Document:

<PAGE>
                                                                    EXHIBIT 10.2

                            LOAN CONVERSION AGREEMENT

         Agreement as of the 31st day of December, 2003, by and among NEXVU
TECHNOLOGIES, L.L.C., a Delaware limited liability company ("Company"), ROBERT
T. GERAS ("RTG"), BALKIN FAMILY L.P. ("BFLP"), CARL GREER TRUST ("CGT"), DAVID J
LIES ("DJL"), LINDA M. LIES ("LML") and KAREN JAIMOVICH ("KJ") (the parties
other than Company, are individually referred to as a "Lender," and
collectively, as the "Lenders").

                                    RECITALS:

         A. The Lenders have funded convertible loans (each a "Loan" and
collectively, the "Loans") in the original principal amounts set forth below,
with each loan convertible into Class B Interests ("Interests") of the Company
at a conversion price of $0.3247692 per Interest and evidenced by a form of one
or more convertible notes in the aggregate principal amount set forth below
(each such note is referred to as a "Note"). Each Lender has been issued a
warrant by the Company (individually a "Warrant" and collectively, the
"Warrants") to purchase Interests in the Company at the above purchase price in
an amount equal to fifty percent (50%) of the original principal amount of the
Lender's Notes ("Half Loan Amount") provided that upon the effective date of a
proposed merger ("Merger") of the Company with a wholly-owned subsidiary of
Capital Growth Systems, Inc., a Florida corporation ("CGSI"), each Warrant is
exercisable for the purchase of that number of CGSI common shares equal to the
quotient of the Half Loan Amount divided by $1.35.

         B. The first $250,000 loaned by CGT has automatically converted to
Interests and the lenders are desirous of converting the remaining $925,000 of
original principal amount of each Loan on a ratable basis as set forth in the
"Conversion Amount" and "Number of Interests" columns below, so that the
aggregate Interest issuance effective as of the date first set forth above,
together with the $2,075,000 of outstanding Interests will equal the maximum
initially authorized number of Class B Interests per the Company's Second
Amended and Restated Operating Agreement as amended by first amendment through
the date hereof:

<TABLE>
<CAPTION>
                                                           INITIAL                          NUMBER          REMAINING
                                                            LOAN         CONVERSION      OF INTERESTS          LOAN
LENDER                                                    AMOUNT(1)        AMOUNT        ------------        BALANCE
------                                                    ---------        ------                            -------
<S>                                                     <C>              <C>             <C>                <C>
Robert T. Geras..................................       $  300,000       $  188,136         579,291         $111,864
Carl Greer Trust.................................          500,000          313,559         965,483          186,441
Balkin Family L.P................................          250,000          156,780         482,743           93,220
David J. Lies....................................          300,000          188,136         579,291          111,864
Linda M. Lies....................................           25,000           15,678          48,274            9,322
Karen Jaimovich..................................          100,000           62,711         193,094           37,289
                                                        ----------       ----------       ---------         --------
                                            TOTAL:      $1,475,000       $1,175,000       2,848,176         $550,000
                                                        ==========       ==========       =========         ========
</TABLE>

------------------
(1)     Net of prior automatic conversion of initial $250,000 CGT Loan.

         C. The parties wish to further codify their Agreements as set forth
below in a manner intended to encourage the proposed Merger of the Company with
a wholly-owned subsidiary ("MergerSub") of CGSI pursuant to a merger agreement
("Merger Agreement") to contain terms substantially similar to those proposed in
CGSI's December 16, 2003 private placement memorandum for the sale of up to
$5,000,000 of capital stock.

         NOW THEREFORE, in consideration of the premises and covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

         1. Recitals. The recitals set forth above are incorporated by reference
herein and made a part hereof as if fully rewritten. Each of the parties
confirms all of the statements of fact set forth in the recitals above as they
apply to the undersigned.

         2. Conversion. Each Lender effective as of the date first set forth
above hereby converts to Interests the principal amount of his, her or its Loan
into the number of Interests opposite the Lender's name as set forth in the
columns titled "Conversion Amount" and "Number of Interests," respectively, in
Recital B above. The remaining principal balance of each Lender's Loan and the
accrued, unpaid interest with respect to each Lender's

<PAGE>
Loan shall remain outstanding, and notwithstanding anything to the contrary in
the form of note evidencing each such Loan, the Lenders and Company agree that
no further conversions of any of the Loans shall occur for a period of sixty
(60) days following the date of this Agreement (the "Outside Date") subject to
the terms of Section 3 below.

         3. Merger Agreement. The Company expects to execute and close the
Merger Agreement on or before the Outside Date. The Company agrees to cause the
Merger Agreement to provide that:

                  (a) the principal amount of each Loan (i.e., $550,000 in the
         aggregate) that has not been converted to Interests shall on the
         closing of the Merger Agreement be applied toward the purchase of CGSI
         common stock at a purchase price of $0.9523809 per share; and

                  (b) the Warrants issued to each Lender shall continue in full
         force and effect, subject to CGSI's right to substitute them with new
         warrants ("New Warrant") direct from CGSI on substantially identical
         terms, and expiring December 31, 2006. Upon tender of CGSI of a New
         Warrant to the undersigned, the old Warrant shall be deemed null and
         void in all respects.

By counterpart execution of this Agreement, each Lender acknowledges receipt of
the PPM and hereby subscribes to purchase the amount of CGSI common stock for
the principal amount of the Loan set forth below in this Section 3, with payment
for such shares to be made by assignment by each Lender to CGSI on the effective
date of the Merger ("Effective Date") of all right, title and interest in the
Lender's Note(s) evidencing the remaining principal balance of the Lender's
Loans, subject further to CGSI's obligation to pay over to each Lender the
accrued unpaid interest with respect to each Note so tendered (as accrued
through the Effective Date) promptly following the Merger. Each Lender further
grants to the Manager of the Company and to RTG the power of attorney to execute
in the name, place and stead of the Lender such other documentation as he deems
necessary and proper to effect the purchase of the CGSI common stock and other
transactions contemplated herein, including but not limited to endorsement of
the Note(s) held by each Lender to the order of CGSI.

         Should a Lender fail to deliver his, her or its Note to enable the
Company to effect the issuance of CGSI Shares contemplated by this Section 3,
then by execution hereof, the Lender agrees to indemnify and hold harmless the
Company and CGSI for any loss or liability incurred with respect to the Note
(subject to their obligation to effect the transactions contemplated herein) and
further authorizes the Manager to deliver a lost note affidavit on behalf of the
Lender (executed per its power of attorney) in lieu of the original Note(s),
codifying such undertaking and to serve as a substitute for the Note
endorsement, so as to entitle the tender to the CGSI shares contemplated by this
Section 3.

<TABLE>
<CAPTION>

                                                                                           NUMBER OF CGSI SHARES
LENDER                                                                  NOTE AMOUNT             AT $0.9523809
------                                                                  -----------             -------------
<S>                                                                     <C>                <C>
Robert T. Geras.................................................         $111,864                   117,457
Carl Greer Trust................................................          186,441                   195,763
Balkin Family L.P...............................................           93,220                    97,881
David J. Lies...................................................          111,864                   117,457
Linda M. Lies...................................................            9,322                     9,788
Karen Jaimovich.................................................           37,289                    39,154
                                                                         --------                   -------
                                                           TOTAL:        $550,000                   577,500
                                                                         ========                   =======
</TABLE>

         If for whatever reason the Merger is not consummated by the Outside
Date, then each Lender shall continue to hold his, her or its respective Notes
and Warrants subject only to the prior conversion to Interests of the amounts
set forth above.

         4. Consent. By execution of this Agreement, each Lender votes all
Interests owned by the Lender (inclusive of those issued upon effecting the
conversion set forth above) in favor of the Merger and further authorizes the
Manager of the Company to take such steps and execute such ancillary documents
as it deems necessary and proper to effectuate the Merger.

         5. Miscellaneous.

                                       2
<PAGE>

                  (a) Entire Agreement. This Agreement constitutes the entire
         agreement among the parties hereto with respect to the subject matter
         hereof, and cannot be modified unless in writing and signed by the
         Company and holders of a majority of the outstanding principal amount
         outstanding of the Notes. By execution hereof, each Lender acknowledges
         and agrees that this Agreement supersedes any other action or inaction
         taken by the Lender with respect to any conversion of principal amount
         of his, her or its Note, which shall be deemed null and void ab initio.

                  (b) Survival. All representations, warranties and covenants of
         the parties contained in this Agreement or made pursuant hereto, shall
         survive the date of execution of this Agreement and remain in full
         force and effect, and shall survive the termination or expiration of
         this Agreement.

                  (c) Counsel. This Agreement has been drafted by Shefsky &
         Froelich Ltd. ("S&F") in its capacity as counsel for Company, and the
         parties acknowledge that S&F has not represented Subscriber at any time
         with respect to the Subscriber Class B Interests and has advised
         Subscriber to retain independent counsel with respect to the subject
         matter of this Agreement. No inference in favor or against any party
         shall be inferred based upon whom served as draftsman of this
         Agreement.

                  (d) Notices. All notices or other communications required or
         permitted under this Agreement shall be in writing and shall be deemed
         to have been duly given if: (i) delivered personally; or (ii) three (3)
         days after mailed by registered or certified mail, postage prepaid; or
         (iii) one (1) business day sent via national courier, addressed as to
         the party entitled to notice at the address set forth below:

<TABLE>
<S>                                                             <C>
         IF TO COMPANY, TO:                                     WITH A COPY TO:
         Nexvu Technologies, L.L.C.                             Shefsky & Froelich Ltd.
         1100 East Woodfield Road - Suite 100                   444 North Michigan Avenue - Suite 2500
         Schaumburg, IL  60173                                  Chicago, IL  60611
         Attention:        Rory Herriman                        Attention:     Mitchell D. Goldsmith, Esq.
         Facsimile:        630-872-5872                         Facsimile:     312-527-3194
         E-Mail:  rherriman@nexvu.com                           E-Mail:        mgoldsmith@shefskylaw.com

         IF TO A LENDER, TO:
         The address set forth directly below their signature.
</TABLE>

         or such other address as is subsequently provided by written notice
         from such party to the other parties.

                  (e) No Assignment. Except as expressly noted below, this
         Agreement and the rights of the parties under this Agreement may not be
         sold, assigned or otherwise transferred without the prior written
         consent of the other party.

                  (f) Applicable Law. This Agreement shall be governed by and
         construed in accordance with the laws of the State of Illinois. Should
         any dispute arise under this Agreement, it shall be litigated by bench
         trial, in the state or federal courts situated in Cook County,
         Illinois, to which jurisdiction and venue all parties consent. Each
         party hereto waives his or its right to trial by jury.

                  (g) Counterparts. This Agreement may be executed in two or
         more counterparts, each of which, whether photocopy, facsimile or ink,
         shall be deemed an original, but all of which together shall constitute
         one instrument.

                  (h) Approval. This Agreement shall be binding upon the
         parties, their respective heirs, successors and assigns, and each
         entity party represents and warrants that this Agreement has been duly
         approved by proper corporate action.

                                       3
<PAGE>

                  (i) Remedies. No party hereunder shall be entitled to
         consequential damages as a result of the breach by any other party of
         its obligations hereunder. Each party's damages shall be limited to
         actual damages as a result of the breach of any obligation hereunder.

                  (j) Specific Performance. In the event of any breach or
         threatened breach of this Agreement in which the aggrieved party
         desires to protect and enforce its rights by suit in equity for the
         specific performance of any term contained in this Agreement or for an
         injunction against any breach of any such term or in aid of the
         exercise of any power to enforce such performance or to enforce any
         other legal or equitable right of the enforcing party, that party may
         take any one or more of such actions, and shall be paid all costs and
         expenses, including attorneys' fees incurred in connection with any
         such action or actions should it prevail in such action. Any suit to
         specifically enforce the terms of this Agreement shall be litigated in
         the state or federal courts located in the State of Illinois.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       4
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the day and year first set forth above.

<TABLE>
<S>                                           <C>
COMPANY:                                      LENDERS:

NEXVU TECHNOLOGIES, L.L.C.
                                              -------------------------------------------
                                              ROBERT T. GERAS, Individually
By:  LASALLE NEXVU MANAGER, L.L.C., its
     Manager                                  Address:  55 East Erie - Suite 2905
                                                        Chicago, IL  60611-2703
     By:
            ---------------------------
            Robert T. Geras, Manager          BALKIN FAMILY L.P.

                                              By:
                                                      -----------------------------------
                                                      Michael Balkin, General Partner

                                              Address:  c/o William Blair & Company
                                                        222 West Adams Street
                                                        Chicago, IL 60606

                                              CARL GREER TRUST

                                              By:
                                                      -----------------------------------
                                                      Carl C. Greer, Trustee

                                              Address:  c/o Tom Floyd
                                                        4501 West 127th Street - Suite C
                                                        Alsip IL  60803

                                              -------------------------------------------
                                              DAVID J. LIES

                                              -------------------------------------------
                                              LINDA M. LIES

                                              Address:     1210 Sheridan Road
                                                           Wilmette, IL  60091

                                              -------------------------------------------
                                              KAREN JAIMOVICH

                                              Address:     4025 Greenacre Drive
                                                           Northbrook, IL  60062
</TABLE>

                                       5<PAGE>

                                                                    EXHIBIT 10.3

                          REGISTRATION RIGHTS AGREEMENT

        This Registration Rights Agreement (the "Agreement") is made and
entered into as of the 16th day of December, 2003, by and between Capital Growth
Systems, Inc., a Florida corporation (the "Company"), and the holders of the
Company's Common Stock (referred to herein individually as a "Holder," and
collectively as "Holders"), who have purchased their shares pursuant to an
offering of Common Stock which commenced on December 10, 2003 (the "Offering").

                                   WITNESSETH:

         WHEREAS, Holders have agreed to purchase shares of common stock of the
Company, $0.0001 par value (the "Common Stock"), pursuant to a Subscription
Agreement between the Company and each Holder in connection with a private
placement of the Common Stock by the Company, the shares so purchased are
hereinafter referred to as the "Shares;"

         WHEREAS, as additional consideration for the purchase of the Shares by
the Holders, the Company desires to grant to Holders registration rights with
respect to the Common Stock;

         NOW THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the parties hereto agree as follows:

         1. (a) Registration. The Company shall, as promptly as practicable, and
in any event not later than sixty (60) days after receipt of audited financial
statements of Nexvu for calendar years 2002 and 2003, prepare and file with the
Commission a registration statement sufficient to permit the public offering and
sale of the Registrable Securities and will use its best efforts through its
officers, directors, auditors, and counsel to cause such registration statement
to become effective as promptly as practicable; provided, however, no such
registration statement shall be filed prior to completion of the Offering.

                  As used herein, "Registrable Securities" shall mean: (i) the
shares of Common Stock acquired or to be acquired by the Holders pursuant to the
Offering which have not been previously sold pursuant to a registration
statement or Rule 144 promulgated under the Securities Act of 1933, as amended
(the "Securities Act"); and (ii) any Common Stock issued (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued)
by way of a stock split, stock dividend, recapitalization, merger or other
distribution with respect to, or in exchange for, or in replacement of, the
Shares.

                  (b) Definition of Expenses.

                           (i) "Registration Expenses" shall mean all expenses
         incurred by the Company in complying with Section 1 hereof, including,
         without limitation, all registration, filing and qualification fees,
         underwriters expense allowances, printing expenses, fees and
         disbursements of counsel for the Company, blue sky fees and expenses
         (but excluding the compensation of regular employees of the Company
         which shall be paid in any event by the Company).

                           (ii) "Selling Expenses" shall mean all underwriting
         discounts and selling commissions applicable to the sale of the
         Registrable Securities in the registration and all fees and
         disbursements of any special counsel (other than the Company's regular
         counsel) for any Holder (but excluding the compensation of regular
         employees of the Company which shall be paid in any event by the
         Company).

                  (c) Expenses of Registration. All Registration Expenses
incurred in connection with any registration, qualification or compliance
pursuant to Section 1(a) shall be borne by the Company.

                  (d) In the event of a registration pursuant to the provisions
of this Section 1, the Company shall use its best efforts to cause the
Registrable Securities so registered to be registered or qualified for sale
under the securities or blue sky laws of such jurisdictions as the Holder may
reasonably request; provided, however, that

<PAGE>

the Company shall not be required to qualify to do business in any state by
reason of this Section 1(d) in which it is not otherwise required to qualify to
do business.

                  (e) In the event of a registration pursuant to the provisions
of this Section 1, the Company shall prepare and file with the Commission a
registration statement with respect to the Registrable Securities requested to
be registered and use its best efforts to cause such registration statement to
become effective, and shall keep effective any registration or qualification
contemplated by this Section 1 and shall from time to time amend or supplement
each applicable registration statement, preliminary prospectus, final
prospectus, application, document and communication for such period of time as
shall be required to permit the Holder to complete the offer and sale of the
Registrable Securities covered thereby. The Company shall in no event be
required to keep any such registration or qualification in effect for a period
in excess of twelve (12) months from the date on which the Holder is first free
to sell all such Registrable Securities; provided, however, that, if the Company
is required to keep any such registration or qualification in effect with
respect to securities other than the Registrable Securities beyond such period,
the Company shall keep such registration or qualification in effect as it
relates to the Registrable Securities for so long as such registration or
qualification remains or is required to remain in effect in respect of such
other securities.

                  (f) In the event of a registration pursuant to the provisions
of this Section 1, the Company shall promptly furnish to the Holder such number
of copies of the registration statement and of each amendment and supplement
thereto (in each case, including all exhibits), such reasonable number of copies
of each prospectus contained in such registration statement and each supplement
or amendment thereto (including each preliminary prospectus), all of which shall
conform to the requirements of the Securities Act and the rules and regulations
thereunder, and such other documents, as the Holder may reasonably request to
facilitate the disposition of the Registrable Securities included in such
registration.

                  (g) In the event of a registration pursuant to the provisions
of this Section 1, the Company shall promptly furnish the Holder with an opinion
of its counsel to the effect that (i) the registration statement has become
effective under the Securities Act and no order suspending the effectiveness of
the registration statement, preventing or suspending the use of the registration
statement, any preliminary prospectus, any final prospectus, or any amendment or
supplement thereto has been issued, nor has the Commission or any securities or
blue sky authority of any jurisdiction instituted or threatened to institute any
proceedings with respect to such an order, (ii) the registration statement and
each prospectus forming a part thereof (including each preliminary prospectus),
and any amendment or supplement thereto, comply as to form with the Securities
Act and the rules and regulations thereunder, and (iii) such counsel has no
knowledge of any material misstatement or omission in such registration
statement or any prospectus, as amended or supplemented. The opinions described
in clauses (ii) and (iii) of the preceding sentence shall be delivered only if
the registration is made pursuant to an underwritten public offering and the
underwriter requires similar opinions to be delivered by Company counsel as a
closing condition. In such an underwritten offering, if required by the
underwriter, the opinion also shall state the jurisdictions in which the
Registrable Securities have been registered or qualified for sale pursuant to
the provisions of Section 1(f).

                  (h) The Company shall notify the Holder promptly when such
registration statement has become effective or a supplement to any prospectus
forming a part of such registration statement has been filed.

                  (i) The Company shall promptly notify the Holder at any time
when a prospectus relating thereto is required to be delivered under the
Securities Act of the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, would include an
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances then existing, and at the reasonable request
of the Holder prepare and furnish to it such number of copies of a supplement to
or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities or securities, such
prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances under which
they were made.

         2. Indemnification.

                                       2
<PAGE>

                  (a) Subject to the conditions set forth below, the Company
agrees to indemnify and hold harmless the Holders, their officers, directors,
partners, employees, agents, and counsel, and each person, if any, who controls
any such person within the meaning of Section 15 of the Act or Section 20(a) of
the Securities Exchange Act, from and against any and all loss, liability,
charge, claim, damage, and expense whatsoever (which shall include, for all
purposes of this Section 2, but not be limited to, attorneys' fees and any and
all reasonable expenses whatsoever incurred in investigating, preparing, or
defending against any litigation, commenced or threatened, or any claim
whatsoever, and any and all amounts paid in settlement of any claim or
litigation), as and when incurred, arising out of, based upon, or in connection
with:

                           (i) any untrue statement or alleged untrue statement
         of a material fact contained: (A) in any registration statement,
         preliminary prospectus, or final prospectus (as from time to time
         amended and supplemented), or any amendment or supplement thereto,
         relating to the sale of any of the Registrable Securities; or (B) in
         any application or other document or communication (in this Section 2
         collectively called an "application") executed by or on behalf of the
         Company or based upon written information furnished by or on behalf of
         the Company filed in any jurisdiction in order to register or qualify
         any of the Registrable Securities under the securities or blue sky laws
         thereof or filed with the Commission or any securities exchange; or any
         omission or alleged omission to state a material fact required to be
         stated therein or necessary to make the statements made therein not
         misleading, unless such statement or omission was made in reliance upon
         and in conformity with written information furnished to the Company
         with respect to the Holder by or on behalf of such person expressly for
         inclusion in any registration statement, preliminary prospectus, or
         final prospectus, or any amendment or supplement thereto, or in any
         application, as the case may be; or

                           (ii) any breach of any representation, warranty,
         covenant, or agreement of the Company contained in this Agreement. The
         foregoing agreement to indemnify shall be in addition to any liability
         the Company may otherwise have, including liabilities arising under
         this Agreement.

                  (b) If any action is brought against any Holder or any of its
officers, directors, partners, employees, agents, or counsel, or any controlling
persons of such person (an "indemnified party") in respect of which indemnity
may be sought against the Company pursuant to the foregoing paragraph, such
indemnified party or parties shall promptly notify the Company in writing of the
institution of such action (the failure to notify the Company within a
reasonable time of the commencement of any such action, to the extent
prejudicial to the Company's ability to defend such action, shall relieve the
Company of liability to the indemnified party pursuant to this Section 2(a), but
the failure so to notify shall not relieve the Company from any liability other
than pursuant to this Section 2(a)) and the Company shall promptly assume the
defense of such action, including the employment of counsel (reasonably
satisfactory to such indemnified party or parties), provided that the
indemnified party shall have the right to employ its or their own counsel in any
such case, but the fees and expenses of such counsel shall be at the expense of
such indemnified party or parties unless the employment of such counsel shall
have been authorized in writing by the Company in connection with the defense of
such action or the Company shall not have promptly employed counsel reasonably
satisfactory to such indemnified party or parties shall have reasonably
concluded that there may be one or more legal defenses available to it or them
or to other indemnified parties which are different from or additional to those
available to the Company, in any of which events such fees and expenses shall be
borne by the Company and the Company shall not have the right to direct the
defense of such action on behalf of the indemnified party or parties. Anything
in this Section 2 to the contrary notwithstanding, the Company shall not be
liable for any settlement of any such claim or action effected without its
written consent, which shall not be unreasonably withheld. The Company shall
not, without the prior written consent of each indemnified party that is not
released as described in this sentence, settle or compromise any action, or
permit a default or consent to the entry of judgment in or otherwise seek to
terminate any pending or threatened action, in respective of which indemnity may
be sought hereunder (whether or not any indemnified party is a party thereto),
unless such settlement, compromise, consent, or termination includes an
unconditional release of each indemnified party from all liability in respect of
such action. The Company agrees promptly to notify the Holder of the
commencement of any litigation or proceedings against the Company or any of it
officers or directors in connection with the sale of any Registrable Securities
or any preliminary prospectus, prospectus, registration statement, or amendment
or supplement thereto, or any application relating to any sale of any
Registrable Securities.

                                       3
<PAGE>

                  (c) The Holder agrees to indemnify and hold harmless the
Company, each director of the Company, each officer of the Company who shall
have signed any registration statement covering Registrable Securities held by
the Holder, each other person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, and its
or their respective counsel, to the same extent as the foregoing indemnify from
the Company to the Holder in Section 2(a), but only with respect to statements
or omissions, if any, made in any registration statement, preliminary
prospectus, or final prospectus (as from time to time amended and supplemented),
or any amendment or supplement thereto, or in any application, in reliance upon
and in conformity with written information furnished to the Company with respect
to the Holder by or on behalf of the Holder, expressly for inclusion in any such
registration statement, preliminary prospectus, or final prospectus, or any
amendment or supplement thereto, or in any application, as the case may be. If
any action shall be brought against the Company or any other person so
indemnified based on any such registration statement, preliminary prospectus, or
final prospectus or any amendment or supplement thereto, or in any application,
and in respect of which indemnity may be sought against the Holder pursuant to
this Section 2(b), the Holder shall have the rights and duties given to the
Company, and the Company and each other person so indemnified shall have the
rights and duties given to the indemnified parties, by the provisions of Section
2(a). Notwithstanding the foregoing, the liability of each Holder under this
Section 2 shall be limited to an amount equal to the proceeds to such Holder of
Registrable Securities sold as contemplated herein.

                  (d) To provide for just and equitable contribution, if (i) an
indemnified party makes a claim for indemnification pursuant to Section 2(a) or
Section 2(b) (subject to the limitations thereof) but it is found in a final
judicial determination, not subject to further appeal, that such indemnification
may not be enforced in such case, even though this Agreement expressly provides
for indemnification in such cases, or (ii) any indemnified or indemnifying party
seeks contribution under the Securities Act, the Exchange Act or otherwise, then
the Company (including for this purpose any contribution made by or on behalf of
any director of the Company, any officer of the Company who signed any such
registration statement, any controlling person of the Company, and its or their
respective counsel), as one entity, and each Holder as a second entity, shall
contribute to the losses, liabilities, claims, damages, and expenses whatsoever
to which any of them may be subject, (after contribution from others) on the
basis of relevant equitable considerations such as the relative fault of the
Company and such Holder in connection with the facts which resulted in such
losses, liabilities, claims, damages, and expenses. The relative fault, in the
case of an untrue statement, alleged untrue statement, omission, or alleged
omission shall be determined by, among other things, whether such statement,
alleged statement, omission, or alleged omission relates to information supplied
by the Company or by such Holder, and the parties' relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement,
alleged statement, omission, or alleged omission.

                  The Company and the Holders agree that it would be unjust and
inequitable if the respective obligations of the Company and the Holders for
contribution were determined by pro rata or per capita allocation of the
aggregate losses, liabilities, claims, damages, and expenses (even if the
Holders and the other indemnified parties were treated as one entity for such
purpose) or by any other method of allocation that does not reflect the
equitable considerations referred to in this Section 2(c). Notwithstanding
anything to the contrary contained herein, the liability of each Holder under
this Section 2(c) shall be limited to an amount equal to the proceeds to such
Holder of Registrable Securities as contemplated herein. No person guilty of a
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who is not
guilty of such fraudulent misrepresentation. For purposes of this Section 2(c),
each person, if any, who controls any Holder within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Exchange Act and each officer,
director, partner, employee, agent, and counsel of any Holder or control person
shall have the same rights to contribution as such Holder or control person and
each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20(a) of the Exchange Act, each officer of the
Company who shall have signed any such registration statement, each director of
the Company, and its or their respective counsel shall have the same rights to
contribution as the Company, subject in each case to the provisions of this
Section 2(c). Anything in this Section 2(c) to the contrary notwithstanding, no
party shall be liable for contribution with respect to the settlement of any
claim or action effected without its written consent. This Section 2(c) is
intended to supersede any right to contribution under the Securities Act, the
Exchange Act or otherwise.

         3. Assignment of Registration Rights. The rights to cause the Company
to register Registrable Securities pursuant to Section 1 may be assigned by a
Holder to a transferee or assignee of such securities:

                                       4
<PAGE>

                  (a) if such transferee or assignee was a Holder of Registrable
Securities hereunder prior to such transfer;

                  (b) if such transfer is made in connection with the transfer
of all Registrable Securities held by the transferor;

                  (c) if such transferee or assignee acquires at least 25,000
shares (as adjusted for stock splits and the like) of the then outstanding
Registrable Securities; or

                  (d) in connection with a distribution by such Holder, to any
partner, former partner, member, former member, stockholder or former
stockholder, or the estate of any such person, provided the Company is, within a
reasonable time after such transfer, furnished with written notice of the name
and address of such transferee or assignee and the securities with respect to
which such registration rights are being assigned; provided, however, that such
assignment shall be effective only if such transfer of any Registrable
Securities is lawful under all applicable securities laws.

         4. Market Stand-off Agreement. Each Holder agrees that as a condition
to the grant of the registration rights called for hereunder in connection with
the Company's registration of the Shares, not to sell, make any short sale of,
loan, grant any option for the purchase of, or otherwise dispose of any Common
Stock of the Company (other than those Common Stock shares included in the
registration) without the prior written consent of the Company, for such period
of time (not to exceed three hundred sixty-five (365) days) from the effective
date of such registration as may be requested by the underwriters and as is
agreed to by each beneficial owner of 1% or more of the Company's Common Stock
and each officer of the Company.

         In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the Registrable Securities of each
Holder (and the shares of securities of every other person subject to the
foregoing restriction) until the end of such period.

         5. Miscellaneous.

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

                  (b) Agreements and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, unless such amendment, modification or supplement is in writing
and signed by the parties hereto.

                  (c) Notices. Except as otherwise specified herein, any notice,
demand or request required or permitted to be given pursuant to the terms of
this Agreement shall be in writing and shall be deemed given:

                           (i) when delivered personally or by verifiable
         facsimile transmission (with a hard copy to follow) on or before 5:00
         p.m., central time, on a business day or, if the day is not a business
         day, on the next succeeding business day;

                           (ii) on the next business day after timely delivery
         to an overnight courier; and

                           (iii) on the third business day after deposit in the
         U.S. mail (certified or registered mail, return receipt requested,
         postage prepaid), addressed as follows:

         If to the Company, to:          Capital Growth Systems, Inc.
                                         980 North Michigan Avenue - Suite 1120
                                         Chicago, IL  60611
                                         Attention:        Lee Wiskowski
                                         Telephone:        312-640-2975
                                         Facsimile:        312-640-2976

                                       5
<PAGE>

                                 with a copy to:

                                 Nexvu Technologies
                                 1100 East Woodfield Road - Suite 100
                                 Schaumburg, IL  60173
                                 Attention:   Robert T. Geras
                                 Telephone:   630-872-5810
                                 Facsimile:   630-872-5872

         If to a Holder:         c/o Holder's address as set forth on the
                                 Company's books and records

                  (d) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent holders of the Registrable Shares subject to the terms
hereof.

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

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

                  (g) Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois without reference
to its conflicts of law provisions. Any dispute hereunder shall be adjusted in
the state or federal courts situated in Cook County, Illinois.

                  (h) Severability. In the event that any one or more of the
provisions contained herein, or the application hereof in any circumstance is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provisions contained herein shall not be affected or
impaired thereby.

                  (i) Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of this agreement and understanding of the parties
hereto in respect of the subject matter contained herein. There are not
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein, concerning the registration rights granted by the Company
pursuant to this Agreement.

                  (j) [Intentionally Deleted]

                  (k) Third-Party Beneficiaries. The Holders, if not direct
signatories to the Agreement, shall be third party beneficiaries of this
Registration Rights Agreement and shall be able to rely upon all rights
conferred to them herein.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first written above.

COMPANY:                                        HOLDER:

CAPITAL GROWTH SYSTEMS, INC.
                                                [Signature]

By:
Its:                                                             [Print Name]

                                       6

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