Document:

Exhibit 10.5

 Exhibit 10.5 
  
 EXECUTION ORIGINAL 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of the 10th day of February, 2005 between Computer Software Innovations, Inc., a corporation organized and existing under the laws of the State of
Delaware and formerly known as VerticalBuyer, Inc. (the “Company”), and Barron Partners LP, a Delaware limited partnership (hereinafter referred to as the “Investor”). 
  
 PRELIMINARY STATEMENT 
  
 WHEREAS, pursuant to the Preferred Stock Purchase Agreement, of even
date herewith, by and among the Company and the Investor (the “Preferred Stock Purchase Agreement”), as part of the consideration, Investor shall receive Preferred Stock and Warrants, which upon conversion and exercise, in accordance with
the terms of the Preferred Stock Purchase Agreement and Warrants, entitle the Investor to receive Shares of Common Stock of the Company; and 
  
 WHEREAS, the ability of the Investor to sell its Shares is subject to certain restrictions under the 1933 Act; and 
  
 WHEREAS, as a condition to the Preferred Stock Purchase Agreement, the
Company has agreed to provide the Investor with a mechanism that will permit the Investor, subject to a market stand-off agreement, to sell its Shares in the future. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements, and subject to the terms
and conditions herein contained, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  
 INCORPORATION BY REFERENCE, SUPERSEDER 
  
 1.1
Incorporation by Reference. The foregoing recitals and the Exhibits attached hereto and referred to herein, are hereby acknowledged to be true and accurate, and are incorporated herein by this reference. 
  
 1.2 Superseder. This Agreement, to the extent that it is inconsistent with any other
instrument or understanding among the parties governing the subject matter of this Agreement, shall supersede such instrument or understanding to the fullest extent permitted by law. A copy of this Agreement shall be filed at the Company’s
principal office. 
  
 1.3 Definitions: Capitalized terms not otherwise
defined herein shall have the meaning ascribed to such terms in the Preferred Stock Purchase Agreement. 

 ARTICLE II 
  

DEMAND REGISTRATION RIGHTS 
  
 2.1 “Registrable Securities” means and includes the Shares underlying the Preferred Stock and the Warrants issued pursuant to the Preferred Stock
Purchase Agreement and the Warrants. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when (a) they have been effectively registered under the 1933 Act and disposed of in accordance with the
registration statement covering them, (b) they are or may be freely traded without registration pursuant to Rule 144 under the 1933 Act (or any similar provisions that are then in effect), or (c) they have been otherwise transferred and new
certificates for them not bearing a restrictive legend have been issued by the Company and the Company shall not have “stop transfer” instructions against them. “Shares” shall mean, collectively, the shares of
Common Stock of the Company issuable upon conversion of the Preferred Stock and those shares of Common Stock of the Company issuable to the Investor upon exercise of the Warrants. 
  
 2.2 Registration of Registrable Securities. The Company shall prepare and file within forty-five (45) days following the date
hereof (the “Filing Date”) a registration statement (the “Registration Statement”) covering the resale of the Registrable Securities. The Company shall use its best efforts to cause the Registration
Statement to be declared effective by the SEC on the earlier of (i) 120 days following the Closing Date with respect to the Registration Statement, (ii) ten (10) days following the receipt of a “No Review” or similar letter from the SEC or
(iii) the first business day following the day the SEC determines the Registration Statement eligible to be declared effective (the “Required Effectiveness Date”). Nothing contained herein shall be deemed to limit the number
of Registrable Securities to be registered by the Company hereunder. As a result, should the Registration Statement not relate to the maximum number of Registrable Securities acquired by (or potentially acquirable by) the holders of the Preferred
Stock and Warrants issued to the Investor pursuant to the Preferred Stock Purchase Agreement, the Company shall be required to promptly file a separate registration statement (utilizing Rule 462 promulgated under the Exchange Act, where applicable)
relating to such Registrable Securities which then remain unregistered. The provisions of this Agreement shall relate to any such separate registration statement as if it were an amendment to the Registration Statement. 
  
 2.3 Demand Registration. Subject to the limitations of Section 2.2, at any
time, the Investor may request the registration, once and only once, under the 1933 Act of all or part of the Registrable Shares then outstanding (a “Demand Registration”). Subject to the conditions of Section 3, the Company
shall use its best efforts to file such registration statement under the 1933 Act as promptly as practicable after the date any such request is received by the Company and to cause such registration statement to be declared effective. The Company
shall notify the Investor promptly when any such registration statement has been declared effective. If more than eighty percent (80%) of the Shares issuable under the Preferred Stock Purchase Agreement have been registered or sold, this provision
shall expire. 
  

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 2.4 Registration Statement Form. Registrations under Section 2.2 and Section 2.3 shall be on the
appropriate registration form of the SEC as shall permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition specified in the Registration Statement; provided, however, such intended method
of disposition shall not include an underwritten offering of the Registrable Securities. 
  
 2.5 Expenses. The Company will pay all Registration Expenses in connection with any registration required under Section 2.2 and Section 2.3 herein. “Registration Expenses” means all
expenses incident to the Company’s performance or compliance with this Article 2 (excluding Section 2.8), including, without limitation, all registration and filing fees, all fees and expenses of complying with securities or Blue Sky laws
(including reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Securities), rating agencies fees, all printing expenses, messenger and delivery expenses, internal expenses (including, without
limitation, all fees and expenses of its officers and employees performing legal or accounting duties), the fees and expenses incurred in connection with the listing of the securities (if applicable), the fees and disbursements of counsel for the
Company and its independent public accountants, including the expenses of any special auditors required by or incident to such performance and compliance, and the reasonable fees and expenses of one counsel for the holders of the Registrable
Securities, but excluding all underwriting discounts and commissions and transfer taxes, if any, and documentary stamp taxes, if any, relating to the sale and disposition of a Holder’s Shares pursuant to the Registration Statement. 

 
 2.6 Effective Registration Statement. A registration requested pursuant to
Section 2.2 and Section 2.3 shall not be deemed to have been effected (i) unless a registration statement with respect thereto has become effective within the time period specified herein, provided that a registration which does not become effective
after the Company filed a registration statement (or amendment thereto) with respect thereto solely by reason of the refusal to proceed of any holder of Registrable Securities (other than a refusal to proceed based upon the advice of counsel in the
form of a letter signed by such counsel and provided to the Company relating to a disclosure matter unrelated to such holder) shall be deemed to have been effected by the Company, (ii) if, after it has become effective, such registration becomes
subject to any stop order, injunction or other order or extraordinary requirement of the SEC or other governmental agency or court for any reason or (iii) if, after it has become effective, such registration ceases to be effective for more than the
allowable Black-Out Periods (as defined herein). 
  
 2.7 Plan Of
Distribution. The Company hereby agrees that the Registration Statement shall include a plan of distribution section reasonably acceptable to the Investor; provided, however, such plan of distribution section shall be modified by the Company
so as to not provide for the disposition of the Registrable Securities on the basis of an underwritten offering. 
  

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 2.8 Liquidated Damages. If, (i) after four (4) months from the date hereof, the Company does not register
the Registrable Securities pursuant to the requirements of Section 2.2 herein, or (ii) the Registration Statement filed pursuant to Section 2.2 herein is not declared effective, or (iii) the Registrable Securities are registered pursuant to an
effective Registration Statement and such Registration Statement or other Registration Statement including the Registrable Securities is not effective in the period from four months from the date hereof through two years following the date hereof,
the Company shall, for each such day, pay the Purchaser, as liquidated damages (“Liquidated Damages”) and not as a penalty, an amount equal to twenty-five percent (25%) of the Purchase Price per annum; and for any such day, such
payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs. In addition, if the Company has not filed a registration statement within the forty-five (45) day period after
Closing as specified in 2.2, the Company shall, for each such day after forty-five (45) days from Closing and until the filing of a registration statement, pay the Purchaser, as liquidated damages and not as a penalty, an amount equal to twenty-five
(25%) of the Purchase Price per annum; and for any such day, such payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs. 
  
 The foregoing provisions notwithstanding, the Company shall not pay Liquidated Damages with
respect to clause (iii) above for (x) any day during a Black-Out Period, or (y) any day during which the Registration Statement is not effective following the filing of an amendment thereto by the Company on advise of counsel that such filing is
required to disclose any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement (an “Amendment Day”); provided, however, that (i) the Company shall have the benefit of no more than forty-five (45) Amendment Days during any 12-month period, (ii) the Company shall exercise
its good faith best efforts to promptly file any such amendment and to cause it to be declared effective by the SEC as soon as reasonably practicable, and (iii) for the purposes of this Agreement, any such amendment shall be deemed a continuation
and modification to the Registration Statement to which it relates and not new Registration Statement. 
  
 The parties agree that the only damages payable for a violation of the terms of this Agreement with respect to which liquidated damages are expressly provided shall be such liquidated damages. Nothing shall preclude
the Investor from pursuing or obtaining specific performance or other equitable relief with respect to this Agreement. 
  
 The parties hereto agree that the liquidated damages provided for in this Section 2.8 constitute a reasonable estimate of the damages that may be incurred by the Investor
by reason of the failure of the Registration Statement to be filed or declared effective in accordance with the provisions hereof. 
  

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 The obligation of the Company terminates when the holder of initial Registrable Securities no longer holds more than
twenty percent (20%) of its initial Registrable Securities. 
  
 ARTICLE III 
  
 INCIDENTAL REGISTRATION
RIGHTS 
  
 3.1 Right To Include (“Piggy-Back”)
Registrable Securities. Provided that the Registrable Securities have not been registered, if at any time after the Closing but before the second anniversary of the issuance of the Registrable Securities, the Company proposes to register any
of its securities under the 1933 Act (other than by a registration in connection with an acquisition in a manner which would not permit registration of Registrable Securities for sale to the public, on Form S-8, or any successor form thereto, on
Form S-4, or any successor form thereto and other than pursuant to Section 2), on an underwritten basis (either best-efforts or firm-commitment), then, the Company will each such time give prompt written notice to all holders of Registrable
Securities of its intention to do so and of such holders of Registrable Securities’ rights under this Section 3.1. Upon the written request of any such holders of Registrable Securities made within ten (10) days after the receipt of any such
notice (which request shall specify the Registrable Securities intended to be disposed of by such holders of Registrable Securities and the intended method of disposition thereof), the Company will, subject to the terms of this Agreement, use its
commercially reasonable best efforts to effect the registration under the 1933 Act of the Registrable Securities, to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) of such Registrable
Securities so to be registered, by inclusion of such Registrable Securities in the registration statement which covers the securities which the Company proposes to register, provided that if, at any time after written notice of its intention to
register any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason either not to register or to delay registration of such securities, the
Company may, at its election, give written notice of such determination to each holders of Registrable Securities and, thereupon, (i) in the case of a determination not to register, shall be relieved of this obligation to register any Registrable
Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any holder or holders of Registrable Securities entitled to do so to
request that such registration be effected as a registration under Section 2, and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities, for the same period as the delay in
registering such other securities. No registration effected under this Section 3.1 shall relieve the Company of its obligation to effect any registration upon request under Section 2. The Company will pay all Registration Expenses in connection with
each registration of Registrable Securities requested pursuant to this Section 3.1. The right provided the Holders of the Registrable Securities pursuant to this Section shall be exercisable at their sole discretion and will in no way limit any of
the Company’s obligations to pay the Registrable Securities according to their terms. 
  

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 3.2 Priority In Incidental Registrations. If the managing underwriter of the underwritten offering
contemplated by this Section 3 shall inform the Company and holders of the Registrable Securities requesting such registration by letter of its belief that the number of securities requested to be included in such registration exceeds the number
which can be sold in such offering, then the Company will include in such registration, to the extent of the number which the Company is so advised can be sold in such offering, (i) first securities proposed by the Company to be sold for its own
account, and (ii) second Registrable Securities and (iii) securities of other selling security holders requested to be included in such registration. 
  
 ARTICLE IV 
  
 REGISTRATION PROCEDURES  
  
 4.1 Registration Procedures. If and whenever the Company is required to effect the registration of any Registrable Securities under the 1933 Act as provided in Section 2.2 and, as applicable, 2.3, the
Company shall, as expeditiously as possible: 
  
 (i) prepare and
file with the SEC the Registration Statement, or amendments thereto, to effect such registration (including such audited financial statements as may be required by the 1933 Act or the rules and regulations promulgated thereunder) and thereafter use
its commercially reasonable best efforts to cause such registration statement to be declared effective by the SEC, as soon as practicable, but in any event no later than the Required Effectiveness Date (with respect to a registration pursuant to
Section 2.2); provided, however, that before filing such registration statement or any amendments thereto, the Company will furnish to the counsel selected by the holders of Registrable Securities which are to be included in such registration,
copies of all such documents proposed to be filed; 
  
 (ii) with
respect to any registration statement pursuant to Section 2.2 or Section 2.3, prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep
such registration statement effective and to comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such registration statement until the earlier to occur of thirty six (36) months after
the date of this Agreement (subject to the right of the Company to suspend the effectiveness thereof for not more than 10 consecutive Trading Days or an aggregate of 10 Trading Days during each year (each a “Black-Out
Period”)) or such time as all of the securities which are the subject of such registration statement cease to be Registrable Securities (such period, in each case, the “Registration Maintenance Period”);

  
 (iii) furnish to each holder of Registrable Securities covered
by such registration statement such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such
registration statement 
  

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 (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under
the 1933 Act, in conformity with the requirements of the 1933 Act, and such other documents, as such holder of Registrable Securities and underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the
Registrable Securities owned by such holder of Registrable Securities; 
  
 (iv) use its commercially reasonable best efforts to register or qualify all Registrable Securities and other securities covered by such registration statement under such other U.S. federal or state securities laws or U.S. state blue sky
laws as any U.S. holder of Registrable Securities thereof shall reasonably request, to keep such registrations or qualifications in effect for so long as such registration statement remains in effect, and take any other action which may be
reasonably necessary to enable such holder of Registrable Securities to consummate the disposition in such jurisdictions of the securities owned by such holder of Registrable Securities, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subdivision (iv) be obligated to be so qualified or to consent to general service of process in any such
jurisdiction; 
  
 (v) use its commercially reasonable best efforts
to cause all Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the U.S. holder of Registrable Securities thereof to
consummate the disposition of such Registrable Securities; 
  
 (vi) furnish to each holder of Registrable Securities a signed counterpart, addressed to such holder of Registrable Securities, and the underwriters, if any, of counsel for the Company, dated the effective date of such registration
statement (or, if such registration includes an underwritten public offering, an opinion dated the date of the closing under the underwriting agreement), reasonably satisfactory in form and substance to such holder of Registrable Securities,
including a separate statement of counsel that the prospectus and any prospectus supplement forming a part of the Registration Statement does not contain an untrue statement of a material fact or omits a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and 
  
 (vii) notify the Investor and its counsel promptly and confirm such advice in writing promptly after the Company has knowledge thereof: 
  
 (A) when the Registration Statement, the prospectus or any prospectus
supplement related thereto or post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration Statement or any post-effective amendment thereto, when the same has become effective; 
  
 (B) of any request by the SEC for amendments or supplements to the
Registration Statement or the prospectus or for additional information; 
  

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 (C) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings by any Person for that purpose; and 
  
 (D) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the
initiation or threat of any proceeding for such purpose; 
  
 (viii) notify each holder of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the 1933 Act, upon discovery that, or upon the happening of any
event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material facts required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing, and at the request of any such holder of Registrable Securities promptly prepare and furnish to such holder of Registrable Securities a reasonable number of copies of
a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
  
 (ix) use its best efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement at the earliest possible
moment; 
  
 (x) otherwise use its commercially reasonable best
efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen
months, beginning with the first full calendar month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; 
  
 (xi) enter into such agreements and take such other actions as the Investor
shall reasonably request in writing (at the expense of the requesting or benefiting Investor) in order to expedite or facilitate the disposition of such Registrable Securities; and 
  
 (xii) use its commercially reasonable best efforts to list all Registrable Securities covered by such registration statement
on any securities exchange on which any of the Registrable Securities are then listed. 
  
 The Company may require each holder of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such holder of Registrable Securities and the distribution
of such securities as the Company 
  

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 may from time to time reasonably request in writing. Investor agrees to notify the Company as promptly as practical of
any inaccuracy or change in information previously furnished by Investor to the Company or of the happening of any event in either case as a result of which a Registration Statement, a prospectus, or any amendment or supplement thereto contains an
untrue statement of a material fact regarding Investor or omits to state any material fact regarding Investor required to be stated therein and necessary to make the statements therein not misleading and to furnish promptly to the Company any
additional information required to correct and update any previously furnished information required so that such Registration Statement, prospectus or amendment or supplement, shall not contain, with respect to Investor, an untrue statement of a
material fact or omit to state a material fact required to be stated therein and necessary to make the statements therein not misleading. 
  
 4.2 The Company will not file any registration statement pursuant to Section 2.2 or Section 2.3, or amendment thereto or any prospectus or any supplement thereto to which
the Investor shall reasonably object, provided that the Company may file such documents in a form required by law or upon the advice of its counsel. 
  
 4.3 The Company represents and warrants to each holder of Registrable Securities that it has obtained all necessary waivers, consents and authorizations necessary to
execute this Agreement and consummate the transactions contemplated hereby other than such waivers, consents and/or authorizations specifically contemplated by the Preferred Stock Purchase Agreement. 
  
 4.4 Each holder of Registrable Securities agrees that, upon receipt of any notice from the
Company of the occurrence of any event of the kind described in subdivision (viii) of Section 4.1, such Holder will forthwith discontinue such holder’s disposition of Registrable Securities pursuant to the Registration Statement relating to
such Registrable Securities until such holder of Registrable Securities’ receipt of the copies of the supplemented or amended prospectus contemplated by subdivision (viii) of Section 4.1 and, if so directed by the Company, will deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. 
  
 ARTICLE V 
  
 UNDERWRITTEN OFFERINGS  
  
 5.1 Incidental Underwritten Offerings. If the Company at any time proposes to register any of its securities under the 1933
Act as contemplated by Section 3.1 and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by any holder of Registrable Securities as provided in Section 3.1 and subject to the provisions of
Section 3.2, use its commercially reasonable best efforts to arrange for such underwriters to include all the Registrable Securities to be offered and sold by such holder among the securities to be distributed by such underwriters. 
  

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 5.2 Participation In Underwritten Offerings. No holder of Registrable Securities may participate in any
underwritten offering under Section 3.1 unless such holder of Registrable Securities (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved, subject to the terms and conditions hereof, by the
holders of a majority of Registrable Securities to be included in such underwritten offering and (ii) completes and executes all questionnaires, indemnities, underwriting agreements and other documents (other than powers of attorney) required under
the terms of such underwriting arrangements. Notwithstanding the foregoing, no underwriting agreement (or other agreement in connection with such offering) shall require any holder of Registrable Securities to make a representation or warranty to or
agreements with the Company or the underwriters other than representations and warranties contained in a writing furnished by such holder of Registrable Securities expressly for use in the related registration statement or representations,
warranties or agreements regarding such holder of Registrable Securities, such holder’s Registrable Securities and such holder’s intended method of distribution and any other representation required by law. 
  
 5.3 Preparation; Reasonable Investigation. In connection with the preparation
and filing of each registration statement under the 1933 Act pursuant to this Agreement, the Company will give the holders of Registrable Securities registered under such registration statement, and their respective counsel and accountants, the
opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the SEC, and each amendment thereof or supplement thereto, and will give each of them such access to its books and records
and such opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the reasonable opinion of such holders’ and such
underwriters’ respective counsel, to conduct a reasonable investigation within the meaning of the 1933 Act. 
  
 ARTICLE VI 
  
 INDEMNIFICATION  
  
 6.1 Indemnification by
the Company. In the event of any registration of any securities of the Company under the 1933 Act, the Company will, and hereby does agree to indemnify and hold harmless the holder of any Registrable Securities covered by such registration
statement, its directors and officers, each other Person who participates as an underwriter in the offering or sale of such securities and each other Person, if any, who controls such holder or any such underwriter within the meaning of the 1933 Act
against any losses, claims, damages or liabilities, joint or several, to which such holder or any such director or officer or underwriter or controlling person may become subject under the 1933 Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement
under which such securities were registered under the 1933 Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or any omission or alleged 
  

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 omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and the Company will reimburse such holder and each such director, officer, underwriter and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, liability, action or proceeding, provided that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability, (or action or proceeding in respect thereof) or expense arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity
with written information furnished to the Company by such holder or underwriter stating that it is for use in the preparation thereof and, provided further that the Company shall not be liable to any Person who participates as an underwriter in the
offering or sale of Registrable Securities or to any other Person, if any, who controls such underwriter within the meaning of the 1933 Act, in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in
respect thereof) or expense arises out of such Person’s failure to send or give a copy of the final prospectus, as the same may be then supplemented or amended, within the time required by the 1933 Act to the Person asserting the existence of
an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement or omission was corrected in such final prospectus or an
amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such holder or any such director, officer, underwriter or controlling person and shall survive the transfer
of such securities by such holder. 
  
 6.2 Indemnification by the
Investor. The Company may require, as a condition to including any Registrable Securities in any registration statement filed pursuant to this Agreement, that the Company shall have received an undertaking satisfactory to it from the
prospective holder of such Registrable Securities, to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 6.1) the Company, each director of the Company, each officer of the Company and each other Person,
if any, who controls the Company within the meaning of the 1933 Act, with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary
prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company through an
instrument duly executed by such holder of Registrable Securities specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. Any
such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive the transfer of such securities by such Investor. The
indemnification by the Investor shall be limited to the amount it invested on the Closing Date. 
  

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 6.3 Notices Of Claims, Etc. Promptly after receipt by an indemnified party of notice of the commencement of
any action or proceeding involving a claim referred to in Sections 6.1 and Section 6.2, such indemnified party will, if claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of
such action, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under Sections 6.1 and Section 6.2, except to the extent that the indemnifying party is
actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified, to the extent that the indemnifying party may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party
for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the consent of the indemnified party, consent to entry of
any judgment or enter into any settlement of any such action which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability, or a covenant not to sue, in
respect to such claim or litigation. No indemnified party shall consent to entry of any judgment or enter into any settlement of any such action the defense of which has been assumed by an indemnifying party without the consent of such indemnifying
party. 
  
 6.4 Other Indemnification. Indemnification similar to
that specified in Sections 6.1 and Section 6.2 (with appropriate modifications) shall be given by the Company and each holder of Registrable Securities (but only if and to the extent required pursuant to the terms herein) with respect to any
required registration or other qualification of securities under any Federal or state law or regulation of any governmental authority, other than the 1933 Act. 
  

6.5 Indemnification Payments. The indemnification required by Sections 6.1 and Section 6.2 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 
  
 6.6 Contribution. If the indemnification provided for in Sections 6.1 and Section 6.2 is unavailable to an indemnified party in respect of any expense,
loss, claim, damage or liability referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such expense, loss, claim,
damage or liability (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the holder of Registrable Securities or underwriter, as the case may be, on the other from the distribution of
the Registrable Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to 
  

 12 

 reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the
one hand and of the holder of Registrable Securities or underwriter, as the case may be, on the other in connection with the statements or omissions which resulted in such expense, loss, damage or liability, as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the holder of Registrable Securities or underwriter, as the case may be, on the other in connection with the distribution of the Registrable Securities shall be deemed
to be in the same proportion as the total net proceeds received by the Company from the initial sale of the Registrable Securities by the Company to the purchasers bear to the gain, if any, realized by all selling holders participating in such
offering or the underwriting discounts and commissions received by the underwriter, as the case may be. The relative fault of the Company on the one hand and of the holder of Registrable Securities or underwriter, as the case may be, on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission to state a material fact relates to information supplied by the Company, by the holder of Registrable Securities
or by the underwriter and the parties’ relative intent, knowledge, access to information supplied by the Company, by the holder of Registrable Securities or by the underwriter and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission, provided that the foregoing contribution agreement shall not inure to the benefit of any indemnified party if indemnification would be unavailable to such indemnified
party by reason of the provisions contained herein, and in no event shall the obligation of any indemnifying party to contribute under this Section 6.6 exceed the amount that such indemnifying party would have been obligated to pay by way of
indemnification if the indemnification provided for hereunder had been available under the circumstances. 
  
 The Company and the holders of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 6.6 were
determined by pro rata allocation (even if the holders of Registrable Securities and any underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth herein, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. 
  
 Notwithstanding the provisions of this Section 6.6, no holder of Registrable Securities or underwriter shall be required to
contribute any amount in excess of the amount by which (i) in the case of any such holder, the net proceeds received by such holder from the sale of Registrable Securities or (ii) in the case of an underwriter, the total price at which the
Registrable Securities purchased by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that such holder or underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

  

 13 

 ARTICLE VII 
  
 RULE 144 
  
 7.1 Rule 144. The Company shall timely file the reports required to be filed by it under the 1933 Act and the 1934 Act (including but not limited to the
reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144 adopted by the SEC under the 1933 Act) and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such
reports, will, upon the request of any holder of Registrable Securities, make publicly available other information) and will take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (a) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, or (b) any
similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with the requirements of this Section 7.1.

  
 ARTICLE VIII 
  
 MISCELLANEOUS  
  
 8.1 Amendments And Waivers. This Agreement may be amended and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the holder or holders of the sum of the
fifty-one percent (51%) or more of the shares of (i) Registrable Securities issued at such time, plus (ii) Registrable Securities issuable upon exercise or conversion of the Preferred Stock and the Warrants sold (if such securities were not fully
exchanged or converted in full as of the date such consent if sought). Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any consent authorized by this Section 8.1, whether or not such Registrable
Securities shall have been marked to indicate such consent. 
  
 8.2 Nominees
For Beneficial Owners. In the event that any Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its election, be treated as the holder of such Registrable Securities for
purposes of any request or other action by any holder or holders of Registrable Securities pursuant to this Agreement or any determination of any number of percentage of shares of Registrable Securities held by a holder or holders of Registrable
Securities contemplated by this Agreement. If the beneficial owner of any Registrable Securities so elects, the Company may require assurances reasonably satisfactory to it of such owner’s beneficial ownership of such Registrable Securities.

  

 14 

 8.3 Notices. Except as otherwise provided in this Agreement, all notices, requests and other communications
to any Person provided for hereunder shall be in writing and shall be given to such Person (a) in the case of a party hereto other than the Company, addressed to such party in the manner set forth in the Preferred Stock Purchase Agreement or at such
other address as such party shall have furnished to the Company in writing, or (b) in the case of any other holder of Registrable Securities, at the address that such holder shall have furnished to the Company in writing, or, until any such other
holder so furnishes to the Company an address, then to and at the address of the last holder of such Registrable Securities who has furnished an address to the Company, or (c) in the case of the Company, at the address set forth in the Preferred
Stock Purchase Agreement, to the attention of its President, or at such other address, or to the attention of such other officer, as the Company shall have furnished to each holder of Registrable Securities at the time outstanding. Each such notice,
request or other communication shall be effective (i) if given by mail, 72 hours after such communication is deposited in the mail with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means (including, without
limitation, by fax or air courier), when delivered at the address specified above, provided that any such notice, request or communication shall not be effective until received. 
  
 8.4 Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto. In
addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the benefit of the parties hereto other than the Company shall also be for the benefit of and enforceable by any subsequent
holder of any Registrable Securities. Each of the Holders of the Registrable Securities agrees, by accepting any portion of the Registrable Securities after the date hereof, to the provisions of this Agreement including, without limitation, the
appointment of an investors representative to act on behalf of such Holder pursuant to the terms hereof which such actions shall be made in the good faith discretion of the investors representative and be binding on all persons for all purposes.

  
 8.5 Descriptive Headings. The descriptive headings of the
several sections and paragraphs of this Agreement are inserted for reference only and shall not limit or otherwise affect the meaning hereof. 
  
 8.6 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to
applicable principles of conflicts of law. 
  
 8.7
Jurisdiction. This Agreement shall be exclusively governed by and construed in accordance with the laws of the State of New York. If any action is brought among the parties with respect to this Agreement or otherwise, by way of
a claim or counterclaim, the parties agree that in any such action, and on all issues, the parties irrevocably waive their right to a trial by jury. Exclusive jurisdiction and venue for any such action shall be the State or Federal Courts serving
the State of New York. In the event suit or action is 
  

 15 

 brought by any party under this Agreement to enforce any of its terms, or in any appeal therefrom, it is agreed that the
prevailing party shall be entitled to reasonable attorneys fees to be fixed by the arbitrator, trial court, and/or appellate court. 
  
 8.8 Entire Agreement. This Agreement embodies the entire agreement and understanding between the Company and each other party hereto relating to the subject
matter hereof and supercedes all prior agreements and understandings relating to such subject matter. 
  
 8.9 Severability. If any provision of this Agreement, or the application of such provisions to any Person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of
such provision to Persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 
  
 8.10 Binding Effect. All the terms and provisions of this Agreement whether so expressed or not, shall be binding upon, inure to the benefit of, and be
enforceable by the parties and their respective administrators, executors, legal representatives, heirs, successors and assignees. 
  
 8.11 Preparation of Agreement. This Agreement shall not be construed more strongly against any party regardless of who is responsible for its preparation.
The parties acknowledge each contributed and is equally responsible for its preparation. 
  
 8.12 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a
waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and
remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  
 8.13 Time of Execution. This Agreement has been executed as of the date first written above after 5:00 p.m. Eastern Standard Time. 
  
 8.14 Counterparts. This Agreement may be executed in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. A facsimile transmission of this signed
Agreement shall be legal and binding on all parties hereto. 
  
 [SIGNATURES ON FOLLOWING PAGE] 
  

 16 

 IN WITNESS WHEREOF, the Investor and the Company have as of the date first written above executed
this Agreement. 
  
 COMPUTER SOFTWARE INNOVATIONS, INC. 
     (a Delaware corporation formerly known as VerticalBuyer, Inc.) 
  

	

			
	 By:
	 	 /s/ Nancy K. Hedrick

	 	 	 Nancy K. Hedrick

	 Its:
	 	 President and Chief Executive Officer

  
 BARRON PARTNERS LP 

By: Barron Capital Advisors LLC, its General Partner 
  

			
	 By:
	 	 /s/ Andrew Barron Worden

	 	 	 Andrew Barron Worden, Managing Member

	 	 	 730 Fifth Avenue, 9th Floor

	 	 	 New York NY 10019

  
  
  

 17Exhibit 10.6

 Exhibit 10.6 
  
 SUBORDINATED PROMISSORY NOTE 
  

			
	 U.S. $1,875,200.00
	  	February 11, 2005
	 	  	New York, New York

  
 FOR VALUE RECEIVED,
COMPUTER SOFTWARE INNOVATIONS, INC., a Delaware corporation F/K/A VERTICALBUYER, INC. (the “Borrower”), hereby promises to pay to the order of BARRON PARTNERS, L.P., (the “Lender”), the principal sum of One Million Eight Hundred
Seventy Five Thousand Two Hundred and No/100 Dollars ($1,875,200.00), with said principal to be paid in full on or before May 10, 2006 together with interest accruing at the Prime Rate of interest as reported by Bank of America plus two percent (2%)
on the unpaid principal thereof to be paid in lawful money of the United States in quarterly installments of interest commencing on April 1, 2005 and continuing on the 1st day of each quarter thereafter until May, 2006. 
  
 The Borrower hereby reserves and shall have the right to prepay the
indebtedness evidenced by this Subordinated Promissory Note (“Note”), in whole or in part, without penalty or premium. 
  
 The Borrower hereby agrees that if at any time any sum due hereunder shall be past due and unpaid, such amount, whether principal or interest, shall bear
interest from the date such payment was due until paid in full at the rate of fifteen percent (15%) per annum. 
  
 The Borrower further agrees hereby that if at any time any portion of said principal and interest shall be past due and unpaid for a period of ten (10)
business days following notification thereof by the Lender, the whole amount evidenced by this Note shall, at the option of the holder thereof, become immediately due, and said holder shall have the right to institute any proceedings upon this Note
and any collateral given to secure the same for the purpose of collecting said principal and interest, with costs and expenses, and of protecting any security connected herewith. 
  
 The Borrower further agrees hereby that if any part of the money due hereon be not paid when due, or if this Note be placed
in the hands of an attorney for collection, or if this debt or any part thereof be collected by an attorney or by legal proceedings of any kind, a reasonable attorney’s fee besides all costs and expenses incident upon such collection, shall be
added to the amount due upon this Note, and be collectible as part thereof. 
  
 Anything in this Note to the contrary notwithstanding, the indebtedness evidenced by this Note, principal and interest, shall be subordinate and junior to the extent set forth in the following paragraphs to all
principal and interest of all indebtedness of the Borrower for borrowed money (except such indebtedness of the Borrower other than this Note which is subordinate or junior in any respect to other indebtedness of the Borrower (collectively,
“Other Subordinated Debt”), including but not limited to those certain Subordinated Promissory Notes of even date herewith payable by the Borrower in the aggregate amount of $1,875,200.00 to Nancy K. Hedrick, Joe G. Black, Beverly N.
Hawkins, Thomas B. Clinton, and William J. Buchanan) whether outstanding at the date of this Note or created or incurred after the date of this Note but prior to the maturity of this Note by lapse of time, acceleration or otherwise. Such
indebtedness of the Borrower to which this Note is subordinate and junior is sometimes hereinafter referred to as “Senior Debt.” 

 Upon maturity of any Senior Debt by lapse of time, acceleration or otherwise, then all principal of,
premium, if any, and interest on, all such matured Senior Debt shall first be paid in full before any payment on account of principal or interest is made upon this Note. 
  
 In the event of any insolvency, bankruptcy, liquidation, reorganization or other similar proceedings, or any receivership
proceedings in connection therewith, relative to the Borrower or its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding up of the Borrower, whether or not involving insolvency or bankruptcy
proceedings, and in the event Borrower makes any payment of principal or accrued interest on any Other Subordinated Debt which is not applied pro rata against this Note and such Other Subordinated Debt (other than payments in full of the Merger Note
and the Dividend Note, as such terms are defined in the Preferred Stock Purchase Agreement, as such term is defined below), and in the event of any default under or acceleration of any Other Subordinated Debt, then all principal, premium if any, and
interest due on Senior Debt shall first be paid in full, or such payment shall have been provided for, before any payment on account of principal or interest is made upon this Note. Any payment or distribution of any kind or character, whether in
cash, property, stock, or obligations, which may be payable or deliverable in respect of this Note in any of the proceedings referred to in the above paragraphs shall be paid or delivered directly to the holders of Senior Debt (or to a banking
institution selected by the court or person making the payment or delivery or designated by any holder of Senior Debt) for application in payment thereof, unless and until all principal and interest on all Senior Debt shall have been paid in full,
or such payment shall have been provided for; provided however, that: 
  

	 	(i)	In the event that payment or delivery of such cash, property, stock or obligations to the holders of this Note is authorized by an order or decree giving effect, and stating in such
order or decree that effect is given, to the subordination of this Note to Senior Debt, and made by a court of competent jurisdiction in a reorganization proceeding under any applicable bankruptcy or reorganization law, no payment or delivery of
such cash, property, stock or obligations payable or deliverable with respect to this Note shall be made to the holders of Senior Debt; and 

  

	 	(ii)	No such delivery shall be made to holders of Senior Debt of stock or obligations which are issued pursuant to reorganization proceedings or dissolution or liquidation proceedings,
or upon any merger, consolidation, sale, lease, transfer or other disposal not prohibited by the provisions of this Note, by the Borrower, as reorganized, or by the corporation succeeding to the Borrower or acquiring its property and assets, if such
stock or obligations are subordinate and junior at least to the extent provided in this Note to the payment of all Senior Debt then outstanding and to the payment of any stock or obligations which are issued in exchange or substitution for any
Senior Debt then outstanding. 

  
 The
Borrower shall not make any payment of principal or interest on, or purchase or acquire for value, this Note during the continuance of any default in the payment of principal of or premium or interest on any Senior Debt. 
  
 These provisions are for the purpose of defining the relative rights of the
holders of Senior Debt, on the one hand, and the holder of this Note and the holders of the Other Subordinated Debt on the other hand, and as between the Borrower and the holder of this Note nothing herein shall impair the obligation of the
Borrower, which is unconditional and absolute, to pay the holders thereof the principal thereof and interest thereon in accordance with their terms and the terms of 

  

 2 

 
the related agreements, nor shall anything herein prevent the holder of this Note from exercising all remedies otherwise permitted by applicable law upon
default thereunder, subject to the rights of holders of Senior Debt in respect of cash, property, stock or other securities received upon the exercise of such remedies. 
  
 Subject to the payment in full of all Senior Debt, the holder of this Note shall be subrogated to the rights of the holders
of Senior Debt to receive payments or distributions of assets of the Borrower payable or distributable to the holders of Senior Debt until this Note is paid in full and, as between the Borrower, its creditors other than the holders of Senior Debt,
and the holder of this Note, no payment or distributions otherwise payable or deliverable in respect of this Note but, by virtue of the provisions thereof, paid or delivered to the holders of Senior Debt shall be deemed to be a payment by the
Borrower on account of Senior Debt and no payments or distributions paid to the holder of this Note, by virtue of the subrogation herein provided for, shall be deemed to be a payment by the Borrower on account of this Note. 
  
 No right of any present or future holder of Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Borrower or by any act or failure to act in good faith by any such holder, or by any noncompliance by the
Borrower with the terms, provisions, and covenants of any agreement relating to Senior Debt, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
  
 Notwithstanding the foregoing, Borrower may make and Lender may receive payments of principal and interest as it accrues on
this Note, so long as, at the time of each payment, such payment does not constitute an event of default under any Senior Debt, and no event or condition which constitutes or which, with notice or the lapse of time, or both, would constitute a
default or an event of default with respect to any Senior Debt shall have occurred and be continuing. 
  
 If the rate of interest stated in this Note exceeds the maximum rate allowed by law, the effective rate of interest shall be the maximum allowed by law.

  
 It is expressly agreed and declared that this Note is given
for business purposes and is not a consumer credit instrument. This Note is given in connection with that certain Preferred Stock Purchase Agreement between the Borrower and the Lender (the “Preferred Stock Purchase Agreement.”)

  

 3 

 THIS NOTE SHALL BE EXCLUSIVELY GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. IF ANY ACTION IS BROUGHT BETWEEN THE PARTIES WITH RESPECT TO THIS NOTE OR OTHERWISE, BY WAY OF A CLAIM OR COUNTERCLAIM, THE PARTIES AGREE THAT IN ANY SUCH ACTION, AND ON ALL ISSUES, THE PARTIES IRREVOCABLY WAIVE THEIR RIGHT TO A TRIAL BY
JURY. EXCLUSIVE JURISDICTION AND VENUE FOR ANY SUCH ACTION SHALL BE THE FEDERAL COURTS SERVING THE STATE OF NEW YORK. 
  

			
	 BORROWER:

	
	 COMPUTER SOFTWARE INNOVATIONS, INC.,
a Delaware corporation

		
	 By:
	 	 /s/ Nancy K. Hedrick

	 	 	 Nancy K. Hedrick

	 Its:
	 	 President and Chief Executive Officer

  

 4

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