Document:

Unassociated Document

    STOCKHOLDERS
      AGREEMENT

     

    STOCKHOLDERS
      AGREEMENT (this “Agreement”),
      dated
      as of January 31, 2008, by and among Charlie Fisch (“Fisch”),
      Folio
      Holdings, LLC (“Folio
      Holdings”),
      IA
      Capital Partners, LLC (“IA
      Capital”),
      Ridge
      View Group, LLC (“Ridge
      View”),
      and
      Joseph E. Sarachek (“Sarachek”)
      (collectively, the “Stockholders,”
and
      individually a “Stockholder”)
      and
      Chazak Value Corp. (the “Company,”
and
      together with the Stockholders, the “Parties”
and
      individually, a “Party”).
      

     

    WHEREAS,
      each of the Stockholders invested in The 500 Group, LLC (the “500
      Group”)
      for
      the purpose of providing the funds necessary to purchase 4,620,000 (the
“Shares”)
      of the
      Company’s Common Stock, par value $0.01 per share (the “Common
      Stock”),
      in
      connection with the implementation of the Plan of Reorganization, as amended
      (the “Plan”),
      of
      PubliCARD, Inc. (the “Debtor”);

     

    WHEREAS,
      pursuant to the Contribution Agreement, entered into as of October 26, 2007,
      by
      and between the 500 Group and the Debtor, the 500 Group agreed to contribute
      $500,000 to the Debtor on the effective date of the Plan in exchange for the
      Shares and the releases and related provisions set forth in the Plan, which
      contribution was made and which Shares were issued on the date
      hereof;

     

    WHEREAS,
      pursuant to the Funding Agreement, dated as of January 18, 2008, by and among
      the 500 Group, the Debtor and each of the Stockholders, (i) upon its receipt
      of
      the Shares, the 500 Group agreed to distribute such Shares to the Stockholders
      in proportion to their investment in the 500 Group under the Funding Agreement
      (the “Distribution”)
      and
      (ii) the Parties agreed to enter into this Agreement and the Registration Rights
      Agreement, dated as of the date hereof (the “Registration
      Rights Agreement”);
      and

     

    WHEREAS,
      the Stockholders desire to set forth their agreement with regard to certain
      matters affecting the Company.

     

    NOW,
      THEREFORE, in consideration of and reliance upon the mutual covenants and
      agreements contained herein, and for other good and valuable consideration,
      the
      receipt and sufficiency of which is hereby acknowledged, the Parties hereto
      agree as follows:

     

    1.  Board
      Nomination.
      At
      each
      election of or action by written consent to elect directors of the Company
      during the 18-month period commencing on the date of this Agreement (the
“Term”),
      the
      Stockholders shall vote all of their respective shares of Common Stock so as
      to
      elect an individual designated by each of Fisch, Folio Holdings, IA Capital,
      Ridge View and Sarachek, which
      initial designees shall be as specified on Schedule A hereto. Each Stockholder
      shall retain the director designation right provided for herein during the
      Term
      so long as such Stockholder (together with its affiliates) continues to hold
      at
      least 50% of the number of shares of Common Stock distributed to it pursuant
      to
      the Distribution (as adjusted for stock splits, dividends and the
      like). Any
      vote
      taken to remove any director elected pursuant to this Section 1, or to fill
      any vacancy created by the resignation, removal or death of a director elected
      pursuant to this Section 1, shall also be subject to the provisions of this
      Section 1. With respect to the removal of designated directors, upon the
      request of any Party entitled to designate a director as provided in this
      Section 1, each Stockholder agrees to vote its shares of Common Stock for
      the removal of such director.
      Each
      Stockholder also agrees to vote all of its shares of Common Stock or execute
      written proxies or consents with respect to such shares in favor of an equity
      incentive plan to be proposed by the Company’s management providing for the
      issuance of up to 10% (as of the date the effectiveness of such plan) of the
      Company’s outstanding shares of Common Stock.  

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.  Right
      of First Refusal.

     

    (a)  Right
      of First Refusal on Sales of Stock.
      Except
      with respect to any
      sales
      of Common Stock pursuant to a registered public offering or sales pursuant
      to
      Rule 144 under
      the
      Securities Act of 1933, as amended (the “Securities
      Act”),
      or as
      otherwise permitted by Section 6 hereof, each Stockholder hereby agrees that
      during the Term, he, she or it shall not sell or otherwise transfer any shares
      of Common Stock or other securities of the Company (“Securities”),
      except in accordance with the following procedures:

     

    (i)  Upon
      receipt of a bona fide offer to purchase all or any portion of the Securities
      of
      a Stockholder (the “Selling
      Stockholder”)
      that
      is subject to this Section 2 (the “Offer
      to Purchase”),
      the
      Selling Stockholder shall deliver to the Company and to each other Stockholder
      (each, a “Non-Selling
      Stockholder”)
      a
      notice (an “Offering
      Notice”)
      stating (A) such Selling Stockholder’s bona fide intention to sell such
      Securities and offering to sell such Securities to the Company, and then to
      the
      Non-Selling Stockholders if the Company does not accept the offer to purchase
      all of such Securities, (B) the amount of Securities to which the Offer to
      Purchase applies, (C) the price, terms and conditions of the Offer to Purchase
      and (D) the name of the party or parties making the Offer to Purchase (the
      “Potential
      Purchaser(s)”).

     

    (ii)  During
      the 20-day period following delivery to the Company of the Offering Notice
      (the
“Company
      Offer Period”),
      the
      Company may elect by written notice to the Selling Stockholder to accept the
      Selling Stockholder’s offer to sell all or a portion of the Securities covered
      by the Offering Notice on the same terms and conditions specified therein.
      If,
      by the end of the Company Offer Period, the Company does not elect to purchase
      all Securities covered by the Offering Notice, the Company shall so notify
      in
      writing the Non-Selling Stockholders, which notice shall set forth the amount
      of
      the Selling Stockholder’s Securities that remains available for sale to the
      Non-Selling Stockholders under the Offering Notice (the “Available
      Securities”).
      During the 20-day period following delivery of such notice by the Company (the
      “Non-Selling
      Stockholder Offer Period”),
      the
      Non-Selling Stockholders may elect by written notice to the Selling Stockholder
      to accept the Selling Stockholder’s offer to sell the Available Securities on
      the same terms and conditions specified in the Offering Notice.

     

    (iii)  Each
      Non-Selling Stockholder may elect to purchase its pro
      rata share
      of
      the Available Securities, based on the ratio that (A) the sum of the number
      of
      shares of Common Stock each Non-Selling Stockholder holds bears to (B) the
      sum
      of the number of shares of Common Stock held by all Non-Selling Stockholders,
      and may also offer, in its written notice to the Selling Stockholder, to
      purchase any of the Available Securities not purchased by other Non-Selling
      Stockholders, in which case such Securities not accepted by the other
      Non-Selling Stockholders shall be deemed to have been offered to and accepted
      by
      the Non-Selling Stockholders that exercised their option under this paragraph
      (iii), pro
      rata,
      on the
      above-described terms and conditions.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (iv)  If
      any
      Securities included in the Offering Notice have not been timely accepted for
      purchase by the Company and the Non-Selling Stockholders, then the Selling
      Stockholder may sell to the Potential Purchaser(s) all or any part of the
      remaining Available Securities at a price not less than the price, and on terms
      and conditions not more favorable to the Potential Purchaser(s) than the terms
      stated in the original Offering Notice, at any time within 60 days after the
      expiration of the Non-Selling Stockholder Offer Period. In the event the
      remaining Securities are not sold by the Selling Stockholder during such 60-day
      period, the right of the Selling Stockholder to sell such remaining Securities
      shall expire and the obligations of this Section 2 shall be
      reinstated.

     

    (v)  A
      single
      closing for the sales of Securities to the Company and/or the Non-Selling
      Stockholders under the terms of this Section 2 shall be made at the offices
      of
      the Company (or at such other location specified by the Company) on a mutually
      satisfactory business day within 14 days of the expiration of the latest of
      the
      aforesaid periods or if no mutually satisfactory date is agreed upon, then
      on
      the last business day within such 14-day period. Delivery of certificates or
      other instruments evidencing such Securities duly endorsed for transfer to
      the
      Company or applicable Non-Selling Stockholders (as the case may be) shall be
      made on such date against payment of the purchase price therefor.

     

    (vi)  Anything
      contained herein to the contrary notwithstanding, any purchaser of Securities
      pursuant to this Section 2 who is not a Stockholder shall agree in writing
      in
      advance with the parties hereto to be bound by and comply with all applicable
      provisions of this Agreement and shall be deemed to become a Stockholder for
      all
      purposes of this Agreement. All sales of Securities in accordance with this
      Section shall be in
      a
      private transaction exempt from registration under the Securities Act and other
      applicable securities laws, as confirmed in each case by an opinion of counsel
      reasonably acceptable to the Company.
      

     

    3.  Amendments
      and Waivers.
      This
      Agreement may be amended, modified or supplemented only in writing executed
      by
      each of the Parties, and any provisions herein may be waived only in writing
      executed by the Party or Parties against whom such waiver is asserted;
provided,
      that,
      no such waiver shall be deemed to extend to any prior or subsequent default,
      misrepresentation or breach of warranty or covenant hereunder or affect in
      any
      way any rights arising by virtue of any prior or subsequent default,
      misrepresentation, or breach of warranty or covenant.

     

    4.  Governing
      Law And Venue; Waiver Of Jury Trial. 
      This
      Agreement shall be deemed to be made in and in all respects shall be
      interpreted, construed and governed by and in accordance with the law of the
      state of Delaware without regard to the conflict of law principles. The parties
      hereto hereby irrevocably submit exclusively to the jurisdiction of the courts
      of the State of New York and the Federal courts of the United States of America
      located in New York City in connection with all disputes, claims or
      controversies arising out of or relating to this Agreement and the documents
      referred to in this Agreement, and in respect of the transactions contemplated
      hereby and thereby, and hereby waive, and agree not to assert, as a defense
      in
      any action, suit or proceeding for the interpretation or enforcement hereof
      or
      of any such document, that it is not subject thereto or that such action, suit
      or proceeding may not be brought or is not maintainable in said courts or that
      the venue thereof may not be appropriate or that this Agreement or any such
      document may not be enforced in or by such courts, and the parties hereto
      irrevocably agree that all claims with respect to such action or proceeding
      shall be heard and determined in such a New York State or Federal court. The
      parties hereto hereby consent to and grant any such court jurisdiction over
      the
      person of such parties for purposes of the foregoing.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (a)  Each
      Party hereto hereby irrevocably and unconditionally waives any right such party
      may have to a trial by jury in respect of any litigation directly or indirectly
      arising out of or relating to this Agreement, or the transactions contemplated
      by this Agreement. Each Party certifies and acknowledges that (i) no
      representative, agent or attorney of any other Party has represented, expressly
      or otherwise, that such other Party would not, in the event of litigation,
      seek
      to enforce the foregoing waiver, (ii) each Party understands and has considered
      the implications of this waiver, (iii) each Party makes this waiver voluntarily,
      and (iv) each Party has been induced to enter into this Agreement by, among
      other things, the mutual waivers in this paragraph 4.

     

    5.  Severability.
      In
      the
      event that any provision of this Agreement, or the application of such provision
      to any person or in any set of circumstances shall be determined to be invalid,
      unlawful or unenforceable to any extent, the remainder of this Agreement, and
      the application of such provision to persons or circumstances other than those
      as to which it is determined to be invalid, unlawful or unenforceable, shall
      not
      be impaired or otherwise affected and shall continue to be enforceable to the
      fullest extent permitted by law.

     

    6.  Assignment.
      Except
      as provided herein, none of the Parties may assign any of its rights or delegate
      any of its duties under this Agreement. Any purported assignment in violation
      of
      this Agreement will be void ab
      initio. In
      addition to sales of
      Common
      Stock in accordance with Section 2 hereof or pursuant to a registered public
      offering or sales pursuant to Rule 144 under the Securities Act, a
      Stockholder
      may sell or transfer Company securities to its affiliates, in a private
      transaction exempt from registration under the Securities Act and other
      applicable securities laws, as confirmed in each case by an opinion of counsel
      reasonably acceptable to the Company, provided
      that
      such transferee shall, as a condition to the effectiveness of such transfer,
      execute a counterpart to this Agreement assuming all of the obligations of
      the
      transferring Stockholder with respect to such securities and agreeing to be
      treated as if an original party hereto. Notwithstanding the foregoing or any
      other provisions herein, no such assignment will relieve such Stockholder of
      its
      obligations hereunder.

     

    7.  Notices.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the Party to be notified,
      (b)
      when sent by confirmed electronic mail or facsimile if sent during normal
      business hours of the recipient; if not, then on the next business day, (c)
      five
      (5) days after having been sent by registered or certified mail, return receipt
      requested, postage prepaid, or (d) one (1) day after deposit with a nationally
      recognized overnight courier, specifying next day delivery, with written
      verification of receipt. All communications to the Stockholders shall be sent
      to
      the address as set forth on the signature pages hereof and communications to
      the
      Company, at its corporate offices, or at such other address as any such Party
      may designate by ten (10) days advance written notice to the other Parties
      hereto.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    8.  Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together shall constitute one instrument.
      Facsimile or email transmission of an executed counterpart of this Agreement
      shall be deemed to constitute due and sufficient delivery of such counterpart,
      and such signatures shall be deemed original signatures for purposes of the
      enforcement and construction of this Agreement.

     

    9.  Interpretation;
      Absence of Presumption; Certain Definitions.

     

    (a)  For
      the
      purposes hereof, (1) words in the singular shall be held to include the plural
      and vice
      versa
      and
      words of one gender shall be held to include the other gender as the context
      requires, (2) the terms “hereof”,
      “herein”,
      and
“herewith”
and
      words of similar import shall, unless otherwise stated, be construed to refer
      to
      this Agreement as a whole (including the schedule hereto) and not to any
      particular provision of this Agreement, and Paragraph and Schedule references
      are to the Paragraphs and Schedules to this Agreement unless otherwise
      specified, (3) the word “including”
and
      words of similar import when used in this Agreement shall mean “including
      without limitation”
unless
      the context otherwise requires or unless otherwise specified, (4) the word
“or”
shall
      not be exclusive, (5) provisions shall apply, when appropriate, to
      successive events and transactions, and (6) all references to any period of
      days shall be deemed to be to the relevant number of calendar days unless
      otherwise specified.

     

    (b)  The
      Parties have participated jointly in negotiating and drafting this Agreement.
      In
      the event that an ambiguity or a question of intent or interpretation arises,
      this Agreement shall be construed as if drafted jointly by the Parties, and
      no
      presumption or burden of proof shall arise favoring or disfavoring any Party
      by
      virtue of the authorship of any provision of this Agreement.

     

    10.  Specific
      Performance.
      The
      Parties agree that irreparable damage would occur in the event that any
      provision of this Agreement is not performed in accordance with the terms of
      this Agreement and that therefore the Parties shall be entitled to seek specific
      performance of the terms of this Agreement in addition to any other remedy
      at
      law or equity, without the necessity of proving irreparable harm or posting
      bond
      or other security.

     

    11.  Waiver
      of Conflicts.
      Each
      party to this Agreement acknowledges that Cooley Godward Kronish, outside
      general counsel to the Company, has in the past performed and is or may now
      or
      in the future represent one or more Stockholders or their affiliates in matters
      unrelated to the transactions contemplated by this Agreement, including
      representation of such Investors or their affiliates in matters of a similar
      nature to such transactions. The applicable rules of professional conduct
      require that Cooley Godward Kronish inform the parties hereunder of this
      representation and obtain their consent. Cooley Godward Kronish has served
      as
      outside general counsel to the Company and has negotiated the terms of this
      Agreement and related transactions solely on behalf of the Company. The Company
      and each Stockholder hereby (a) acknowledge that they have had an opportunity
      to
      ask for and have obtained information relevant to such representation, including
      disclosure of the reasonably foreseeable adverse consequences of such
      representation; (b) acknowledge that with respect to this Agreement and the
      related transactions, Cooley Godward Kronish has represented solely the Company,
      and not any Stockholder or other equity holder, director or employee of the
      Company; and (c) gives its informed consent to Cooley Godward Kronish’s
      representation of the Company in connection with this Agreement and the related
      transactions.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    12.  Termination.
      This
      Agreement shall terminate and be of no further force or effect upon the earlier
      of (i) an Acquisition or (ii) the date 18 months following the date of this
      Agreement. For purposes of this agreement, “Acquisition”
shall
      mean (A) any consolidation or merger of the Company with or into any other
      corporation or other entity or person, or any other corporate reorganization,
      other than any such consolidation, merger or reorganization in which the
      stockholders of the Company immediately prior to such consolidation, merger
      or
      reorganization, continue to hold at least a majority of the voting power of
      the
      surviving entity in substantially the same proportions (or, if the surviving
      entity is a wholly owned subsidiary, its parent) immediately after such
      consolidation, merger or reorganization or (B) any transaction or series of
      related transactions to which the Company is a party in which in excess of
      fifty
      percent (50%) of the Company’s voting power is transferred.

     

    13.  Entire
      Agreement.
      This
      Agreement, the Schedule hereto and the Registration Rights Agreement constitute
      the entire agreement among the Parties and supersedes any prior understandings,
      agreements and representations made by or between the Parties, whether written
      or oral, to the extent they relate in any way to the subject matter
      hereof.

     

    [Remainder
      of this Page Intentionally Left Blank]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      this
      Agreement has been executed by or on behalf of each of the Parties hereto as
      of
      the date first above written.

     

    
      	 	 	 
	 	CHAZAK
              VALUE CORP.
	 
 	 
 	 
 
	
            	By:  	/s/
              Joseph E. Sarachek 
	 	
              
Name:
Joseph
              E. Sarachek
	 	Title:
               Chairman
              & CEO

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	STOCKHOLDERS: 
	 	 	 
	 	 	 
	 	CHARLIE
              FISCH
	 
 	 
 	 
 
	
            	By:  	/s/
              Charlie Fisch  
	 	
              

            
	 	 

    

    
      	 	 	 
	 	FOLIO
              HOLDINGS, LLC
	 
 	 
 	 
 
	
            	By:  	/s/
              Jonathan Lewis   
	 	
              
Name:
Jonathan
              Lewis
	 	Title:
               Managing
              Member

    

     

    
      	 	 	 
	 	IA
              CAPITAL
              PARTNERS, LLC
	 
 	 
 	 
 
	
            	By:  	/s/
              Roger Ehrenberg
	 	
              
Name:
Roger
              Ehrenberg
	 	Title:
               Managing
              Member

    

     

    
      	 	 	 
	 	RIDGE
              VIEW
              GROUP, LLC
	 
 	 
 	 
 
	
            	By:  	/s/
              David Marcus 
	 	
              
Name:
David
              Marcus
	 	Title:
               Managing
              Partner

    

     

    
      	 	 	 
	 	JOSEPH
              E. SARACHEK
	 
 	 
 	 
 
	
            	By:  	/s/
              Joseph E. Sarachek 
	 	
              

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

    

    Initial
      Members of the Board of Directors

    

    

      
        	 	
                ·

              	
                Charlie
                  Fisch

              

      

      
        	 	
                ·

              	
                Roger
                  Ehrenberg (as designated by IA Capital Partners,
                  LLC)

              

      

      
        	 	
                ·

              	
                David
                  Marcus (as designated by Ridge View Group,
                  LLC)

              

      

      
        	 	
                ·

              	
                Jonathan
                  Lewis (as designated by Folio Holdings,
                  LLC)

              

      

      
        	 	
                ·

              	
                Joseph
                  E. SarachekUnassociated Document

    REGISTRATION
      RIGHTS AGREEMENT

     

    REGISTRATION
      RIGHTS AGREEMENT (this “Agreement”),
      dated
      as of January 31, 2008, by and among Chazak Value Corp., a Delaware corporation
      (the “Company”),
      and
      the stockholders listed on Exhibit A hereto, referred to hereinafter as the
      “Stockholders”
and
      each individually as a “Stockholder.”

     

    RECITALS

     

    WHEREAS,
      each of the Stockholders invested in The 500 Group, LLC (the “500
      Group”)
      for
      the purpose of providing the funds necessary to purchase 4,620,000 shares (the
      “Shares”)
      of the
      Company’s Common Stock, par value $0.01 per share (the “Common
      Stock”),
      in
      connection with the implementation of the Plan of Reorganization, as amended
      (the “Plan”),
      of
      PubliCARD, Inc. (the “Debtor”);

     

    WHEREAS,
      pursuant to the Contribution Agreement, entered into as of October 26, 2007,
      by
      and between the 500 Group and the Debtor, the 500 Group agreed to contribute
      $500,000 to the Debtor on the effective date of the Plan in exchange for the
      Shares and the releases and related provisions set forth in the Plan, which
      contribution was made and which Shares were issued on the date
      hereof;

     

    WHEREAS,
      pursuant to the Funding Agreement, dated as of January 18, 2008, by and among
      the 500 Group, the Debtor and each of the Stockholders, (i) upon its receipt
      of
      the Shares, the 500 Group agreed to distribute such Shares to the Stockholders
      in proportion to their investment in the 500 Group under the Funding Agreement
      (the “Distribution”)
      and
      (ii) the Parties agreed to enter into this Agreement and the Stockholders
      Agreement (the “Stockholders Agreement”); and 

     

    WHEREAS,
      the parties desire to enter into this Agreement in order to grant registration
      rights to the Stockholders as set forth below.

     

    NOW,
      THEREFORE, in consideration of these premises and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereto agree as follows:

     

    SECTION
      1. GENERAL.

     

    1.1 Definitions.
      As used
      in this Agreement the following terms shall have the following respective
      meanings:

     

    (a) “Acquisition”
      means
      (A) any consolidation or merger of the Company with or into any other
      corporation or other entity or person, or any other corporate reorganization,
      other than any such consolidation, merger or reorganization in which the
      stockholders of the Company immediately prior to such consolidation, merger
      or
      reorganization, continue to hold at least a majority of the voting power of
      the
      surviving entity in substantially the same proportions (or, if the surviving
      entity is a wholly owned subsidiary, its parent) immediately after such
      consolidation, merger or reorganization or (B) any transaction or series of
      related transactions to which the Company is a party in which in excess of
      fifty
      percent (50%) of the Company’s voting power is transferred.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended.

     

    (c) “Holder”
      means
      any person owning of record Registrable Securities that have not been sold
      to
      the public or any assignee of record of such Registrable Securities transferred
      in a private transaction in accordance with Section 2 or Section 6 of the
      Stockholders Agreement.

     

    (d) “Register,”
      “registered,”
      and
“registration”
      refer to
      a registration effected by preparing and filing a registration statement in
      compliance with the Securities Act, and the declaration or ordering of
      effectiveness of such registration statement or document.

     

    (e) “Registrable
      Securities”
      means
      (a) Common Stock of the Company transferred to the initial Holders pursuant
      to
      the Distribution under the Funding Agreement in the amounts set forth on Exhibit
      A (the “Shares”)
      and
      (b) any Common Stock of the Company issued as (or issuable upon the conversion
      or exercise of any warrant, right or other security which is issued as) a
      dividend or other distribution with respect to, or in exchange for or in
      replacement of, such above-described securities. Notwithstanding the foregoing,
      Registrable Securities shall not include any securities (i) sold by a person
      to
      the public either pursuant to a registration statement or Rule 144 or (ii)
      sold
      in a private transaction in accordance with Section 2 or Section 6 of the
      Stockholders Agreement in which the transferor’s rights under Section 2 of this
      Agreement are not assigned.

     

    (f) “Registrable
      Securities then outstanding”
      shall be
      the number of shares of the Company’s Common Stock that are Registrable
      Securities and are then issued and outstanding.

     

    (g) “Registration
      Expenses”
      shall
      mean all expenses incurred by the Company in complying with Sections 2.1 hereof,
      including, without limitation, all registration and filing fees, printing
      expenses, fees and disbursements of counsel for the Company, blue sky fees
      and
      expenses and the expense of any special audits incident to or required by any
      such registration (but excluding the compensation of regular employees of the
      Company which shall be paid in any event by the Company).

     

    (h) “Rule
      144”
      means
      Rule 144, as amended from time to time, promulgated under the Securities
      Act.

     

    (i) “SEC”
      or
“Commission”
      means
      the Securities and Exchange Commission.

     

    (j) “Securities
      Act”
      shall
      mean the Securities Act of 1933, as amended.

     

    (k) “Selling
      Expenses”
      shall
      mean all underwriting discounts and selling commissions applicable to the sale
      by a Holder and any fees and disbursements of counsel to such
      Holder.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (l) “Special
      Registration Statement”
      shall
      mean (i) a registration statement relating to any employee benefit plan or
      (ii)
      with respect to any corporate reorganization or transaction under Rule 145
      of
      the Securities Act, any registration statements related to the issuance or
      resale of securities issued in such a transaction or (iii) a registration
      related to stock issued upon conversion of debt securities.

     

    SECTION
      2. REGISTRATION

     

    2.1 Piggyback
      Registrations.

     

    (a) The
      Company shall notify all Holders in writing at least ten (10) days prior to
      the
      filing of any registration statement under the Securities Act for purposes
      of a
      public offering of securities of the Company (including, but not limited to,
      registration statements relating to secondary offerings of securities of the
      Company, but excluding Special Registration Statements) and will afford each
      such Holder an opportunity to include in such registration statement all or
      part
      of such Registrable Securities held by such Holder. Each Holder desiring to
      include in any such registration statement all or any part of the Registrable
      Securities held by it shall, within ten (10) days after the above-described
      notice from the Company, so notify the Company in writing. Such notice shall
      state the intended method of disposition of the Registrable Securities by such
      Holder. If a Holder decides not to include all of its Registrable Securities
      in
      any registration statement thereafter filed by the Company, such Holder shall
      nevertheless continue to have the right to include any Registrable Securities
      in
      any subsequent registration statement or registration statements as may be
      filed
      by the Company with respect to offerings of its securities, all upon the terms
      and subject to the conditions set forth herein.

     

    (b) If
      the
      registration statement of which the Company gives notice under this Section
      2.1
      is for an underwritten offering, the Company shall so advise the Holders. In
      such event, the right of any such Holder to include Registrable Securities
      in a
      registration pursuant to this Section 2.1 shall be conditioned upon such
      Holder’s participation in such underwriting and the inclusion of such Holder’s
      Registrable Securities in the underwriting to the extent provided herein. All
      Holders proposing to distribute their Registrable Securities through such
      underwriting shall enter into an underwriting agreement in customary form with
      the underwriter or underwriters selected for such underwriting by the Company.
      Notwithstanding any other provision of this Agreement, if the underwriter
      determines in good faith that marketing factors require a limitation of the
      number of shares to be underwritten, the number of shares that may be included
      in the underwriting shall be allocated, first, to the Company; second, to the
      Holders on a pro rata basis based on the total number of Registrable Securities
      held by the Holders electing to include their shares in such registration;
      and
      third, to any stockholder of the Company (other than a Holder) on a pro rata
      basis based on the number of shares of Common Stock then held. If any Holder
      disapproves of the terms of any such underwriting, such Holder may elect to
      withdraw therefrom by written notice to the Company and the underwriter,
      delivered at least ten (10) business days prior to the effective date of the
      registration statement. Any Registrable Securities excluded or withdrawn from
      such underwriting shall be excluded and withdrawn from the registration. For
      any
      Holder which is a partnership, limited liability company or corporation, the
      partners, retired partners, members, retired members and stockholders of such
      Holder, or the estates and family members of any such partners, retired
      partners, members and retired members and any trusts for the benefit of any
      of
      the foregoing person shall be deemed to be a single “Holder,” and any pro rata
      reduction with respect to such “Holder” shall be based upon the aggregate amount
      of shares carrying registration rights held by all entities and individuals
      included in such “Holder,” as defined in this sentence.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (c) The
      Company shall have the right to terminate or withdraw any registration initiated
      by it under this Section 2.1 whether or not any Holder has elected to include
      shares in such registration, and shall promptly notify any Holder that has
      elected to include shares in such registration of such termination or
      withdrawal. 

     

    2.2 Expenses
      of Registration.
      All
      Registration Expenses incurred in connection with any registration,
      qualification or compliance pursuant to Section 2.1 herein shall be borne by
      the
      Company. All Selling Expenses incurred in connection with any registrations
      hereunder, shall be borne by the Holders of the securities so registered, as
      applicable.

     

    2.3 Obligations
      of the Company.
      In
      connection with the registration of any Registrable Securities, the Company
      shall:

     

    (a) Furnish
      to the Holders such number of copies of a prospectus, including a preliminary
      prospectus, in conformity with the requirements of the Securities Act, and
      such
      other documents as they may reasonably request in order to facilitate the
      disposition of Registrable Securities owned by them.

     

    (b) Use
      its
      reasonable efforts to register and qualify the securities covered by such
      registration statement under such other securities or Blue Sky laws of such
      jurisdictions as shall be reasonably requested by the Holders; provided that
      the
      Company shall not be required in connection therewith or as a condition thereto
      to qualify to do business or to file a general consent to service of process
      in
      any such states or jurisdictions.

     

    (c) Notify
      each Holder of Registrable Securities covered by such registration statement
      at
      any time when a prospectus relating thereto is required to be delivered under
      the Securities Act of the happening of any event as a result of which the
      prospectus included in such registration statement, as then in effect, includes
      an untrue statement of a material fact or omits to state a material fact
      required to be stated therein or necessary to make the statements therein not
      misleading in the light of the circumstances then existing. The Company will
      use
      reasonable efforts to amend or supplement such prospectus in order to cause
      such
      prospectus not to include any untrue statement of a material fact or omit to
      state a material fact required to be stated therein or necessary to make the
      statements therein not misleading in the light of the circumstances then
      existing.

     

    2.4 No
      Right to Delay Registration; Furnishing Information.

     

    (a) No
      Holder
      shall have any right to obtain or seek an injunction restraining or otherwise
      delaying any such registration as the result of any controversy that might
      arise
      with respect to the interpretation or implementation of this Section
      2.

     

    (b) It
      shall
      be a condition precedent to the obligations of the Company to take any action
      pursuant to Section 2.1 that the selling Holders shall furnish to the Company
      such information regarding themselves, the Registrable Securities held by them
      and the intended method of disposition of such securities as shall be reasonably
      required by the Company in connection with the registration of their Registrable
      Securities.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    2.5 Indemnification.
      In the
      event any Holder’s Registrable Securities are included in a registration
      statement under Section 2.1:

     

    (a) To
      the
      extent permitted by law, the Company will indemnify and hold harmless each
      such
      Holder, the partners, members, officers and directors of each such Holder,
      any
      underwriter (as defined in the Securities Act) for such Holder and each person,
      if any, who controls such Holder or underwriter within the meaning of the
      Securities Act or the Exchange Act, against any losses, claims, damages, or
      liabilities (joint or several) to which they may become subject under the
      Securities Act, the Exchange Act or other federal or state law, insofar as
      such
      losses, claims, damages or liabilities (or actions in respect thereof) arise
      out
      of or are based upon any of the following statements, omissions or violations
      (collectively a “Violation”)
      by the
      Company: (i) any untrue statement or alleged untrue statement of a material
      fact
      contained in such registration statement or incorporated by reference therein,
      including any preliminary prospectus or final prospectus contained therein
      or
      any amendments or supplements thereto or in any issuer free writing prospectus,
      (ii) the omission or alleged omission to state therein a material fact required
      to be stated therein, or necessary to make the statements therein not
      misleading, or (iii) any violation or alleged violation by the Company of the
      Securities Act, the Exchange Act, any state securities law or any rule or
      regulation promulgated under the Securities Act, the Exchange Act or any state
      securities law in connection with the offering covered by such registration
      statement; and the Company will reimburse each such Holder, partner, member,
      officer, director, underwriter or controlling person for any legal or other
      expenses reasonably incurred by them in connection with investigating or
      defending any such loss, claim, damage, liability or action; provided however,
      that the indemnity agreement contained in this Section 2.5(a) shall not apply
      to
      amounts paid in settlement of any such loss, claim, damage, liability or action
      if such settlement is effected without the consent of the Company, which consent
      shall not be unreasonably withheld, nor shall the Company be liable in any
      such
      case for any such loss, claim, damage, liability or action to the extent that
      it
      arises out of or is based upon a Violation which occurs in reliance upon and
      in
      conformity with written information furnished expressly for use in connection
      with such registration by such Holder, partner, member, officer, director,
      underwriter or controlling person of such Holder.

     

    (b) To
      the
      extent permitted by law, each Holder will, if Registrable Securities held by
      such Holder are included in the securities as to which such registration is
      being effected, indemnify and hold harmless the Company, each of its directors,
      its officers and each person, if any, who controls the Company within the
      meaning of the Securities Act, any underwriter and any other Holder selling
      securities under such registration statement or any of such other Holder’s
      partners, directors or officers or any person who controls such Holder, against
      any losses, claims, damages or liabilities (joint or several) to which the
      Company or any such director, officer, controlling person, underwriter or other
      such Holder, or partner, director, officer or controlling person of such other
      Holder may become subject under the Securities Act, the Exchange Act or other
      federal or state law, insofar as such losses, claims, damages or liabilities
      (or
      actions in respect thereto) arise out of or are based upon any of the following
      statements: (i) any untrue statement or alleged untrue statement of a material
      fact contained in such registration statement or incorporated by reference
      therein, including any preliminary prospectus or final prospectus contained
      therein or any amendments or supplements thereto or in any issuer free writing
      prospectus, (ii) the omission or alleged omission to state therein a material
      fact required to be stated therein, or necessary to make the statements therein
      not misleading, or (iii) any violation or alleged violation by the Company
      of
      the Securities Act (collectively, a “Holder
      Violation”),
      in
      each case to the extent (and only to the extent) that such Holder Violation
      occurs in reliance upon and in conformity with written information furnished
      by
      such Holder expressly for use in connection with such registration; and each
      such Holder will reimburse any legal or other expenses reasonably incurred
      by
      the Company or any such director, officer, controlling person, underwriter
      or
      other Holder, or partner, officer, director or controlling person of such other
      Holder in connection with investigating or defending any such loss, claim,
      damage, liability or action if it is judicially determined that there was such
      a
      Holder Violation; provided, however, that the indemnity agreement contained
      in
      this Section 2.5(b) shall not apply to amounts paid in settlement of any such
      loss, claim, damage, liability or action if such settlement is effected without
      the consent of the Holder, which consent shall not be unreasonably withheld;
      provided further, that in no event shall any indemnity under this Section 2.5(b)
      exceed the net proceeds from the offering received by such Holder.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (c) Promptly
      after receipt by an indemnified party under this Section 2.5 of notice of the
      commencement of any action (including any governmental action), such indemnified
      party will, if a claim in respect thereof is to be made against any indemnifying
      party under this Section 2.5, deliver to the indemnifying party a written notice
      of the commencement thereof and the indemnifying party shall have the right
      to
      participate in, and, to the extent the indemnifying party so desires, jointly
      with any other indemnifying party similarly noticed, to assume the defense
      thereof with counsel mutually satisfactory to the parties; provided,
      however,
      that an
      indemnified party shall have the right to retain its own counsel, with the
      fees
      and expenses thereof to be paid by the indemnifying party, if representation
      of
      such indemnified party by the counsel retained by the indemnifying party would
      be inappropriate due to actual or potential differing interests between such
      indemnified party and any other party represented by such counsel in such
      proceeding. The failure to deliver written notice to the indemnifying party
      within a reasonable time of the commencement of any such action shall relieve
      such indemnifying party of any liability to the indemnified party under this
      Section 2.5 to the extent, and only to the extent, prejudicial to its ability
      to
      defend such action, but the omission so to deliver written notice to the
      indemnifying party will not relieve it of any liability that it may have to
      any
      indemnified party otherwise than under this Section 2.5.

     

    (d) If
      the
      indemnification provided for in this Section 2.5 is held by a court of competent
      jurisdiction to be unavailable to an indemnified party with respect to any
      losses, claims, damages or liabilities referred to herein, the indemnifying
      party, in lieu of indemnifying such indemnified party thereunder, shall to
      the
      extent permitted by applicable law contribute to the amount paid or payable
      by
      such indemnified party as a result of such loss, claim, damage or liability
      in
      such proportion as is appropriate to reflect the relative fault of the
      indemnifying party on the one hand and of the indemnified party on the other
      in
      connection with the Violation(s) or Holder Violation(s) that resulted in such
      loss, claim, damage or liability, as well as any other relevant equitable
      considerations. The relative fault of the indemnifying party and of the
      indemnified party shall be determined by a court of law by reference to, among
      other things, whether the untrue or alleged untrue statement of a material
      fact
      or the omission to state a material fact relates to information supplied by
      the
      indemnifying party or by the indemnified party and the parties’ relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      statement or omission; provided, that in no event shall any contribution by
      a
      Holder hereunder exceed the net proceeds from the offering received by such
      Holder.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (e) The
      obligations of the Company and Holders under this Section 2.5 shall survive
      completion of any offering of Registrable Securities in a registration statement
      and, with respect to liability arising from an offering to which this Section
      2.5 would apply that is covered by a registration filed before termination
      of
      this Agreement, such termination. No indemnifying party, in the defense of
      any
      such claim or litigation, shall, except with the consent of each indemnified
      party, consent to entry of any judgment or enter into any settlement which
      does
      not include as an unconditional term thereof the giving by the claimant or
      plaintiff to such Indemnified Party of a release from all liability in respect
      to such claim or litigation.

     

    2.6 “Market
      Stand-Off” Agreement.
      Each
      Holder hereby agrees that such Holder shall not sell, transfer, make any short
      sale of, grant any option for the purchase of, or enter into any hedging or
      similar transaction with the same economic effect as a sale, any Common Stock
      (or other securities) of the Company held by such Holder (other than those
      included in the registration) during the 180-day period following the effective
      date of a registration statement of the Company filed under the Securities
      Act;
      provided, that all officers and directors of the Company are bound by and have
      entered into similar agreements. The obligations described in this Section
      2.6
      shall not apply to a registration relating solely to employee benefit plans
      on
      Form S-1 or Form S-8 or similar forms that may be promulgated in the future,
      or
      a registration relating solely to a transaction on Form S-4 or similar forms
      that may be promulgated in the future.

     

    2.7 Agreement
      to Furnish Information.
      Each
      Holder agrees to execute and deliver such other agreements as may be reasonably
      requested by the Company or the underwriter of an offering including Registrable
      Securities that are consistent with the Holder’s obligations under Section 2.6
      or that are necessary to give further effect thereto. In addition, if requested
      by the Company or the representative of the underwriters of Common Stock (or
      other securities) of the Company, each Holder shall provide, within ten (10)
      days of such request, such information as may be required by the Company or
      such
      representative in connection with the completion of any public offering of
      the
      Company’s securities pursuant to a registration statement filed under the
      Securities Act. The obligations described in Section 2.6 and this Section 2.7
      shall not apply to a Special Registration Statement. The Company may impose
      stop-transfer instructions with respect to the shares of Common Stock (or other
      securities) subject to the foregoing restriction until the end of said day
      period. Each Holder agrees that any permitted transferee of any shares of
      Registrable Securities, other than shares sold to the public through a
      registration or pursuant to Rule 144 shall be bound by Sections 2.6 and 2.7.
      The
      underwriters of the Company’s stock are intended third party beneficiaries of
      Sections 2.6 and 2.7 and shall have the right, power and authority to enforce
      the provisions hereof as though they were a party hereto.

     

    2.8 Termination
      of Registration Rights.
      The
      right of any Holder to request inclusion of Registrable Securities in any
      registration pursuant to Section 2.1 hereof shall terminate upon the earlier
      of:
      (i) the date three (3) years after the date of this Agreement; or (ii) such
      time
      as such Holder holds less than 1% of the Company’s outstanding Common Stock and
      all Registrable Securities of the Company held by and issuable to such Holder
      (and its affiliates) may be sold pursuant to Rule 144 during any ninety (90)
      day
      period. Upon such termination, such shares shall cease to be “Registrable
      Securities” hereunder for all purposes.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    SECTION
      3. MISCELLANEOUS.

     

    3.1 Governing
      Law. 

     

    (a) This
      Agreement shall be governed by and construed under the laws of the State of
      Delaware in all respects as such laws are applied to agreements among Delaware
      residents entered into and to be performed entirely within Delaware, without
      reference to conflicts of laws or principles thereof. The parties agree that
      any
      action brought by any party under or in relation to this Agreement, including
      without limitation to interpret or enforce any provision of this Agreement,
      shall be brought in, and each party agrees to and does hereby submit to the
      jurisdiction and venue of, any state or federal court located in the City of
      New
      York, New York.

     

    (b) Each
      party hereto hereby irrevocably and unconditionally waives any right such party
      may have to a trial by jury in respect of any litigation directly or indirectly
      arising out of or relating to this Agreement, or the transactions contemplated
      by this Agreement. Each party certifies and acknowledges that (i) no
      representative, agent or attorney of any other party has represented, expressly
      or otherwise, that such other party would not, in the event of litigation,
      seek
      to enforce the foregoing waiver, (ii) each party understands and has considered
      the implications of this waiver, (iii) each party makes this waiver voluntarily,
      and (iv) each party has been induced to enter into this Agreement by, among
      other things, the mutual waivers in this paragraph 3.1(b).

     

    3.2 Successors
      and Assigns. Except
      as
      provided herein, none of the Stockholders may assign any of its rights or
      delegate any of its duties under this Agreement. Any purported assignment in
      violation of this Agreement will be void ab
      initio. A
      Stockholder may assign the registration rights hereunder corresponding to
      Registrable Securities in connection with (a) the sale or transfer of
      Registrable Securities to its affiliates, in a private transaction exempt from
      registration under the Securities Act and other applicable securities laws,
      as
      confirmed in each case by an opinion of counsel reasonably acceptable to the
      Company or (b) a sale of Registrable Securities in accordance with Section
      2 of
      the Stockholders Agreement, provided
      that
      such transferee shall, as a condition to the effectiveness of such transfer,
      execute a counterpart to this Agreement assuming all of the obligations of
      the
      transferring Stockholder with respect to such securities and agreeing to be
      treated as if an original party hereto. Notwithstanding the foregoing or any
      other provisions herein, no such assignment will relieve such Stockholder of
      its
      obligations hereunder.

     

    3.3 Entire
      Agreement.
      This
      Agreement, the Exhibit, the Stockholders Agreement and the other documents
      delivered pursuant thereto constitute the full and entire understanding and
      agreement between the parties with regard to the subjects hereof and no party
      shall be liable or bound to any other in any manner by any oral or written
      representations, warranties, covenants and agreements except as specifically
      set
      forth herein and therein. Each party expressly represents and warrants that
      it
      is not relying on any oral or written representations, warranties, covenants
      or
      agreements outside of this Agreement.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    3.4 Severability.
      In the
      event one or more of the provisions of this Agreement should, for any reason,
      be
      held to be invalid, illegal or unenforceable in any respect, such invalidity,
      illegality, or unenforceability shall not affect any other provisions of this
      Agreement, and this Agreement shall be construed as if such invalid, illegal
      or
      unenforceable provision had never been contained herein.

     

    3.5 Amendment
      and Waiver.

     

    (a) Except
      as
      otherwise expressly provided, this Agreement may be amended or modified, and
      the
      obligations of the Company and the rights of the Holders under this Agreement
      may be waived, only upon the written consent of the Company and the holders
      of
      at least a majority of the Registrable Securities then outstanding.

     

    (b) For
      the
      purposes of determining the number of Holders entitled to vote or exercise
      any
      rights hereunder, the Company shall be entitled to rely solely on the list
      of
      record holders of its stock as maintained by or on behalf of the
      Company.

     

    3.6 Delays
      or Omissions.
      It is
      agreed that no delay or omission to exercise any right, power or remedy accruing
      to any party, upon any breach, default or noncompliance by another party under
      this Agreement shall impair any such right, power, or remedy, nor shall it
      be
      construed to be a waiver of any such breach, default or noncompliance, or any
      acquiescence therein, or of any similar breach, default or noncompliance
      thereafter occurring. It is further agreed that any waiver, permit, consent
      or
      approval of any kind or character on any party’s part of any breach, default or
      noncompliance under this Agreement or any waiver on such party’s part of any
      provisions or conditions of this Agreement must be in writing and shall be
      effective only to the extent specifically set forth in such writing. All
      remedies, either under this Agreement, by law, or otherwise afforded to any
      party, shall be cumulative and not alternative.

     

    3.7 Notices.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the party to be notified,
      (b)
      when sent by confirmed electronic mail or facsimile if sent during normal
      business hours of the recipient; if not, then on the next business day, (c)
      five
      (5) days after having been sent by registered or certified mail, return receipt
      requested, postage prepaid, or (d) one (1) day after deposit with a nationally
      recognized overnight courier, specifying next day delivery, with written
      verification of receipt. All communications to the Stockholders shall be sent
      to
      the address as set forth on the signature pages hereof and communications to
      the
      Company, at its corporate offices, or at such other address as any such party
      may designate by ten (10) days advance written notice to the other parties
      hereto.

     

    3.8 Attorneys’
      Fees.
      In the
      event that any suit or action is instituted under or in relation to this
      Agreement, including without limitation to enforce any provision in this
      Agreement, the prevailing party in such dispute shall be entitled to recover
      from the losing party all fees, costs and expenses of enforcing any right of
      such prevailing party under or with respect to this Agreement, including without
      limitation, such reasonable fees and expenses of attorneys and accountants,
      which shall include, without limitation, all fees, costs and expenses of
      appeals.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    3.9 Titles
      and Subtitles.
      The
      titles of the sections and subsections of this Agreement are for convenience
      of
      reference only and are not to be considered in construing this
      Agreement.

     

    3.10 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together shall constitute one instrument.
      Facsimile or email transmission of an executed counterpart of this Agreement
      shall be deemed to constitute due and sufficient delivery of such counterpart,
      and such signatures shall be deemed original signatures for purposes of the
      enforcement and construction of this Agreement.

     

    3.11 Aggregation
      of Stock.
      All
      shares of Registrable Securities held or acquired by affiliated entities or
      persons or persons or entities under common management or control shall be
      aggregated together for the purpose of determining the availability of any
      rights under this Agreement.

     

    3.12 Pronouns.
      All
      pronouns contained herein, and any variations thereof, shall be deemed to refer
      to the masculine, feminine or neutral, singular or plural, as to the identity
      of
      the parties hereto may require.

     

    3.13 Termination.
      This
      Agreement shall terminate and be of no further force or effect upon the earlier
      of (i) an Acquisition or (ii) the date three (3) years following the date of
      this Agreement.

     

    [SIGNATURE
      PAGES TO FOLLOW]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS
      AGREEMENT as of the date set forth in the first paragraph hereof.

     

    
      	 	 	 
	 	CHAZAK
              VALUE CORP.
	 
 	 
 	 
 
	 	By:  	/s/
              Joseph E. Sarachek
	 	
              
Name:
Joseph
              E. Sarachek
	 	Title:
              Chairman
              & CEO

    

     

    
      	 	 	 
	 	STOCKHOLDERS:
	 	 
	 	CHARLIE FISCH
	 
 	 
 	 
 
	 	By:  	/s/
              Charlie Fisch  
	 	
              

            
	 	 

    

     

    
      	 	 	 
	 	
              FOLIO
                HOLDINGS, LLC

            
	 
 	 
 	 
 
	 	By:  	/s/ Jonathan
              Lewis  
	 	
              
Name:
Jonathan
              Lewis
	 	
              Title:
                 Managing
                Member  

            

    

    

    
      	 	 	 
	 	IA
              CAPITAL PARTNERS, LLC
	 
 	 
 	 
 
	 	By:  	/s/
              Roger Ehrenberg   
	 	
              
Name:
Roger
              Ehrenberg
	 	Title:
               Managing
              Member

    

     

    
      	 	 	 
	 	
              RIDGE
                VIEW GROUP, LLC

            
	 
 	 
 	 
 
	 	By:  	/s/
              David Marcus 
	 	
              
Name:
David
              Marcus
	 	Title:
               Managing
              Partner

    

    

    
      	 	 	 
	 	JOSEPH
              E. SARACHEK
	 
 	 
 	 
 
	 	By:  	/s/
              Joseph E. Sarachek  
	 	
              

            
	 	 

 

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

     

    
      	
              Holder

            	
              Registrable
                Securities transferred pursuant to the
                Distribution

               

            
	
              Folio
                Holdings, LLC

            	
              924,000
                shares of Common Stock

               

            
	
              IA
                Capital Partners, LLC

            	
              924,000
                shares of Common Stock

               

            
	
              Charlie
                Fisch

            	
              924,000
                shares of Common Stock

               

            
	
              Ridge
                View Group, LLC

            	
              924,000
                shares of Common Stock

               

            
	
              Joseph
                E. Sarachek

            	
              924,000
                shares of Common Stock

               

            

    

     

    
      
         

      

      
        11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]