Document:

Exhibit 10.6
    

    

    

    
      THIRD AMENDMENT TO THE
SECURITY AGREEMENT
    

    

    

    
                This Third Amendment to the Security Agreement (this “Amendment”)
      is made and entered into as of September__, 2009 by and between Net
      Talk.com, Inc., a Florida corporation (the “Company”), and
      Debt Opportunity Fund, LLLP, and its endorsees, transferees and assigns
      (collectively referred to as the “Secured Parties”).
    

    

    

    
                On January 30, 2009, the Company and Secured Parties entered
      into the Security Agreement, as amended on February 6, 2009 by that
      certain First Amendment to the Security Agreement, and as amended on
      July 20, 2009 by that certain Second Amendment to the Security
      Agreement  (as amended, the “Security Agreement”).  In
      connection with a financing occurring on the date hereof, the parties
      now wish to amend the terms of the Security Agreement in accordance with
      the terms stated herein.  Accordingly, in consideration of the mutual
      promises and covenants hereinafter set forth, the parties hereto agree
      as set forth below.
    

    

    

    
      OPERATIVE PROVISIONS
    

    

    

    
      1.        Debentures.  The
      definition of “Debentures” (as set forth in the preamble of the Security
      Agreement) means, individually and collectively: (a) the 12% Senior
      Secured Convertible Debenture in the original aggregate principal amount
      of $600,000 issued on January 30, 2009; (b) the 12% Senior Secured
      Convertible Debenture in the original aggregate principal amount of
      $500,000 issued on February 9, 2009; (c) the 12% Senior Secured
      Convertible Debenture in the original aggregate principal amount of
      $500,000 issued on July 20, 2009; and (d) the 12% Senior Secured
      Convertible Debenture in the original aggregate principal amount of
      $1,100,000 issued on September __, 2009.         
    

    
      2.        Ratification of
      Agreement.  The terms and conditions of the Security Agreement that
      have not been modified by this Amendment shall remain in full force and
      effect.
    

    
      3.        Counterparts.
      This Amendment may be executed in any number of counterparts, each of
      which shall be an original, but all of which together shall constitute
      one instrument.
    

    

    

    
      IN WITNESS WHEREOF, the parties have executed this Amendment as of the
      date first written above.
    

    

    

    
      NET TALK.COM, INC.
    

    

    

    

    

    
      By:_______________________________________
    

    
           Name: Anastasios Kyriakides
    

    
           Title: Chief Executive Officer
    

    

    

    
      DEBT OPPORTUNITY FUND, LLLP
    

    

    

    
      By:_______________________________________
    

    
           Name: Sean M. Lyons
    

    
           Title: Managing Member
    

    

    

    

    

    

    

    

    

    
      1Exhibit 10.7
    

    

    

    
      REGISTRATION RIGHTS AGREEMENT
    

    

    

    
      This Registration Rights Agreement is made and entered into as of
      September 25, 2009 (as amended, modified or supplemented from time to
      time, this “Agreement”) by and between Net Talk.com, Inc.,
      a Florida corporation (the “Company”), and
      each securityholder identified on the signature pages hereto (each,
      including its successors and assigns, a “Holder” and
      collectively the “Holders”).
    

    
      This Agreement is made pursuant to the Securities Purchase Agreement,
      dated as of the date hereof between the Company and the Purchasers (as
      defined therein) (the “Purchase Agreement”).
    

    
      1.  Definitions. Capitalized terms used and not
      otherwise defined herein that are defined in the Purchase Agreement
      shall have the meanings given such terms in the Purchase Agreement.  As
      used in this Agreement, the following terms shall have the following
      meanings:
    

    
      “Commission” means the U.S. Securities and Exchange
      Commission.
    

    
      “Common Stock” means shares of the Company’s common
      stock, par value $0.001 per share.
    

    
      “Company” has the meaning given to such term in the
      Preamble hereto.
    

    
      “Debentures” means the 12% Senior Secured Convertible
      Debenture issued to the Purchaser pursuant to the Purchase Agreement.
    

    
      “Exchange Act” means the Securities Exchange Act of
      1934, as amended, and any successor statute.
    

    
      “Holder” or “Holders” means the
      Purchasers or any of its affiliates or transferees to the extent any of
      them hold Registrable Securities, other than those purchasing
      Registrable Securities in a market transaction.
    

    
      “Indemnified Party” has the meaning set forth in
      Section 5(c).
    

    
      “Indemnifying Party” has the meaning set forth in
      Section 5(c).
    

    
      “Public Date” means the date on which the Company
      shall have completed an initial public offering of its securities or
      shall through completion of a reverse merger transaction or otherwise
      have become a reporting company under the Exchange Act.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      “Prospectus” means the prospectus included in the
      Registration Statement (including, without limitation, a prospectus that
      includes any information previously omitted from a prospectus filed as
      part of an effective registration statement in reliance upon Rule 430A
      promulgated under the Securities Act), as amended or supplemented by any
      prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by the Registration
      Statement, and all other amendments and supplements to the Prospectus,
      including post-effective amendments, and all material incorporated by
      reference or deemed to be incorporated by reference in such Prospectus.
    

    
      “Registrable Securities” means the shares of Common
      Stock issuable upon conversion or exercise of the following securities:
      (i) the Debenture and (ii) the Series C Common Stock Purchase Warrants
      exercisable for 4,400,000 shares of common stock, with an exercise price
      equal to $0.50 (subject to adjustment).
    

    

    

    
      “Registration Statement” means each registration
      statement required to be filed hereunder, including the Prospectus
      therein, amendments and supplements to such registration statement or
      Prospectus, including pre- and post-effective amendments, all exhibits
      thereto, and all material incorporated by reference or deemed to be
      incorporated by reference in such registration statement.
    

    
      “Requesting Holders” has the meaning set forth in
      Section 2(a).
    

    
      “Requested Stock” has the meaning set forth in
      Section 2(a).
    

    
      “Rule 144” means Rule 144 promulgated by the
      Commission pursuant to the Securities Act, as such rule may be amended
      from time to time, or any similar rule or regulation hereafter adopted
      by the Commission having substantially the same effect as such rule.
    

    
      “Rule 415” means Rule 415 promulgated by the Commission
      pursuant to the Securities Act, as such rule may be amended from time to
      time, or any similar rule or regulation hereafter adopted by the
      Commission having substantially the same purpose and effect as such rule.
    

    
      “Securities Act” means the Securities Act of 1933, as
      amended, and any successor statute.
    

    
      2.  Piggy-Back Registration.
    

    
         (a)  If at any time after the Public Date, the Company proposes to
      register any of its securities under the Securities Act in connection
      with the public offering of such securities solely for cash (other than
      a registration on Form S-4, Form S-8, or any successor or similar
      forms), whether for the account of the Company or otherwise, it will
      promptly, but not later than thirty (30) days before the anticipated
      date of filing such registration statement, give written notice to all
      record holders of the Registrable Securities.  Upon the written request
      from any Holders (the “Requesting Holders”), within 15 days
      after receipt of any such notice from the Company, the Company will,
      except as herein provided, cause all of the Registrable Securities
      covered by such request (the “Requested Stock”) held by the
      Requesting Holders to be included in such registration statement, all to
      the extent requisite to permit the sale or other disposition by the
      prospective seller or sellers of the Requested Stock; provided, further,
      that nothing herein shall prevent the Company from, at any time,
      abandoning or delaying any registration.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (b)  If any registration pursuant to Section 2(a) shall be
      underwritten in whole or in part, the Company may require that the
      Requested Stock be included in the underwriting on the same terms and
      conditions as the securities otherwise being sold through the
      underwriters.  In such event, the Requesting Holders shall, if requested
      by the underwriters, execute an underwriting agreement containing
      customary representations and warranties by selling stockholders.  If in
      the good faith judgment of the managing underwriter of such public
      offering the inclusion of all of the Requested Stock would reduce the
      number of shares to be offered by the Company or interfere with the
      successful marketing of the shares of stock offered by the Company, the
      number of shares of Requested Stock otherwise to be included in the
      underwritten public offering may be reduced pro rata (by number of
      shares) among the Requesting Holders and all other holders of
      registration rights who have requested inclusion of their securities or
      excluded in their entirety if so required by the underwriter.  To the
      extent only a portion of the Requested Stock is included in the
      underwritten public offering, those shares of Requested Stock which are
      thus excluded from the underwritten public offering and any other
      securities of the Company held by such holders shall be withheld from
      the market by the Holders thereof for a period, not to exceed 90 days,
      which the managing underwriter reasonably determines is necessary in
      order to effect the underwritten public offering.  The obligation of the
      Company under Section 2(a) shall not apply after the earlier of (i) the
      date that all of the Conversion Shares have been sold pursuant to Rule
      144 under the Securities Act or an effective registration statement, or
      (ii) such time as the Conversion Shares are eligible for immediate
      resale pursuant to Rule 144(b)(1) under the Securities Act to the
      Holders.
    

    
         (c)  If the registration statement is an offering to be made on a
      continuous basis pursuant to Rule 415 and is not on a Form S-3, and the
      Commission advises the Company that all of the Restricted Stock may not
      be included under Rule 415(a)(i), then the number of shares of Requested
      Stock otherwise to be included in such registration statement may be
      reduced pro rata (by number of shares) among the Requesting Holders and
      all other holders of registration rights who have requested inclusion of
      their securities to an amount to which is permitted by the Commission
      for resale under Rule 415(a)(i).
    

    
      3.  Registration Procedures. If and whenever the
      Company is required by the provisions hereof to effect the registration
      of any Registrable Securities under the Securities Act, the Company
      will, as expeditiously as reasonably possible:
    

    
         (a)  prepare and file with the Commission a Registration Statement
      with respect to such Registrable Securities, respond as promptly as
      reasonably possible to any comments received from the Commission, and
      use its best efforts to cause such Registration Statement to become and
      remain effective, and promptly provide to the Holders copies of all
      filings and Commission letters of comment relating thereto and before
      filing a Registration Statement or Prospectus or any amendments or
      supplements thereto, furnish to the Holders copies of all such documents
      proposed to be filed, including documents incorporated by reference in
      the Prospectus and, if requested by the Holders, the exhibits
      incorporated by reference, and the Holders shall have the opportunity to
      object to any information pertaining to itself that is contained therein
      and the Company will make the corrections reasonably requested by the
      Holders with respect to such information prior to filing any
      Registration Statement or amendment thereto or any Prospectus or any
      supplement thereto;
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (b)  prepare and file with the Commission such amendments and
      supplements to such Registration Statement and the Prospectus used in
      connection therewith as may be necessary to comply with the provisions
      of the Securities Act with respect to the disposition of all Registrable
      Securities covered by such Registration Statement and to keep such
      Registration Statement effective;
    

    
         (c)  furnish to the Holders such number of copies of the Registration
      Statement and the Prospectus included therein (including each
      preliminary Prospectus and any amendments and supplements to the
      Registration Statement and the Prospectus) and such other documents as
      the Holders reasonably may request to facilitate the public sale or
      disposition of the Registrable Securities covered by such Registration
      Statement;
    

    
         (d)  use its best efforts to register or qualify the Holder’s
      Registrable Securities covered by such Registration Statement under the
      securities or “blue sky” laws of such jurisdictions within the United
      States as the Holders may reasonably request and do any and all other
      acts and things which may be reasonably necessary or advisable to enable
      the Holders to consummate the disposition in such jurisdiction of the
      Registrable Securities, provided, however, that the
      Company shall not for any such purpose be required to qualify generally
      to transact business as a foreign corporation in any jurisdiction where
      it is not so qualified or to consent to general service of process in
      any such jurisdiction;
    

    
         (e)  list the Registrable Securities covered by such Registration
      Statement with any securities exchange on which the Common Stock of the
      Company is then listed;
    

    
         (f)  immediately notify the Holders at any time when a Prospectus
      relating thereto is required to be delivered under the Securities Act,
      of the happening of any event as a result of which the Prospectus
      contained in such Registration Statement, as then in effect, includes an
      untrue statement of a material fact or omits to state a material fact
      required to be stated therein or necessary to make the statements
      therein not misleading, and, at the request of the Holders, the Company
      shall prepare a supplement or amendment to such Prospectus so that, as
      thereafter delivered to the purchasers of Registrable Securities, such
      Prospectus shall 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 statement therein not misleading;
    

    
         (g)  to the extent pertinent to the registration and sale of the
      Registrable Securities under the Registration Statement, make available
      for inspection by the Holders and any attorney, accountant or other
      agent retained by the Holders, all publicly available, non-confidential
      financial and other records, pertinent corporate documents and
      properties of the Company, and, to the extent pertinent to the
      registration and sale of the Registrable Securities under the
      Registration Statement, cause the Company’s officers, directors and
      employees to supply all publicly available, non-confidential information
      reasonably requested by the attorney, accountant or agent of the Holders;
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (h)  provide a transfer agent and registrar for all such Registrable
      Securities not later than the effective date of such Registration
      Statement;
    

    
         (i)  if requested, cause to be delivered, immediately prior to the
      effectiveness of the Registration Statement, letters from the Company’s
      independent certified public accountants addressed to the Holders
      (unless the Holders does not provide to such accountants the appropriate
      representation letter required by rules governing the accounting
      profession) stating that such accountants are independent public
      accountants within the meaning of the Securities Act and the applicable
      rules and regulations adopted by the Commission thereunder, and
      otherwise in customary form and covering such financial and accounting
      matters as are customarily covered by letters of the independent
      certified public accountants delivered in connection with primary or
      secondary underwritten public offerings, as the case may be; and
    

    
         (j)  at all times after the Company has filed a Registration
      Statement with the Commission pursuant to the requirements of either the
      Securities Act or the Exchange Act, the Company shall file all reports
      required to be filed by it under the Securities Act and the Exchange Act
      and the rules and regulations adopted by the Commission thereunder, and
      take such further action as the Holders may reasonably request, all to
      the extent required to enable the Holders to be eligible to sell
      Registrable Securities pursuant to Rule 144 (or any similar rule then in
      effect).
    

    
      4.  Registration Expenses.  All expenses relating to
      the Company’s compliance with Sections 2 and 3 hereof, including,
      without limitation, all registration, filing and listing application
      fees, costs of distributing any prospectuses and supplements thereto,
      printing expenses, fees and disbursements of counsel and independent
      public accountants for the Company, fees and expenses (including counsel
      fees) incurred in connection with complying with state securities or
      “blue sky” laws, fees of the NASD, fees of transfer agents and
      registrars, fees (not to exceed $20,000) of, and disbursements incurred
      by, one counsel for the Holders are called “Registration Expenses.” All
      selling commissions applicable to the sale of Registrable Securities,
      including any fees and disbursements of any special counsel to the
      Holders beyond those included in Registration Expenses, are called
      “Selling Expenses.”  The Company shall only be responsible for all
      Registration Expenses.  The obligation of the Company to bear the
      expenses described above shall apply irrespective of whether a
      registration becomes effective, is withdrawn or suspended, is converted
      to another form of registration and irrespective of when any of the
      foregoing shall occur.
    

    
      5.  Indemnification.
    

    
         (a)  In the event of a registration of any Registrable Securities
      under the Securities Act pursuant to this Agreement, the Company will
      indemnify and hold harmless each Holder, and its officers, directors and
      each other person, if any, who controls such Holder within the meaning
      of the Securities Act, against any losses, claims, damages or
      liabilities, joint or several, to which such Holder, or such persons may
      become subject under the Securities Act or otherwise, insofar as such
      losses, claims, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon any untrue statement or alleged untrue
      statement of any material fact contained in any Registration Statement
      under which such Registrable Securities were registered under the
      Securities Act pursuant to this Agreement, any preliminary Prospectus or
      final Prospectus contained therein, or any amendment or supplement
      thereof, or arise out of or are based upon the omission or alleged
      omission to state therein a material fact required to be stated therein
      or necessary to make the statements therein not misleading or any
      violation or alleged violation by the Company of the Securities Act, the
      Exchange Act or applicable “blue sky” laws, and will reimburse each
      Holder, and each such person for any reasonable legal or other expenses
      incurred by them in connection with investigating or defending any such
      loss, claim, damage, liability or action; provided, however,
      that the Company will not be liable in any such case if and to the
      extent that any such loss, claim, damage or liability arises out of or
      is based upon an untrue statement or alleged untrue statement or
      omission or alleged omission so made in conformity with information
      furnished by or on behalf of such Holder or any such person in writing
      specifically for use in any such document.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (b)  In the event of a registration of the Registrable Securities
      under the Securities Act pursuant to this Agreement, the Holders will
      indemnify and hold harmless the Company, and its officers, directors and
      each other person, if any, who controls the Company within the meaning
      of the Securities Act, against all losses, claims, damages or
      liabilities, joint or several, to which the Company or such persons may
      become subject under the Securities Act or otherwise, insofar as such
      losses, claims, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon any untrue statement or alleged untrue
      statement of any material fact which was furnished in writing by the
      Holders to the Company expressly for use in (and such information is
      contained in) the Registration Statement under which such Registrable
      Securities were registered under the Securities Act pursuant to this
      Agreement, any preliminary Prospectus or final Prospectus contained
      therein, or any amendment or supplement thereof, or arise out of or are
      based upon the omission or alleged omission to state therein a material
      fact required to be stated therein or necessary to make the statements
      therein not misleading, and will reimburse the Company and each such
      person for any reasonable legal or other expenses incurred by them in
      connection with investigating or defending any such loss, claim, damage,
      liability or action, provided, however, that the Holders
      will be liable in any such case if and only to the extent that any such
      loss, claim, damage or liability arises out of or is based upon an
      untrue statement or alleged untrue statement or omission or alleged
      omission so made in conformity with information furnished in writing to
      the Company by or on behalf of the Holders specifically for use in any
      such document.  Notwithstanding the provisions of this paragraph, the
      Holders shall not be required to indemnify any person or entity in
      excess of the amount of the aggregate net proceeds received by the
      Holders in respect of Registrable Securities in connection with any such
      registration under the Securities Act.
    

    
         (c)  Promptly after receipt by a party entitled to claim
      indemnification hereunder (an “Indemnified Party”) of
      notice of the commencement of any action, such Indemnified Party shall,
      if a claim for indemnification in respect thereof is to be made against
      a party hereto obligated to indemnify such Indemnified Party (an “Indemnifying
      Party”), notify the Indemnifying Party in writing thereof, but the
      omission so to notify the Indemnifying Party shall not relieve it from
      any liability which it may have to such Indemnified Party other than
      under this Section 5(c) and shall only relieve it from any liability
      which it may have to such Indemnified Party under this Section 5(c) if
      and to the extent the Indemnifying Party is prejudiced by such
      omission.  In case any such action shall be brought against any
      Indemnified Party and it shall notify the Indemnifying Party of the
      commencement thereof, the Indemnifying Party shall be entitled to
      participate in and, to the extent it shall wish, to assume and undertake
      the defense thereof with counsel satisfactory to such Indemnified Party,
      and, after notice from the Indemnifying Party to such Indemnified Party
      of its election so to assume and undertake the defense thereof, the
      Indemnifying Party shall not be liable to such Indemnified Party under
      this Section 5(c) for any legal expenses subsequently incurred by such
      Indemnified Party in connection with the defense thereof; if the
      Indemnified Party retains its own counsel, then the Indemnified Party
      shall pay all fees, costs and expenses of such counsel, provided, however,
      that, if the defendants in any such action include both the Indemnified
      Party and the Indemnifying Party and the Indemnified Party shall have
      reasonably concluded that there may be reasonable defenses available to
      it which are different from or additional to those available to the
      Indemnifying Party or if the interests of the Indemnified Party
      reasonably may be deemed to conflict with the interests of the
      Indemnifying Party, the Indemnified Party shall have the right to select
      one separate counsel and to assume such legal defenses and otherwise to
      participate in the defense of such action, with the reasonable expenses
      and fees of such separate counsel and other expenses related to such
      participation to be reimbursed by the Indemnifying Party as incurred.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (d)  In order to provide for just and equitable contribution in the
      event of joint liability under the Securities Act in any case in which
      either (i) the Holders, or any officer, director or controlling person
      of the Holders, makes a claim for indemnification pursuant to this
      Section 5 but it is judicially determined (by the entry of a final
      judgment or decree by a court of competent jurisdiction and the
      expiration of time to appeal or the denial of the last right of appeal)
      that such indemnification may not be enforced in such case
      notwithstanding the fact that this Section 5 provides for
      indemnification in such case, or (ii) contribution under the Securities
      Act may be required on the part of the Holders or such officer, director
      or controlling person of the Holders in circumstances for which
      indemnification is provided under this Section 5; then, and in each such
      case, the Company and the Holders will contribute to the aggregate
      losses, claims, damages or liabilities to which they may be subject
      (after contribution from others) in such proportion so that the Holders
      is responsible only for the portion represented by the percentage that
      the public offering price of its securities offered by the Registration
      Statement bears to the public offering price of all securities offered
      by such Registration Statement, provided, however, that,
      in any such case, (A) the Holders will not be required to contribute any
      amount in excess of the public offering price of all such securities
      offered by it pursuant to such Registration Statement; and (B) no person
      or entity guilty of fraudulent misrepresentation (within the meaning of
      Section 10(f) of the Act) will be entitled to contribution from any
      person or entity who was not guilty of such fraudulent misrepresentation.
    

    
         (e)  The indemnification provided for under this Agreement shall
      remain in full force and effect regardless of any investigation made by
      or on behalf of the indemnified party or any officer, director or
      controlling Person of such indemnified party and shall survive the
      transfer of securities.
    

    
      6.  Representations and Warranties.
    

    
         (a)  Neither the Company, nor any of its affiliates, nor any person
      acting on its or their behalf, has directly or indirectly made any
      offers or sales of any security or solicited any offers to buy any
      security under circumstances that would cause the offering of the
      Securities pursuant to the Purchase Agreement to be integrated with
      prior offerings by the Company for purposes of the Securities Act which
      would prevent the Company from selling the Common Stock pursuant to Rule
      506 under the Securities Act, or any applicable exchange-related
      stockholder approval provisions, nor will the Company or any of its
      affiliates or subsidiaries take any action or steps that would cause the
      offering of the Securities to be integrated with other offerings (other
      than such concurrent offering to the Holders) or other offerings of the
      Company that will not result in the loss of an exemption from
      registration under Rule 506 of the Securities Act).
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (b)  The Debenture and the shares of Common Stock issuable upon the
      conversion of the Debenture are all restricted securities under the
      Securities Act as of the date of this Agreement. The Company will not
      issue any stop transfer order or other order impeding the sale and
      delivery of any of the Registrable Securities at such time as such
      Registrable Securities are registered for public sale or an exemption
      from registration is available, except as required by federal or state
      securities laws.
    

    
         (c)  The Company understands the nature of the Registrable Securities
      issuable upon the conversion of the Debenture and recognizes that the
      issuance of such Registrable Securities may have a potential dilutive
      effect.  The Company specifically acknowledges that its obligation to
      issue the Registrable Securities is binding upon the Company and
      enforceable regardless of the dilution such issuance may have on the
      ownership interests of other shareholders of the Company.
    

    
         (d)  Except for agreements made in the ordinary course of business,
      there is no agreement that has not been filed with the Commission as an
      exhibit to a registration statement or to a form required to be filed by
      the Company under the Exchange Act, the breach of which could reasonably
      be expected to have a material and adverse effect on the Company and its
      subsidiaries, or would prohibit or otherwise interfere with the ability
      of the Company to enter into and perform any of its obligations under
      this Agreement in any material respect.
    

    
         (e)  The Company will at all times have authorized and reserved a
      sufficient number of shares of Common Stock for the full conversion of
      the Debenture.
    

    
         (f)  The Company shall provide written notice to each Holder of (i)
      the occurrence of each Discontinuation Event (as defined below) and (ii)
      the declaration of effectiveness by the Commission of each Registration
      Statement required to be filed hereunder, in each case within one (1)
      business day of the date of each such occurrence and/or declaration.
    

    
      7.  Miscellaneous.
    

    
         (a)  Remedies.  In the event of a
      breach by the Company or by a Holder, of any of their respective
      obligations under this Agreement, each Holder or the Company, as the
      case may be, in addition to being entitled to exercise all rights
      granted by law and under this Agreement, including recovery of damages,
      will be entitled to specific performance of its rights under this
      Agreement.
    

    
         (b)  Compliance.  Each Holder
      covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection
      with sales of Registrable Securities pursuant to any Registration
      Statement.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (c)  Discontinued Disposition.  Each
      Holder agrees by its acquisition of such Registrable Securities that,
      upon receipt of a notice from the Company of the occurrence of a
      Discontinuation Event (as defined below), such Holder will forthwith
      discontinue disposition of such Registrable Securities under the
      applicable Registration Statement until such Holder’s receipt of the
      copies of the supplemented Prospectus and/or amended Registration
      Statement or until it is advised in writing (the “Advice”)
      by the Company that the use of the applicable Prospectus may be resumed,
      and, in either case, has received copies of any additional or
      supplemental filings that are incorporated or deemed to be incorporated
      by reference in such Prospectus or Registration Statement.  The Company
      may provide appropriate stop orders to enforce the provisions of this
      paragraph.  For purposes of this Agreement, a “Discontinuation Event”
      shall mean (i) when the Commission notifies the Company whether there
      will be a “review” of such Registration Statement and whenever the
      Commission comments in writing on such Registration Statement (the
      Company shall provide true and complete copies thereof and all written
      responses thereto to each of the Holders); (ii) any request by the
      Commission or any other Federal or state governmental authority for
      amendments or supplements to such Registration Statement or Prospectus
      or for additional information; (iii) the issuance by the Commission of
      any stop order suspending the effectiveness of such Registration
      Statement covering any or all of the Registrable Securities or the
      initiation of any Proceedings for that purpose; (iv) the receipt by the
      Company of any notification with respect to the suspension of the
      qualification or exemption from qualification of any of the Registrable
      Securities for sale in any jurisdiction, or the initiation or
      threatening of any proceeding for such purpose; and/or (v) the
      occurrence of any event or passage of time that makes the financial
      statements included in such Registration Statement ineligible for
      inclusion therein or any statement made in such Registration Statement
      or Prospectus or any document incorporated or deemed to be incorporated
      therein by reference untrue in any material respect or that requires any
      revisions to such Registration Statement, Prospectus or other documents
      so that, in the case of such Registration Statement or Prospectus, as
      the case may be, it will not contain any 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, in light of the circumstances
      under which they were made, not misleading.
    

    
         (d)  Amendments and Waivers.  The
      provisions of this Agreement, including the provisions of this sentence,
      may not be amended, modified or supplemented, and waivers or consents to
      departures from the provisions hereof may not be given, unless the same
      shall be in writing and signed by the Company and the Holders of the
      then outstanding Registrable Securities.  Notwithstanding the foregoing,
      a waiver or consent to depart from the provisions hereof with respect to
      a matter that relates exclusively to the rights of certain Holders and
      that does not directly or indirectly affect the rights of other Holders
      may be given by Holders of at least a majority of the Registrable
      Securities to which such waiver or consent relates; provided, however,
      that the provisions of this sentence may not be amended, modified, or
      supplemented except in accordance with the provisions of the immediately
      preceding sentence.
    

    
         (e)  Notices.  Any notice or request
      hereunder may be given to the Company or the Holders at the respective
      addresses set forth below or as may hereafter be specified in a notice
      designated as a change of address under this Section 7(e). Any notice or
      request hereunder shall be given by registered or certified mail, return
      receipt requested, hand delivery, overnight mail, Federal Express or
      other national overnight next day carrier (collectively, “Courier”)
      or telecopy (confirmed by mail).  Notices and requests shall be, in the
      case of those by hand delivery, deemed to have been given when delivered
      to any party to whom it is addressed, in the case of those by mail or
      overnight mail, deemed to have been given three (3) business days after
      the date when deposited in the mail or with the overnight mail carrier,
      in the case of a Courier, the next business day following timely
      delivery of the package with the Courier, and, in the case of a
      telecopy, when confirmed. The address for such notices and
      communications shall be as follows:
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
    	
           
        	
          
            If to the Company:
          

        	
          
            Net Talk.com, Inc.
          

        
	

        	

        	
          1100 NW 163 Drive
        
	

        	

        	
          Miami, Florida 33169
        
	

        	
           
        
	

        	

        	
          Fax: (305) 621-1201
        
	

        	

        	
          Attention: Anastasios Kyriakides
        
	

        	
           
        
	

        	

        	
          
            If to Holders: To the address set forth under Holder’s name
            on the signature page hereto
          

        
	

        	

        	
           
        
	

        	
          
            If to any other Person who is then the registered Holder:
          

        	
          
             
          

        
	

        	

        	
          
            To the address of such Holder as it appears in the stock transfer
            books of the Company or such other address as may be designated in
            writing hereafter in accordance with this Section 7(e) by such
            Person.
          

        

    

    

    

    
         (f)  Successors and Assigns.  This
      Agreement shall inure to the benefit of and be binding upon the
      successors and permitted assigns of each of the parties and shall inure
      to the benefit of each Holder.  The Company may not assign its rights or
      obligations hereunder without the prior written consent of each
      Holder.  Each Holder may assign their respective rights hereunder in the
      manner and to the persons and entities as permitted under the Debenture
      or Warrants.
    

    
         (g)  Execution and Counterparts.  This
      Agreement may be executed in any number of counterparts, each of which
      when so executed shall be deemed to be an original and, all of which
      taken together shall constitute one and the same agreement.  In the
      event that any signature is delivered by facsimile or electronic
      transmission, such signature shall create a valid binding obligation of
      the party executing (or on whose behalf such signature is executed) the
      same with the same force and effect as if such facsimile or electronic
      signature were the original thereof.
    

    
         (h)  Governing Law, Jurisdiction and
      Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND
      CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT
      REGARD TO PRINCIPLES OF CONFLICTS OF LAW. The Company hereby consents
      and agrees that the state or federal courts located in the County of New
      York, State of New York shall have exclusion jurisdiction to hear and
      determine any Proceeding between the Company, on the one hand, and the
      Holders, on the other hand, pertaining to this Agreement or to any
      matter arising out of or related to this Agreement; provided,
      that the Holders and the Company acknowledge that any appeals from those
      courts may have to be heard by a court located outside of the County of
      New York, State of New York, and further provided, that
      nothing in this Agreement shall be deemed or operate to preclude the
      Holders from bringing a Proceeding in any other jurisdiction to collect
      the obligations, to realize on the Collateral or any other security for
      the obligations, or to enforce a judgment or other court order in favor
      of the Holders. The Company expressly submits and consents in advance to
      such jurisdiction in any Proceeding commenced in any such court, and the
      Company hereby waives any objection which it may have based upon lack of
      personal jurisdiction, improper venue or forum non conveniens.
      The Company hereby waives personal service of the summons, complaint and
      other process issued in any such Proceeding and agrees that service of
      such summons, complaint and other process may be made by registered or
      certified mail addressed to the Company at the address set forth in
      Section 7(f) and that service so made shall be deemed completed upon the
      earlier of the Company’s actual receipt thereof or three (3) days after
      deposit in the U.S. mails, proper postage prepaid.  The parties hereto
      desire that their disputes be resolved by a judge applying such
      applicable laws.  Therefore, to achieve the best combination of the
      benefits of the judicial system and of arbitration, the parties hereto
      waive all rights to trial by jury in any Proceeding brought to resolve
      any dispute, whether arising in contract, tort, or otherwise between the
      Holders and/or the Company arising out of, connected with, related or
      incidental to the relationship established between then in connection
      with this Agreement.  If either party hereto shall commence a Proceeding
      to enforce any provisions of this Agreement, then the prevailing party
      in such Proceeding shall be reimbursed by the other party for its
      reasonable attorneys’ fees and other costs and expenses incurred with
      the investigation, preparation and prosecution of such Proceeding.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
         (i)  Cumulative Remedies.  The
      remedies provided herein are cumulative and not exclusive of any
      remedies provided by law.
    

    
         (j)  Severability. If any term,
      provision, covenant or restriction of this Agreement is held by a court
      of competent jurisdiction to be invalid, illegal, void or unenforceable,
      the remainder of the terms, provisions, covenants and restrictions set
      forth herein shall remain in full force and effect and shall in no way
      be affected, impaired or invalidated, and the parties hereto shall use
      their reasonable efforts to find and employ an alternative means to
      achieve the same or substantially the same result as that contemplated
      by such term, provision, covenant or restriction.  It is hereby
      stipulated and declared to be the intention of the parties that they
      would have executed the remaining terms, provisions, covenants and
      restrictions without including any of such that may be hereafter
      declared invalid, illegal, void or unenforceable.
    

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

    
      [Balance of page intentionally left blank; signature page follows]
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      IN WITNESS WHEREOF, the parties have executed this Registration Rights
      Agreement as of the date first written above.
    

    
      NET TALK.COM, INC.
    

    
      By:
Name: Anastasios Kyriakides, Chief Executive Officer

    

    
      DEBT OPPORTUNITY FUND, LLLP
    

    
      By:
Name:  Sean M. Lyons
Title: Managing Member
    

    

    

    
      Address for Notices:

_______________________________________
    

    
      _______________________________________
    

    
      _______________________________________

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