted in such Losses. If the allocation provided by the immediately preceding
sentence is unavailable for any reason, the indemnifying party and the indemnified party shall
contribute in such proportion as is appropriate to reflect not only such relative benefits but also
the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the
other hand, in connection with the statements or omissions which resulted in such Losses as well as
any other relevant equitable considerations. The relative fault of the parties shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company on the one hand or such Holder or such other indemnified person, as the case may be,
on the other, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The relative benefits received by the Company on
the one hand and the Holders on the other with respect to the Registration Statement shall be
deemed to be in the same proportion as the sum of the net proceeds from the original issuance of
the Notes received by the Company, on the one hand, bear to the gain realized by the Holder with
respect to its sale of Transfer Restricted Securities, on the other. Benefits received by any
Managing Underwriter shall be deemed to be equal to the total underwriting discounts and
commissions, as set forth on the cover page of the Prospectus forming a part of the Registration
Statement that resulted in such Losses. The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this subsection (d)
shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claim which is the subject of
this subsection (d). Notwithstanding any other provision of this Section 8(d), the Holders of the
Transfer Restricted Notes shall in no case be required to contribute any amount in excess of the
amount by which the net proceeds received by such Holders from the sale of the Transfer Restricted
Notes pursuant to a Registration Statement exceeds the amount of damages which such Holders have
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission and in no case shall any Managing Underwriter be responsible for any amount in
excess of the underwriting discount or commission applicable to the Transfer Restricted Notes
purchased by such Managing Underwriter under the Registration Statement which resulted in such
Losses pursuant to the terms of this Agreement. The parties agree that it would not be just and
equitable if contribution were determined by pro rata allocation or any other method of allocation
that does not take into account the equitable considerations referred to above. Notwithstanding
the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who
controls an indemnified party within the meaning of either the Act or the Exchange Act and each
director, officer, employee and agent of such indemnified party shall have the same rights to
contribution as such indemnified party, and each person who controls the Company within the meaning
of either the Act or the Exchange Act and each director, officer, employee and agent of the Company
shall have the same rights to contribution as the Company, subject in each case to the applicable
terms and conditions of this paragraph (d).

(e) The provisions of this Section 8 will remain in full force and effect, regardless of any
investigation made by or on behalf of any Holder, the Company or any of the officers, directors or
controlling persons referred to in Section 8 hereof, and will survive the sale by a Holder of
Transfer Restricted Notes covered by a Registration Statement.

9. Underwritten Registrations.

If any of the Transfer Restricted Notes covered by any Shelf Registration statement are to be
sold in an underwritten offering, the Managing Underwriter that will administer the offering will
be selected by the Majority Holders of such Transfer Restricted Notes included in such offering,
subject to the consent of the Company, which is not to be unreasonably withheld; it being expressly
agreed that Wachovia is an acceptable Managing Underwriter to the Company and such Holders shall be
responsible for all underwriting commissions and discounts in connection therewith.

No person may participate in any underwritten registration hereunder unless such person (i)
agrees to sell such person’s Transfer Restricted Notes on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements
and (ii) completes and executes all questionnaires, powers of attorney, custody agreements,
indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements.

10. Miscellaneous. (a) No Inconsistent Agreements. The Company has not, as
of the date hereof, entered into nor shall it, on or after the date hereof, enter into any
agreement that is inconsistent with the rights granted to the Holders herein or otherwise conflicts
with the provisions hereof.

(b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, qualified, modified or supplemented, and waivers
or consents to departures from the provisions hereof may not be given, unless the Company has
obtained the written consent of the Majority Holders. Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that relates exclusively to
the rights of the Holders whose securities are being sold pursuant to an Exchange Offer
Registration Statement or a Shelf Registration Statement and that does not directly or indirectly
affect, impair, limit or compromise the rights of other Holders may be given by Holders of at least
a majority in aggregate principal amount of the applicable notes being sold pursuant to such
registration statement.

(c) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail, telex, telecopier, or air courier
guaranteeing overnight delivery:

(i) if to the Initial Purchasers, as follows:

Wachovia Capital Markets, LLC

One Wachovia Center

301 South College Street

Charlotte, North Carolina 28288-0604

Fax: (704) 383-6596

Attention: High Yield Origination

With a copy to:

Bruce Czachor

Shearman & Sterling LLP

599 Lexington Avenue

New York, NY 10022

Fax: (212) 848-7179

(ii) if to any other Holder, at the most current address given by such Holder to the
Company in accordance with the provisions of this Section 10(c), which address initially is,
with respect to each Holder, the address of such Holder maintained by the registrar under
the Indenture, with a copy in like manner to the Initial Purchaser; and

(iii) if to the Company, as follows:

IKON Office Solutions, Inc.

70 Valley Stream Parkway

Malvern, PA 19355

Attention: Chief Financial Officer

Fax: (610) 408-7028

With a copy to:

Cravath, Swaine & Moore LLP

Worldwide Plaza

825 Eighth Avenue

New York, NY 10019-7475

Attention: Andrew J. Pitts

All such notices and communications shall be deemed to have been duly given when received, if
delivered by hand or air courier, and when sent, if sent by first-class mail, telex or telecopier.

The Company by notice to the others may designate additional or different addresses for
subsequent notices or communications.

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including, without the need for an
express assignment or any consent by the Company thereto, subsequent Holders.

(e) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement.

(f) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

(g) Governing Law and Consent to Jurisdiction. This agreement shall be governed by
and construed in accordance with the laws of the State of New York. The Company (x) submits to the
nonexclusive jurisdiction of the courts of the State of New York and of the United States sitting
in the Borough of Manhattan in respect of any action, claim or proceeding (“Proceeding”)
arising out of or relating to this Agreement or the transactions contemplated hereby, (y)
irrevocably waives, to the fullest extent permitted by applicable law, any objection that it may
now or hereafter have to the laying of venue of any Proceeding in the Supreme Court of the State of
New York, County of New York, or the United States District Court for the Southern District of New
York, and any claim that any Proceeding in any such court has been brought in an inconvenient
forum, and (z) agree that any service of process or other legal summons in connection with any
Proceeding may be served on it by mailing a copy thereof by registered mail, or a form of mail
substantially equivalent thereto, postage prepaid, addressed to the served party at its address as
provided for in Section 10(c). Nothing in this section shall affect the right of the parties to
serve process in any other manner permitted by law.

(h) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstances, is 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 hereof shall not be in any way impaired or
affected thereby, it being intended that all of the rights and privileges of the parties shall be
enforceable to the fullest extent permitted by law.

(i) Notes Held by the Company, Etc. Whenever the consent or approval of Holders of a
specified percentage of principal amount of Transfer Restricted Notes or Exchange Notes is required
hereunder, Transfer Restricted Notes or Exchange Notes held by the Company or any of its Affiliates
(other than subsequent Holders of Transfer Restricted Notes or Exchange Notes if such subsequent
Holders are deemed to be Affiliates solely by reason of their holdings of such Notes) shall not be
counted in determining whether such consent or approval was given by the Holders of such required
percentage.

1

Please confirm that the foregoing correctly sets forth the agreement between and among
the Company and the Initial Purchasers.

Very truly yours,

	 
	 

	IKON OFFICE SOLUTIONS, INC.

	 

	By: /s/ KATHLEEN M. BURNS

	 

	 

	Name: Kathleen M. Burns

	 

	Title: Vice President and Treasurer

	 

2

The foregoing Agreement is hereby acknowledged and accepted as of the date first written
above.

	 
	 

	WACHOVIA CAPITAL MARKETS, LLC

	 

	By: /s/ JEFF GORE

	 

	 

	Name: Jeff Gore

	 

	Title: Director

	 

	LEHMAN BROTHERS INC.

	 

	By: /s/ JOHN COKINOS

	 

	 

	Name: John Cokinos

	 

	Title: Senior Vice President

3

ANNEX A

Each broker-dealer that receives Exchange Notes for its own account pursuant to the Registered
Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Notes. The Letter of Transmittal states that by so acknowledging and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Act. This Prospectus, as it may be amended or supplemented from time to time, may
be used by a broker-dealer during the Exchange Offer Registration Period in connection with resales
of Exchange Notes received in exchange for Notes where such Notes were acquired by such
broker-dealer as a result of market-making activities or other trading activities. The Company has
agreed that, during the Exchange Offer Registration Period, it will make this Prospectus available
to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.”

4

ANNEX B

Each broker-dealer that receives Exchange Notes for its own account in exchange for Notes, where
such Notes were acquired by such broker-dealer as a result of market-making activities or other
trading activities, must acknowledge that it will deliver a prospectus in connection with any
resale of such Exchange Notes during the Exchange Offer Registration Period. See “Plan of
Distribution.”

5

ANNEX C

PLAN OF DISTRIBUTION

Each broker-dealer that receives Exchange Notes for its own account pursuant to the Registered
Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Notes during the Exchange Offer Registration Period. This Prospectus, as it may be
amended or supplemented from time to time, may be used by a broker-dealer in connection with
resales of Exchange Notes received in exchange for Notes where such Notes were acquired as a result
of market-making activities or other trading activities. The Company has agreed that, during the
Exchange Offer Registration Period, it will make this Prospectus, as amended or supplemented,
available to any broker-dealer for use in connection with any such resale.

The Company will not receive any proceeds from any sale of Exchange Notes by broker-dealers.
Exchange Notes received by broker-dealers for their own account pursuant to the Registered Exchange
Offer may be sold from time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the Exchange Notes or a combination of
such methods of resale, at market prices prevailing at the time of resale, at prices related to
such prevailing market prices or negotiated prices. Any such resale may be made directly to
Purchaser or to or through brokers or dealers who may receive compensation in the form of
commissions or concessions from any such broker-dealer and/or the Purchaser of any such Exchange
Notes. Any broker-dealer that resells Exchange Notes that were received by it for its own account
pursuant to the Registered Exchange Offer and any broker or dealer that participates in a
distribution of such Exchange Notes may be deemed to be an “underwriter” within the meaning of the
Act and any profit from any such resale of Exchange Notes and any commissions or concessions
received by any such persons may be deemed to be underwriting compensation under the Act. The
Letter of Transmittal states that by acknowledging that it will deliver and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Act.

During the Exchange Offer Registration Period, the Company will promptly send additional
copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer
that requests such documents in the Letter of Transmittal. The Company has agreed to pay all
expenses incident to the Registered Exchange Offer (including the expenses of one counsel for the
holders of the Notes) other than dealers’ and brokers’ discounts, commissions and counsel fees and
will indemnify the holders of the Notes (including any broker-dealers) against certain liabilities,
including liabilities under the Act.

[If applicable, add information required by Regulation S-K Items 507 and/or 508.]

6

ANNEX D

CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF
THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

Name:

Address:

The undersigned represents that it is not an Affiliate of the Company, that any Exchange Notes
to be received by it will be acquired in the ordinary course of business and that at the time of
the commencement of the Registered Exchange Offer it had no arrangement with any person to
participate in a distribution of the Exchange Notes.

In addition, if the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange Notes. If the
undersigned is a broker-dealer that will receive Exchange Notes for its own account in exchange for
Notes, it represents that the Notes to be exchanged for Exchange Notes were acquired by it as a
result of market-making activities or other trading activities and acknowledges that it will
deliver a prospectus in connection with any resale of such Exchange Notes; however, by so
acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it
is an “underwriter” within the meaning of the Act.

7EX-10.1

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER
THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR P-COM, INC. SHALL HAVE RECEIVED AN
OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE
PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

WARRANT TO PURCHASE

SHARES OF COMMON STOCK

OF

WAVE WIRELESS CORPORATION

Expires September 20, 2010

No.: W-05-09 Number of Shares: 2,102,916

Date of Issuance: September 20, 2005

FOR VALUE RECEIVED, subject to the provisions hereinafter set forth, the undersigned, Wave
Wireless Corporation, a Delaware corporation (together with its successors and assigns, the
"Issuer”), hereby certifies that North Sound Legacy Institutional Fund LLC or its
registered assigns is entitled to subscribe for and purchase, during the Term (as hereinafter
defined), up to Two Million One Hundred Two Thousand Nine Hundred Sixteen (2,102,916) shares
(subject to adjustment as hereinafter provided) of the duly authorized, validly issued, fully paid
and non-assessable Common Stock of the Issuer, at an exercise price per share equal to the Warrant
Price then in effect, subject, however, to the provisions and upon the terms and conditions
hereinafter set forth. Capitalized terms used in this Warrant and not otherwise defined herein
shall have the respective meanings specified in Section 8 hereof.

1. Term. The term of this Warrant shall commence on September 20, 2005 and shall
expire at 5:00 p.m., eastern time, on September 20, 2010 (such period being the “Term”).

2. Method of Exercise Payment; Issuance of New Warrant; Transfer and Exchange.

(a) Time of Exercise. The purchase rights represented by this Warrant may be
exercised in whole or in part during the Term.

(b) Method of Exercise. The Holder hereof may exercise this Warrant, in whole or in
part, by the surrender of this Warrant (with the exercise form attached hereto duly executed) at
the principal office of the Issuer, and by the payment to the Issuer of an amount of consideration
therefor equal to the Warrant Price in effect on the date of such exercise multiplied by the number
of shares of Warrant Stock with respect to which this Warrant is then being exercised, payable at
such Holder’s election (i) by certified or official bank check or by wire transfer to an account
designated by the Issuer, (ii) by “cashless exercise” in accordance with the provisions of
subsection (c) of this Section 2, or (iii) by a combination of the foregoing methods of payment
selected by the Holder of this Warrant.

(c) Cashless Exercise. The Holder may exercise this Warrant by a cashless exercise
and shall receive the number of shares of Common Stock equal to an amount (as determined below) by
surrender of this Warrant at the principal office of the Issuer together with the properly endorsed
Notice of Exercise in which event the Issuer shall issue to the Holder a number of shares of Common
Stock computed using the following formula:

X = Y — (A)(Y)

B

	 	 	 	Where X = the number of shares of Common Stock to be issued to the Holder.

	 	 	 	Y = the number of shares of Common Stock purchasable upon
exercise of all of the Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being exercised.

	 	 	 
	A =

	 	the Warrant Price.
	 
	 	 
	B =

	 	the Per Share Market Value of one share of Common Stock.

(d) Issuance of Stock Certificates. In the event of any exercise of the rights
represented by this Warrant in accordance with and subject to the terms and conditions hereof, (i)
certificates for the shares of Warrant Stock so purchased shall be dated the date of such exercise
and delivered to the Holder hereof within a reasonable time, not exceeding three (3) Trading Days
after such exercise or, at the request of the Holder, issued and delivered to the Depository Trust
Company (“DTC”) account on the Holder’s behalf via the Deposit Withdrawal Agent Commission
System (“DWAC”) within a reasonable time, not exceeding three (3) Trading Days after such
exercise, and the Holder hereof shall be deemed for all purposes to be the holder of the shares of
Warrant Stock so purchased as of the date of such exercise and (ii) unless this Warrant has
expired, a new Warrant representing the number of shares of Warrant Stock, if any, with respect to
which this Warrant shall not then have been exercised (less any amount thereof which shall have
been canceled in payment of the Warrant Price as hereinabove provided) shall also be issued to the
Holder hereof at the Issuer’s expense within such time. All shares of Warrant Stock received upon
exercise of this Warrant shall be freely tradeable and will not be subject to a restrictive legend
on the certificates evidencing such shares.

(e) Transferability of Warrant. This Warrant may be transferred by a Holder by
surrendering this Warrant at the principal office of the Issuer, properly endorsed (by the Holder
executing an assignment in the form attached hereto) and upon payment of any necessary transfer tax
or other governmental charge imposed upon such transfer. If transferred pursuant to this
paragraph, this Warrant may be transferred on the books of the Issuer by the Holder hereof in
person or by duly authorized attorney. This Warrant is exchangeable at the principal office of the
Issuer for Warrants for the purchase of the same aggregate number of shares of Warrant Stock, each
new Warrant to represent the right to purchase such number of shares of Warrant Stock as the Holder
hereof shall designate at the time of such exchange. All Warrants issued on transfers or exchanges
shall be dated the Original Issue Date and shall be identical with this Warrant except as to the
name of the Holder or the number of shares of Warrant Stock, as applicable.

(f) Continuing Rights of Holder. The Issuer will, at the time of or at any time after
each exercise of this Warrant, upon the request of the Holder hereof, acknowledge in writing the
extent, if any, of its continuing obligation to afford to such Holder all rights to which such
Holder shall continue to be entitled after such exercise in accordance with the terms of this
Warrant, provided that if any such Holder shall fail to make any such request, the failure
shall not affect the continuing obligation of the Issuer to afford such rights to such Holder.

3. Stock Fully Paid; Reservation and Listing of Shares; Covenants.

(a) Stock Fully Paid. The Issuer represents, warrants, covenants and agrees that all
shares of Warrant Stock which may be issued upon the exercise of this Warrant or otherwise
hereunder will, when issued in accordance with the terms of this Warrant, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by
or through the Issuer. The Issuer further covenants and agrees that during the period within which
this Warrant may be exercised, the Issuer will at all times have authorized and reserved for the
purpose of the issue upon exercise of this Warrant a sufficient number of shares of Common Stock to
provide for the exercise of this Warrant.

(b) Reservation. If any shares of Common Stock required to be reserved for issuance
upon exercise of this Warrant or as otherwise provided hereunder require registration or
qualification with any governmental authority under any federal or state law before such shares may
be so issued, the Issuer will in good faith use its reasonable best efforts as expeditiously as
possible at its expense to cause such shares to be duly registered or qualified. If the Issuer
shall list any shares of Common Stock on any securities exchange or market it will, at its expense,
list thereon, maintain and increase when necessary such listing, of, all shares of Warrant Stock
from time to time issued upon exercise of this Warrant or as otherwise provided hereunder and, to
the extent permissible under the applicable securities exchange rules, all unissued shares of
Warrant Stock which are at any time issuable hereunder, so long as any shares of Common Stock shall
be so listed. The Issuer will also so list on each securities exchange or market, and will
maintain such listing of, any other securities which the Holder of this Warrant shall be entitled
to receive upon the exercise of this Warrant if at the time any securities of the same class shall
be listed on such securities exchange or market by the Issuer.

(c) Covenants. The Issuer shall not by any action including, without limitation,
amending the Certificate of Incorporation or the by-laws of the Issuer, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant, but will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such actions as may be necessary or appropriate to protect the rights of the
Holder hereof against dilution (to the extent specifically provided herein) or impairment. Without
limiting the generality of the foregoing, the Issuer will (i) not permit the par value, if any, of
its Common Stock to exceed the then effective Warrant Price, (ii) not amend or modify any provision
of the Certificate of Incorporation or by-laws of the Issuer in any manner that would adversely
affect the rights of the Holders of the Warrants in their capacity as Holders of the Warrants,
(iii) take all such action as may be reasonably necessary in order that the Issuer may validly and
legally issue fully paid and nonassessable shares of Common Stock, free and clear of any liens,
claims, encumbrances and restrictions (other than as provided herein) upon the exercise of this
Warrant, and (iv) use its reasonable best efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be reasonably necessary
to enable the Issuer to perform its obligations under this Warrant.

(d) Loss, Theft, Destruction of Warrants. Upon receipt of an affidavit of loss and
other evidence satisfactory to the Issuer of the ownership of and the loss, theft, destruction or
mutilation of any Warrant and upon receipt of indemnity or security satisfactory to the Issuer or,
in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Issuer
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant
of like tenor and representing the right to purchase the same number of shares of Common Stock.

4. Adjustment of Warrant Price and Warrant Share Number. The number of shares of
Common Stock for which this Warrant is exercisable, and the price at which such shares may be
purchased upon exercise of this Warrant, shall be subject to adjustment from time to time as set
forth in this Section 4. The Issuer shall give the Holder notice of any event described below which
requires an adjustment pursuant to this Section 4 in accordance with Section 5. Notwithstanding
anything contained herein to the contrary, the Warrant Price shall not be adjusted pursuant to
Section 4(d) or (e) hereof to a price that is less than the Per Share Market Value on the Original
Issue Date.

(a) Recapitalization, Reorganization, Reclassification, Consolidation, Merger or Sale.

(i) In case the Issuer after the Original Issue Date shall do any of the following
(each, a “Triggering Event”): (a) consolidate or merge with or into another
corporation where the holders of outstanding Voting Stock prior to such merger or
consolidation do not own over 50% of the outstanding Voting Stock of the merged or
consolidated entity immediately after such merger or consolidation, or (b) sell all or
substantially all of its properties or assets to any other Person, or (c) change the Common
Stock to the same or different number of shares of any class or classes of stock, whether by
reclassification, exchange, substitution or otherwise (other than by way of a stock split or
combination of shares or stock dividends provided for in Section 4(b)), or (d) effect a
capital reorganization (other than by way of a stock split or combination of shares or stock
dividends provided for in Section 4(b)), then, and in the case of each such Triggering
Event, proper provision shall be made so that, upon the basis and the terms and in the
manner provided in this Warrant, the Holder of this Warrant shall be entitled upon the
exercise hereof at any time after the consummation of such Triggering Event, to the extent
this Warrant is not exercised prior to such Triggering Event, to receive at the Warrant
Price in effect at the time immediately prior to the consummation of such Triggering Event
in lieu of the Common Stock issuable upon such exercise of this Warrant prior to such
Triggering Event, the securities, cash and property to which such Holder would have been
entitled upon the consummation of such Triggering Event if such Holder had exercised the
rights represented by this Warrant immediately prior thereto, subject to adjustments
(subsequent to such corporate action) as nearly equivalent as possible to the adjustments
provided for elsewhere in this Section 4. The Issuer will not effect any consolidation,
merger or sale or conveyance unless prior to the consummation thereof, the successor or
acquiring entity (if other than the Issuer) and, if an entity different from the successor
or acquiring entity, the entity whose capital stock or assets the holders of the Common
Stock of the Issuer are entitled to receive as a result of such consolidation, merger or
sale or conveyance assumes by written instrument the obligations under this Section 4 and
the obligations to deliver to the holder of this Warrant such shares of stock, securities or
assets as, in accordance with the foregoing provisions, the holder may be entitled to
acquire.

(ii) Notwithstanding anything contained in this Warrant to the contrary, a Triggering
Event shall not be deemed to have occurred if, prior to the consummation thereof, each
Person (other than the Issuer) which may be required to deliver any securities, cash or
property upon the exercise of this Warrant as provided herein shall assume, by written
instrument delivered to, and reasonably satisfactory to, the Holder of this Warrant, (A) the
obligations of the Issuer under this Warrant (and if the Issuer shall survive the
consummation of such Triggering Event, such assumption shall be in addition to, and shall
not release the Issuer from, any continuing obligations of the Issuer under this Warrant)
and (B) the obligation to deliver to such Holder such shares of securities, cash or property
as, in accordance with the foregoing provisions of this subsection (a), such Holder shall be
entitled to receive, and such Person shall have similarly delivered to such Holder a written
acknowledgement executed by the President or Chief Financial Officer of the Issuer, stating
that this Warrant shall thereafter continue in full force and effect and the terms hereof
(including, without limitation, all of the provisions of this subsection (a)) shall be
applicable to the securities, cash or property which such Person may be required to deliver
upon any exercise of this Warrant or the exercise of any rights pursuant hereto.

(b) Stock Dividends, Subdivisions and Combinations. If at any time the Issuer shall:

(i) make or issue or set a record date for the holders of its Common Stock for the
purpose of entitling them to receive a dividend payable in, or other distribution of, shares
of Common Stock,

(ii) effect a stock split of its outstanding shares of Common Stock into a larger
number of shares of Common Stock, or

(iii) combine its outstanding shares of Common Stock into a smaller number of shares of
Common Stock,

then (1) the number of shares of Common Stock for which this Warrant is exercisable immediately
after the occurrence of any such event shall be adjusted to equal the number of shares of Common
Stock which a record holder of the same number of shares of Common Stock for which this Warrant is
exercisable immediately prior to the occurrence of such event would own or be entitled to receive
after the happening of such event, and (2) the Warrant Price then in effect shall be adjusted to
equal (A) the Warrant Price then in effect multiplied by the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of
shares of Common Stock for which this Warrant is exercisable immediately after such adjustment.

Notwithstanding the foregoing, if such record date shall have been fixed and such dividend is not
fully paid or if such distribution is not fully made on the date fixed therefor, the Warrant Price
shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or
distributions.

(c) Form of Warrant after Adjustments. The form of this Warrant need not be changed
because of any adjustments in the Warrant Price or the number and kind of Securities purchasable
upon the exercise of this Warrant.

5. Notice of Adjustments. Whenever the Warrant Price or Warrant Share Number shall be
adjusted pursuant to Section 4 hereof (for purposes of this Section 5, each an “adjustment”), the
Issuer shall cause its Chief Financial Officer to prepare and execute a certificate setting forth,
in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method
by which such adjustment was calculated, and the Warrant Price and Warrant Share Number after
giving effect to such adjustment, and shall cause copies of such certificate to be delivered to the
Holder of this Warrant promptly after each adjustment.

6. Fractional Shares. No fractional shares of Warrant Stock will be issued in
connection with and exercise hereof, but in lieu of such fractional shares, the Issuer shall make a
cash payment therefor equal in amount to the product of the applicable fraction multiplied by the
Per Share Market Value then in effect.

7. Ownership Cap and Certain Exercise Restrictions. Notwithstanding anything to the
contrary set forth in this Warrant, at no time may a Holder of this Warrant exercise this Warrant
if the number of shares of Common Stock to be issued pursuant to such exercise would exceed, when
aggregated with all other shares of Common Stock owned by such Holder at such time, the number of
shares of Common Stock which would result in such Holder owning more than 4.999% of all of the
Common Stock outstanding at such time; provided, however, that upon a holder of this Warrant
providing the Issuer with sixty-one (61) days notice (pursuant to Section 12 hereof) (the “Waiver
Notice”) that such Holder would like to waive this Section 7 with regard to any or all shares of
Common Stock issuable upon exercise of this Warrant, this Section 7 will be of no force or effect
with regard to all or a portion of the Warrant referenced in the Waiver Notice; provided, further,
that this provision shall be of no further force or effect during the sixty-one (61) days
immediately preceding the expiration of the term of this Warrant.

8. Definitions. For the purposes of this Warrant, the following terms have the
following meanings:

"Capital Stock” means and includes (i) any and all shares, interests,
participations or other equivalents of or interests in (however designated) corporate stock,
including, without limitation, shares of preferred or preference stock, (ii) all partnership
interests (whether general or limited) in any Person which is a partnership, (iii) all
membership interests or limited liability company interests in any limited liability
company, and (iv) all equity or ownership interests in any Person of any other type.

"Certificate of Incorporation” means the Certificate of Incorporation of the
Issuer as in effect on the Original Issue Date, and as hereafter from time to time amended,
modified, supplemented or restated in accordance with the terms hereof and thereof and
pursuant to applicable law.

"Common Stock” means the Common Stock, par value $.0001 per share, of the
Issuer and any other Capital Stock into which such stock may hereafter be changed.

"Holders” mean the Persons who shall from time to time own any Warrant. The
term “Holder” means one of the Holders.

"Independent Appraiser” means a nationally recognized or major regional
investment banking firm or firm of independent certified public accountants of recognized
standing (which may be the firm that regularly examines the financial statements of the
Issuer) that is regularly engaged in the business of appraising the Capital Stock or assets
of corporations or other entities as going concerns, and which is not affiliated with either
the Issuer or the Holder of any Warrant.

"Issuer” means Wave Wireless Corporation, a Delaware corporation, and its
successors.

"Majority Holders” means at any time the Holders of Warrants exercisable for at
least 51% of the shares of Warrant Stock issuable under the Warrants at the time
outstanding.

"Nasdaq” means the Nasdaq National Market or the Nasdaq SmallCap Market.

"Original Issue Date” means September 20, 2005.

"OTC Bulletin Board” means the over-the-counter electronic bulletin board.

"Person” means an individual, corporation, limited liability company,
partnership, joint stock company, trust, unincorporated organization, joint venture,
governmental authority or other entity of whatever nature.

"Per Share Market Value” means on any particular date (a) the average of the
closing bid and asked price per share of the Common Stock on such date on Nasdaq or another
registered national stock exchange on which the Common Stock is then listed, or if there is
no such price on such date, then the average of the closing bid and asked price on such
exchange or quotation system on the date nearest preceding such date, or (b) if the Common
Stock is not listed then on Nasdaq or any registered national stock exchange, the closing
bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC
Bulletin Board or in the National Quotation Bureau Incorporated or similar organization or
agency succeeding to its functions of reporting prices) at the close of business on such
date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the
National Quotation Bureau Incorporated (or similar organization or agency succeeding to its
functions of reporting prices), then the average of the “Pink Sheet” quotes for the relevant
conversion period, as determined in good faith by the holder, or (d) if the Common Stock is
not then publicly traded the fair market value of a share of Common Stock as determined by
an Independent Appraiser selected in good faith by the Majority Holders; provided,
however, that the Issuer, after receipt of the determination by such Independent
Appraiser, shall have the right to select an additional Independent Appraiser, in which
case, the fair market value shall be equal to the average of the determinations by each such
Independent Appraiser; and provided, further that all determinations of the
Per Share Market Value shall be appropriately adjusted for any stock dividends, stock splits
or other similar transactions during such period. The determination of fair market value by
an Independent Appraiser shall be based upon the fair market value of the Issuer determined
on a going concern basis as between a willing buyer and a willing seller and taking into
account all relevant factors determinative of value, and shall be final and binding on all
parties. .

"Securities” means any debt or equity securities of the Issuer, whether now or
hereafter authorized, any instrument convertible into or exchangeable for Securities or a
Security, and any option, warrant or other right to purchase or acquire any Security.
“Security” means one of the Securities.

"Securities Act” means the Securities Act of 1933, as amended, or any similar
federal statute then in effect.

"Subsidiary” means any corporation at least 50% of whose outstanding Voting
Stock shall at the time be owned directly or indirectly by the Issuer or by one or more of
its Subsidiaries, or by the Issuer and one or more of its Subsidiaries.

"Term” has the meaning specified in Section 1 hereof.

"Trading Day” means (a) a day on which the Common Stock is traded on Nasdaq, or
(b) if the Common Stock is not listed on Nasdaq, a day on which the Common Stock is traded
on any other registered national stock exchange, or (c) if the Common Stock is not traded on
any other registered national stock exchange, a day on which the Common Stock is traded on
the OTC Bulletin Board, or (d) if the Common Stock is not traded on the OTC Bulletin Board,
a day on which the Common Stock is quoted in the over-the-counter market as reported by the
National Quotation Bureau Incorporated (or any similar organization or agency succeeding its
functions of reporting prices); provided, however, that in the event that
the Common Stock is not listed or quoted as set forth in (a), (b) or (c) hereof, then
Trading Day shall mean any day except Saturday, Sunday and any day which shall be a legal
holiday or a day on which banking institutions in the State of New York are authorized or
required by law or other government action to close.

"Voting Stock” means, as applied to the Capital Stock of any corporation,
Capital Stock of any class or classes (however designated) having ordinary voting power for
the election of a majority of the members of the board of directors (or other governing
body) of such corporation, other than Capital Stock having such power only by reason of the
happening of a contingency.

"Warrants” means the Warrants issued and sold pursuant to the Purchase
Agreement, including, without limitation, this Warrant, and any other warrants of like tenor
issued in substitution or exchange for any thereof pursuant to the provisions of Section
2(c), 2(d) or 2(e) hereof or of any of such other Warrants.

"Warrant Price” initially means $0.001 as such Warrant Price may be adjusted
from time to time as shall result from the adjustments specified in this Warrant, including
Section 4 hereto.

"Warrant Share Number” means at any time the aggregate number of shares of
Warrant Stock which may at such time be purchased upon exercise of this Warrant, after
giving effect to all prior adjustments and increases to such number made or required to be
made under the terms hereof.

"Warrant Stock” means Common Stock issuable upon exercise of any Warrant or
Warrants or otherwise issuable pursuant to any Warrant or Warrants.

9. Other Notices. In case at any time:

	 	(A)	 	the Issuer shall make any
distributions to the holders of Common Stock; or

	 	(B)	 	the Issuer shall authorize the
granting to all holders of its Common Stock of rights to
subscribe for or purchase any shares of Capital Stock of any
class or other rights; or

	 	(C)	 	there shall be any
reclassification of the Capital Stock of the Issuer; or

	 	(D)	 	there shall be any capital
reorganization by the Issuer; or

	 	(E)	 	there shall be any (i)
consolidation or merger involving the Issuer or (ii) sale,
transfer or other disposition of all or substantially all of the
Issuer’s property, assets or business (except a merger or other
reorganization in which the Issuer shall be the surviving
corporation and its shares of Capital Stock shall continue to be
outstanding and unchanged and except a consolidation, merger,
sale, transfer or other disposition involving a wholly-owned
Subsidiary); or

	 	(F)	 	there shall be a voluntary or
involuntary dissolution, liquidation or winding-up of the Issuer
or any partial liquidation of the Issuer or distribution to
holders of Common Stock;

then, in each of such cases, the Issuer shall give written notice to the Holder of the date on
which (i) the books of the Issuer shall close or a record shall be taken for such dividend,
distribution or subscription rights or (ii) such reorganization, reclassification, consolidation,
merger, disposition, dissolution, liquidation or winding-up, as the case may be, shall take place.
Such notice also shall specify the date as of which the holders of Common Stock of record shall
participate in such dividend, distribution or subscription rights, or shall be entitled to exchange
their certificates for Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, disposition, dissolution, liquidation or
winding-up, as the case may be. Such notice shall be given at least twenty (20) days prior to the
record date or effective date for the event specified in such notice.

10. Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant
may be amended, or compliance therewith may be waived (either generally or in a particular instance
and either retroactively or prospectively), by a written instrument or written instruments executed
by the Issuer and the Majority Holders; provided, however, that no such amendment
or waiver shall reduce the Warrant Share Number, increase the Warrant Price, shorten the period
during which this Warrant may be exercised or modify any provision of this Section 10 without the
consent of the Holder of this Warrant.

11. Governing Law. This Warrant shall be governed by and construed in accordance with
the laws of the State of Delaware, without giving effect to principles of conflicts of law. Each of
the Issuer and the Holder (i) hereby irrevocably submits to the exclusive jurisdiction of the
United States District Court sitting in the District of Delaware and the courts of the State of
Delaware for the purposes of any suit, action or proceeding arising out of or relating to this
Warrant or any of the other Transaction Documents (as defined in the Purchase Agreement) or the
transactions contemplated hereby or thereby and (ii) hereby waives, and agrees not to assert in any
such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such court, that the suit, action or proceeding is brought in an inconvenient forum or that the
venue of the suit, action or proceeding is improper. Each of the Issuer and the Holder consents to
process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address in effect for notices to it under the Purchase Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing in
this Section 11 shall affect or limit any right to serve process in any other manner permitted by
law.

12. Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earlier of (i) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified for notice prior to 5:00 p.m., eastern time,
on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified for notice
later than 5:00 p.m., eastern time, on any date and earlier than 11:59 p.m., eastern time, on such
date, (iii) the Trading Day following the date of mailing, if sent by overnight delivery by
nationally recognized overnight courier service or (iv) actual receipt by the party to whom such
notice is required to be given. The addresses for such communications shall be with respect to the
Holder of this Warrant or of Warrant Stock issued pursuant hereto, addressed to such Holder at its
last known address or facsimile number appearing on the books of the Issuer maintained for such
purposes, or with respect to the Issuer, addressed to:

Wave Wireless Corporation

1996 Lundy Avenue

San Jose, CA 95131

Attention: Chief Executive Officer

Telephone: 408-943-4200

Fascimile: 408-943-4305

Copies of notices to Holder shall be sent to such address as Holder shall have provided in writing
to the Company, or at such other address as Holder furnishes by notice given in accordance with
this Section 12. Any party hereto may from time to time change its address for notices by giving
at least ten (10) days written notice of such changed address to the other party hereto.

13. Warrant Agent. The Issuer may, by written notice to each Holder of this Warrant,
appoint an agent having an office in New York, New York for the purpose of issuing shares of
Warrant Stock on the exercise of this Warrant pursuant to subsection (b) of Section 2 hereof,
exchanging this Warrant pursuant to subsection (d) of Section 2 hereof or replacing this Warrant
pursuant to subsection (d) of Section 3 hereof, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such office by such agent.

14. Remedies. The Issuer stipulates that the remedies at law of the Holder of this
Warrant in the event of any default or threatened default by the Issuer in the performance of or
compliance with any of the terms of this Warrant are not and will not be adequate and that, to the
fullest extent permitted by law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an injunction against a violation of
any of the terms hereof or otherwise.

15. Successors and Assigns. This Warrant and the rights evidenced hereby shall inure
to the benefit of and be binding upon the successors and assigns of the Issuer, the Holder hereof
and (to the extent provided herein) the Holders of Warrant Stock issued pursuant hereto, and shall
be enforceable by any such Holder or Holder of Warrant Stock.

16. Modification and Severability. If, in any action before any court or agency
legally empowered to enforce any provision contained herein, any provision hereof is found to be
unenforceable, then such provision shall be deemed modified to the extent necessary to make it
enforceable by such court or agency. If any such provision is not enforceable as set forth in the
preceding sentence, the unenforceability of such provision shall not affect the other provisions of
this Warrant, but this Warrant shall be construed as if such unenforceable provision had never been
contained herein.

17. Headings. The headings of the Sections of this Warrant are for convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

1

IN WITNESS WHEREOF, the Issuer has executed this Warrant as of the day and year first above
written.

WAVE WIRELESS CORPORATION

By:

Name: Daniel W. Rumsey

Title: Acting Chief Executive Officer

2

EXERCISE FORM

WAVE WIRELESS CORPORATION

The undersigned      , pursuant to the provisions of the within Warrant, hereby elects to
exercise this Warrant for      shares of Common Stock of Wave Wireless Corporation

	 	 	 	 	 	 	 	 	 
	Dated: _________________
	 	Signature
	 	 	—	 
	 
	 	Address
	 	 	—	 

     

Number of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on
the date of Exercise:      

ASSIGNMENT

FOR VALUE RECEIVED,      hereby sells, assigns and transfers unto      
the within Warrant and all rights evidenced thereby and does irrevocably constitute and appoint
     , attorney, to transfer the said Warrant on the books of the within named corporation.

	 	 	 	 	 	 	 	 	 
	Dated: _________________
	 	Signature
	 	 	—	 
	 
	 	Address
	 	 	—	 

     

PARTIAL ASSIGNMENT

FOR VALUE RECEIVED,      hereby sells, assigns and transfers unto      
the right to purchase      shares of Warrant Stock evidenced by the within Warrant together
with all rights therein, and does irrevocably constitute and appoint      , attorney,
to transfer that part of the said Warrant on the books of the within named corporation.

	 	 	 	 	 	 	 	 	 
	Dated: _________________
	 	Signature
	 	 	—	 
	 
	 	Address
	 	 	—	 

     

3

FOR USE BY THE ISSUER ONLY:

This Warrant No. W-     canceled (or transferred or exchanged) this      day of      ,      ,
shares of Common Stock issued therefor in the name of      , Warrant No. W-     issued
for      shares of Common Stock in the name of      .

4

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