Document:

ESCROW AGREEMENT

      This Escrow Agreement (the "Agreement") is made by and between City
National Bank, a national banking association, with its principal office located
at 1950 Avenue of the Stars, 2nd Floor, Los Angeles, California 90067 (the
"Escrow Agent"), and Rokwader, Inc., a Delaware corporation, with its principal
office located at 23950 Craftsman Road, Calabasas, California 91302 (the
"Issuer").

                              W I T N E S S E T H:

      WHEREAS, the Issuer has filed with the Securities and Exchange Commission
(the "Commission"), Washington, D.C., an SB-2 Registration Statement (the
"Registration Statement"), and related Prospectus, File No. ____________, in
connection with an initial public offering of the Issuer's securities,
comprising 100,000 shares of the Issuer's common stock to be sold at a price of
$0.75 per share (the "Securities");

      WHEREAS, the Issuer proposes to offer the Securities to the public on a
"best efforts, all or none" basis as set forth in the Registration Statement;

      WHEREAS, the Issuer proposes to establish an escrow account (the "Escrow
Account"), to which subscription funds which are received by the Escrow Agent in
connection with such public offering are to be credited, and the Escrow Agent is
willing to establish the Escrow Account on the terms and subject to the
conditions hereinafter set forth; and

      WHEREAS, the Escrow Agent will establish an Escrow Account into which the
subscription funds, which are received by the Escrow Agent and credited to the
Escrow Account, are to be deposited.

      NOW, THEREFORE, for and in consideration of the promises and mutual
covenants herein contained, and other valuable consideration, the parties hereto
hereby agree as follows:

1.0   THE REGISTRATION STATEMENT.

      1.1   The Issuer has filed the Registration  Statement with the Commission
            and is included herein as Exhibit A to this Agreement, and is made a
            part hereof.

2.0   ESTABLISHMENT OF THE ESCROW ACCOUNT.

      2.1   The Issuer shall initially  establish a non-interest  bearing Escrow
            Account at the Escrow  Agent.  The purpose of the Escrow  Account is
            for  (a) the  deposit  of all  subscription  funds  (checks  or wire
            transfers)  which  are  received  by  the  Issuer  from  prospective
            purchasers of the  Securities and are delivered by the Issuer to the
            Escrow Agent; (b) the holding of amounts of subscription funds which
            are collected  through the banking system;  and (c) the disbursement
            of collected funds, all as described  herein.  The Escrow Agent will
            hold all monies and other  property in the Escrow  Account free from
            any lien,  claim or  offset,  except as set forth  herein,  and such
            monies  and other  property  shall not become  the  property  of the
            Company, nor subject to the debts thereof, unless the conditions set
            forth in these  instructions  to  disbursement of such monies to the
            Company have been fully satisfied.

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      2.2   On or before the date of the initial  deposit in the Escrow  Account
            pursuant to this Agreement, the Issuer shall notify the Escrow Agent
            in  writing  of the  effective  date (the  "Effective  Date") of the
            Registration  Statement,  and the Escrow Agent shall not be required
            to accept  any  amounts  for  credit to the  Escrow  Account  or for
            deposit  in  the  Escrow  Account  prior  to  its  receipt  of  such
            notification.

      2.3   The offering period (the "Offering  Period"),  which shall be deemed
            to commence on the  Effective  Date,  shall be for a period of up to
            180 days.  The  Offering  Period  shall be less than 180 days if the
            Issuer sells all  Securities for a total  consideration  of $75,000.
            The last day of the Offering  Period,  which is either 180 days from
            the  Effective  Date or the  date on  which  the  Issuer  sells  all
            Securities for a total  consideration  of $75,000,  whichever occurs
            first, is also referred to herein as the "Termination  Date." Except
            as provided in Section 4.3 hereof,  after the Termination  Date, the
            Issuer shall not deposit, and the Escrow Agent shall not accept, any
            additional amounts representing payments by prospective purchasers.

      2.4   If the Escrow Account remains open following the Termination Date in
            accordance with Article 4 below, the Fund (as defined in Section 3.5
            below) shall be placed in a money market investment  account bearing
            interest  at the Escrow  Agent's  then  applicable  rate;  provided,
            however,  that no interest  shall  accrue until the Escrow Agent has
            received an IRS Form W-9 completed and executed by the Company.

3.0   DEPOSITS TO THE ESCROW ACCOUNT.

      3.1   The Issuer shall promptly deliver to the Escrow Agent all funds
            which it receives from prospective purchasers of the Securities,
            which funds shall be in the form of checks or wire transfers. Upon
            the Escrow Agent's receipt of such funds, they shall be credited to
            the Escrow Account. All checks delivered to the Escrow Agent shall
            be made payable to the "City National Bank/Rokwader, Inc.'s Escrow
            Account." Any checks payable other than to the Escrow Agent as
            required hereby shall be returned to the prospective purchaser.

      3.2   Promptly after receiving subscription funds as described in Section
            3.1, the Escrow Agent shall deposit the same into the Escrow
            Account. Amounts of funds so deposited are hereinafter referred to
            as "Escrow Amounts." The Escrow Agent shall cause to process all
            Escrow Amounts for collection through the banking system.
            Simultaneously with each deposit to the Escrow Account, the Issuer
            shall provide the Escrow Agent a copy of the completed Subscription
            Agreement for each prospective purchaser, including the name,
            address and social security number of the prospective purchaser, the
            amount of Securities subscribed for by such purchaser, and the
            aggregate dollar amount of such subscription, and a completed W-9
            from each such purchaser (collectively, the "Subscription
            Information").

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      3.3   The Escrow Agent shall not be required to accept for credit to the
            Escrow Account checks which are not accompanied by the appropriate
            Subscription Information. Wire transfers and cash representing
            payments by prospective purchasers shall not be deemed deposited in
            the Escrow Account until the Escrow Agent has received in writing
            the Subscription Information required with respect to such payments.

      3.4   The Escrow Agent shall not be required to accept in the Escrow
            Account any amounts representing payments by prospective purchasers,
            whether by check, or wire, except during the Escrow Agent's regular
            business hours.

      3.5   Only those Escrow Amounts, which have been deposited in the Escrow
            Account and which have cleared the banking system and have been
            collected by the Escrow Agent, are herein referred to as the "Fund."

      3.6   If the proposed offering is terminated before the Termination Date,
            the Escrow Agent shall refund any portion of the Fund prior to
            disbursement of the Fund in accordance with Article 4 hereof upon
            instructions in from the Issuer.

4.0   DISBURSEMENT FROM THE ESCROW ACCOUNT.

      4.1   Subject to Section 4.3 below, if by the close of regular banking
            hours on the Termination Date the Escrow Agent determines that the
            amount in the Fund is less than $75,000, then the Escrow Agent shall
            promptly refund to each prospective purchaser the amount of payment
            received from such purchaser which is then held in the Fund or which
            thereafter clears the banking system, without interest thereon or
            deduction therefrom, by drawing checks on the Escrow Account for the
            amounts of such payments and mail them to the purchasers. In such
            event, the Escrow Agent shall promptly notify the Issuer of its
            distribution of the Fund. If the Fund is equal to $75,000, the
            Escrow Account shall remain open beyond the Termination Date in
            accordance with Section 4.2 below.

      4.2   If the Escrow Account remains open beyond the Termination Date, the
            Issuer must satisfy the following conditions:

      within five (5) business days after the effective date of the
post-effective amendment, the Issuer shall send by first class mail to each
purchaser of securities held in escrow, a copy of the prospectus contained in
the post-effective amendment and any amendment or supplement thereto;

      each purchaser shall have no fewer than twenty (20) business days and no
more than forty-five (45) business days from the effective date of the
post-effective amendment to notify the Issuer in writing that the purchaser
elects to remain an investor. If the Issuer has not received such written
notification by the forty-fifth (45th) business day following the Effective Date
of the post-effective amendment, funds and interest held in escrow shall be sent
by first class mail or other equally prompt means to the purchasers within five
(5) business days; an acquisition described in the post-effective amendment will
be consummated if a sufficient number of purchasers confirm their investment
with the Issuer; and if an acquisition has not been consummated by the Issuer
within eighteen (18) months after the Effective Date of the Registration
Statement, funds and interest held in escrow shall be returned by first class
mail to the purchasers with five (5) business days following that date. It shall
be the responsibility of the Issuer to notify the Escrow Agent if any of the
above conditions are not timely satisfied. Additionally, it shall be the
Issuer's responsibility to timely provide instructions to the Escrow Agent with
respect to interest calculations prior to release of funds and interest to the
purchasers in accordance with the terms of this Section 4.2.

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<PAGE>

      Funds held in the Escrow Account may be released to the Issuer and
Securities may be delivered to the purchasers only at the same time as or after:

      the Escrow Agent has received a signed representation from the Issuer that
the requirements of paragraphs (e)(1) and (e)(2) of Rule 419 have been met; and

      the Escrow Agent has received a signed representation from the Issuer that
the requirements of paragraph (e)(2)(iii) of Rule 419 have been met.

      The Issuer shall be liable for any misrepresentations made to the Escrow
Agent with respect to this Section 4.2 and the Issuer agrees to indemnify the
Escrow Agent for any claims made by purchasers with respect to this Section 4.2
in accordance with Article 5 below; provided, however, the Issuer shall not be
responsible for the Escrow Agent's failure to timely release funds and interest
to the purchasers upon receipt of instructions from the Issuer.

      4.3   If the Escrow Agent has on hand at the close of business on the
            Termination Date any uncollected amounts which when added to the
            Fund would raise the amount in the Fund to the minimum offering
            amount, and result in the Fund representing the sale of the minimum
            offering amount, consisting of the number of business days set forth
            in the Registration Statement, shall be utilized to allow such
            uncollected funds to clear the banking system.

      4.4   Upon disbursement of the Fund pursuant to the terms of this Article
            4, the Escrow Agent shall be relieved of all further obligations and
            released from all liability under this Agreement. It is expressly
            agreed and understood that in no event shall the aggregate amount of
            payments made by the Escrow Agent exceed the amount of the Fund.

5.0   RIGHTS, DUTIES AND RESPONSIBILITIES OF THE ESCROW AGENT; INDEMNIFICATION.

      5.1   The Issuer may inquire on a regular basis as to, and the Escrow
            Agent shall provide the Issuer, the escrow amounts which have been
            deposited in the Escrow Account and of the amounts, constituting the
            Fund, which have cleared the banking system and have been collected
            by the Escrow Agent.

      5.2   The Escrow Agent shall not be responsible for or be required to
            enforce any of the terms or conditions of the Agreement with respect
            to the Issuer.

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<PAGE>

      5.3   The Escrow Agent shall not be required to accept from the Issuer any
            subscription information pertaining to prospective purchasers unless
            such Subscription Information is accompanied by checks or wire
            transfers meeting the requirement of Section 3.1, nor shall the
            Escrow Agent be required to keep records of any information with
            respect to payments deposited by the Issuer, except as to the amount
            of such payments; however, the Escrow Agent shall notify the Issuer
            within a reasonable time of any discrepancy between the amount set
            forth in any subscription information and the amount delivered to
            the Escrow Agent therewith. Such amount need not be accepted for
            deposit in the Escrow Agent until such discrepancy has been
            resolved.

      5.4   The Escrow Agent shall be under no duty or responsibility to enforce
            collection of any check delivered to it hereunder. The Escrow Agent,
            within a reasonable time, shall return to the Issuer any check
            received which is dishonored, together with the Subscription
            Information which accompanied such check.

      5.5   The Escrow Agent shall be entitled to rely upon the accuracy, act in
            reliance upon the contents, and assume the genuineness of any
            notice, instruction, certificate, signature, instrument or other
            document which is given to the Escrow Agent by the Issuer pursuant
            to this Agreement without the necessity of the Escrow Agent
            verifying the truth or accuracy thereof. The Escrow Agent shall not
            be obligated to make any inquiry as to the authority, capacity,
            existence or identity of any person purporting to give any such
            notice or instructions or to execute any such certificate,
            instrument or other document.

      5.6   If the Escrow Agent is uncertain as to its duties or rights
            hereunder or shall receive instructions with respect to the Escrow
            Account, the escrow amounts of the Fund which, in its sole
            determination, are in conflict either with other instructions
            received by it or with any provision of this Agreement, it shall be
            entitled to hold the escrow amounts, the Fund or a portion thereof,
            in the Escrow Account pending the resolution of such uncertainty to
            the Escrow Agent's sole satisfaction, by final judgment of a court
            of competent jurisdiction or otherwise; or the Escrow Agent, at its
            sole option, may deposit with the clerk of a court of competent
            jurisdiction in a proceeding to which all parties in interest are
            joined. Upon the deposit by the Escrow Agent of the Fund with the
            clerk of any court, the Escrow Agent shall be relieved of all
            further obligations and released from all liability hereunder.

      5.7   The Escrow Agent shall not be liable for any action taken or omitted
            hereunder, or for the misconduct of any employee, agent or attorney
            appointed by it, except in the case of willful misconduct or gross
            negligence. The Escrow Agent shall be entitled to consult with
            counsel of its own choosing and shall not be liable for any action
            taken, suffered or omitted by it in accordance with the advice of
            such counsel.

      5.8   The Escrow Agent shall have no responsibility at any time to
            ascertain whether or not any security interest exists in the escrow
            amounts, the Fund or any part thereof or to file any financing
            statement under the Uniform Commercial Code with respect to the Fund
            or any part thereof.

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<PAGE>

      5.9   The Issuer agrees to indemnify the Escrow Agent and its officers,
            directors, employees, agents, and shareholders (jointly and
            severally, the "Indemnitees") against, and hold them harmless of and
            from, any and all losses, liabilities, costs, damages, and expenses,
            including, but not limited to, reasonable fees and disbursements for
            counsel of its own choosing (collectively, "Liabilities"), that the
            Indemnitees may suffer or incur and which arise out of or relate to
            this Agreement or any transaction to which this Agreement relates,
            unless such Liability is the result of the willful misconduct or
            gross negligence of the Indemnitees.

      5.10  If the indemnification provided for in this Section 5 is applicable
            but is held to be unavailable, the Issuer shall contribute such
            amounts as are just and equitable to pay or to reimburse the
            Indemnitees for the aggregate of any and all Liabilities actually
            incurred by the Indemnitees as a result of or in connection with any
            amount paid in settlement of any action, claim, or proceeding
            arising out of or relating in any way to any actions or omissions of
            the Issuer.

      5.11  The provisions of this Section 5 shal1 survive any termination of
            this Agreement, whether by disbursement of the Fund, resignation of
            the Escrow Agent, or otherwise.

6.0   INTERPLEADER.

      6.1   In the event conflicting demands are made or notices served upon the
            Escrow Agent with respect to the Escrow Account, the Escrow Agent
            shall have the absolute right at its election to do either or both
            of the following: (a) Withhold and stop all further proceedings in,
            and performance of, this escrow or (b) File a suit in interpleader
            and obtain an order from the court requiring the parties to litigate
            their several claims and rights among themselves. In the event such
            interpleader suit is brought, the Escrow Agent shall be fully
            released from any obligation to perform any further duties imposed
            upon it hereunder, and the Company shall pay the Escrow Agent all
            costs, expenses and reasonable attorney's fees expended or incurred
            by Escrow Holder (or allocable to its in-house counsel), the amount
            thereof to be fixed and a judgment thereof to be rendered by the
            court in such suit.

7.0   AMENDMENT; RESIGNATION.

      7.1   This Agreement may be altered or amended only with the written
            consent of the parties hereto. The Escrow Agent may resign for any
            reason upon fourteen (14) days' written notice to the Issuer. Should
            the Escrow Agent resign as herein provided, it shall not be required
            to accept any deposit, make any disbursement or otherwise dispose of
            the escrow amounts, but its only duty shall be to hold the escrow
            accounts until they clear the banking system and the Fund for a
            period of not more than five (5) business days following the
            effective date of such resignation, at which time (a) if a successor
            escrow agent shall have been appointed and written notice thereof
            shall have been given to the resigning escrow agent by the Issuer
            and such successor escrow agent, then the resigning escrow agent
            shall pay over to the successor escrow agent the Fund, less any
            portion thereof previously paid out in accordance with this
            Agreement; or (b) if the resigning escrow agent shall not have
            received written notice signed by the Issuer and a successor escrow
            agent, then the resigning escrow agent shall promptly refund the
            amount in the Fund to each prospective purchaser, without interest
            thereon or deduction therefrom, and the resigning escrow agent shall
            promptly notify the Issuer of its liquidation and distribution of
            the Fund; whereupon, in either case, the Escrow Agent shall be
            relieved of all further obligations and released from all liability
            under this Agreement. Without limiting the provisions of Section 9.1
            hereof, the resigning escrow agent shall be entitled to be
            reimbursed by the Issuer for any expenses incurred in connection
            with its resignation, transfer of the Fund to a successor escrow
            agent or distribution of the Fund pursuant to this Section 7.1.

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8.0   REPRESENTATIONS AND WARRANTIES.

      8.1   The Issuer represents and warrants to the Escrow Agent that no party
            other than the parties hereto and the prospective purchasers have,
            or shall have, any claim or security interest in the Fund or any
            part thereof.

      8.2   No financing statement under the Uniform Commercial Code is on file
            in any jurisdiction claiming a security interest in or describing
            the Fund or any part thereof.

      8.3   The Subscription Information submitted with each deposit shall, at
            the time of submission and at the time of the disbursement of the
            Fund, be deemed a representation and warranty that such deposit
            represents a bona fide payment by the purchaser described therein
            for the amount of Securities set forth in such Subscription
            Information.

      8.4   All of the information contained in the Registration Statement is,
            as of the date hereof, and will be, at the time of any disbursement
            of the Fund, true and correct.

9.0   FEES AND EXPENSES.

      9.1   The Escrow Agent shall be entitled to an initial, non-refundable
            acceptance fee of $2,000, payable concurrently with its acceptance
            and upon opening of the Escrow Account. In addition, the Issuer
            agrees to reimburse the Escrow Agent for any reasonable fees and
            expenses incurred in connection with this Agreement, which shall be
            in accordance with the fee schedule set forth on Exhibit B hereto.
            ---------

10.0  GOVERNING LAW AND ASSIGNMENT.

      10.1  This Agreement shall be construed in accordance with and governed by
            the laws of the State of California shall be binding upon the
            parties hereto and their respective successors and assigns;
            provided, however, that any assignment or transfer by any party of
            its rights under this Agreement or with respect to the Fund shall be
            void as against the Escrow Agent unless (a) written notice thereof
            shall be given to the Escrow Agent; and (b) the Escrow Agent shall
            have consented in writing to such assignment or transfer.

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11.0  NOTICES.

      11.1  All notices required to be given in connection with this Agreement
            shall be sent by registered or certified mail, return receipt
            requested, or by hand delivery with receipt acknowledged, or by
            Express Mail service offered by the United States Post Office to the
            following addresses:

            ISSUER:

            Rokwader, Inc.
            Attn:  Yale Farar, President
            23950 Craftsman Road
            Calabasas, CA  91302

            with a copy to:

            Kirkpatrick & Lockhart Nicholson Graham LLP
            Attn:  Shoshannah D. Katz, Esq.
            10100 Santa Monica Blvd., 7th Floor
            Los Angeles, CA  90067

            ESCROW AGENT:

            City National Bank
            Attn:  Sue Behning
            1950 Avenue of the Stars
            2nd Floor
            Los Angeles, CA  90067

12.0  SEVERABILITY.

      12.1  If any provision of this Agreement or the application thereof to any
            person or circumstance shall be determined to be invalid or
            unenforceable, the remaining provisions of this Agreement or the
            application of such provision to persons of circumstances other than
            those to which it is held invalid or unenforceable shall not be
            affected thereby and shall be valid and enforceable to the fullest
            extent permitted by law.

13.0  EXECUTION IN SEVERAL COUNTERPARTS; ENTIRE AGREEMENT.

      13.1  This Agreement may be executed in several counterparts or by
            separate instruments, all of such counterparts and instruments shall
            constitute one agreement, binding on all of the parties hereto.

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<PAGE>

      13.2  This Agreement constitutes the entire agreement between the parties
            hereto with respect to the subject matter hereof and supersedes all
            prior agreements and understandings, written or oral, of the parties
            in connection therewith.

      IN WITNESS WHEREOF, the undersigned parties have executed this Agreement
upon proper legal authority as of the _____ day of ______, 2005.

                                    City National Bank, a national banking
                                    association

                                    By: ___________________________
                                          Sue Behning, its Trust Officer

                                    Rokwader, Inc., a Delaware corporation

                                    By: ______________________________
                                           Yale Farar, its President

                                       9REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement  ("Agreement") is entered into as of
the 30th day of March, 2005, by and among Rokwader, Inc., a Delaware corporation
(the  "Company"),  and the  undersigned  parties  listed  under  Investor on the
signature page hereto (each, an "Investor" and collectively, the "Investors").

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

         The  Investors and the Company  desire to enter into this  Agreement to
provide the Investors with certain rights relating to the registration of shares
of Common Stock (as defined below) held by them.

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

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

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

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

         "Common Stock" means the common stock,  par value $0.001 per share,  of
the Company.

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

         "Demand Registration" is defined in Section 2.1.1.

         "Demanding Holder" is defined in Section 2.1.1.

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

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

         "Indemnified Party" is defined in Section 4.3.

         "Indemnifying Party" is defined in Section 4.3.

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

         "Investor Indemnified Party" is defined in Section 4.1.

         "IPO" is  defined  as the  Company's  initial  public  offering  of its
securities being undertaken,  pursuant to a Registration Statement on Form SB-2,
as amended,  to be initially  filed with the Securities and Exchange  Commission
within three months of the date of this Agreement.

         "Maximum Number of Shares" is defined in Section 2.1.4.

         "Notices" is defined in Section 6.3.

         "Piggy-Back Registration" is defined in Section 2.2.1.

         "Prospectus" means the Company's prospectus relating to the IPO.

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<PAGE>

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

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

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

         "Release  Date"  means the date upon which the  Company  consummates  a
"business combination" with a "target business" as contemplated in the Company's
prospectus relating to its IPO.

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

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

2.       REGISTRATION RIGHTS.

         2.1 Demand Registration.

             2.1.1 Request for  Registration.  At any time and from time to time
on or after a date which is six (6)  months  following  the  Release  Date,  the
holders of a  majority-in-interest  of the  Registrable  Securities  held by the
Investors or the  transferees  of the  Investors,  may make a written demand for
registration  under  the  Securities  Act of all or  part of  their  Registrable
Securities (a "Demand Registration"). Any demand for a Demand Registration shall
specify the number of shares of Registrable  Securities  proposed to be sold and
the intended  method(s)  of  distribution  thereof.  The Company will notify all
holders of Registrable  Securities of the demand, and each holder of Registrable
Securities  who wishes to include all or a portion of such holder's  Registrable
Securities  in the Demand  Registration  (each such holder  including  shares of
Registrable  Securities in such  registration,  a "Demanding  Holder")  shall so
notify the Company  within  fifteen (15) days after the receipt by the holder of
the notice from the Company.  Upon any such request, the Demanding Holders shall
be  entitled  to  have  their  Registrable  Securities  included  in the  Demand
Registration,  subject to Section  2.1.4 and the  provisos  set forth in Section
3.1.1.  The Company  shall not be  obligated to effect more than an aggregate of
two (2) Demand  Registrations under this Section 2.1.1 in respect of Registrable
Securities.

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

                                       2
<PAGE>

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

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

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

         2.2 Piggy-Back Registration.

              2.2.1 Piggy-Back  Rights.  If at any time on or after a date which
is six (6) months  following  the Release  Date the  Company  proposes to file a
Registration  Statement  under the Securities Act with respect to an offering of
equity   securities,   or  securities  or  other   obligations   exercisable  or
exchangeable for, or convertible into, equity securities, by the Company for its
own account or for  stockholders  of the  Company  for their  account (or by the
Company  and by  stockholders  of the  Company  including,  without  limitation,
pursuant  to Section  2.1),  other than a  Registration  Statement  (i) filed in
connection  with any employee  stock option or other benefit  plan,  (ii) for an
exchange  offer or  offering  of  securities  solely to the  Company's  existing
stockholders,  (iii) for an offering of debt that is not convertible into equity
securities  of the Company or (iv) for a dividend  reinvestment  plan,  then the
Company shall (x) give written notice of such proposed  filing to the holders of
Registrable Securities as soon as practicable but in no event less than ten (10)
days before the anticipated  filing date, which notice shall describe the amount
and type of securities to be included in such offering,  the intended  method(s)
of  distribution,   and  the  name  of  the  proposed  managing  Underwriter  or
Underwriters,  if  any,  of the  offering,  and  (y)  offer  to the  holders  of
Registrable  Securities in such notice the  opportunity  to register the sale of
such number of shares of  Registrable  Securities as such holders may request in
writing  within five (5) days  following  receipt of such notice (a  "Piggy-Back
Registration").  The  Company  shall  cause such  Registrable  Securities  to be
included  in such  registration  and  shall  use its best  efforts  to cause the
managing  Underwriter or  Underwriters  of a proposed  underwritten  offering to
permit the  Registrable  Securities  requested  to be included  in a  Piggy-Back
Registration  to be  included  on the same terms and  conditions  as any similar
securities  of the Company and to permit the sale or other  disposition  of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof.  All holders of Registrable  Securities  proposing to distribute  their
securities  through a Piggy-Back  Registration  that involves an  Underwriter or
Underwriters  shall enter into an underwriting  agreement in customary Form with
the Underwriter or Underwriters selected for such Piggy-Back Registration.

                                       3
<PAGE>

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

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

                           (ii) If the  registration is a "demand"  registration
         undertaken  at  the  demand  of  persons  other  than  the  holders  of
         Registrable  Securities  pursuant to written  contractual  arrangements
         with such  persons,  (A)  first,  the  shares  of Common  Stock for the
         account of the demanding persons that can be sold without exceeding the
         Maximum  Number of Shares;  (B) second,  to the extent that the Maximum
         Number of Shares has not been reached under the  foregoing  clause (A),
         the shares of Common Stock or other securities that the Company desires
         to sell  that can be sold  without  exceeding  the  Maximum  Number  of
         Shares;  and (C) third, to the extent that the Maximum Number of Shares
         has not been  reached  under the  foregoing  clauses  (A) and (B),  the
         Registrable  Securities  as to which  registration  has been  requested
         under  this  Section  2.2 (pro rata in  accordance  with the  number of
         shares of  Registrable  Securities  held by each such holder);  and (D)
         fourth,  to the extent that the  Maximum  Number of Shares has not been
         reached  under the  foregoing  clauses  (A), (B) and (C), the shares of
         Common  Stock,  if any,  as to which  registration  has been  requested
         pursuant to written  contractual  piggy-back  registration rights which
         such  other  stockholders  desire  to sell  that  can be  sold  without
         exceeding the Maximum Number of Shares.

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

                                       4
<PAGE>

         2.3  Registrations  on Form S-3. The holders of Registrable  Securities
may at any time and from  time to time,  request  in  writing  that the  Company
register the resale of any or all of such Registrable  Securities on Form S-3 or
any similar  short-Form  registration which may be available at such time ("Form
S-3"); provided, however, that the Company shall not be obligated to effect such
request through an underwritten offering.  Upon receipt of such written request,
the Company will promptly give written  notice of the proposed  registration  to
all  other  holders  of  Registrable  Securities,  and,  as soon as  practicable
thereafter,  effect the  registration of all or such portion of such holder's or
holders' Registrable Securities as are specified in such request,  together with
all or such portion of the Registrable Securities of any other holder or holders
joining in such  request as are  specified  in a written  request  given  within
fifteen  (15) days  after  receipt  of such  written  notice  from the  Company;
provided,  however,  that the Company  shall not be obligated to effect any such
registration  pursuant to this Section 2.3: (i) if Form S-3 is not available for
such offering;  or (ii) if the holders of the Registrable  Securities,  together
with the holders of any other securities of the Company entitled to inclusion in
such  registration,  propose  to sell  Registrable  Securities  and  such  other
securities (if any) at any aggregate  price to the public of less than $100,000.
Registrations  effected  pursuant  to this  Section  2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

3.       REGISTRATION PROCEDURES.

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

              3.1.1  Filing  Registration  Statement.   The  Company  shall,  as
expeditiously  as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a  Registration  Statement on any form for which the Company
then qualifies or which counsel for the Company shall deem appropriate and which
form  shall  be  available  for the  sale of all  Registrable  Securities  to be
registered  thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration  Statement to
become and remain effective for the period required by Section 3.1.3;  provided,
however,  that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back  Registration  for such period as
may be  applicable  to  deferment  of any  demand  registration  to  which  such
Piggy-Back  Registration  relates,  in each case if the Company shall furnish to
the holders a certificate  signed by the Chief Executive  Officer of the Company
stating  that,  in the good  faith  judgment  of the Board of  Directors  of the
Company, it would be materially  detrimental to the Company and its stockholders
for such Registration  Statement to be effected at such time;  provided further,
however,  that the Company  shall not have the right to  exercise  the right set
forth in the immediately  preceding proviso more than once in any 365-day period
in respect of a Demand Registration hereunder.

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

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

                                       5
<PAGE>

              3.1.4 Notification.  After the filing of a Registration Statement,
the Company  shall  promptly,  and in no event more than two (2)  business  days
after such filing, notify the holders of Registrable Securities included in such
Registration  Statement of such filing,  and shall  further  notify such holders
promptly  and  confirm  such  advice in  writing  in all  events  within two (2)
business  days  of  the  occurrence  of  any of the  following:  (i)  when  such
Registration Statement becomes effective; (ii) when any post-effective amendment
to  such  Registration  Statement  becomes  effective;  (iii)  the  issuance  or
threatened  issuance by the  Commission of any stop order (and the Company shall
take all  actions  required to prevent the entry of such stop order or to remove
it if  entered);  and (iv) any request by the  Commission  for any  amendment or
supplement to such Registration  Statement or any prospectus relating thereto or
for  additional  information  or of the  occurrence  of an event  requiring  the
preparation  of a  supplement  or  amendment  to such  prospectus  so  that,  as
thereafter  delivered  to the  purchasers  of the  securities  covered  by  such
Registration Statement,  such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements  therein not  misleading,  and promptly make
available to the holders of Registrable Securities included in such Registration
Statement any such  supplement or amendment;  except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement
thereto,  including  documents  incorporated  by  reference,  the Company  shall
furnish to the holders of Registrable  Securities  included in such Registration
Statement  and to the legal  counsel  for any such  holders,  copies of all such
documents proposed to be filed sufficiently in advance of filing to provide such
holders and legal counsel with a reasonable opportunity to review such documents
and comment thereon,  and the Company shall not file any Registration  Statement
or  prospectus  or  amendment  or  supplement   thereto,   including   documents
incorporated  by  reference,  to which such holders or their legal counsel shall
object.

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

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

              3.1.7 Cooperation. The principal executive officer of the Company,
the principal financial officer of the Company, the principal accounting officer
of the  Company and all other  officers  and  members of the  management  of the
Company  shall  cooperate  fully  in  any  offering  of  Registrable  Securities
hereunder,  which cooperation shall include, without limitation, the preparation
of the  Registration  Statement  with  respect  to such  offering  and all other
offering  materials and related  documents,  and  participation in meetings with
Underwriters, attorneys, accountants and potential investors.

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

                                       6
<PAGE>

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

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

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

         3.2 Obligation to Suspend Distribution. Upon receipt of any notice from
the  Company  of the  happening  of any event of the kind  described  in Section
3.1.4(iv),  or, in the case of a resale  registration  on Form S-3  pursuant  to
Section 2.3 hereof,  upon any  suspension by the Company,  pursuant to a written
insider trading  compliance program adopted by the Company's Board of Directors,
of the  ability of all  "insiders"  covered by such  program to  transact in the
Company's   securities   because  of  the   existence  of  material   non-public
information,  each holder of Registrable Securities included in any registration
shall  immediately   discontinue  disposition  of  such  Registrable  Securities
pursuant to the  Registration  Statement  covering such  Registrable  Securities
until such holder receives the supplemented or amended  prospectus  contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's  securities is removed,  as applicable,  and, if so directed by
the Company, each such holder will deliver to the Company all copies, other than
permanent  file  copies  then in such  holder's  possession,  of the most recent
prospectus  covering such Registrable  Securities at the time of receipt of such
notice.

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

                                       7
<PAGE>

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

4.       INDEMNIFICATION AND CONTRIBUTION.

         4.1 Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Investor and each other holder of Registrable Securities, and
each of their respective officers, employees,  affiliates,  directors, partners,
members, attorneys and agents, and each person, if any, who controls an Investor
and each other holder of Registrable  Securities  (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) (each,  an "Investor
Indemnified Party"), from and against any expenses,  losses, judgments,  claims,
damages or liabilities,  whether joint or several,  arising out of or based upon
any  untrue  statement  (or  allegedly  untrue  statement)  of a  material  fact
contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary  prospectus,
final prospectus or summary prospectus contained in the Registration  Statement,
or any amendment or supplement to such Registration Statement, or arising out of
or based upon any  omission  (or  alleged  omission)  to state a  material  fact
required to be stated  therein or necessary to make the  statements  therein not
misleading, or any violation by the Company of the Securities Act or any rule or
regulation  promulgated  thereunder  applicable  to the Company and  relating to
action  or  inaction  required  of the  Company  in  connection  with  any  such
registration;  and the Company shall promptly reimburse the Investor Indemnified
Party for any legal and any other expenses  reasonably incurred by such Investor
Indemnified  Party in  connection  with  investigating  and  defending  any such
expense, loss, judgment, claim, damage, liability or action; provided,  however,
that the Company will not be liable in any such case to the extent that any such
expense,  loss,  claim,  damage or liability  arises out of or is based upon any
untrue  statement or allegedly  untrue statement or omission or alleged omission
made in such Registration Statement,  preliminary prospectus,  final prospectus,
or summary prospectus, or any such amendment or supplement, in reliance upon and
in conformity with  information  furnished to the Company,  in writing,  by such
selling holder  expressly for use therein.  The Company also shall indemnify any
Underwriter  of  the  Registrable   Securities,   their  officers,   affiliates,
directors,  partners,  members  and agents and each  person  who  controls  such
Underwriter  on  substantially  the same  basis  as that of the  indemnification
provided above in this Section 4.1.

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

         4.3 Conduct of Indemnification  Proceedings.  Promptly after receipt by
any person of any notice of any loss,  claim,  damage or liability or any action
in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such
person (the  "Indemnified  Party") shall, if a claim in respect thereof is to be
made against any other person for indemnification  hereunder,  notify such other
person  (the  "Indemnifying  Party") in writing  of the loss,  claim,  judgment,
damage,  liability  or  action;  provided,  however,  that  the  failure  by the
Indemnified  Party to  notify  the  Indemnifying  Party  shall not  relieve  the
Indemnifying  Party from any liability which the Indemnifying  Party may have to
such  Indemnified  Party  hereunder,   except  and  solely  to  the  extent  the
Indemnifying  Party is actually  prejudiced by such failure.  If the Indemnified
Party is seeking  indemnification  with  respect to any claim or action  brought
against the Indemnified  Party, then the Indemnifying Party shall be entitled to
participate in such claim or action, and, to the extent that it wishes,  jointly
with all other  Indemnifying  Parties,  to assume control of the defense thereof
with  counsel  satisfactory  to the  Indemnified  Party.  After  notice from the
Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action,  the Indemnifying Party shall not be liable
to the Indemnified Party for any legal or other expenses  subsequently  incurred
by the  Indemnified  Party in  connection  with the defense  thereof  other than
reasonable  costs of  investigation;  provided,  however,  that in any action in
which  both the  Indemnified  Party  and the  Indemnifying  Party  are  named as
defendants,  the  Indemnified  Party  shall  have the right to  employ  separate
counsel  (but  no  more  than  one  such  separate  counsel)  to  represent  the
Indemnified  Party and its  controlling  persons who may be subject to liability
arising  out of any claim in  respect  of which  indemnity  may be sought by the
Indemnified Party against the Indemnifying  Party, with the fees and expenses of
such  counsel to be paid by such  Indemnifying  Party if, based upon the written
opinion of counsel of such Indemnified Party,  representation of both parties by
the same counsel  would be  inappropriate  due to actual or potential  differing
interests between them. No Indemnifying  Party shall,  without the prior written
consent of the  Indemnified  Party,  consent to entry of  judgment or effect any
settlement of any claim or pending or threatened  proceeding in respect of which
the  Indemnified  Party is or could have been a party and  indemnity  could have
been  sought  hereunder  by such  Indemnified  Party,  unless  such  judgment or
settlement includes an unconditional  release of such Indemnified Party from all
liability arising out of such claim or proceeding.

                                       8
<PAGE>

         4.4 Contribution.

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

              4.4.2  The  parties  hereto  agree  that it would  not be just and
equitable if  contribution  pursuant to this Section 4.4 were  determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding Section
4.4.1.  The amount  paid or payable by an  Indemnified  Party as a result of any
loss,  claim,  damage,  liability  or  action  referred  to in  the  immediately
preceding  paragraph shall be deemed to include,  subject to the limitations set
forth above, any legal or other expenses  incurred by such Indemnified  Party in
connection   with   investigating   or  defending  any  such  action  or  claim.
Notwithstanding  the  provisions  of this Section 4.4, no holder of  Registrable
Securities  shall be required to  contribute  any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting  fees,  discounts,
commissions  or  taxes)  actually  received  by such  holder  from  the  sale of
Registrable  Securities  which  gave rise to such  contribution  obligation.  No
person  guilty of  fraudulent  misrepresentation  (within the meaning of Section
11(f) of the Securities Act) shall be entitled to  contribution  from any person
who was not guilty of such fraudulent misrepresentation.

5.       UNDERWRITING AND DISTRIBUTION.

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

                                       9
<PAGE>

6.       MISCELLANEOUS.

         6.1 Effectiveness of Registration Statements.  The Company will use its
best  efforts  to  maintain  the  effectiveness  of any  registration  statement
pursuant  to which  any of the  Registrable  Securities  are  offered  until the
earlier to occur of (i) the completion by the  underwriters of the  distribution
pursuant  to  such  registration   statement  or  (ii)  nine  months  after  the
effectiveness of any registration statement; provided, however, that in the case
of any registration statement filed pursuant to section 2.3 the Company will use
its best efforts to maintain the  effectiveness of such  registration  statement
until all Registrable Securities covered thereby are sold, and from time to time
will  amend  or  supplement  such  registration  statement  and  the  prospectus
contained  therein as and to the extent  necessary to comply with the Securities
Act and any applicable state securities statute or regulation.  The Company will
also provide each holder of  Registrable  Securities  with as many copies of the
prospectus  contained in any such  registration  statement as it may  reasonably
request.

         6.2 Other Registration Rights. The Company represents and warrants that
no person, other than a holder of the Registrable  Securities,  has any right to
require the Company to register any shares of the  Company's  capital  stock for
sale or to include  shares of the Company's  capital  stock in any  registration
filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other person.

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

         6.4 Notices. All notices,  demands,  requests,  consents,  approvals or
other communications (collectively, "Notices") required or permitted to be given
hereunder or which are given with respect to this Agreement  shall be in writing
and shall be personally served,  delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery,  telegram, telex or facsimile,
addressed as set forth below,  or to such other address as such party shall have
specified most recently by written  notice.  Notice shall be deemed given on the
date of service or transmission if personally served or transmitted by telegram,
telex or facsimile;  provided,  that if such service or transmission is not on a
business day or is after normal business hours, then such notice shall be deemed
given on the next business day.  Notice  otherwise sent as provided herein shall
be deemed  given on the next  business  day  following  timely  delivery of such
notice to a reputable air courier service with an order for next-day delivery.

                  To the Company:
                  Rokwader, Inc.
                  23950 Craftsman Rd.
                  Calabasas, CA  91302
                  Attn:  President

                  To an Investor, to:

                  Brooktide  LLC
                  4790 Caughlin Parkway
                  Suite 236
                  Reno, NV  89509-0907
                  Attn: Yale Farar

                                       10
<PAGE>

                  Rob Larcara
                  c/o Rokwader, Inc.
                  Rokwader, Inc.
                  23950 Craftsman Rd.
                  Calabasas, CA  91302

                  Gary Saderup
                  c/o Rokwader, Inc.
                  Rokwader, Inc.
                  23950 Craftsman Rd.
                  Calabasas, CA  91302

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

         6.6   Counterparts.   This   Agreement  may  be  executed  in  multiple
counterparts,  each of which shall be deemed an original, and all of which taken
together shall constitute one (1) and the same instrument.

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

         6.8  Modifications  and  Amendments.  No  amendment,   modification  or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party.

         6.9 Titles  and  Headings.  Titles and  headings  of  sections  of this
Agreement are for convenience  only and shall not affect the construction of any
provision of this Agreement.

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

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

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

                                       11
<PAGE>

         6.13  Waiver  of Trial by  Jury.  EACH  PARTY  HEREBY  IRREVOCABLY  AND
UNCONDITIONALLY  WAIVES  THE  RIGHT  TO A TRIAL  BY JURY  IN ANY  ACTION,  SUIT,
COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT,  TORT OR OTHERWISE)
ARISING OUT OF,  CONNECTED WITH OR RELATING TO THIS AGREEMENT,  THE TRANSACTIONS
CONTEMPLATED  HEREBY,  OR THE  ACTIONS  OF  THE  INVESTOR  IN  THE  NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

         Jurisdiction;  Service of Process.  Any action or proceeding seeking to
enforce any provision  of, or based on any right arising out of, this  Agreement
shall be brought  against any of the parties  only in the courts of the State of
California,  County of Los Angeles  or, if it has or can  acquire the  necessary
jurisdiction,  in the United States  District Court for the Central  District of
California  and each of the parties  consents to the exclusive  jurisdiction  of
such  courts  (and of the  appropriate  appellate  courts) in any such action or
proceeding  and  irrevocably   waives  any  objection  to  venue  laid  therein.
Notwithstanding the foregoing,  nothing in this Section is intended to prevent a
party from  instituting an action in any jurisdiction for the sole and exclusive
purpose of enforcing a judgment by a court in the  jurisdictions  referred to in
the preceding  sentence.Recovery  of Fees by Prevailing Party. In the event of a
lawsuit  to  enforce  or  interpret  the  provisions  of  this  Agreement,   the
non-prevailing  party shall pay the prevailing party reasonable  attorneys' fees
and other costs and  expenses in such  amount as the court shall  determine.  In
addition,  such  non-prevailing  party  shall  pay  reasonable  attorneys'  fees
incurred by the prevailing party in enforcing,  or on appeal from, a judgment in
favor of the prevailing party. The preceding sentence is intended by the parties
hereto  to be  severable  from the other  provisions  of this  Agreement  and to
survive and not be merged into such judgment.

         Further  Assurances.  Each party  agrees (i) to furnish upon request to
each other party such further  information,  (ii) to execute and deliver to each
other  party such other  documents,  and (iii) to do such other acts and things,
all as another party may reasonably  request for the purpose of carrying out the
intent of this Agreement and the documents and transactions  referred to in this
Agreement.

         Duty of Cooperation.  Each party shall cooperate with the other parties
generally,  and  in  particular  will  make  available,  as  the  other  parties
reasonably request, liaison personnel, information, approvals and acceptances so
that the other  parties  may  properly  perform  their  obligations  under  this
Agreement.

         Specific Performance.  Each of the parties acknowledges and agrees that
the other party would be damaged  irreparably in the event any of the provisions
of this  Agreement are not performed in accordance  with their specific terms or
otherwise are breached.  Accordingly,  each of the parties agrees that the other
party shall be entitled to an injunction or injunctions  to prevent  breaches of
the provisions of this Agreement and to enforce  specifically this Agreement and
the terms and provisions  hereof in any action  instituted in any court pursuant
to Section 6.14, in addition to any other remedy to which it may be entitled, at
law or in equity.

         Survival  of   Agreements,   Representations,   etc.  All   warranties,
representations,  agreements  and  covenants  made by a party  herein  or in any
obligation  created by any Exhibit  hereto shall  survive the Closing under this
Agreement for the applicable  period of the relevant  statute of limitations and
shall continue in full force and effect.Time of the Essence.  With regard to all
dates and time  periods set forth or referred to in this  Agreement,  time is of
the essence.Construction. The construction of this Agreement shall not take into
consideration the party who drafted or whose representative  drafted any portion
of this Agreement,  and no canon of construction  shall be applied that resolves
ambiguities against the drafter of a document. The parties acknowledge that they
were advised by competent  counsel that each has chosen to represent  such party
and each party has had a full  opportunity  to comment  upon and  negotiate  the
terms of this Agreement.  The language used in this Agreement shall be deemed to
be the language chosen by the parties hereto to express their mutual intent as a
result of arm's length bargaining.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>

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

                                     ROKWADER, INC.
                                     a Delaware corporation

                                     By: /s/ Yale Farar
                                         --------------------------
                                            Name:  Yale Farar
                                            Title:  President

INVESTORS:

Brooktide, LLC
a Nevada limited liability company

By: /s/ Yale Farar
    ---------------------------------
Its: Manager

/s/ Rob Larcara
-------------------------------------
Rob Larcara

/s/ Gary Saderup
-------------------------------------
Gary Saderup

                                       13

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