Document:

SECURITIES
      PURCHASE AGREEMENT

    

    This
      Securities Purchase Agreement ("Agreement") is made and entered into as of
      November ___, 2007 by and between RG Global Lifestyles, Inc., a California
      corporation ("Company"), and ____________ ("Purchaser").

    

    WHEREAS,
      the Company desires to conduct a private offering to raise up to $3,500,000
      by a
      sale of up to 10,000,000 shares of its stock, par value $0.001 (“Common Stock”)
      at a price per share of $0.30 (“Shares”), with a final closing anticipated for
      February 29, 2008.

    

    WHEREAS,
      as an inducement for the Purchaser to subscribe to the Offering and enter into
      this Agreement, the Company shall grant to the Purchaser on the date of this
      Agreement a warrant to purchase a number of shares of Common Stock equal to
      one
      share per dollar paid as investment by Purchaser (“Warrant Shares”) at an
      exercise price of $0.40 and an expiration of five years from the date of
      purchase, in the form attached hereto as Exhibit
      A
      ("Warrant").

    

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

    

    1.
      SUBSCRIPTION TERMS; PURCHASE AND SALE OF SHARES; GRANT OF WARRANT.

    

    (a) The
      following are the terms of the offering and the amounts subscribed to by
      Purchaser:

    

      
        	
                Number
                  of Shares:

              	 	_________________
	 	 	 
	
                Price
                  Per Share:

              	 	
                $0.30

              
	 	 	 
	
                Purchase
                  Price:

              	 	
                $________________

              
	 	 	 
	
                Warrant
                  Shares:

              	 	_________________
	 	 	 
	
                Warrant
                  Exercise Price:

              	 	
                $0.40

              

      

    

     

    (b)
      Purchase and Sale of Shares. Simultaneously with the execution and delivery
      of
      this Agreement, the Purchaser shall deliver the Purchase Price to the Company
      against delivery of the Shares to the Purchaser by the Company. 

    

    (c)
      Grant
      of Warrant. On the date of this Agreement, the Company shall grant to the
      Purchaser, and the Purchaser shall accept from the Company, the
      Warrant.

    

    2.
      CLOSING. The closing of the purchase and sale of the Shares shall take place
      at
      the offices of the Company, or via electronic delivery, on the date of this
      Agreement.

    

    3.
      REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby represents
      and
      warrants to the Purchaser, as of the date hereof:

    

     
       (a)
      Organization, Good Standing and Qualification. The Company is a corporation
      duly
      organized, validly existing and in good standing under the laws of the State
      of
      California and has all corporate power and authority required to (i) carry
      on
      its business as currently conducted and as proposed to be conducted by the
      Company in its Company Reports (as defined in Section 3(d)(iii) hereof) and
      (ii)
      to issue the Shares and Warrant Shares, and enter into this Agreement and
      Warrant, and consummate the transactions contemplated hereby and thereby. Each
      of the Company and its subsidiaries is qualified to do business and is in good
      standing in each jurisdiction in which the failure to so qualify would have
      a
      Material Adverse Effect on the Company. As used in this Agreement, "Material
      Adverse Effect" means a material adverse effect on, or a material adverse change
      in, or a series of events which, in the aggregate, has a material adverse effect
      on or change in, the business, financial condition, results of operations,
      assets or liabilities of the applicable party and its subsidiaries, taken as
      a
      whole.

     

    
      
         

      

      
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    (b)
      Capitalization. As of November 1, 2007, the authorized capital stock of the
      Company consisted of: (i) 100,000,000 shares of Common Stock, of which
      approximately 27,800,000 shares are issued and outstanding and (ii) 10,000,000
      shares of preferred stock, par value $0.001 per share, of which none are issued
      and outstanding. All of such shares of capital stock have been duly authorized
      for issuance, and all of such shares which are issued and outstanding have
      been
      validly issued and are fully paid, non-assessable and free of any liens or
      encumbrances other than any liens or encumbrances created by or imposed upon
      the
      holders thereof. 

    

    (c)
      Due
      Authorization. All corporate action on the part of the Company necessary for
      the
      authorization, execution and delivery of, and the performance of all obligations
      of the Company under, this Agreement and the Warrant has been taken, and this
      Agreement and the Warrant constitute valid and legally binding obligations
      of
      the Company, enforceable against the Company in accordance with their terms,
      except (i) as may be limited by (A) applicable bankruptcy, insolvency,
      reorganization or others laws of general application relating to or affecting
      the enforcement of creditors' rights generally and (B) the effects of rules
      of
      law governing the availability of equitable remedies and (ii) as rights to
      indemnity or contribution may be limited under federal or state securities
      laws
      or by principles of public policy thereunder.

    

    (d)
      SEC
      Reports; Financial Statements. The Company has made available to the Purchaser
      its (i) Annual Report on Form 10-KSB for the fiscal year ended March 31, 2007,
      (ii) Definitive Proxy Statement filed with the Securities and Exchange
      Commission (the "SEC") in August 2007 and (iii) all other periodic and current
      reports filed by the Company with the SEC under the Securities Exchange Act
      of
      1934, as amended (the "Exchange Act"), since October 31, 2005, in each case,
      as
      amended through the date hereof (collectively, the "Company
      Reports").

    

    (e)
      Valid
      Issuance of Stock.

    

       (i)
      Valid
      Issuance. The Shares and Warrant Shares have been duly and validly reserved
      for
      issuance and, upon issuance, sale and delivery in accordance with the terms
      of
      the Agreement and the Warrant, as the case may be, will be duly and validly
      issued, fully paid, non-assessable and free of preemptive rights binding on
      the
      Company.

    

       (ii)
      Compliance with Securities Laws. The Shares and any Warrant Shares will be
      issued to the Purchaser in compliance with applicable exemptions from (A) the
      registration and prospectus delivery requirements of the Securities Act of
      1933,
      as amended (the "Securities Act") and (B) the registration and qualification
      requirements of all applicable securities laws of the states of the United
      States. 

     

    
      
         

      

      
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    (f)
      Non-Contravention. The execution, delivery and performance by the Company of
      this Agreement and the Warrant, and the consummation by the Company of the
      transactions contemplated hereby and thereby, do not: (i) contravene or conflict
      with the Company's Certificate of Incorporation, as amended (the "Certificate"),
      or the Company's By-Laws; (ii) constitute a violation of any provision of any
      federal, state, local or foreign law or rule, regulation or requirement binding
      upon or applicable to the Company or any of its subsidiaries; (iii) constitute
      a
      violation of any rule, regulation or requirement of the National Association
      of
      Securities Dealers, Inc. ("NASD"); or (iv) constitute a default or require
      any
      consent under, give rise to any right of termination, cancellation or
      acceleration of, or to a loss of any benefit to which the Company or any of
      its
      subsidiaries is entitled under, or result in the creation or imposition of
      any
      lien, claim or encumbrance on any assets of the Company or any such subsidiary
      under, any contract to which the Company or such subsidiary is a party or any
      permit, license or similar right relating to the Company or such subsidiary
      or
      by which the Company or such subsidiary may be bound or affected, except any
      such default, consent, right of termination, cancellation or acceleration,
      loss
      or lien, claim or encumbrance which, individually or in the aggregate, would
      not
      have a Material Adverse Effect on the Company.

    

    (g)
      Litigation. Except as disclosed in the Company Reports, there is no action,
      suit, proceeding, claim, arbitration or investigation (each, an "Action")
      pending or, to the Company's best knowledge, threatened: (i) against the Company
      or any of its subsidiaries, or any officer, director or employee of the Company
      or any of its subsidiaries in connection with such officer's, director's or
      employee's relationship with, or actions taken on behalf of, the Company or
      such
      subsidiary; or (ii) against the Company or any of its subsidiaries, or any
      officer, director or employee of the Company or any of its subsidiaries that
      seeks to prevent, enjoin, alter or delay any of the transactions contemplated
      by
      this Agreement.

     

    (h)
      Registration Rights. To the extent possible, the Company agrees to file a
      registration statement with the SEC on Form SB-2 for the shares purchased,
      within 60 days of November 30, 2007.

    

    (i)
      Brokers and Finders. The Company has not incurred any obligation or liability,
      contingent or otherwise, for brokerage or finders' fees or agents' commissions
      or other similar payment in connection with this Agreement or any of the
      transactions contemplated hereby.

    

    4.
      REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser hereby represents
      and warrants to the Company, as of the date hereof, that:

    

    (a)
      Purchase for Own Account. The Shares and Warrant Shares will be acquired for
      investment for the Purchaser's own account, not as a nominee or agent, and
      not
      with a view to the public resale or distribution thereof within the meaning
      of
      the Securities Act, and the Purchaser has no present intention of selling,
      granting any participation in or otherwise distributing the same. The Purchaser
      has not been formed for the specific purpose of acquiring the Shares or the
      Warrant Shares.

    

    (b)
      Investment Experience. The Purchaser understands that the acquisition of the
      Shares and the Warrant Shares involves substantial risk. The Purchaser has
      experience as an investor in securities of companies and acknowledges that
      it is
      able to fend for itself, can bear the economic risk of its investment and has
      such knowledge and experience in financial or business matters that it is
      capable of evaluating the merits and risks of its investment and protecting
      its
      own interests in connection with this investment.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

      

    (c)
      Accredited Investor Status. The Purchaser is an "accredited investor" within
      the
      meaning of Rule 501(a) of Regulation D as promulgated under the Securities
      Act.

    

    (d)
      Restricted Securities. The Purchaser understands that (i) the Shares and the
      Warrant Shares are characterized as "restricted securities" under the Securities
      Act, inasmuch as they are being acquired from the Company in a transaction
      not
      involving a public offering and (ii) under the Securities Act and applicable
      rules and regulations thereunder, such securities may be resold without
      registration under the Securities Act only in certain limited circumstances.
      The
      Purchaser is familiar with Rule 144 under the Securities Act, as presently
      in
      effect, and understands the resale limitations imposed thereby and by the
      Securities Act.

    

    (e)
      Governmental Review. Purchaser understands that no United States federal or
      state agency or any other government or governmental agency has passed upon
      or
      made any recommendation or endorsement of the Common Stock.

    

    (f)
      Indemnification. Purchaser hereby agrees to indemnify and defend the Company
      and
      its directors and officers and hold them harmless from and against any and
      all
      liability, damage, cost or expense incurred on account of or arising out
      of:

    

    (i)
      Any
      breach of or inaccuracy in Purchaser's representations, warranties or agreements
      herein;

    

    (ii)
      Any
      disposition of any Shares or Warrant Shares contrary to any of Purchaser's
      representations, warranties or agreements herein;

    

    (iii)
      Any
      action, suit or proceeding based on (i) a claim that any of said
      representations, warranties or agreements were inaccurate or misleading or
      otherwise cause for obtaining damages or redress form the Company or any
      director or officer of the Company under the Act, or (ii) any disposition of
      any
      Shares or Warrant Shares.

    

    5.
      MISCELLANEOUS.

    

      (a)
      Legends. Unless registered with the SEC, any certificates for the Shares and
      the
      Warrant Shares will bear a legend in substantially the following
      form:

    

       "The
      shares represented hereby have not been registered

       under
      the
      Securities Act of 1933, as amended, and may not be

     
       transferred
      or otherwise disposed of unless they have been

     
       registered
      under such Act or pursuant to an exemption from

     
       registration
      under such Act."

    

    Furthermore,
      the Company shall place on each stock certificate any legend required by
      applicable state securities laws. In addition, the Purchaser agrees that the
      Company may place stop transfer orders with its transfer agent with respect
      to
      such certificates. The legend set forth above shall be removed by the Company
      from any certificate evidencing the shares upon delivery to the Company of
      an
      opinion by counsel, reasonably satisfactory to the Company, that a registration
      statement under the Securities Act is at that time in effect with respect to
      the
      legended security or that such security can be freely transferred in a public
      sale without such a registration statement being in effect and that such
      transfer will not jeopardize the exemption or exemptions from registration
      pursuant to which the Company issued the Shares or Warrant Shares.

    

    
      
         

      

      
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    (b)
      Governing Law. This Agreement shall be governed by and construed under the
      internal laws of the State of California, without reference to principles of
      conflict of laws or choice of laws.

    

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

    

    (d)
      Amendments and Waivers. This Agreement may be amended and the observance of
      any
      term of this Agreement may be waived (either generally or in a particular
      instance and either retroactively or prospectively) only with the written
      consent of the Company and the Purchaser.

    

    (e)
      Severability. If any provision of this Agreement is held to be unenforceable
      under applicable law, such provision shall be excluded from this Agreement
      and
      the balance of the Agreement shall be interpreted as if such provision were
      so
      excluded and shall be enforceable in accordance with its terms.

    

    (f)
      Entire Agreement. This Agreement, together with all exhibits and schedules
      hereto, constitutes the entire agreement and understanding of the parties with
      respect to the subject matter hereof and supersedes any and all prior
      negotiations, correspondence, agreements, understandings, duties or obligations
      between the parties with respect to the subject matter hereof.

    

    (g)
      Notices. Any notices required or permitted to be given under the terms of this
      Agreement shall be sent by certified or registered mail (return receipt
      requested) or delivered personally or by courier (including a recognized
      overnight delivery service) or by facsimile and shall be effective five days
      after being placed in the mail, if mailed by regular United States mail, or
      upon
      receipt, if delivered personally or by courier (including a recognized overnight
      delivery service) or by facsimile, in each case addressed to a party. The
      addresses for such communications shall be:

    

    If
      to the
      Company:

    

    RG
      Global
      Lifestyles, Inc.

    30021
      Tomas, Ste 200

    Rancho
      Santa Margarita, CA 92688

    Attention:
      Chief Executive Officer 

    Telephone:
      (949) 888-9500

    Facsimile:
      (948) 888-9525

    

    With
      a
      copy to:

    

    Scott
      Olson, Esq.

    8
      Via
      Barcaza

    Coto
      de
      Caza, CA 92679

    Telephone:
      (310) 985-1034

    Facsimile:
      (501) 634-2648 

    

    If
      to a
      Buyer: To the address set forth immediately below such Buyer’s name on the
      signature pages hereto.

    

    With
      copy
      to: Counsel of Buyer’s choice.

     

    Each
      party shall provide notice to the other party of any change in
      address.

    

    
      
         

      

      
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    SIGNATURES

     

    

    ___________________________________________________

    Print
      exact name(s) in which the Shares are to be held

    

    

    The
      undersigned hereby represents he has read this entire Agreement.

    

    
      	 	 	
              Correspondence
                Address

            
	 	 	 
	
              ______________________________________

            	 	
              ______________________________________

            
	
              Signature

            	 	
              Name

            
	
               

              ______________________________________

            	 	
               

              ______________________________________

            
	
              Name(s)
                Typed or Printed

            	 	
              Street
                Address

            
	 	 	
               

              ______________________________________

            
	 	 	
              City,
                State and Zip Code

            
	 	 	
               

              ______________________________________

            
	 	 	
              U.S.
                Tax Identification or Social Security 

              Number
                (if any)

            
	 	 	
               

              ______________________________________

            
	 	 	
              Telephone
                Number

            

    

     

    ACCEPTANCE

    

    

    This
      Agreement is accepted as of _______________, _____.

    

    RG
      Global
      Lifestyles, Inc.,

    a
      California corporation

    

    

    By:
      _________________________

    Name:
      Grant King

    Title:
      CEO

    

    
      
         

      

      
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    EXHIBIT
      A

     

    
      
         

      

      
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    RG
      GLOBAL LIFESTLYES INC.

    

    COMMON
      STOCK WARRANT

    

    THIS
      COMMON STOCK WARRANT AND ANY SECURITIES ISSUABLE UPON THE EXERCISE OR CONVERSION
      OF THIS COMMON STOCK WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS
      THEY HAVE BEEN REGISTERED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM
      REGISTRATION UNDER SUCH ACT.

    

    

    Issued:
      _______________, _____

    

    Warrant
      to Purchase ____________ Shares of Common Stock

    

    Expiration
      Date: ______________, _____

    

    

    RG
      Global
      Lifestyles, Inc., a California corporation ("Company"), hereby certifies that,
      for value received, _______________ (“Investor”), or any transferee to whom this
      warrant ("Warrant") is properly transferred ("Holder"), is entitled, on the
      terms set forth below, to purchase from the Company at any time until 5:00
      p.m.,
      PST, on September ___, 2012 ("Expiration Date") ____________ fully paid and
      nonassessable shares of the Common Stock, par value $0.001 per share ("Common
      Stock"), of the Company, at a price $0.40 per share ("Purchase
      Price").

    

    This
      Warrant is being issued pursuant to the Securities Purchase Agreement dated
      ______________, _____ between the Company and Investor
      ("Agreement").

    

    1.
      Exercise of Warrant; Conversion of Warrant; Transfer of Warrant.

    

    (a)
      Exercise of Warrant. The shares underlying this Warrant are fully vested upon
      issuance. At any time prior to 5:00 p.m. on the Expiration Date, the rights
      represented by this Warrant may be exercised by the Holder, in whole or in
      part,
      upon surrender of this Warrant to the Company, together with an executed Notice
      of Exercise or Conversion, substantially in the form attached hereto as
Exhibit
      1,
      at the
      Company's primary executive office, with payment by check to the Company of
      the
      amount obtained by multiplying the number of shares of Common Stock with respect
      to which this Warrant is being exercised by the Purchase Price.

    

    (b)
      Partial Exercise. Upon any partial exercise or conversion, the Company will
      issue to the Holder a new Warrant for the number of shares of Common Stock
      as to
      which this Warrant was not exercised or converted.

    

    (c)
      Fractional Shares. No fractional shares of Common Stock shall be issued upon
      any
      exercise or conversion of this Warrant. Instead of any fractional share which
      would otherwise be issuable upon exercise or conversion, the Company shall
      pay a
      cash amount in respect of each fractional share at a price equal to an amount
      calculated by multiplying such fractional share (calculated to the nearest
      1/100th of a share) by the fair market value of a share of Common Stock on
      the
      date of exercise or conversion, as applicable, minus the Purchase Price. Payment
      of such amount shall be made in cash or by check payable to the order of the
      Holder at the time of delivery of any certificate or certificates arising upon
      such exercise or conversion.

     

    
      
         

      

      
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    (e)
      Taxes. The Company will not be required to pay any tax imposed in connection
      with any transfer involved in the issuance of a Warrant or a certificate for
      shares of Common Stock in any name other than that of the Holder hereof, and
      in
      such case, the Company will not be required to issue or deliver any stock
      certificate or Warrant until such tax is paid.

    

    (f)
      Transfer of Warrant. Transfer of this Warrant to a third party shall be effected
      by execution and delivery of a notice of assignment and surrender of this
      Warrant for transfer of this Warrant at the primary executive office of the
      Company, together with funds sufficient to pay any applicable transfer tax.
      Upon
      receipt of the duly executed notice of assignment and the necessary transfer
      tax
      funds, if any, the Company, at its expense, shall execute and deliver, in the
      name of the designated transferee or transferees, one or more new Warrants
      representing the right to purchase a like aggregate number of shares of Common
      Stock.

    

    2.
      Antidilution Provisions.

    

    (a)
      Reorganization, Reclassification or Recapitalization of the Company. In case
      of
      (i) a capital reorganization, reclassification or recapitalization of the
      Company's capital stock (other than in the cases referred to in Section 2(c)
      hereof), (ii) the Company's consolidation or merger with or into another
      corporation in which the Company is not the surviving entity, or a merger in
      which the Company is the surviving entity but the shares of the Company's
      capital stock outstanding immediately prior to the merger are converted, by
      virtue of the merger, into other property, whether in the form of securities,
      cash or otherwise, or (iii) the sale or transfer of all or substantially all
      of
      the Company's assets, then, as part of such reorganization, reclassification,
      recapitalization, merger, consolidation, sale or transfer, lawful provision
      shall be made so that there shall thereafter be deliverable upon the exercise
      of
      this Warrant or any portion thereof (in lieu of or in addition to the number
      of
      shares of Common Stock theretofore deliverable, as appropriate) and without
      payment of any additional consideration, the number of shares of stock or other
      securities of property to which the holder of the number of shares of Common
      Stock which would otherwise have been deliverable upon the exercise or
      conversion of this Warrant or any portion thereof at the time of such
      reorganization, reclassification, recapitalization, consolidation, merger,
      sale
      or transfer would have been entitled to receive in such reorganization,
      reclassification, recapitalization, consolidation, merger, sale or transfer.
      This Section 2(a) shall apply to successive reorganizations, reclassifications,
      recapitalizations, consolidations, mergers, sales and transfers and to the
      stock
      or securities of any other corporation that are at the time receivable upon
      the
      exercise or conversion of this Warrant or any portion thereof. If the per share
      consideration payable to the Holder for shares of Common Stock in connection
      with any transaction described in this Section 2(a) is in a form other than
      cash
      or marketable securities, then the value of such consideration shall be
      determined in good faith by the Board.

    

    (b)
      Splits and Combinations. If the Company at any time or from time to time after
      the date of this Warrant subdivides any of its outstanding shares of Common
      Stock into a greater number of shares, the Purchase Price in effect immediately
      prior to such subdivision shall be proportionately reduced, and, conversely,
      if
      the outstanding shares of Common Stock are combined into a smaller number of
      shares, the Purchase Price in effect immediately prior to such combination
      shall
      be proportionately increased.

    

    (c)
      Reclassifications. If the Company reclassifies or otherwise changes any of
      the
      securities into which this Warrant may be convertible into the same or a
      different number of securities of any other class or classes, this Warrant
      shall
      thereafter be convertible into such number and kind of securities as would
      have
      been issuable as the result of such change with respect to the securities into
      which this Warrant was convertible immediately prior to such reclassification
      or
      other change and the Purchase Price therefore shall be appropriately
      adjusted.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (d)
      Liquidation; Dissolution. If the Company shall dissolve, liquidate or wind
      up
      its affairs, the Holder shall have the right, but not the obligation, to
      exercise this Warrant effective as of the date of such dissolution, liquidation
      or winding up. If any such dissolution, liquidation or winding up results in
      any
      cash distribution to the Holder in excess of the aggregate Purchase Price for
      the shares of Common Stock for which this Warrant is exercisable, then the
      Holder may, at its option, exercise this Warrant without making payment of
      such
      aggregate Purchase Price and, in such case, the Company shall, upon distribution
      to the Holder, consider such aggregate Purchase Price to have been paid in
      full,
      and in making such settlement to the Holder, shall deduct an amount equal to
      such aggregate Purchase Price from the amount payable to the
      Holder.

    

    (e)
      Adjustment Certificates. Upon any adjustment of the Purchase Price or the number
      of shares of Common Stock issuable upon exercise or conversion of this Warrant,
      a certificate, signed by (i) the Company's Chief Financial Officer or (ii)
      any
      independent firm of certified public accountants of recognized national standing
      the Company selects at its own expense, setting forth in reasonable detail
      the
      events requiring the adjustment and the method by which such adjustment was
      calculated, shall be mailed to the Holder at the address set forth in Section
      6
      hereof and shall specify the adjusted Purchase Price and the number of shares
      of
      Common Stock issuable upon exercise or conversion of the Warrant after giving
      effect to the adjustment.

    

    (f)
      No
      Impairment. The Company shall not, by amendment of its Certificate of
      Incorporation or through any reorganization, recapitalization, transfer of
      assets, consolidation, merger, dissolution, issue or sale of securities or
      any
      other voluntary action, avoid or seek to avoid the observance or performance
      of
      any of the terms to be observed or performed hereunder by the Company, but
      shall
      at all times in good faith assist in the carrying out of all provisions of
      this
      Section 2 and in the taking of all such action as may be necessary or
      appropriate in order to protect the rights of the Holder against impairment.
      The
      Company shall not be deemed to have avoided or to be seeking to avoid the
      observance or performance of any of the terms to be observed or performed
      hereunder by issuing securities after the Closing Date for a consideration
      per
      share less than the Purchase Price then in effect.

    

    (g)
      Application. Except as otherwise provided herein, all subsections of this
      Section 2 are intended to operate independently of one another. If an event
      occurs that requires the application of more than one subsection, all applicable
      subsections shall be given independent effect.

    

    3.
      Notices of Record Date. In case (a) the Company takes a record of the holders
      of
      the Common Stock for the purpose of entitling them to receive any dividend
      or
      other distribution, or any right to subscribe for or purchase any shares of
      stock of any class or any other securities; (b) of any capital reorganization
      of
      the Company, any reclassification of the capital stock of the Company, any
      consolidation or merger of the Company with or into another corporation, or
      any
      conveyance of all or substantially all of the assets of the Company to another
      corporation; or (c) of any voluntary dissolution, liquidation or winding-up
      of
      the Company; then, in each such case, the Company will mail or cause to be
      mailed to each Holder of a Warrant at the time outstanding a notice specifying,
      as the case may be, (i) the date on which a record is to be taken for the
      purpose of such dividend, distribution or right, and stating the amount and
      character of such dividend, distribution or right, or (ii) the date on which
      such reorganization, reclassification, consolidation, merger, conveyance,
      dissolution, liquidation or winding-up is to take place, and time, if any is
      to
      be fixed, as of which the holders of record of Common Stock (or such other
      stock
      or securities at the time receivable upon the exercise or conversion of the
      Warrant) will be entitled to exchange their shares of Common Stock (or such
      other stock or securities) for securities or other property deliverable upon
      such reorganization, reclassification, consolidation, merger, conveyance,
      dissolution, liquidation or winding-up, and, in the case of a reorganization,
      consolidation, merger or conveyance, the fair market value of such securities
      or
      other property as determined by the Board. Such notice shall be mailed at least
      ten days prior to the date specified therein.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    4.
      Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to
      the
      Company of the loss, theft, destruction or mutilation of this Warrant and (in
      the case of loss, theft or destruction) upon delivery of an indemnity agreement
      in such reasonable amount as the Company may determine, or (in the case of
      mutilation) upon surrender and cancellation thereof, the Company at its expense,
      will issue a replacement.

    

    5.
      Transferability of Warrant; No Redemption. This Warrant and all rights hereunder
      are freely transferable by the Holder, subject to compliance with applicable
      state and federal securities laws. This Warrant shall not be redeemable by
      the
      Company, in whole or in part, at any time.

    

    6.
      Notices. All notices, instructions and other communications given hereunder
      or
      in connection herewith shall be sent to:

     

    
      
        	
                If
                  to the Borrower to:

              	 	
                RG
                  Global Lifestyles, Inc.

              
	 	 	
                30021
                  Tomas, Suite 200

              
	 	 	
                Rancho
                  Santa Margarita, CA 92688

              
	 	 	
                Attention:
                  Chief Executive Officer

              
	 	 	
                Facsimile:
                  (949) 888-9525

              

      

    

     

    
      
        	
                If
                  to the Lender to:

              	 	 
	 	 	 
	 	 	
                Attention:

              
	 	 	
                Fax:

              

      

    

    

    7.
      Change; Waiver. This Warrant except by agreement may not be changed, amended
      or
      modified in writing signed by the Company and the Holder.

    

    8.
      No
      Rights as Stockholder. This Warrant does not entitle the Holder to any voting
      rights or other rights as a stockholder of the Company prior to the exercise
      of
      this Warrant.

    

    9.
      Headings. The headings in this Warrant are for purposes of reference only and
      shall not be deemed to constitute a part hereof.

    

    10.
      Governing Law. This Warrant is delivered in the State of California and shall
      be
      construed in accordance with and governed by the laws of such state without
      regard to its conflicts of laws rules.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    RG
      Global
      Lifestyles, Inc.

    

    

    

    ____________________________

    Grant
      King

    Chief
      Executive Officer

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    EXHIBIT
      1

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    NOTICE
      OF EXERCISE OF WARRANT

    

    TO:
      RG
      Global Lifestyles, Inc.

    

    1.
      The
      undersigned hereby elects to receive __________ shares of Common Stock of RG
      Global Lifestyles, Inc., pursuant to the terms of the attached
      Warrant.

    

    2.
      Exercise:

    

    The
      undersigned elects to exercise the attached Warrant by means of a cash payment,
      and tenders herewith payment of $___________, which represents the purchase
      price of the shares being purchased, together with all applicable transfer
      taxes, if any.

    

    3.
      Please
      issue a certificate or certificates representing said shares of Common Stock
      in
      the name of the undersigned or in such other name as is specified
      below:

    

    _________________________________

    (Name)

    _________________________________

    

    _________________________________

    (Address)

    

    4.
      The
      undersigned represents that the aforesaid shares of Common Stock are being
      acquired for the account of the undersigned for investment and not with a view
      to, or for resale in connection with, the distribution thereof and that the
      undersigned has no present intention of distributing or reselling such
      shares.

    

    All
      capitalized terms used but not otherwise defined herein shall have the meaning
      ascribed to such terms in the Warrant.

    

    _________________________________

    Name
      of
      Holder

    

    _________________________________

    Signature
      of Authorized Signatory

    

    _________________________________

    Print
      Name and Title

    

    _________________________________

    Date

     

    
      
         

      

      
        14Exhibit
      10.1

    FORM
      OF PURCHASE AGREEMENT

     

    THIS
      PURCHASE AGREEMENT
      (this
“Agreement”)
      is
      entered into as of February 14, 2008 (the “Effective
      Date”),
      by
      and among New York Mortgage Trust, Inc., a Maryland corporation (the
“Company”),
      and
      the purchasers listed on the Schedule of Purchasers attached hereto as
Schedule
      A
      (each, a
“Purchaser”
and,
      collectively, the “Purchasers”).

     

    THE
      PARTIES TO THIS AGREEMENT
      enter
      into this Agreement on the basis of the following facts, intentions and
      understandings: 

     

    A.   In
      accordance with the terms and conditions of this Agreement, the Company has
      agreed to issue and sell, and the Purchasers have agreed to purchase, in a
      transaction that is exempt from registration under Section 4(2) of the
      Securities Act of 1933, as amended, and the rules and regulations promulgated
      thereunder (the “Securities
      Act”),
      that
      number of shares of common stock, par value $0.01 per share, of the Company
      (the
“Common
      Stock”)
      set
      forth opposite their respective names on the Schedule of Purchasers attached
      hereto as Schedule
      A
      and, in
      the aggregate, up to 15,000,000 shares of Common Stock (the “Shares”).
      JMP
      Securities LLC has acted as placement agent (the “Placement
      Agent”)
      with
      respect to the sale of the Shares.

     

    B.   Contemporaneously
      with the execution and delivery of this Agreement, the parties hereto are
      executing and delivering a Registration Rights Agreement substantially in the
      form attached hereto as Exhibit
      A
      (the
“Registration
      Rights Agreement”
and,
      together with this Agreement, the “Operative
      Agreements”),
      pursuant to which the Company has agreed to provide the Purchasers with the
      benefit of certain registration rights under the Securities Act, subject to
      the
      Closing (as defined in Section
      1.2
      below),
      on the terms and subject to the conditions set forth therein.

     

    NOW,
      THEREFORE,
      in
      consideration of the promises and the mutual covenants contained herein, and
      for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the Company and each of the Purchasers hereby agree as
      follows:

     

    SECTION
      1. Sale
      and Purchase of the Shares.
      

     

    1.1  Purchase
      and Sale of the Shares.
      At the
      Closing the Company shall issue and sell to each Purchaser, and each Purchaser
      agrees to purchase from the Company, severally and not jointly, upon the terms
      and subject to the conditions hereinafter set forth, the number of Shares set
      forth opposite the Purchaser’s name on the Schedule of Purchasers attached
      hereto as Schedule
      A
      at a
      purchase price of Four Dollars ($4.00) per share. 

     

    1.2  The
      Closing.
      The
      completion of the purchase and sale of the Shares (the “Closing”)
      shall
      occur at the offices of O’Melveny & Myers LLP, 275 Battery Street, Suite
      2600, San Francisco, California 94111, as soon as practicable on the date agreed
      upon by the Company and the Placement Agent, but in no event later than three
      (3) business days following the execution of this Agreement, or on such later
      date or at such different location as the Company and the Placement Agent shall
      agree upon in writing, but in any event not prior to the date that the
      conditions for Closing set forth in Sections
      5
      and
6
      of this
      Agreement shall have been satisfied or waived by the appropriate party (the
      “Closing
      Date”).
      The
      Closing shall occur at a time to be agreed upon by the Company and the Placement
      Agent and of which the Purchasers shall be notified by facsimile transmission
      or
      otherwise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    1.3  Form
      of Payment; Delivery of the Shares.
      At
      the
      Closing, (i) each Purchaser shall pay the Company the amount opposite such
      Purchaser’s name on the Schedule of Purchasers attached hereto as Schedule
      A
      for the
      Shares to be issued and sold to such Purchaser, by wire transfer of immediately
      available funds in accordance with the Company’s written wire instructions
      attached hereto on Schedule
      B,
      and
      (ii) the Company shall deliver to each Purchaser one or more stock certificates
      registered in the name of the Purchaser, or in such nominee name(s) as
      designated by the Purchaser in writing at least two (2) days before Closing,
      representing in the aggregate the number of Shares set forth opposite such
      Purchaser’s name on the Schedule of Purchasers attached hereto as Schedule
      A
      and
      bearing the legends referred to in Section
      3.9
      of this
      Agreement. The name(s) in which the stock certificates are to be registered
      are
      set forth in the Stock Certificate Questionnaire attached hereto as part of
      Appendix
      I.
      Each
      party’s obligations to complete the purchase and sale of the Shares at the
      Closing shall be subject to the satisfaction (or waiver) of the conditions
      set
      forth in Sections
      5
      and
6
      of this
      Agreement. 

     

    1.4  Independent
      Nature of Purchasers’ Obligations and Rights.
      The
      rights and obligations of each Purchaser under any Operative Agreement are
      several and not joint with the rights and obligations of the other Purchasers.
      A
      Purchaser shall not be responsible in any way for the performance of the
      obligations of any other Purchasers under any Operative Agreement. Except as
      otherwise set forth in Section
      6
      of this
      Agreement, a Purchaser shall not have the right to terminate or fail to perform
      its obligations under any Operative Agreement solely because another Purchaser
      terminates or fails to perform its obligations under an Operative Agreement.
      Nothing contained herein or in any Operative Agreement, and no action taken
      by
      any Purchaser pursuant thereto shall constitute the Purchasers as a partnership,
      an association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert or as a group
      with respect to such obligations or the transactions contemplated by the
      Operative Agreements. Each Purchaser shall be entitled to independently protect
      and enforce its rights, including, without limitation, the rights arising out
      of
      this Agreement or out of the other Operative Agreements, and it shall not be
      necessary for the other Purchasers to be joined as additional parties in any
      proceeding for such purpose. 

     

    SECTION
      2. Company’s
      Representations and Warranties.
      The
      Company represents and warrants to, and covenants with, each Purchaser as
      follows as of the Effective Date and the Closing Date:

     

    2.1  Confidential
      Private Placement Memorandum.
      The
      Company has prepared the confidential private placement memorandum dated
      February 14, 2008 (the “Private
      Placement Memorandum”),
      setting forth information concerning the Company and the Common Stock. As used
      in this Agreement, “Private Placement Memorandum” means the Private Placement
      Memorandum as amended or supplemented and including all documents incorporated
      by reference therein, including any SEC Filings (as defined below). To the
      knowledge of the Company, copies of the Private Placement Memorandum and the
      documents listed in clauses (a) through (d) below have been delivered to the
      Purchasers pursuant to the terms of this Agreement. The Private Placement
      Memorandum (excluding the draft form of this Agreement and the draft form of
      the
      Registration Rights Agreement), as of its date, and each of the following
      documents, as of the respective date it was filed with the Commission (as
      defined below) (together with any information included in the Current Report
      on
      Form 8-K of the Company furnished, but not filed with, the Commission on
      January 25, 2008 that is not expressly incorporated by reference in the
      Private Placement Memorandum), do not include 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 the light of the circumstances
      in
      which they were made, not misleading:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (a)  the
      Company’s Annual Report on Form 10-K for the year ended December 31, 2006
      (including certain information incorporated by reference therein from the
      Company’s definitive Proxy Statement on Schedule 14A for the Company’s 2007
      Annual Meeting of Stockholders) (the “2006
      10-K”);

     

    (b)  the
      Company’s Quarterly Reports on Forms 10-Q for its fiscal quarters ended March
      31, 2007, June 30, 2007 and September 30, 2007 (collectively, the “2007
      10-Q”);
      

     

    (c) the
      Company’s Current Reports on Forms 8-K filed with the Commission on February 14,
      2007, March 14, 2007, July 3, 2007 (with respect to Item 8.01 only), September
      6, 2007, September 12, 2007, October 1, 2007, October 4, 2007, December 3,
      2007
      (with respect to our filing under Items 1.01 and 5.02 on Form 8-K) and January
      25, 2008 (with respect to our filing under Items 1.01, 3.02, 5.02, 5.03, 7.01
      and 9.01 of Form 8-K) (collectively, the “8-K”);
      

     

    (d)  all
      other
      documents, if any, filed by the Company with the Commission since December
      31,
      2006 and prior to the Closing Date (together with the 2006 10-K, 2007 10-Q
      and
      8-K, the “SEC
      Filings”)
      pursuant to the reporting requirements of the Securities Exchange Act of 1934,
      as amended, and the rules and regulations promulgated thereunder (the
“Exchange
      Act”).
      

     

    The
      Private Placement Memorandum does not contain any information that, immediately
      after the Company files the Current Report on Form 8-K in accordance with
Section
      4.2
      of this
      Agreement, would constitute material non-public information. 

     

    2.2  Exchange
      Act Filings.
      The
      Company’s Common Stock is registered pursuant to Section 12(g) of the Exchange
      Act and the Company is subject to the reporting requirements of the Exchange
      Act
      and has filed in the time and manner required all documents that the Company
      was
      required to file under the Exchange Act. The Company has not received
      notification that the Commission is contemplating terminating registration.
      The
      SEC Filings, when they were filed with the Securities and Exchange Commission
      (the “Commission”),
      conformed in all material respects to the applicable requirements of the
      Exchange Act and the rules and regulation of the Commission promulgated
      thereunder applicable to the SEC Filings. The Company covenants that its Annual
      Report on Form 10-K for the year ended December 31, 2007 will be timely filed
      on
      or before March 17, 2008.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    2.3  Financial
      Statements.
      The
      financial statements, including the notes thereto, included in the SEC Filings
      present fairly and accurately in all material respects the consolidated
      financial position of the Company as of the dates indicated and the consolidated
      results of operations and changes in financial position and cash flows of the
      Company for the periods specified; such financial statements have been prepared
      in conformity with generally accepted accounting principles (“GAAP”)
      as
      applied in the United States and on a consistent basis throughout the periods
      involved and in accordance with Regulation S-X promulgated by the Commission;
      the financial statement schedules included in the SEC Filings and the amounts
      under Part II, Item 6 of the 2006 10-K present the information shown therein
      fairly and accurately in all material respects and have been compiled on a
      basis
      consistent with the financial statements included in the SEC
      Filings. 

     

    2.4  Organization
      and Qualification.
      Each of
      the Company and its Subsidiaries (as defined below),
      other
      than New York Mortgage Trust 2006-1 (which is a validly existing common law
      trust fund formed pursuant to applicable law, validly existing and in compliance
      with all applicable contractual and legal requirements),
      has been
      duly incorporated or formed and is validly existing as a corporation, limited
      liability company or trust, as applicable, in good standing under the laws
      of
      the jurisdiction of its incorporation or formation, as applicable, with full
      power and authority to own its properties and conduct its business as presently
      conducted and described in the Private Placement Memorandum. Each of the Company
      and each Subsidiary, other than New York Mortgage Trust 2006-1, is duly
      qualified to do business and is in good standing in each jurisdiction in which
      the ownership or leasing of its properties or the conduct of its business
      requires such qualification, except where the failure to so qualify would not,
      individually or in the aggregate, reasonably be expected to have a material
      adverse effect on (i) the business, prospects, properties, assets, condition
      (financial or otherwise) or results of operations of the Company and its
      Subsidiaries taken as a whole, (ii) the transactions contemplated hereby or
      in
      the other Operative Agreements or (iii) the authority or the ability of the
      Company to perform its obligations under the Operative Agreements (a
“Material
      Adverse Effect”).
      Complete and correct copies of the Articles of Amendment and Restatement of
      the
      Company as amended (the “Charter”)
      and
      bylaws of the Company as in effect on the Effective Date have been filed by
      the
      Company with the Commission. 

     

    2.5  Subsidiaries
      of the Company.
      The
      Company does not own or control, directly or indirectly, any Subsidiary other
      than the “Subsidiaries”
listed
      on Schedule
      C
      hereto.
      For the purposes of this Agreement, the term “Subsidiary”
shall
      mean any: (a) firm, corporation, partnership, limited liability company,
      trust or other entity (a “Person”)
      of
      which the Company owns (i) at least 10% of the outstanding voting capital
      stock (or other outstanding voting shares of beneficial interest), or
      (ii) at least a majority of the partnership, membership, joint venture or
      similar interests; (b) partnership in which the Company is a general
      partner; or (c) limited liability company in which the Company is the manager
      or
      the managing member. Except as disclosed in the SEC Filings, the Company owns,
      directly or indirectly, all of the capital stock or other equity interests
      of
      each Subsidiary free and clear of any liens. Except for short-term investments,
      the Company does not own any shares of stock or any other equity or long-term
      debt securities of any corporation or have any equity interest in any firm,
      partnership, limited liability company, joint venture, association or other
      entity except as set forth in the SEC Filings or the Private Placement
      Memorandum. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    2.6  Authorized
      Capital Stock.
      The
      authorized capital stock of the Company consists of 400,000,000 shares of Common
      Stock and 200,000,000 shares of Preferred Stock (“Preferred
      Stock”),
      including 2,000,000 shares of Series A Cumulative Redeemable Convertible
      Preferred Stock, par value $0.01 per share (“Series
      A Preferred Stock”).
      As of
      the Effective Date, 3,640,209 shares of Common Stock were issued and outstanding
      and 1,000,000 shares of Series A Preferred Stock were issued and outstanding;
      the issued and outstanding shares of Series A Preferred Stock and Common Stock
      have been duly and validly authorized and issued, are fully paid and
      nonassessable, have been issued in compliance with all federal and state
      securities laws and were not issued in violation of or subject to any preemptive
      rights or other rights to subscribe for or purchase securities, and conform
      in
      all material respects to the description thereof contained in the Private
      Placement Memorandum. Except as disclosed in the SEC Filings or in the Private
      Placement Memorandum and, except for options issued pursuant to the Company’s
      2005 Stock Incentive Plan and 2004 Stock Incentive Plan, the Company does not
      have outstanding any options to purchase, or any preemptive rights or other
      rights to subscribe for or to purchase, any securities or obligations
      convertible into, or any contracts or commitments to issue or sell, shares
      of
      its capital stock or any such options, rights, convertible securities or
      obligations, or any obligation to repurchase, redeem or otherwise acquire any
      outstanding security of the Company. Except as set forth in the Charter, the
      issue and sale of the Shares will not obligate the Company to issue shares
      of
      Common Stock or other securities to any person and will not result in a right
      of
      any holder of Company securities to adjust the exercise, conversion, exchange
      or
      reset price under such securities. The description of the Company’s stock, stock
      bonus and other stock plans or arrangements and the options or other rights
      granted and exercised thereunder set forth in the Private Placement Memorandum
      accurately and fairly presents all material information with respect to such
      plans, arrangements, options and rights. With respect to each Subsidiary, (i)
      all the issued and outstanding shares, if any, of each Subsidiary’s capital
      stock have been duly and validly authorized and issued, are fully paid and
      nonassessable, have been issued in compliance with all federal and state
      securities laws and were not issued in violation of or subject to any preemptive
      rights or other rights to subscribe for or purchase securities, and (ii) there
      are no outstanding options to purchase, or any preemptive rights or other rights
      to subscribe for or to purchase, any securities or obligations convertible
      into,
      or any contracts or commitments to issue or sell, any of the Subsidiary’s
      capital stock or any such options, rights, convertible securities or
      obligations, or any obligation to repurchase, redeem or otherwise acquire any
      outstanding security of such Subsidiary. Except as disclosed in the SEC Filings
      or the Private Placement Memorandum, there are no stockholder agreements, voting
      agreements or similar agreements or arrangements with respect to the Common
      Stock or Preferred Stock to which the Company is a party, or, to the knowledge
      of the Company, between or among any of the Company’s stockholders.

     

    2.7  Issuance,
      Sale and Delivery of the Shares.
      The
      Shares have been duly and validly authorized by the Company and, when issued,
      delivered and paid for in the manner set forth in this Agreement, shall be
      duly
      authorized, validly issued, fully paid and nonassessable and free and clear
      of
      all pledges, liens, restrictions, mortgages, claims and encumbrances (other
      than
      restrictions on transfer under state and/or federal securities laws and under
      the Charter), and will conform in all material respects to the description
      thereof set forth in the Private Placement Memorandum. The form of certificate
      used to evidence the Common Stock complies in all material respects with all
      applicable statutory requirements and any applicable requirements of the
      organizational documents of the Company. No preemptive rights or other rights
      to
      subscribe for or purchase the Company’s capital stock exist by operation of law,
      under the organizational documents of the Company or under any agreement to
      which the Company or its Subsidiaries is a party or otherwise with respect
      to
      the issuance and sale of the Shares by the Company pursuant to this Agreement.
      No stockholder of the Company has any right (which has not been waived or has
      not expired by reason of lapse of time following notification of the Company’s
      intent to file the registration statement to be filed by the Company pursuant
      to
      the Registration Rights Agreement (the “Registration
      Statement”))
      to
      require the Company to register the sale of any shares or other securities
      owned
      by such security holder under the Securities Act in the Registration Statement.
      No further approval or authority of the stockholders or the Board of Directors
      of the Company is required for the issuance and sale of the Shares by the
      Company, or the filing of the Registration Statement by the Company, as
      contemplated herein.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    2.8  Due
      Execution, Delivery and Performance.
      The
      Company has the corporate power and authority to enter into the Operative
      Agreements and to perform the transactions contemplated hereby and thereby.
      Each
      of the Operative Agreements has been duly authorized, executed and delivered
      by
      the Company, and assuming the valid execution thereof by each Purchaser, the
      Operative Agreements shall constitute valid and binding obligations of the
      Company, enforceable in accordance with their terms, except as enforceability
      may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or similar laws affecting creditors’ rights generally and except as
      enforceability may be subject to general principles of equity (regardless of
      whether such enforceability is considered in a proceeding in equity or at law)
      and except as agreements by the Company to indemnify others may be violative
      of
      public policy and, thus, unenforceable.

     

    2.9  No
      Conflicts.
      The
      execution, delivery and performance of the Operative Agreements, the issuance
      and sale of the Shares to be purchased by the Purchasers under this Agreement
      and the consummation of the other transactions contemplated by the Operative
      Agreements do not and will not (i) conflict with or constitute a violation
      of,
      or default (with the passage of time or the delivery of notice) under, (A)
      any
      bond, debenture, note or other evidence of indebtedness, or any agreement,
      lease, franchise, license, permit, contract, indenture, mortgage, deed of trust,
      loan agreement, joint venture or other agreement or instrument to which the
      Company or any of its Subsidiaries is a party or by which it or any of its
      Subsidiaries or their property is bound, where such conflict, violation or
      default might reasonably be expected to have a Material Adverse Effect, or
      (B) any law, administrative regulation, ordinance or judgment, order or
      decree of any court or governmental agency, arbitration panel or authority
      binding upon the Company or any of its Subsidiaries or any of their property,
      where such conflict, violation or default would reasonably be expected to have
      a
      Material Adverse Effect, (ii) violate the Charter or bylaws of the Company
      or the organizational documents of any of its Subsidiaries, or (iii) result
      in the creation or imposition of any lien, encumbrance, claim, security interest
      or charge upon any property or asset of the Company or any of its Subsidiaries.
      

     

    2.10  
      No
      Government Approvals.
      No
      authorization, approval, consent or order of or registration or filing with
      any
      governmental or regulatory authority, commission, board, body or agency is
      required for the execution, delivery and performance of the Operative Agreements
      or the consummation of the transactions contemplated in the Operative Agreements
      or the issuance, sale and deliver of the Shares, except (i) as may be
      required under the Securities Act in connection with the registration of the
      Shares pursuant to the Registration Rights Agreement, (ii) the filing of a
      Current Report on Form 8-K pursuant to Section
      4.2
      of this
      Agreement, (iii) as may be required after the Closing under the state
      securities or blue sky laws of any jurisdiction in connection with the purchase
      and distribution of the Shares, (iv) as may be required in connection with
      the
      approval of any listing application(s) for the Shares on the NASDAQ Stock
      Market, and (v) for any such other approvals as have been obtained.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    2.11   
      No
      Material Change.
      Subsequent to the respective dates as of which information is given in the
      SEC
      Filings, (i) neither the Company nor any of its Subsidiaries has incurred any
      liabilities or obligations (whether direct or indirect or contingent or
      otherwise), or entered into any oral or written agreement or other transaction
      which might reasonably be expected to result in a Material Adverse Effect,
      (ii)
      neither the Company nor any of its Subsidiaries has sustained any material
      loss
      or interference with their businesses or properties from fire, flood, windstorm,
      accident or other calamity (whether or not insured), (iii) neither the Company
      nor any of its Subsidiaries has paid or declared any dividends or other
      distributions with respect to their capital stock and neither the Company nor
      any of its Subsidiaries is in default in the payment of principal or interest
      on
      any outstanding debt obligations, (iv) there has not been (A) any change in
      the
      capital stock of the Company or any of its Subsidiaries other than (1) the
      sale
      of the Shares hereunder, and (2) shares or options issued pursuant to the
      Company’s 2005 Stock Incentive Plan and 2004 Stock Incentive Plan, or (B) any
      increase in indebtedness material to the Company or any of its Subsidiaries
      (other than in the ordinary course of business), (v) each of the Company and
      its
      Subsidiaries has conducted its business only in the ordinary course of business
      in accordance with past practice, and (vi) there has not been a Material Adverse
      Effect.

     

    2.12   No
      Actions.
      Except
      as disclosed in the SEC Filings, there are no legal or governmental actions,
      suits, proceedings, inquiries or investigations pending and, to the knowledge
      of
      the Company, there are none threatened against or affecting the Company or
      any
      of its Subsidiaries or any of their respective officers or directors or any
      property, assets or rights of the Company or any of its Subsidiaries, which
      actions, suits or proceedings, individually or in the aggregate, would
      reasonably be expected to prevent or materially and adversely affect the
      transactions contemplated by this Agreement or which, if determined adversely
      to
      the Company or any of its Subsidiaries, would reasonably be expected to have
      a
      Material Adverse Effect; and, to the knowledge of the Company, there is no
      existing or threatened labor disturbance by the employees of the Company or
      any
      of its Subsidiaries. Neither the Company nor any of its Subsidiaries is a party
      to or subject to the provisions of any injunction, judgment, decree or order
      of
      any court, regulatory body administrative agency or other governmental body,
      which would reasonably be expected to have a Material Adverse Effect. To the
      knowledge of the Company, no executive officer, to the knowledge of the Company,
      is, or is now expected to be, in violation of any material term of any
      employment contract, confidentiality, disclosure or proprietary information
      agreement or non-competition agreement, or any other contract or agreement
      or
      any restrictive covenant, and the continued employment of each such executive
      officer does not subject the Company or any of its Subsidiaries to any material
      liability with respect to any of the foregoing matters.

     

    2.13   
      Investment
      Company.
      The
      Company is not and, after giving effect to the offering and sale of the Shares
      will not be, an “investment company” or an entity “controlled” by an “investment
      company” as such terms are defined in the Investment Company Act of 1940, as
      amended.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    2.14   
      No
      Other Offering Materials.
      The
      Company has not distributed and will not distribute prior to the filing of
      the
      Registration Statement (which shall not be prior to the Closing Date) any
      offering material in connection with the offering and sale of the Shares other
      than the documents described in Section
      2.1
      hereof.
      Neither the Company nor any person acting on its behalf has in the past or
      will
      hereafter take any action independent of the Placement Agent to sell, offer
      for
      sale or solicit offers to buy any securities of the Company that would require
      that the offer, issuance or sale of the Shares, as contemplated by this
      Agreement, be registered pursuant to the provisions of Section 5 of the
      Securities Act.

     

    2.15   
      Intellectual
      Property.
      Except
      as disclosed in the SEC Filings or the Private Placement Memorandum, (i) the
      Company and its Subsidiaries owns or has obtained valid and enforceable licenses
      or options for the inventions, patent applications, patents, trademarks (both
      registered and unregistered), trade names, copyrights and trade secrets
      necessary for the conduct of the Company’s and its Subsidiaries’ businesses as
      described in the Private Placement Memorandum and as currently conducted
      (collectively, the “Intellectual
      Property”);
      and,
      (ii) (a) there are no third parties who have any ownership rights to
      any Intellectual Property that is owned by, or has been licensed to, the Company
      or any of its Subsidiaries that would preclude the Company or any of its
      Subsidiaries from conducting its business as currently conducted, except for
      the
      ownership rights of the owners of the Intellectual Property licensed or optioned
      by the Company or any of its Subsidiaries; (b) to the knowledge of the
      Company, there are currently no sales of any products that would constitute
      an
      infringement by third parties of any Intellectual Property owned, licensed
      or
      optioned by the Company or any of its Subsidiaries; (c) there is no pending
      or,
      to the knowledge of the Company, threatened action, suit, proceeding or claim
      by
      others challenging the rights of the Company or any of its Subsidiaries in
      or to
      any Intellectual Property owned, licensed or optioned by the Company or any
      of
      its Subsidiaries, other than claims that would not reasonably be expected to
      have a Material Adverse Effect; (d) there is no pending or, to the knowledge
      of
      the Company, threatened action, suit, proceeding or claim by others challenging
      the validity or scope of any Intellectual Property owned, licensed or optioned
      by the Company or any of its Subsidiaries, other than actions, suits,
      proceedings and claims that would not reasonably be expected to have a Material
      Adverse Effect; and (e) there is no pending or, to the knowledge of the Company,
      threatened action, suit, proceeding or claim by others that the Company or
      any
      of its Subsidiaries infringes or otherwise violates any patent, trademark,
      copyright, trade secret or other proprietary right of others, other than
      actions, suits, proceedings and claims that would not reasonably be expected
      to
      have a Material Adverse Effect. All material license agreements pursuant to
      which (i) the Company and its Subsidiaries is granted rights in
      Intellectual Property, or (ii) the Company or any of its Subsidiaries has
      granted rights to others in Intellectual Property owned or licensed by the
      Company or any of its Subsidiaries, are in full force and effect, except as
      would not reasonably be expected to have a Material Adverse Effect and there
      is
      no material default by the Company or any of its Subsidiaries or, to the
      knowledge of the Company, any other party thereto, except as would not
      reasonably be expected to have a Material Adverse Effect. To the knowledge
      of
      the Company, neither the Company nor any of its Subsidiaries has made and is
      not
      making unauthorized use of any confidential information or trade secrets of
      any
      person. The Company believes it and each of its Subsidiaries is conducting
      itself in a commercially reasonable manner to establish and preserve its
      ownership of all material copyright, trade secret and other proprietary rights
      with respect to its products and technology.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    2.16   
      Compliance.
      The
      Company and its Subsidiaries are in compliance with all applicable laws, rules,
      regulations, orders, decrees and judgments applicable to them (collectively,
      the
“Applicable
      Laws”),
      including, without limitation, all applicable local, state and federal
      environmental laws and regulations and the provisions of the Sarbanes-Oxley
      Act
      of 2002, as amended (“Sarbanes-Oxley
      Act”),
      and
      the rules and regulations of the Financial Industry Regulatory Authority (the
      “FINRA”);
      except where failure to be so in compliance would not have a Material Adverse
      Effect. Neither the Company nor any of its Subsidiaries has received any notice
      of purported or actual non-compliance with Applicable Laws nor, except to the
      extent it would not individually or in the aggregate reasonably be expected
      to
      have a Material Adverse Effect, any notice of any material, actual or proposed
      changes in the existing Applicable Laws.
      There
      is and has been no failure on the part of the Company or any of the Company’s
      directors or officers, in their capacities as such, to comply with any provision
      of the Sarbanes-Oxley Act, including Section 402 related to loans and
      Sections 302 and 906 related to certifications.

     

    2.17   
      Registration
      Statement Eligibility.
      The
      Company has not been notified by the Commission that it will not meet the
      requirements for use of Form S-3 for registration of the resale of all of the
      Shares in a single registration. The Company has no knowledge of any facts
      or
      circumstances (including, without limitation, any circumstances that may delay
      or prevent the obtaining of accountant’s consents) that would reasonably be
      expected to prohibit or delay the preparation or initial filing of the
      Registration Statement on Form S-3 (except to the extent that any public float
      requirement would be applicable) that will be available for the resale of the
      Shares by each of the Purchasers.

     

    2.18   
      No
      Defaults.
      Neither
      the Company nor any of its Subsidiaries is in violation of any material
      provision of its Charter or bylaws or any other organizational documents, as
      applicable. Except as to defaults, violations and breaches which, individually
      or in the aggregate, would not reasonably be expected to have a Material Adverse
      Effect, neither the Company nor any of its Subsidiaries is in breach of or
      default with respect to any provision of any agreement, judgment, decree, order,
      mortgage, deed of trust, lease, franchise, license, indenture, permit or other
      instrument to which it is a party or by which it is or any of its properties
      are, bound; and there does not exist any state of fact which, with notice or
      lapse of time or both, would constitute an event of default, as defined in
      such
      documents, on the part of the Company or any of its Subsidiaries, except such
      defaults which, individually or in the aggregate, would not reasonably be
      expected to have a Material Adverse Effect.

     

    2.19   
      Contracts.
      All
      material agreements to which the Company and its Subsidiaries is a party and
      which are required to have been filed by the Company pursuant to the Securities
      Act or the Exchange Act have been filed by the Company with the Commission
      pursuant to the requirements of the Securities Act or the Exchange Act, as
      applicable. Except for such agreements that have expired or terminated in
      accordance with their terms prior to the date hereof, each such agreement is
      in
      full force and effect and is binding on the Company and/or its Subsidiaries,
      as
      applicable, and, to the knowledge of the Company, is binding upon such other
      parties, in each case in accordance with its terms, and neither the Company,
      any
      of its Subsidiaries nor, to the knowledge of the Company, any other party
      thereto, is in breach of or default under any such agreement, which breach
      or
      default would reasonably be expected to have a Material Adverse Effect. Neither
      the Company, nor any of its Subsidiaries, has received any written notice
      regarding the termination of any such agreements.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    2.20   
      Nasdaq
      Stock Market Listing. The
      Company has applied to list its common stock on the Nasdaq Stock Market. The
      Company shall use its commercially reasonable best efforts to have the Shares
      listed on the Nasdaq Stock Market on or before the first date that the
      Registration Statement is declared effective by the Commission.

     

    2.21   
      Foreign
      Corrupt Practices, etc. Neither
      the Company, any of its Subsidiaries, their employees nor, to the knowledge
      of
      the Company, any agent or other person acting on behalf of the Company or any
      of
      its Subsidiaries, has, directly or indirectly, (i) used any corporate funds
      for unlawful contributions, gifts, entertainment or other unlawful expenses
      related to foreign or domestic political activity, (ii) made any unlawful
      payment to foreign or domestic government officials or employees or to foreign
      or domestic political parties or campaigns from corporate funds, (iii) failed
      to
      disclose fully any contribution made by the Company or any of its Subsidiaries
      or made by any person acting on its behalf and of which the Company is aware
      in
      violation of law, or (iv) violated any provision of the Foreign Corrupt
      Practices Act of 1977, as amended.

     

    2.22   
      Money
      Laundering.
      The
      operations of the Company and its Subsidiaries are and have been conducted
      at
      all times in compliance with applicable financial recordkeeping and reporting
      requirements of the Currency and Foreign Transactions Reporting Act of 1970,
      as
      amended, the money laundering statutes of all jurisdictions, the rules and
      regulations thereunder and any related or similar rules, regulations or
      guidelines, issued, administered or enforced by any governmental agency
      (collectively, the “Money
      Laundering Laws”)
      and no
      action, suit or proceeding by or before any court or governmental agency,
      authority or body or any arbitrator involving the Company or any of its
      Subsidiaries with respect to the Money Laundering Laws is pending or, to the
      knowledge of the Company, threatened.

     

    2.23   
      OFAC.
      Neither
      the Company nor any of its Subsidiaries nor, to the knowledge of the Company,
      any director, officer, agent, employee or affiliate of the Company or any of
      its
      Subsidiaries is currently subject to any U.S. sanctions administered by the
      Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
      and
      the Company will not directly or indirectly use the proceeds of the offering,
      or
      lend, contribute or otherwise make available such proceeds to any subsidiary,
      joint venture partner or other person or entity, for the purpose of financing
      the activities of any person currently subject to any U.S. sanctions
      administered by OFAC. 

     

    2.24   
      Accountants
      and Lawyers.
      The firm
      of Deloitte & Touche LLP, which has expressed its opinion with respect to
      the financial statements included in the 2006 10-K and the consolidated
      financial statements to be included or incorporated by reference in the
      Registration Statement and the prospectus which forms a part thereof, is and
      was, during the periods covered by their reports, an independent registered
      public accounting firm with respect to the Company as required by the Exchange
      Act, the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board.
      There are no material disagreements of any kind presently existing, or
      reasonably anticipated by the Company to arise, between the Company and the
      accountants and lawyers formerly or presently employed by the
      Company.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    2.25   
      Properties.
      Each of
      the Company and its Subsidiaries has good and marketable title to all properties
      and assets reflected as owned by it in the financial statements included in
      the
      2006 10-K and in the Private Placement Memorandum and that it otherwise purports
      to own, and such properties and assets are not subject to any lien, mortgage,
      pledge, or security interest except (i) those, if any, securing debt reflected
      in the financial statements included in the SEC Filings, or (ii) those
      which are not material in amount or do not adversely affect the use made and
      intended to be made of such property by the Company or its Subsidiaries. Each
      of
      the Company and its Subsidiaries holds its leased properties under valid and
      binding leases, with such exceptions as would not reasonably be expected to
      have
      a Material Adverse Effect. Except as disclosed in the SEC Filings, each of
      the
      Company and its Subsidiaries owns or leases all such properties as are necessary
      to its operations as now conducted.

     

    2.26   
      Environmental
      Compliance.
      Neither
      the Company nor any of its Subsidiaries is in violation in any material respect,
      or has received notice of any material violation with respect to, any applicable
      environmental, safety or similar law applicable to the business of the Company
      or any of its Subsidiaries; neither the Company nor any of its Subsidiaries
      has
      received any notice of, or has any knowledge of any occurrence or circumstance
      which, with notice or passage of time, or both, would give rise to a material
      claim against the Company or any of its Subsidiaries under or pursuant to any
      Environmental Law with respect to any properties currently or previously owned,
      leased or operated by the Company or any of its Subsidiaries, or the assets
      of
      the Company or any of its Subsidiaries, or arising out of the conduct of the
      business of the Company or any of its Subsidiaries; the Company and its
      Subsidiaries have received all material permits, licenses or other approvals
      required of them under applicable federal and state occupational safety and
      health and environmental laws and regulations to conduct their respective
      businesses, and each of the Company and its Subsidiaries is in compliance in
      all
      material respects with all terms and conditions of any such permit, license
      or
      approval applicable to it; for purposes of this Agreement, the term
“Environmental
      Law”
shall
      mean any federal, state or local environmental law, statute, ordinance, rule
      or
      regulation, including, without limitation, the Comprehensive Environmental
      Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C.
      Sections 9601-9675, the Hazardous Materials Transportation Act, as amended,
      49 U.S.C. Sections 5101-5127, the Resource Conservation and Recovery Act,
      as amended, 42 U.S.C. Sections 6901-6992k, the Emergency Planning and
      Community Right-to-Know Act of 1986, 42 U.S.C. Sections 11001-11050, the
      Toxic Substances Control Act, 15 U.S.C. Sections 2601-2692, the Federal
      Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. Sections 136-136y, the
      Clean Air Act, 42 U.S.C. Sections 7401-7642, the Clean Water Act (Federal
      Water Pollution Control Act), 33 U.S.C. Sections 1251-1387, the Safe
      Drinking Water Act, 42 U.S.C. Sections 300f-300j-26, and the Occupational
      Safety and Health Act, 29 U.S.C. Sections 651-678, and any analogous state
      laws, as any of the above may be amended from time to time and the regulations
      promulgated pursuant to each of the foregoing.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    2.27   
      ERISA.
      The
      Company, the Subsidiaries and each “employee benefit plan” as defined under the
      Employee Retirement Income Security Act of 1974, as amended, including the
      regulations and published interpretations thereunder (“ERISA”)
      established or maintained by the Company, the Subsidiaries or their ERISA
      Affiliates (as defined below) are in compliance in all material respects with
      all presently applicable provisions of ERISA; no “reportable event” (as defined
      in ERISA) has occurred or is reasonably expected to occur with respect to any
      such employee benefit plan; neither the Company nor its Subsidiaries has
      incurred or expects to incur liability under (i) Title IV of ERISA with respect
      to termination of, or withdrawal from, any “employee benefit plan” or (ii)
      Section 412, 4971, 4975 or 4980(B) of the Internal Revenue Code of 1986, as
      amended, including the regulations and published interpretations thereunder
      (the
“Code”);
      each
“employee benefit plan” established or maintained by the Company, its
      Subsidiaries or any of their ERISA Affiliates that is intended to be qualified
      under Section 401(a) of the Code is so qualified and nothing has occurred,
      whether by action or by failure to act, which would reasonably be expected
      to
      cause the loss of such qualification; and no “employee benefit plan” established
      or maintained by the Company, its Subsidiaries or any of their ERISA Affiliates,
      if such “employee benefit plan” were terminated, would have any material “amount
      of unfunded benefit liabilities” (as defined under ERISA). For purposes of this
      Agreement, the term “ERISA
      Affiliate”
means,
      with respect to the Company and any of its Subsidiaries, any member of any
      group
      of organizations described in Sections 414(b), (c), (m) or (o) of the Code
      of which the Company or any of its Subsidiaries is a member. 

     

    2.28   
      Insurance.
      Each of
      the Company and its Subsidiaries maintains and will continue to maintain
      insurance (issued by insurers of recognized financial responsibility) of the
      types, against such losses and in the amounts, with such insurers and subject
      to
      deductibles and exclusions as are customary in the Company’s and its
      Subsidiaries’ industry and otherwise reasonably prudent, including, without
      limitation, insurance covering all real and personal property owned or leased
      by
      the Company and its Subsidiaries against theft, damage, destruction, acts of
      vandalism and all other risks customarily insured against by similarly situated
      companies, all of which insurance is in full force and effect. Neither the
      Company nor any Subsidiary has any reason to believe that it will be unable
      to
      renew its existing insurance coverage as and when such coverage expires or
      to
      obtain similar coverage from similar insurers as may be necessary to continue
      its business at a cost that would not have a Material Adverse
      Effect.

     

    2.29   
      Transfer
      Taxes.
      On the
      Closing Date, all stock transfer or other taxes (other than income taxes),
      if
      applicable, which are required to be paid in connection with the sale and
      transfer of the Shares to be sold to each Purchaser hereunder will be, or will
      have been, fully paid or provided for by the Company and all laws imposing
      such
      taxes will be or will have been complied with.

     

    2.30   
      Taxes.
      Each of
      the Company and its Subsidiaries has filed on a timely basis all material
      federal, state, local and foreign income and franchise tax returns required
      to
      be filed by it through the date hereof or had properly requested extension
      thereof and has paid all material taxes shown as due thereon, and any related
      material assessments, fines or penalties. Each of the Company and its
      Subsidiaries has made reasonably adequate charges, accruals and reserves in
      the
      applicable financial statements referred to in Section
      2.3
      above in
      respect of all federal, state, local and foreign income and franchise taxes
      for
      all periods as to which the tax liability of the Company and its Subsidiaries
      has not been finally determined. The Company has no knowledge of a tax
      deficiency which has been or might be asserted or threatened against it or
      any
      of its Subsidiaries.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    2.31   
      Taxable
      Mortgage Pool.
      Neither
      the Company, any of its Subsidiaries nor any of their assets will be treated
      as
      a taxable mortgage pool. Neither the Company nor any of its Subsidiaries shall
      hold any residual interest in a real estate mortgage investment
      conduit.

     

    2.32   
      REIT
      Status.
      The
      Company elected to be taxed as a real estate investment trust (a “REIT”)
      under
      the Code commencing with its taxable year ended December 31, 2004;
      commencing with the Company’s taxable year ended December 31, 2004, the
      Company has been organized and operated in conformity with the requirements
      for
      qualification and taxation as a REIT under the Code, and its current and
      proposed ownership and operations will allow the Company to continue to satisfy
      the requirements for qualification and taxation as a REIT under the Code for
      its
      taxable year ending December 31, 2008 and in the future.

     

    2.33   
      Price
      of Common Stock.
      Neither
      the Company nor any of its officers, directors, affiliates or, to the Company’s
      knowledge, its agents has taken, or will take, directly or indirectly, any
      action designed to cause or result in, or which has constituted or which might
      reasonably be expected to constitute, the stabilization or manipulation of
      the
      price of the shares of the Common Stock to facilitate the sale or resale of
      the
      Shares.

     

    2.34   
      Finder’s
      Fees.
      The
      Company has not incurred any liability for any finder’s fees or similar payments
      in connection with the transactions contemplated by the Operative Agreements,
      except with respect to the Placement Agent. The Purchasers shall have no
      obligation with respect to any fees or with respect to any claims made by or
      on
      behalf of other persons for fees of a type contemplated in this Section
      2.34
      under an
      agreement to which the Company is a party or otherwise aware of that may be
      due
      in connection with the transactions contemplated by this Agreement.

     

    2.35   
      Non-Public
      Information.
      The
      Company has not disclosed to the Placement Agent or any of the Purchasers,
      whether in the Private Placement Memorandum or otherwise, information that
      would
      constitute material non-public information as of the Closing Date, other than
      the transactions contemplated by this Agreement. The Company understands and
      confirms that each Purchaser shall be relying on the foregoing representations
      in effecting transaction in securities of the Company.

     

    2.36   
      Investment
      and Risk-Adjusted Capital Guidelines.
      The
      Company is, and at all times has been, in material compliance with its
      investment and risk-adjusted capital guidelines. 

     

    2.37   
      Related
      Party Transactions.
      Other
      than this Offering, no transaction has occurred and no relationship, direct
      or
      indirect, exists between or among the Company, any of its Subsidiaries and
      its
      or their affiliates, officers, directors, stockholders, customers or suppliers
      or any affiliate or affiliates of any such officer, director, stockholder,
      customer or supplier that is required to have been described under applicable
      securities laws in its SEC Filings and is not so described in such filings.
      

     

    2.38   
      Insider
      Loans.
      There
      are
      no outstanding loans or advances or guarantees of indebtedness by the Company
      or
      any of the Subsidiaries to or for the benefit of any of the officers, directors
      or managers of the Company or any of its Subsidiaries or any of the members
      of
      the families of any of them.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    2.39   
      Director
      Independence.
      Each
      director of the Company which is designated as “Independent” in the SEC Filings
      satisfies the requirements for independence under the Sarbanes-Oxley Act and
      the
      rules of the NASDAQ Stock Market;
      and a
      majority of the Company’s directors are so “Independent”.

     

    2.40   
      Off-Balance
      Sheet Arrangements.
      There
      is no transaction, arrangement or other relationship between the Company and/or
      any of its Subsidiaries and an unconsolidated or other off-balance sheet entity
      that is required to be disclosed by the Company in its SEC Filings and is not
      so
      disclosed or that has or otherwise would reasonably be expected to have a
      Material Adverse Effect. 

     

    2.41   
      Governmental
      Permits, Etc.
      Each of
      the Company and its Subsidiaries has all franchises, licenses, certificates,
      consents, accreditations, certifications, approvals and other authorizations
      from such federal, state or local government or governmental agency, department
      or body that are currently required for the operation of the business of the
      Company and its Subsidiaries as currently conducted (“Governmental
      Permits”),
      except where the failure to have such Governmental Permits would not reasonably
      be expected to have a Material Adverse Effect. Neither the Company nor its
      Subsidiaries are in violation of or has default on any Governmental Permit
      or
      received any notice of proceedings relating to the revocation or modification
      of
      any Governmental Permit which, if the subject of an unfavorable decision, ruling
      or finding, would reasonably be expected to have a Material Adverse
      Effect.

     

    2.42   
      Offering.
      Subject
      to the accuracy of the Purchasers’ representations in Section 3
      of this
      Agreement, the offer, sale and issuance of the Shares to the Purchasers at
      the
      Closing, in conformity with the terms of this Agreement, constitute transactions
      exempt from the registration requirements of Section 5 of the Securities
      Act and from the qualification or registration requirements of all applicable
      state securities laws.

     

    2.43   
      Solvency.
      Based
      on the financial condition of the Company as of the Closing Date after giving
      effect to the receipt by the Company of the proceeds from the sale of the Shares
      hereunder, (i) the fair saleable value of the Company’s assets exceeds the
      amount that will be required to be paid on or in respect of the Company’s
      existing debts and other liabilities (including known contingent liabilities)
      as
      they mature; (ii) the Company’s assets do not constitute unreasonably small
      capital to carry on its business as now conducted and as proposed to be
      conducted including its capital needs taking into account the particular capital
      requirements of the business conducted by the Company, and projected capital
      requirements and capital availability thereof; and (iii) the current cash flow
      of the Company, together with the proceeds the Company would receive, were
      it to
      liquidate all of its assets, after taking into account all anticipated uses
      of
      the cash, would be sufficient to pay all amounts on or in respect of its
      liabilities when such amounts are required to be paid.

     

    2.44   
      Controls
      and Procedures.
      The
      Company has implemented controls and other procedures that are designed to
      ensure that information required to be disclosed by the Company in the reports
      that it files or submits under the Exchange Act is recorded, processed,
      summarized and reported, within the time periods specified in the Commission’s
      rules and forms and is accumulated and communicated to the Company’s management,
      including its co-chief executive officers and chief financial officer, or
      persons performing similar functions, as appropriate to allow timely decisions
      regarding required disclosure; the Company makes and keeps books, records and
      accounts, which, in reasonable detail, accurately and fairly reflect the
      transactions and dispositions of the assets of the Company and its Subsidiaries;
      and the Company maintains a system of internal control over financial reporting
      sufficient to provide reasonable assurance that (i) transactions involving
      the
      Company or any of its Subsidiaries are executed in accordance with management’s
      general or specific authorizations; (ii) transactions involving the Company
      or
      any of its Subsidiaries are recorded as necessary to permit preparation of
      financial statements in conformity with GAAP as applied in the United States
      and
      to maintain asset accountability; (iii) access to assets is permitted only
      in
      accordance with management’s general or specific authorization; and (iv) the
      recorded accountability for assets is compared with the existing assets at
      reasonable intervals and appropriate action is taken with respect to any
      differences.

     

    
      
        
        

      

      
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    2.45   
      General
      Solicitation.
      Neither
      the Company, nor any affiliate of the Company, nor any other person or entity
      authorized by the Company to act on its behalf, including, without limitation,
      the Placement Agent, has engaged in a general solicitation or general
      advertising (within the meaning of Regulation D of the Securities Act) of
      investors with respect to offers or sales of the Shares. The Company has offered
      the Shares for sale only to the Purchasers and certain other “accredited
      investors” within the meaning of Rule 501 under the Securities Act.

     

    2.46   
      No
      Integrated Offering.
      Neither
      the Company, nor any affiliate of the Company, 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 or issuance of the Shares to be integrated with prior
      offerings by the Company for purposes of the Securities Act which would cause
      Regulation D or any other applicable exemption from registration under the
      Securities Act to be unavailable, or would cause any applicable state securities
      laws exemptions or any applicable stockholder approval provisions exemptions,
      including, without limitation, under the rules and regulations of any national
      securities exchange or automated quotation system on which any of the securities
      of the Company are listed or designated to be unavailable, nor will the Company
      take any action or steps that would cause the offering or issuance of the Shares
      to be integrated with other offerings.

     

    2.47   
      Purchaser
      Representations.
      The
      Company acknowledges and agrees that no Purchaser makes or has made any
      representations or warranties with respect to the transactions contemplated
      hereby other than those specifically set forth in Section
      4
      hereof.

     

    2.48   
      Acknowledgment
      Regarding Purchasers’ Purchase of Purchased Securities.
      The
      Company acknowledges and agrees that each of the Purchasers is acting solely
      in
      the capacity of an arm’s length purchaser with respect to this Agreement and the
      transactions contemplated hereby. The Company further acknowledges that no
      Purchaser is acting as a financial advisor or fiduciary of the Company (or
      in
      any similar capacity) with respect to this Agreement and the transactions
      contemplated hereby and any advice given by any Purchaser or any of their
      respective representatives or agents in connection with this Agreement and
      the
      transactions contemplated hereby is merely incidental to the Purchasers’
purchase of the Purchased Securities. The Company further represents to each
      Purchaser that the Company’s decision to enter into this Agreement has been
      based solely on the independent evaluation of the transactions contemplated
      hereby by the Company and its representatives.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    2.49   
      U.S.
      Real Property Holding Corporation.
      The
      Company is not, has never been, and so long as any Shares remain outstanding,
      shall not become, a U.S. real property holding corporation within the meaning
      of
      Section 897 of the Code and the Company shall so certify upon any Purchaser's
      request.

     

    SECTION
      3. Purchaser’s
      Representations and Warranties.
      Each
      Purchaser represents and warrants to the Company with respect to only itself
      that as of the Effective Date and the Closing:

     

    3.1      
      Information.
      Such
      Purchaser is knowledgeable, sophisticated and experienced in making, and is
      qualified to make, decisions with respect to an investment decision like that
      involved in the purchase of the Shares, including investments in securities
      issued by the Company, and has requested, received, reviewed and considered
      all
      information it deems necessary and relevant, including the Private Placement
      Memorandum and SEC Filings, in making an informed decision to purchase the
      Shares. Such Purchaser further represents that it has had an opportunity to
      ask
      questions of and receive answers from the Company regarding the terms and
      conditions of the offering of Shares and the business, properties, prospects
      and
      financial condition of the Company. Such Purchaser understands that its
      investment in the Shares involves a significant degree of risk. Such Purchaser
      has the knowledge and experience in financial and business matters as to be
      capable of evaluating the merits and risks of an investment in the Shares and
      has the ability to bear the economic risks of an investment in the Shares for
      an
      indefinite period of time. The Purchaser acknowledges that the Placement Agent
      has made no representations or warranties regarding the Company. 

     

    3.2      
      Investment
      Purpose.
      Such
      Purchaser is acquiring the number of Shares set forth opposite its name on
      the
      Schedule of Purchasers attached hereto as Schedule
      A
      in the
      ordinary course of its business and for its own account for investment purposes
      only and with no present intention of distributing any of such Shares, and
      no
      arrangement or understanding exists with any other persons regarding the
      distribution of such Shares; provided, however, that in making such
      representation, such Purchaser reserves the right to sell, transfer or otherwise
      dispose of the Shares at any time subject to and in accordance with (i) the
      provisions of this Agreement and (ii) the Federal and state securities laws
      applicable to such sale, transfer or disposition.

     

    3.3     
      Accuracy
      of Information Provided.
      Such
      Purchaser has completed or caused to be completed the Registration Statement
      Questionnaire attached as Appendix
      I
      to the
      Registration Rights Agreement, for use in preparation of the Registration
      Statement, and the information in such Registration Statement Questionnaire
      is
      true, correct and complete as of the Effective Date and will be true, correct
      and complete as of the effective date of the Registration Statement (provided
      that, if necessary to make the statement accurate, such Purchaser shall be
      entitled to update such information prior to the effective date of the
      Registration Statement). 

     

    
      
        
        

      

      
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    3.4     
      Accredited
      Investor.
      Such
      Purchaser is an “accredited investor” within the meaning of Rule 501(a) of
      Regulation D promulgated under the Securities Act.

     

    3.5     
      Reliance
      on Exemptions.
      Such
      Purchaser understands that the Shares are being offered and sold to it in
      reliance upon specific exemptions from the registration requirements of the
      Securities Act and applicable state securities laws and that the Company is
      relying upon the truth, accuracy and completeness of, and such Purchaser’s
      compliance with, the representations, warranties, agreements, acknowledgments
      and understandings of such Purchaser set forth herein in order to determine
      the
      availability of such exemptions and the eligibility of the Purchaser to acquire
      the Shares.

     

    3.6     
      Offering
      Materials.
      Such
      Purchaser hereby acknowledges and agrees that it is prohibited from reproducing
      or distributing the Private Placement Memorandum, the Operative Agreements
      or
      any other offering materials, in whole or in part, or divulging or discussing
      any of their contents, except for use internally and by its legal counsel,
      except as required by law or legal process or except to the extent such
      information is made publicly available other than as a result of a breach by
      such Purchaser (or any of its affiliates or their representatives) of its
      confidentiality obligations hereunder. Further, such Purchaser understands
      that
      the existence and nature of all conversations and presentations, if any,
      regarding the Company and this offering must be kept strictly confidential
      until
      such time as the Company makes a public announcement of the sale of Shares.
      Such
      Purchaser understands that the federal securities laws impose restrictions
      on
      trading based on information regarding this offering.

     

    3.7      No
      Governmental Review.
      Such
      Purchaser understands that no United States federal or state agency or other
      government or governmental agency has passed upon or made any recommendation
      or
      endorsement of the Shares or the fairness or suitability of the investment
      in
      the Shares nor have such authorities passed upon or endorsed the merits of
      the
      offering of the Shares.

     

    3.8     
      Transfer
      or Resale.
      

     

    (a) Such
      Purchaser understands that the Shares have not been registered under the
      Securities Act or any state securities laws, and such Purchaser agrees that
      it
      will not, sell, offer to sell, solicit offers to buy, dispose of, loan, pledge
      or grant any right with respect to (collectively, a “Disposition;”
and
      the term “Dispose”
shall
      have the correlative meaning) the Shares, unless (a) the Shares are
      registered under the Securities Act, (b) such Purchaser shall have
      delivered to the Company an opinion of counsel in form and substance reasonably
      acceptable to the Company, to the effect that, in connection with such
      Disposition, registration is not required under the Securities Act or any
      applicable state securities law due to the applicability of an exemption
      therefrom, or (c) such Shares have been Disposed of in accordance with Rule
      144
      under the Securities Act or any successor provision. In that connection, such
      Purchaser is aware of Rule 144 under the Securities Act and the restrictions
      imposed thereby. Such Purchaser acknowledges and agrees that no sales of the
      Shares may be made under the Registration Statement and that the Shares are
      not
      transferable on the books of the Company pursuant to a sale made under the
      Registration Statement unless the certificate submitted to the transfer agent
      evidencing the Shares is accompanied by a separate Purchaser’s Certificate of
      Subsequent Sale: (i) in the form of Appendix
      II
      hereto;
      (ii) executed by an officer of, or other authorized person designated by,
      the Purchaser; and (iii) to the effect that (A) the Shares have been sold in
      accordance with the Registration Statement, the Securities Act and any
      applicable state securities or blue sky laws, and (B) the requirement of
      delivering a current prospectus, if applicable, has been satisfied.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

    (b)     
      Such
      Purchaser that is located outside the United States acknowledges that, to its
      knowledge, no action has been or will be taken in any jurisdiction outside
      the
      United States by the Company or the Placement Agent that would permit an
      offering of the Shares, or possession or distribution of offering materials
      in
      connection with the issue of the Shares, in any jurisdiction outside the United
      States where action for that purpose is required. Such Purchaser outside the
      United States will comply with all applicable laws and regulations in each
      foreign jurisdiction in which it purchases, offers, sells or delivers Shares
      or
      has in its possession or distributes any offering material, in all cases at
      its
      own expense. The Placement Agent is not authorized to make any representation
      or
      use any information in connection with the issue, placement, purchase and sale
      of the Shares.

     

    (c)     
       Such
      Purchaser hereby covenants with the Company not to make any Disposition of
      the
      Shares without complying with the provisions of the Operative Agreements, and,
      if then applicable, without effectively causing the prospectus delivery
      requirement under the Securities Act to be satisfied, and such Purchaser
      acknowledges that the certificates evidencing the Shares will be imprinted
      with
      a legend that prohibits their Disposition except in accordance therewith. Such
      Purchaser acknowledges that there may occasionally be times when the Company
      in
      accordance with the terms of the Registration Rights Agreement, based on the
      advice of its counsel, determines that it must suspend the use of the prospectus
      forming a part of the Registration Statement (as amended or supplemented by
      any
      amendment or prospectus supplement, including post-effective amendments, the
      “Prospectus”),
      until
      such time as an amendment to the Registration Statement has been filed by the
      Company and declared effective by the Commission or until the Company has
      amended or supplemented such Prospectus or until the expiration of the time
      period permitted under the Registration Rights Agreement. 

     

    3.9     
      Legends.
      Such
      Purchaser understands that the Shares may bear restrictive legends in
      substantially the following form (and a stop-transfer order may be placed
      against transfer of the certificates for the Shares):

     

    Securities
      Law Legend

     

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (the “Act”), or under the securities laws of
      any other jurisdiction. The securities may not be sold, transferred or assigned
      in the absence of an effective registration statement for the securities under
      the Act, unless sold pursuant to Rule 144 under the Act or another available
      exemption from registration under the Act.”

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

       

    

    Ownership
      Limitation Legend

     

    “Such
      Purchaser understands that the certificates representing the Shares will include
      the following legend. “The
      shares represented by this certificate are subject to restrictions on Beneficial
      and Constructive Ownership and Transfer. Subject to certain further restrictions
      and except as expressly provided in the Corporation’s Charter, (i) no Person may
      Beneficially or Constructively Own shares of the Corporation’s Common Stock in
      excess of nine and nine-tenths percent (9.9%) in value or in number of shares,
      whichever is more restrictive, of the aggregate of the outstanding shares of
      Common Stock of the Corporation unless such Person is an Excepted Holder (in
      which case the Excepted Holder Limit shall be applicable); (ii) no Person may
      Beneficially or Constructively Own shares of Capital Stock of the Corporation
      in
      excess of nine and nine-tenths percent (9.9%) in value of the aggregate of
      the
      outstanding shares of Capital Stock of the Corporation unless such Person is
      an
      Excepted Holder (in which case the Excepted Holder Limit shall be applicable);
      (iii) no Person may Beneficially or Constructively Own shares of Capital Stock
      that would result in the Corporation being “closely held” under
      Section 856(h) of the Internal Revenue Code of 1986, as amended (the
“Code”); (iv) no Person may Transfer shares of Capital Stock that would result
      in the Capital Stock of the Corporation being beneficially owned by less than
      one hundred (100) Persons (determined without reference to any rules of
      attribution) and (v) no Disqualified Organization shall Beneficially Own any
      shares of Capital Stock, and no Person shall Transfer shares of Capital Stock
      to
      the extent that such Transfer would result in shares of Capital Stock being
      Beneficially Owned by a Disqualified Organization. Any Person who Beneficially
      or Constructively Owns or attempts to Beneficially or Constructively Own shares
      of Capital Stock which causes or will cause a Person to Beneficially or
      Constructively Own shares of Capital Stock in excess or in violation of the
      above limitations must immediately notify the Corporation. If any of the
      restrictions on transfer or ownership are violated, the shares of Capital Stock
      represented hereby will be automatically transferred to a Trustee of a
      Charitable Trust for the benefit of one or more Charitable Beneficiaries. In
      addition, the Corporation may redeem shares upon the terms and conditions
      specified by the Board of Directors in its sole discretion if the Board of
      Directors determines that ownership or a Transfer or other event may violate
      the
      restrictions described above. Furthermore, upon the occurrence of certain
      events, attempted Transfers in violation of the restrictions described above
      may
      be void ab initio.
      All
      capitalized terms in this legend have the meanings defined in the Charter of
      the
      Corporation, as the same may be amended from time to time, a copy of which,
      including the restrictions on transfer and ownership, will be furnished to
      each
      holder of Capital Stock of the Corporation on request and without charge.
      Requests for such a copy may be directed to the Secretary of the Corporation
      at
      its principal office.”

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    The
      securities law legend above shall be removed by the Company from any certificate
      evidencing the Shares if a registration statement under the Securities Act
      is at
      that time in effect with respect to the legended security or the Company is
      provided with documentation reasonably satisfactory to the Company and its
      counsel that such security can be freely transferred in a public sale without
      such a registration statement being in effect.

     

    If
      the
      Company shall fail for any reason or for no reason to issue to the Purchaser
      unlegended certificates or issue such Shares to such Purchaser by electronic
      delivery at the applicable balance account at the Depository Trust
      Company within three (3) business days after the receipt of documents
      necessary for the removal of the legend set forth in this Section 3.9
      above
      (the “Removal
      Date”),
      then
      in addition to all other remedies available to the Purchaser, if on or after
      the
      Business Day immediately following such three (3) business day period, the
      Purchaser purchases (in an open market transaction or otherwise) shares of
      Common Stock to deliver in satisfaction of a sale by the Purchaser of such
      Shares that the Purchaser anticipated receiving without legend from the Company
      (a “Buy-In”),
      then
      the Company shall, within three (3) Business Days after the Purchaser’s request
      and in the Purchaser’s discretion, either (i) pay cash to the Purchaser in an
      amount equal to the Purchaser’s total purchase price (including brokerage
      commissions, if any) for the shares of Common Stock so purchased (the
“Buy-In
      Price”),
      at
      which point the Company’s obligation to deliver such unlegended Shares shall
      terminate, or (ii) promptly honor its obligation to deliver to the Purchaser
      such unlegended Shares as provided above and pay cash to the Purchaser in an
      amount equal to the excess (if any) of the Buy-In Price over the product of
      (A)
      such number of shares of Common Stock, times (B) the Closing Bid Price on the
      Removal Date. For the purpose of this Agreement, “Closing
      Bid Price”
means,
      for any security as of any date, the last closing bid price of such security
      on
      the principal securities exchange or trading market where such security is
      listed or traded as reported by Bloomberg Financial Markets (“Bloomberg”),
      or if
      the foregoing does not apply, the last closing bid price of such security in
      the
      over-the-counter market on the electronic bulletin board for such security
      as
      reported by Bloomberg, or, if no closing bid price is reported for such security
      by Bloomberg, the average of the bid prices of any market makers for such
      security as reported in the “pink sheets” by Pink Sheets LLC (formerly the
      National Quotation Bureau, Inc.). If the Closing Bid Price cannot be calculated
      for a security on a particular date on any of the foregoing bases, the Closing
      Bid Price of such security on such date shall be the fair market value as
      mutually determined by the Company and the Holder. All such determinations
      to be
      appropriately adjusted for any stock dividend, stock split, stock combination
      or
      other similar transaction during the applicable calculation period.

     

    3.10   
      Residency.
      Such
      Purchaser’s principal executive offices are in the jurisdiction set forth
      immediately below the Purchaser’s name on the signature pages
      hereto.

     

    3.11   
      Authorization;
      Enforcement; Validity.
      Such
      Purchaser has the power, authority and capacity to enter into the Operative
      Agreements and to consummate the transactions contemplated hereby and thereby,
      and has taken all necessary action to authorize the execution, delivery and
      performance of the Operative Agreements. Upon the execution and delivery of
      the
      Operative Agreements, and assuming the valid execution thereof by the Company,
      the Operative Agreements shall constitute valid and binding obligations of
      such
      Purchaser, enforceable in accordance with its terms, except as enforceability
      may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or similar laws affecting creditors’ and contracting parties’ rights generally
      and except as enforceability may be subject to general principles of equity
      (regardless of whether such enforceability is considered in a proceeding in
      equity or at law) and except as agreements by such Purchaser to indemnify others
      may be violative of public policy and, thus, unenforceable.

     

    
      
        
        

      

      
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    3.12   
      No
      Conflicts.
      The
      execution and performance of the Operative Agreements do not conflict with
      any
      agreement to which such Purchaser is a party or is bound, any court order or
      judgment affecting such Purchaser, or the constituent documents of such
      Purchaser, except for such conflicts as would not reasonably be expected to
      have
      a material adverse effect on the transactions contemplated by this
      Agreement.

     

    3.13   
      No
      Intent to Effect a Change of Control.
      Such
      Purchaser has no present intent to acquire or hold the securities with a purpose
      or effect of changing or influencing control of the Company, as such phrase
      is
      understood in Regulation 13D under the Exchange Act. 

     

    3.14   
      No
      Adverse Litigation.
      Such
      Purchaser is not a party to any litigation against the Company.

     

    3.15   
      No
      Advice.
      Such
      Purchaser understands that nothing in this Agreement or any other materials
      presented to such Purchaser in connection with the purchase and sale of the
      Shares constitutes legal, tax or investment advice. Such Purchaser has consulted
      its own legal, tax and investment advisors as it, in its sole discretion, has
      deemed necessary or appropriate in connection with its purchase of Shares.
      The
      foregoing, however, does not limit or modify the representations and warranties
      of the Company in Section
      2
      of this
      Agreement or the right of the Purchasers to rely on such representations and
      warranties.

     

    3.16   
      No
      Finder’s Fees.
      Such
      Purchaser has not incurred any liability for any finder’s fees or similar
      payments in connection with the transactions herein contemplated.

     

    3.17   
      No
      General Solicitation.
      Such
      Purchaser is not purchasing the Shares as a result of any advertisement,
      article, notice or other communication regarding the Shares published in any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

     

    3.18   
      Prohibited
      Transactions.

     

    (i)       
      During
      the period beginning from the time such Purchaser was initially contacted about
      the issue and sale of the Shares to the date hereof, neither such Purchaser
      nor
      any affiliate of such Purchaser, foreign or domestic, has, directly or
      indirectly, effected or agreed to effect any “short sale” (as defined in Rule
      200 under Regulation SHO), whether or not against the box, established any
“put
      equivalent position” (as defined in Rule 16a-1(h) under the Exchange Act) with
      respect to the Common Stock, borrowed any shares of Common Stock, or granted
      any
      other right (including, without limitation, any put or call option) with respect
      to the Common Stock or with respect to any security that includes, relates
      to or
      derived any significant part of its value from the Common Stock or otherwise
      sought to hedge its position in the Company’ securities (each, a “Prohibited
      Transaction”).

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

       

    

    (ii)      
      Prior
      to
      the earliest to occur of (i) the termination of this Agreement, (ii) the date
      the Registration Statement is declared effective by the Commission, and (iii)
      180 days from the Closing Date such Purchaser shall not, and shall cause its
      Affiliates not to engage directly or indirectly, in any Prohibited Transaction.
      

    

    SECTION
      4. Covenants.
      

     

    4.1     
      Obligations.
      Each
      party shall timely satisfy each of the conditions to be satisfied by it as
      provided in Sections
      5
      and
6
      of this
      Agreement.

     

    4.2     
      Securities
      Laws Disclosure.
      On or
      before 8:30 a.m., eastern time, on the second business day following the date
      of
      this Agreement, the Company shall file a Current Report on Form 8-K with the
      Commission (i) describing the terms of the transactions contemplated by the
      Operative Agreements and including this Agreement and the Registration Rights
      Agreement as exhibits to such Current Report on Form 8-K and
      (ii) describing any material non-public information set forth in the
      Private Placement Memorandum. The
      Company shall not, and shall cause each of its Subsidiaries and its and each
      of
      their respective officers, directors, employees and agents, not to, provide
      any
      Purchaser with any material, nonpublic information regarding the Company or
      any
      of its Subsidiaries from and after the filing of such Form 8-K with the
      Commission without the consent of such Purchaser.

     

    4.3     
      Use
      of
      Proceeds.
      The
      Company shall use the proceeds from the sale of the Shares as described under
      “Use of Proceeds” in the Private Placement Memorandum.

     

    4.4     
      Registration
      Priority.
      The
      Company shall not file a registration statement to register any shares of Common
      Stock (other than the Shares purchased pursuant to this Agreement) or any
      Preferred Stock or other securities convertible into Common Stock prior to
      the
      effectiveness of the Registration Statement unless the Purchasers are provided
      an opportunity to have all of the Shares included in such registration
      statement.

     

    4.5     
      Lock-Up.
      Until
      the later of 120 days from the Closing Date or 90 days after the effective
      date of a registration statement covering the resale of the Shares, the Company
      shall not, without the prior written consent of the holders of at least a
      majority of the shares constituting Registrable Securities (as defined in the
      Registration Rights Agreement), at the time outstanding, (i) directly or
      indirectly, offer, pledge, sell, contract to sell, sell any option or contract
      to purchase, purchase any option or contract to sell, grant any option, right
      or
      warrant to purchase or otherwise transfer or dispose of any share of Common
      Stock, Series A Preferred Stock or other security of the Company or any of
      its
      subsidiaries or any security convertible into or exercisable or exchangeable
      for
      Common Stock or other securities of the Company or any of its subsidiaries
      or
      file any registration statement under the Securities Act (other than a
      Registration Statement on Form S-8 or permitted to be filed under the
      Registration Rights Agreement) with respect to any of the foregoing or (ii)
      enter into any swap or any other agreement or any transaction that transfers,
      in
      whole or in part, directly or indirectly, the economic consequence of ownership
      of the Common Stock, whether any such swap or transaction described in clause
      (i) or (ii) above is to be settled by delivery of Common Stock or such other
      securities, in cash or otherwise. The foregoing sentence shall not apply
      to issuances of equity incentive awards pursuant to the Company’s 2005
      Stock Incentive Plan and 2004 Stock Incentive Plan or any issuances of Common
      Stock as a result of the conversion of or redemption of the Series A Preferred
      Stock pursuant to its terms. 

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

       

    

    4.6     
      Significant
      Shareholder Lock-Up Agreement.
      The
      Company agrees to undertake commercially reasonable best efforts to cause Steve
      B. Schnall to execute a lock-up agreement, substantially in the form of
Exhibit
      C
      (except
      that such lock-up shall commence on the Closing Date and expire on May 30,
      2008), and to deliver such executed lock-up agreement to the Placement Agent
      no
      later than the Closing Date.

     

    4.7     
      Blue
      Sky Law.
      The
      Company agrees to make commercially reasonable best efforts to qualify the
      Shares under the state securities or blue sky laws of any jurisdiction in which
      such qualification may be required in connection with the sale and distribution
      of the Shares.

     

    SECTION
      5. Conditions
      to the Company’s Obligation to Close.
      The
      obligation of the Company to issue and sell the Shares to each respective
      Purchaser at the Closing is subject to the satisfaction, at or before the
      Closing Date, of each of the following conditions, provided that these
      conditions are for the Company’s sole benefit and may be waived by the Company
      at any time in its sole discretion by providing such Purchaser with prior
      written notice thereof:

     

    5.1     
      Operative
      Agreements.
      Such
      Purchaser shall have executed each of the Operative Agreements to which it
      is a
      party and delivered the same to the Company.

     

    5.2     
      Payment
      of Purchase Price.
      The
      Company shall have received from such Purchaser the full amount of the purchase
      price for the Shares being purchased by such Purchaser at the Closing, by wire
      transfer of immediately available funds pursuant to the wire transfer
      instructions attached hereto as Schedule
      B.
      

     

    5.3     
      No
      Injunctions or Restraints.
      No
      litigation properly filed and served on the Company by a governmental authority
      with competent jurisdiction over the Company shall be pending which seeks to
      enjoin or prohibit the Company from consummating the transactions contemplated
      by the Operative Agreements, and no temporary restraining order, preliminary
      or
      permanent injunction or other order issued by any court of competent
      jurisdiction over the Company shall be in effect which seeks to enjoin or
      prohibit the Company from consummating the transactions contemplated by the
      Operative Agreements. 

     

    5.4     
      Representations
      and Warranties; Covenants.
      The
      representations and warranties of such Purchaser shall be true, correct and
      complete in all material respects (except to the extent that any of such
      representations and warranties is already qualified as to materiality in
Section
      3
      above,
      in which case such representations and warranties shall be true, correct and
      complete without further qualification) as of the date when made and as of
      the
      Closing Date as though made at that time (except for representations and
      warranties that speak as of a specific date, which shall be true, correct and
      complete as of such date), and such Purchaser shall have performed, satisfied
      and complied with in all material respects the covenants, agreements and
      conditions required by the Operative Agreements to be performed, satisfied
      or
      complied with by such Purchaser at or prior to the Closing Date.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

       

    

    SECTION
      6. Conditions
      to each Purchaser’s Obligation to Close.
      The
      obligation of each Purchaser hereunder to purchase the Shares from the Company
      at the Closing is subject to the satisfaction, at or before the Closing Date,
      of
      each of the following conditions, provided that these conditions are for each
      Purchaser’s sole benefit and may be waived by such Purchaser at any time in its
      sole discretion by providing the Company with prior written notice
      thereof:

     

    6.1     
      Operative
      Agreements.
      The
      Company shall have executed each of the Operative Agreements to which it is
      a
      party and delivered the same to such Purchaser. 

     

    6.2     
      Delivery
      of Shares.
      The
      Company shall have executed and delivered to such Purchaser one or more
      certificates representing the Shares being purchased by such Purchaser at the
      Closing as set forth on the Schedule of Purchasers attached hereto as
Schedule
      A.
      

     

    6.3     
      Opinion
      of Counsel.
      The
      Company shall have delivered to the Placement Agent the opinion of Hunton &
Williams LLP, legal counsel of the Company, dated as of the Closing Date, in
      the
      form of Exhibit
      B
      attached
      hereto. Such opinion also shall state that each of the Purchasers may rely
      thereon as though it were addressed to such Purchaser. 

     

    6.4     
      Lock-Up
      Agreement.
      On the
      Effective Date, the Company shall have delivered to the Placement Agent an
      agreement in the form of Exhibit
      C
      (the
“Lock-up
      Agreement”)
      attached hereto from each officer and director of the Company. Such agreement
      shall be in full force and effect on the Closing Date. 

     

    6.5     
      “Comfort”
      Letter.
      At the
      Closing, the Company shall have delivered to the Placement Agent letters
      from Deloitte & Touche LLP dated, respectively, as of the Effective Date and
      the Closing Date, in form and substance reasonably satisfactory to the Placement
      Agent, relating to the financial statements, including any pro forma financial
      statements, of the Company, and such other matters customarily covered by
      comfort letters issued in connection with registered public
      offerings.
      Such
      letters also shall state that each of the Purchasers may rely thereon as though
      it were addressed to such Purchaser. 

     

    6.6     
      No
      Injunctions or Restraints.
      No
      litigation properly filed and served on the Company by a governmental authority
      with competent jurisdiction over the Company shall be pending which seeks to
      enjoin or prohibit the Company from consummating the transactions contemplated
      by the Operative Agreements, and no temporary restraining order, preliminary
      or
      permanent injunction or other order issued by any court of competent
      jurisdiction over the Company shall be in effect which seeks to enjoin or
      prohibit the Company from consummating the transactions contemplated by the
      Operative Agreements.

     

    6.7     
      Representations
      and Warranties; Covenants.
      The
      representations and warranties of the Company shall be true, correct and
      complete in all material respects (except to the extent that any of such
      representations and warranties is already qualified as to materiality in
Section
      2
      above,
      in which case such representations and warranties shall be true, correct and
      complete without further qualification) as of the date when made and as of
      the
      Closing Date as though made at the Closing Date, and the Company shall have
      performed, satisfied and complied with in all material respects the covenants,
      agreements and conditions required by the Operative Agreements to be performed,
      satisfied or complied with by the Company at or prior to the Closing Date.
      Such
      Purchaser shall have received a certificate, executed by the President of the
      Company, dated as of the Closing Date, to the foregoing effect.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

       

    

    6.8     
      Material
      Adverse Change.
      Subsequent to the respective dates as of which information is given in the
      SEC
      Filings, there has been no (i) change, event, circumstance or development that
      could reasonably be expected to have a Material Adverse Effect (whether or
      not
      arising in the ordinary course of business), (ii) transaction which is material
      to the Company and its Subsidiaries, considered as one enterprise, (iii) any
      obligation, direct or contingent, that is material to the Company and its
      Subsidiaries, considered as one enterprise, incurred by the Company and the
      Subsidiaries, considered as one enterprise, (iv) any change in the capital
      stock
      or material change in outstanding indebtedness of the Company and its
      Subsidiaries, considered as one enterprise, considered as one enterprise, or
      (v)
      any dividend or distribution of any kind declared, paid or made on the capital
      stock of the Company or its Subsidiaries, or any loss or damage (whether or
      not
      insured) to the property of the Company or Subsidiaries which has been sustained
      or will have been sustained which has a Material Adverse Effect.

     

    6.9      Good
      Standing Certificate.
      The
      Company shall have delivered to the Purchasers a certificate of the State
      Department of Assessments and Taxation of the State of Maryland, dated as of
      a
      date within ten days of the date of the Closing, with respect to the good
      standing of the Company.

     

    6.10   
      Secretary’s
      Certificate.
      The
      Company shall have delivered to the Purchasers a certificate of the Company
      executed by the Company’s Secretary attaching and certifying to the truth and
      correctness of (i) the Company’s Charter, (ii) the Company’s bylaws and (iii)
      the resolutions adopted by the Company’s Board of Directors in connection with
      the transactions contemplated by this Agreement.

     

    6.11   
      Other
      Actions.
      The
      Company shall have executed such certificates, agreements, instruments and
      other
      documents, and taken such other actions as shall be customary or reasonably
      requested by the Purchasers in connection with the transactions contemplated
      hereby.

     

    SECTION
      7. Miscellaneous
      Provisions.
      

     

    7.1     
      Survival
      of Representations and Warranties.
      A
      Purchaser’s election to purchase the Shares being purchased by such Purchaser
      based upon the statements in the certificate described in Section
      6.7
      of this
      Agreement shall not be construed as a waiver of such Purchaser’s right to
      remedies for the inaccuracy of the representations and warranties made by the
      Company in this Agreement and in such certificate. Notwithstanding any
      investigation made by any party to this Agreement or by the Placement Agent,
      all
      representations and warranties made by the Company and the Purchasers herein
      and
      in the certificates for the Shares delivered pursuant hereto shall survive
      the
      execution of this Agreement, the delivery to the Purchasers of the Shares being
      purchased and the payment in exchange therefor.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

       

    

    7.2     
      Placement
      Agent.
      The
      Purchasers acknowledge that the Company intends to pay to the Placement Agent
      a
      fee in respect of the sale of the Shares to the Purchasers. Each of the parties
      hereto hereby represents that, on the basis of any actions and agreements by
      it,
      there are no other brokers or finders entitled to compensation in connection
      with the sale of the Shares to the Purchasers. The Placement Agent is not an
      agent of, and is not entitled to make any representations to the Purchasers
      or
      execute any documents on behalf of, the Company, and the Purchasers acknowledge
      that the Placement Agent is not authorized to bind the Company in any
      way.

     

    7.3     
      Notices.
      Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile; or (iii) two (2) business days after
      deposit with a nationally recognized overnight delivery service, in each case
      properly addressed to the party to receive the same. The addresses and facsimile
      numbers for such communications shall be:

     

                                               
      (a) 
if
      to the
      Company, to:

     

    New
      York
      Mortgage Trust, Inc.

    1301
      Avenue of the Americas, 7th
      Floor

    New
      York,
      New York 10019

    Facsimile: 212-655-6269

    Attention: President

     

    with
      a
      copy to:

    

    Hunton
      & Williams LLP

    951
      East
      Byrd Street

    Richmond,
      Virginia 23219

    Facsimile: 804-788-8218

    Attention: Daniel
      M.
      LeBey, Esq.

     

                                               
      (b) 
if
      to the
      Placement Agent, to:

     

    JMP
      Securities LLC

    600
      Montgomery Street, 11th
      Floor

    San
      Francisco, California 94108

    Facsimile:
       (415)
      835-8910

    Attention:
       Jon
      Dever

    cc:  Janet
      L.
      Tarkoff,
      Esq.

    

    with
      a
      copy to:

    

    O’Melveny
      & Myers LLP

    Embarcadero
      Center West

    275
      Battery Street, Suite 2600

    San
      Francisco, California 94111

    Facsimile: (415)
      984-8701

    Attention: Peter
      T.
      Healy, Esq.

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

       

                                                 
        (c) 
        if
        to a
        Purchaser, at its address as set forth on the Stock Certificate Questionnaire
        completed by such Purchaser, or at such other address or addresses as may
        have
        been furnished to the Company in writing.

    

     

    Written
      confirmation of receipt (A) given by the recipient of such notice, consent,
      waiver or other communication, (B) mechanically or electronically generated
      by
      the sender’s facsimile machine containing the time, date, recipient facsimile
      number and an image of the first page of such transmission, or (C) provided
      by a
      courier or overnight courier service shall be rebuttable evidence of personal
      service, receipt by facsimile or receipt from a nationally recognized overnight
      delivery service in accordance with clause (i),
      (ii)
      or
(iii)
      above,
      respectively.

     

    7.4     
      Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    7.5     
      Expenses.
      Except
      as provided elsewhere in the Operative Agreements, each party shall bear their
      respective costs and expenses associated with the negotiation, execution,
      delivery and performance of the Operative Agreements.

     

    7.6     
      Indemnity.
      The
      Company shall indemnify, defend and hold harmless each of the Purchasers and
      its
      agents, shareholders, partners, members, officers, directors, representatives
      and affiliates (each an “Purchaser Indemnitee” and collectively, the “Purchaser
      Indemnitees”) from and against any and all losses, damages, liabilities, claims
      and expenses, including reasonable attorneys’ fees, sustained by any Purchaser
      Indemnitee resulting from, arising out of, or connected with any material
      inaccuracy in, breach of, or non-fulfillment of any representation, warranty,
      covenant or agreement made by or other obligation of the Company contained
      in
      this Agreement (including the exhibits and schedules hereto) or in any document
      delivered in connection herewith. 

     

    7.7     
      Amendments
      and Waivers.
      This
      Agreement may not be modified or amended or the observance of any term of this
      Agreement may not be waived except pursuant to an instrument in writing signed
      by the Company and each Purchaser. All references in this Agreement to sections,
      paragraphs, exhibits and schedules shall, unless otherwise provided, refer
      to
      sections and paragraphs hereof and exhibits and schedules attached hereto,
      all
      of which exhibits and schedules are incorporated herein by this reference.
      No
      consideration shall be offered or paid to any Purchaser to amend or consent
      to a
      waiver or modification of any provision of any of this Agreement unless the
      same
      consideration is also offered to all of the Purchasers.

     

    7.8      Headings.
      The
      headings of the various sections of this Agreement have been inserted for
      convenience of reference only and shall not be deemed to be part of this
      Agreement.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

    

    7.9     
      Severability.
      In case
      any provision contained in this Agreement should be invalid, illegal or
      unenforceable in any respect, the validity, legality and enforceability of
      the
      remaining provisions contained herein shall not in any way be affected or
      impaired thereby.

     

    7.10   
      Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, without regard to conflict of laws provisions.

     

    7.11   
      Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      constitute an original, but all of which, when taken together, shall constitute
      but one instrument, and shall become effective when one or more counterparts
      have been signed by each party hereto and delivered to the other parties.
      Facsimile signatures shall be deemed original signatures.

     

    7.12   
      Entire
      Agreement.
      This
      Agreement, the Registration Rights Agreement and the instruments referenced
      herein contain the entire understanding of the parties with respect to the
      matters covered herein and therein and, except as specifically set forth herein
      or therein, neither the Company nor any of the Purchasers makes any
      representation, warranty, covenant or undertaking with respect to such
      matters.

     

    7.13   
      Third
      Party Beneficiaries.
      The
      Placement Agent shall be a third party beneficiary of this
      Agreement.

     

    7.14   
      Publicity.
      The
      Company shall have the right to approve before issuance any press releases
      or
      any other public statements with respect to the transactions contemplated by
      the
      Operative Agreements. The Company shall not publicly disclose the name of any
      Purchaser or any of its affiliates or investment advisers without the prior
      written consent of such Purchaser; provided, however, that the Company shall
      have the right to disclose such information without such Purchaser’s consent in
      the event that such disclosure is required by any Operative Agreement, judicial
      or administrative action, law (including, without limitation, the Securities
      Act
      and the Exchange Act), any exchange on which securities of the Company are
      listed and regulations or as otherwise deemed advisable by counsel to the
      Company. 

     

    7.15   
      Termination.
      In the
      event that the Closing shall not have occurred with respect to a Purchaser
      on or
      before five (5) business days from the Effective Date due to the Company’s or
      such Purchaser’s failure to satisfy the conditions set forth in Sections
      5
      and
6
      of this
      Agreement (and the non-breaching party’s failure to waive such unsatisfied
      conditions), the non-breaching party shall have the option to terminate this
      Agreement with respect to such breaching party at the close of business on
      such
      date without liability of any non-breaching party to any other party.

     

    7.16   
      Assignment.
      The
      terms and conditions to this Agreement shall inure to the benefit of the parties
      hereto and their respective permitted successors, heirs, assignees and legal
      representatives. This Agreement and the rights and obligations of the respective
      Purchasers hereunder may not be assigned without the prior written consent
      of
      the Company; provided, however, that no such consent shall be required for
      any
      assignment to (i) a direct or indirect majority-owned subsidiary of such
      Purchaser or other entity controlled or managed by the Purchaser, (ii) to any
      entity for which such Purchaser or an affiliate of the Purchaser is a general
      partner or managing member or (iii) to
      any
      entity that shares a common discretionary investment advisor with such
      Purchaser.
      The
      Company may not assign its rights hereunder without the prior written consent
      of
      the Purchasers. In no event will a sale by any Purchaser of all or substantially
      all of its capital stock or assets, or a merger, consolidation, share exchange
      or other business combination transaction involving any such Purchaser
      constitute an assignment for purposes of this Section
      7.16.
      

     

    [Remainder
      Of This Page Has Been Intentionally Left Blank]

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    
       

      Exhibit
        10.1

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be executed by their duly
      authorized representatives as of the Effective Date.

     

    
      	 	 	
               “COMPANY”

               

            
	 	NEW
              YORK
              MORTGAGE TRUST, INC.
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:

	 	Title:
              

    

     

    [SIGNATURE
      PAGE TO PURCHASE AGREEMENT]

    

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

      
         

        Exhibit
          10.1

         

      

    

    
      	 	 	 “PURCHASER”
	 
 	 
 	
              
 Name
                of Purchaser:________________________________

               

              
                Name
                  of Individual

                 Representing
                  Purchaser: __________________________

                 

                Title:
                  __________________________________

                 

                Signature:
                  _______________________________

                 

                Number
                  of Shares: 

                 

                ___________________________________________

                 

                Address:
                  _______________________________

                    

                              _______________________________

                            
                  

                       
                  _______________________________

                 

                Telephone:
                  _____________________________

                 

                 

                  Facsimile:
                    _____________________________

                
 

            

    

     

    [SIGNATURE
      PAGE TO PURCHASE AGREEMENT]

    

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

    Exhibit
      10.1

    SUMMARY
      INSTRUCTION SHEET FOR THE PURCHASER

     

    (to
      be
      read in conjunction with the entire

    Purchase
      Agreement and the Registration Rights Agreement)

     

    A.    Complete
      the following items on both Operative Agreements:

     

    1.        
      Page
      S-2
      - Signature:

     

    (i)       
      Name
      of
      Purchaser 

     

    (ii)       Name
      of
      Individual representing Purchaser (if an Institution)

     

    (iii)     
      Title
      of
      Individual representing Purchaser (if an Institution)

     

    (iv)     Signature
      of Individual Purchaser or Individual representing Purchaser

     

    
      
                                       
          (v)       Address,
          telephone and facsimile of Purchaser 

      

    

     

    2.        
      Appendix
      I
      - Stock
      Certificate Questionnaire (attached to the Purchase Agreement); Registration
      Statement Questionnaire (attached to the Registration Rights
      Agreement):

     

    Provide
      the information requested by the Stock Certificate Questionnaire and
      Registration Statement Questionnaire.

     

    3.        
      Return
      BOTH properly completed and signed Operative Agreements (i.e.,
      the
      Purchase Agreement and the Registration Rights Agreement) including the properly
      completed Appendix
      I
      (initially by facsimile with hard copy by overnight delivery) to:

     

    JMP
      Securities LLC

    600
      Montgomery Street, Suite 1100

    San
      Francisco, California 94111

    Facsimile:
       (415)
      835-8920

    Attention:
       Mr.
      Brian
      Markworth

    

    B.        
      Instructions
      regarding the transfer of funds for the purchase of Shares will be sent by
      facsimile to the Purchaser by the Placement Agent at a later date.

     

    C.       
      Upon
      the
      resale of the Shares by the Purchasers after the Registration Statement covering
      the Shares is effective, as described in the Purchase Agreement, the
      Purchaser:

     

    (i)       
      must
      deliver a current prospectus of the Company to the buyer (prospectuses must
      be
      obtained from the Company at the Purchaser’s request); and

     

    (ii)      
      must
      send
      a letter in the form of Appendix
      II
      to the
      Company so that the Shares may be properly transferred.

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    Exhibit
      10.1

    APPENDIX
      I

     

    NEW
      YORK MORTGAGE TRUST, INC.

     

    STOCK
      CERTIFICATE QUESTIONNAIRE

     

    The
      undersigned purchaser requests that its stock certificate be issued in the
      name
      of the person(s) indicated below: 

     

    
      	
               Name:
                ___________________________________

               

            	 	 	 
	
              Address:
                _________________________________

               

                      
                _________________________________

               

                      
                _________________________________

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              Social
                Security or
                

              other
                Taxpayer Identification Number: _______________________

               

            

    

     

    
      	
               

              
                Date:
                  ____________________________________

                 

                
                  Name
                    of Purchaser: _________________________ 

                  

                  Name
                    of Individual 

                  Representing
                    Purchaser: _____________________

                  

                  Title:
                    ____________________________________

                  

                  Signature: ________________________________

                

              

            	 	 	
            

    

     

    
      
        
        

      

      
        Appendix
          I - 1

        
          

        

      

      
        
        

      

    

     

    Exhibit
      10.1

    APPENDIX
      II

     

    NEW
      YORK MORTGAGE TRUST, INC.

     

    PURCHASER’S
      CERTIFICATE OF SUBSEQUENT SALE

     

    Attention:         New
      York
      Mortgage Trust, Inc.

       Chief
      Financial Officer 

     

    The
      undersigned, [an officer of, or other person duly authorized by]
      ____________________________________________________________________ [fill
      in
      official name of individual or institution] hereby certifies that he/she [said
      institution] is the Purchaser of the shares evidenced by the attached
      certificate, and as such, sold [fill in number] shares on
      __________________.

    
      	 	 	 
	 Print
              or Type:	
               

               

              Name
                of Purchaser:_____________________________________

              

              Name
                of Individual 

              Representing
                Purchaser: _________________________________

              

              Title: _______________________________________________

              

              Signature:
                ___________________________________________

            

    

     

    
      
        
        

      

      
        Exhibit
          C
          - 1

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