Document:

Exhibit 4.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this "Agreement"), dated as of March 18, 2014, is entered into by and between The Management Network Group,
Inc. a Delaware corporation (the "Company"), and Elutions, Inc., a Delaware corporation ("Elutions").
Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Investment Agreement (as defined
below).

 

RECITALS

 

WHEREAS, upon the terms and subject
to the conditions set forth in that certain Investment Agreement, dated as of February 25, 2014, by and between the Company and
Elutions (the "Investment Agreement");

 

(a)          Elutions
has purchased from the Company 609,756 shares (the "Shares") of the Common Stock of the Company;

 

(b)          Elutions Capital Ventures S.à r.l, a direct or indirect subsidiary of Elutions, has made a loan to Cartesian, Ltd. ("Cartesian"), an Affiliate of
the Company, and in connection with such loan Cartesian has issued to Elutions-Europe a promissory note and the Company has issued
to Elutions a common stock purchase warrant (the "Tracking Warrant"), which, upon the terms and conditions set
forth therein, provides that Elutions may purchase additional shares of Common Stock (the "Tracking Warrant Shares");
and

 

(c)          the
Company has issued to Elutions a second common stock purchase warrant (the "Incentive Warrant") which, upon the
terms and conditions set forth therein, provides that Elutions may purchase additional shares of Common Stock under certain circumstances
(the "Incentive Warrant Shares");

 

WHEREAS, to induce Elutions to enter
into the Investment Agreement and consummate the transactions contemplated thereby, the Company has agreed to grant certain registration
rights on the terms and subject to the conditions set forth herein with respect to the Shares and the Warrant Shares (as defined
below);

 

NOW, THEREFORE, the parties hereto,
in consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, agree, intending to be legally bound, as follows:

 

1.      
    Definitions.

 

As used in this Agreement, the following
terms shall have the following meanings:

 

“Agreement” has the meaning
set forth in the preamble.

 

    	 

    	 

    

 

“Business Day” means
any day except Saturday, Sunday and any U.S. federal holiday or a day on which banking institutions in New York City, New York
generally are authorized or required by law or other governmental actions to close.

 

“Commission” means the
Securities and Exchange Commission. 

 

“Common Stock” means
the Common Stock, par value $.005 per share, of the Company, and any shares of stock issued or issuable with respect thereto, whether
by way of a stock dividend, stock split, combination, exchange, reorganization, recapitalization or similar reclassification.

 

“Company” has the meaning
set forth in the preamble.

 

“Damages” has the meaning
set forth in Section 6(a) hereof.

 

“Effectiveness Period”
has the meaning set forth in Section 3(c) hereof.

 

“Elutions” has the meaning
set forth in the preamble.

 

“End of Suspension
Notice” has the meaning set forth in Section 5(b) hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
pursuant thereto.

 

“Excluded
Registration” means (i) a registration statement relating to the sale of securities to employees (as defined in Form
S-8 promulgated under the Securities Act (or any successor form thereto)) of the Company or a subsidiary of the Company pursuant
to a stock option, stock purchase, or similar equity incentive plan; (ii) a registration statement relating to an SEC Rule 145
transaction and a registration statement on Form S-4 promulgated under the Securities Act (or any successor form thereto); (iii)
a registration statement on any form that does not include substantially the same information as would be required to be included
in a registration statement covering the sale of the Registrable Common Shares; or (iv) a registration statement in which the only
Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered; provided,
that such registration statement shall not include the registration of securities (other than Common Stock) having substantially
equivalent rights and ranking with the Company’s Common Stock (“Equivalent Stock”).

 

"FINRA" means the Financial
Industry Regulatory Authority, Inc.

 

“Incentive Warrant” has
the meaning set forth in the recitals.

 

“Incentive Warrant Shares”
has the meaning set forth in the recitals.

 

“Indemnified Party” has
the meaning set forth in Section 6(c) hereof.

 

“Indemnifying Party”
has the meaning set forth in Section 6(c) hereof.

 

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“Permitted Transferee”
means, with respect to Elutions, (i) any subsidiary of Elutions, (ii) any successor entity of Elutions, (iii) any direct or indirect
shareholder of Elutions, (iv) any executive officer or director (or functional equivalent) of Elutions or of any subsidiary of
Elutions, (v) any immediate family member of such executive officer, director or shareholder, any trust for such shareholder, family
member or executive officer’s or director’s (or functional equivalent’s) benefit or any entity owned by any such
shareholder, family member, executive officer or director.

 

“Person” means an individual,
a partnership (general or limited), corporation, limited liability company, joint venture, business trust, cooperative, association
or other form of business organization, whether or not regarded as a legal entity under applicable law, a trust (inter vivos or
testamentary), an estate, a quasi-governmental entity, a government or any agency, authority, political subdivision or other instrumentality
thereof, or any other entity.

 

“Piggyback Registration Statement”
has the meaning set forth in Section 2(a) hereof.

 

“Prospectus” means the
prospectus included in each Piggyback Registration Statement and Shelf Registration Statement, including any preliminary prospectus,
and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference, if any, in such prospectus.

 

"Registrable Common Shares"
means, whether owned by Elutions or a Permitted Transferee, (1) the Shares, (2) any Warrant Shares issued by the Company upon exercise
of any Warrant, and (3) any additional shares of Common Stock issued by the Company in respect of Shares or Warrant Shares described
in subclause (1) or (2) after the issuance of such Shares or Warrant Shares, as applicable, or in respect of additional shares
of Common Stock, in each case in connection with a stock dividend, stock split, combination, exchange, reorganization, recapitalization
or similar reclassification of the Company's securities, or otherwise as a dividend or other distribution with respect to, or in
exchange for or in replacement of such Shares, Warrant Shares or additional shares of Common Stock of the Company; provided, that,
as to any particular Registrable Common Shares, such securities shall cease to constitute Registrable Common Shares when: (w) a
registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such
securities shall have been disposed of thereunder; (x) such securities shall have been sold in satisfaction of all applicable conditions
to the resale provisions of Rule 144 under the Securities Act (or any similar provision then in force); (y) such securities are
otherwise transferred and such securities may be resold without subsequent registration under the Securities Act, or (z) such securities
shall have ceased to be issued and outstanding.

 

“Registration Expenses”
means any and all out-of-pocket expenses incurred by the Company incident to the performance of or compliance with this Agreement,
including, without limitation:

 

(i) all registration and filing
fees and expenses (including any filings made with the FINRA),

 

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(ii) all out-of-pocket fees and
expenses incurred in connection with the Company's compliance with federal or state securities or blue sky laws,

 

(iii) all expenses in preparing,
printing, duplicating, electronically filing, delivering and distributing any Piggyback Registration Statement and each Shelf Registration
Statement, any Prospectus, any amendments or supplements thereto, and any other documents relating to the Company's performance
under and compliance with this Agreement,

 

(iv) all fees and disbursements
of outside counsel for the Company and of the independent public accountants of the Company, including without limitation such
fees and disbursements of outside counsel incurred in connection with the negotiation and drafting of this Agreement and advising
the Board of Directors of the Company with respect to this Agreement and the transactions contemplated hereby, and

 

(v) all fees and expenses incurred
in connection with the listing or inclusion of any of the Registrable Common Shares on NASDAQ or on any other securities exchange
or inter-dealer quotation system pursuant to this Agreement;

 

provided, however, that Registration Expenses
shall exclude all Selling Expenses.

 

“Registration Triggering Event”
means (i) with respect to the Shares, the Tracking Warrant Shares and the Incentive Warrant Shares, the holding of the special
meeting of stockholders to approve the issuance of Incentive Warrant Shares and the other transactions contemplated by the Investment
Agreement, provided that the resale of the Incentive Warrant Shares will not be registered unless the stockholders approve the
issuance of Incentive Warrant Shares and the other transactions contemplated by the Investment Agreement at such special meeting
in accordance with the rules of NASDAQ and applicable law as specified in Section 2 of the Incentive Warrant Agreement, and (ii)
a demand notice in accordance with Section 3(c)(iv).

 

“Rule 144”, “Rule 405”,
“Rule 415”, “Rule 424”, and “Rule 433” refer to such rules under the Securities
Act, as such rules may be amended from time to time, or any similar rules or regulations hereafter adopted by the Commission as
a replacement thereto having substantially the same effect as such rule.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“Shares” has the meaning
set forth in the recitals.

 

“Shelf Registration Statement”
has the meaning set forth in Section 3(a) hereof.

 

“Stockholder Indemnitee”
has the meaning set forth in Section 6(a) hereof.

 

“Selling Expenses” means
the following expenses incurred by Elutions in connection with the offer and sale of the Registrable Common Shares: underwriters'
and brokers' discounts and commissions, if any, fees and expenses of counsel for Elutions, and all transfer taxes relating to the
sale or disposition of Registrable Common Shares by Elutions. 

 

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“Suspension Event” has
the meaning set forth in Section 5(b) hereof.

 

“Suspension Notice” has
the meaning set forth in Section 5(b) hereof.

 

“Tracking Warrant” has
the meaning set forth in the recitals.

 

“Tracking Warrant Shares”
has the meaning set forth in the recitals.

 

“Underwritten Offering”
means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public, whether on a firm commitment,
best efforts or other basis.

 

“Warrants” means the
Tracking Warrant and the Incentive Warrant.

 

“Warrant Shares” means
the Tracking Warrant Shares and the Incentive Warrant Shares.

 

2.          INCIDENTAL
OR "PIGGY-BACK" REGISTRATION

 

(a)          If,
at any time that Elutions or any Permitted Transferee owns Registrable Common Shares, the Company proposes to register (including,
for this purpose, a registration effected by the Company for stockholders other than Elutions) any of its Common Stock or Equivalent
Stock under the Securities Act in connection with the public offering of such securities (other than in an Excluded Registration),
then the Company shall give written notice of such proposed filing to Elutions, specifying the approximate date on which the Company
proposes to file such registration statement (“Piggyback Registration Statement") and advising Elution of its
right to have any or all of the Registrable Common Shares included among the securities to be covered thereby, subject to the terms
and conditions of this Agreement. If Elutions desires to include in a Piggyback Registration Statement all or part of the Registrable
Common Shares, Elutions shall, within twenty (20) days after receipt of the above-described notice from the Company, so notify
the Company in writing, and in such notice shall inform the Company of the number of Registrable Common Shares that Elutions wishes
to include in the Piggyback Registration Statement. In such event, the Company shall use its best efforts to cause the Piggyback
Registration Statement to include those Registrable Common Shares that Elutions has requested to be registered (subject, however,
to the limitations set forth in Section 2(b) and to reduction in accordance with Section 2(c) and Section 2(d) below) and to be
filed and become effective under the Securities Act. Any election by Elutions to include any Registrable Common Shares in the Piggyback
Registration Statement will not affect the inclusion of such Registrable Common Shares in the applicable Shelf Registration Statement
until such Registrable Common Shares have been sold under the Piggyback Registration Statement. The Company shall not be required
to include any Registrable Common Shares in a Piggyback Registration Statement not involving an Underwritten Offering if such Registrable
Common Shares are then registered in the applicable Shelf Registration Statement.

 

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(b)          The
Company shall not be required under this Section 2 to include any Registrable Common Shares in an Underwritten Offering unless
Elutions accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company,
and, if requested, enters into an underwriting agreement in customary form with such underwriters, and furnishes to the Company
such information as the Company may reasonably request in writing for inclusion in the Piggyback Registration Statement, as the
case may be; provided, however, that Elutions shall not be required to make any representations or warranties to the Company or
the underwriters other than representations and warranties regarding Elutions, its holdings and its intended method of distribution.
If Elutions does not agree to the terms of any such underwriting or otherwise fails to comply with the terms and conditions of
this Agreement, such Registrable Common Shares shall be excluded from such Underwritten Offering. If the managing underwriters
of the Underwritten Offering shall advise the Company that marketing factors require a limitation of the number of shares to be
underwritten, then the Company shall so advise Elutions, and the number of shares of Registrable Common Shares that may be included
in the Underwritten Offering shall be allocated in accordance with Section 2(c) and Section 2(d) below.

 

(c)          If
the Underwritten Offering is a primary offering on behalf of the Company and the managing underwriters of such an Underwritten
Offering give written notice to the Company that in their sole discretion the number of shares of Common Stock requested to be
included in such Underwritten Offering exceeds the number to be sold in such Underwritten Offering that is compatible with the
success of the offering, then the Company will include in such Underwritten Offering (i) first, the greatest number of shares of
Common Stock requested to be included by the Company for its own account, (ii) second, the greatest number of shares of Registrable
Common Shares requested to be included by Elutions and (iii) third, other shares of Common Stock requested to be included by other
holders of the Company's Common Stock pursuant to any applicable rights, which, in the reasonable and good faith opinion of such
managing underwriters will not jeopardize the success of the Underwritten Offering.

 

(d)          If
the Underwritten Offering is a secondary offering on behalf of one or more holders of Common Stock other than Registrable Common
Shares and the managing underwriters of such an Underwritten Offering give written notice to the Company that in their sole discretion
the number of shares of Common Stock requested to be included in such Underwritten Offering exceeds the number to be sold in such
Underwritten Offering that is compatible with the success of the offering, then the Company will include in such Underwritten Offering
(i) first, the greatest number of shares of Common Stock requested to be included by the holder(s) requesting such registration,
(ii) second, the greatest number of shares of Common Stock requested to be included by the Company for its own account, (iii) third,
the greatest number of shares of Registrable Common Shares requested to be included by Elutions and (iv) fourth, other shares
of Common Stock requested to be included by other holders of the Company's Common Stock pursuant to any applicable rights, which,
in the reasonable and good faith opinion of such managing underwriters will not jeopardize the success of the Underwritten Offering.

 

(e)          The
Company shall have the right to terminate or withdraw any registration pursuant to this Section 2 prior to the effectiveness of
such registration or the completion of the Underwritten Offering contemplated thereby whether or not Elutions has elected to include
securities in such registration and/or Underwritten Offering.

 

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(f)          If
Elutions disapproves of the terms of an Underwritten Offering, Elutions may elect to withdraw therefrom by written notice to the
Company and the managing underwriter delivered prior to the commencement of any marketing efforts for the Underwritten Offering.
Elutions may agree to waive this right to withdraw with the Company, the underwriters or any custodial agent in any custody agreement
and/or power of attorney executed by Elutions in connection with the underwriting. Any Registrable Common Shares excluded or withdrawn
from such underwriting shall be excluded and withdrawn from such Registration Statement.

 

3.       
   SHELF
REGISTRATION STATEMENTS 

 

As set forth in Section 4 hereof and subject
to Section 5 hereof, the Company agrees to use its best efforts to:

 

(a)          subject
to the receipt of necessary information in a timely manner from Elutions, prepare and file with the Commission, as soon as practicable
and in any event not later than thirty (30) days after the first Registration Triggering Event and not later than forty-five (45)
days after each subsequent Registration Triggering Event, a registration statement for an offering to be made on a delayed or continuous
basis pursuant to Rule 415 of the Securities Act on Form S-3 (or, in the event the Company is not eligible to use Form S-3, such
other registration form as may be utilized at such time by the Company) (each a “Shelf Registration Statement”)
to enable the resale of the relevant Registrable Common Shares subject to such Registration Triggering Event by Elutions from time
to time on the Nasdaq Global Market (or such other national securities exchange or inter-dealer quotation system in the United
States of America on which the Registrable Common Shares are then principally traded), or in privately negotiated transactions,
and excluding for the avoidance of doubt any resale in an Underwritten Offering;

 

(b)          cause
each such Shelf Registration Statement to be declared effective by the Commission as soon as reasonably practicable; and

 

(c)          prepare
and file with the Commission such amendments and supplements to each such Shelf Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep such Shelf Registration Statement current and effective for a period (the “Effectiveness
Period”) until the earliest to occur of:

 

(i)          the
date when all Registrable Common Shares covered thereby have been sold pursuant to such Shelf Registration Statement or in accordance
with Rule 144;

 

(ii)         the
date when there are no Registrable Common Shares outstanding;

 

(iii)        the
date on which Elutions and each Permitted Transferee is able to sell the outstanding Registrable Common Shares without restriction
under SEC Rule 144(b)(1) as a Person that is not an “affiliate” of the Company (within the meaning of SEC Rule 144)
or in a single transaction in compliance with the volume limitations under Rule 144(e), in each case as reasonably determined by
Elutions acting in good faith after consultation with the Company and with legal counsel; or

 

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(iv)        
March 18, 2021; provided that if the Company terminates such Shelf Registration Statements and removes from registration the
Registrable Common Shares that remain unsold under such Shelf Registration Statements pursuant to this subsection (c)(iv), Elutions
and the Permitted Transferees shall thereafter have a total two (2) demand rights to cause the Company to prepare and file and
maintain for one year (upon exercise of each demand right) a Shelf Registration Statement in accordance with and subject to all
of the terms and conditions of this Agreement. Such demand right shall be exercised by providing written notice to the Company
and may be exercised only if the Registrable Common Shares to be registered in such Shelf Registration Statement constitute at
least five percent (5%) of the shares of Common Stock then outstanding. A demand notice given pursuant to this subsection (c)(iv)
shall be a Registration Triggering Event for purposes of this Agreement.

 

4.     
     REGISTRATION PROCEDURES.

 

(a)          In
connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall:

 

(i)          no
later than five (5) Business Days before filing of any Piggyback Registration Statement or Shelf Registration Statement, furnish
to Elutions copies of such Piggyback Registration Statement or Shelf Registration Statement as proposed to be filed and thereafter
such number of copies of such Piggyback Registration Statement or Shelf Registration Statement (including all exhibits thereto),
and make appropriate revisions to such Piggyback Registration Statement or Shelf Registration Statement based on information received
a reasonable amount of time prior to filing from Elutions or its counsel;

 

(ii)         subject
to Section 5 hereof, use its best efforts to (1) prepare and file with the Commission such amendments and post-effective amendments
to each Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement effective for the Effectiveness
Period; (2) cause the Prospectus contained therein to be supplemented by any required Prospectus supplement filed pursuant to Rule
424 or any similar rule that may be adopted under the Securities Act; and (3) incorporate the Company's reports under the Exchange
Act by reference into each such Shelf Registration Statement (and if at any time the Company is not eligible to use Form S-3, amend
each Shelf Registration Statement or supplement the Prospectus contained therein to include the Company's quarterly and annual
financial information and other material developments, during which time sales of the Registrable Common Shares under each such
Shelf Registration Statement will be suspended until such new registration statement, amendment or supplement is filed and effective
to the extent required by applicable law in the opinion of counsel to the Company);

 

(iii)        furnish
to Elutions such numbers of copies of each Piggyback Registration Statement and Shelf Registration Statement, each amendment thereto,
each Prospectus, each supplement thereto and such other documents as Elutions may reasonably request in order to facilitate the
public sale or other disposition of Registrable Common Shares;

 

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(iv)        use
its best efforts to (1) register or qualify the Registrable Common Shares to be included in each Shelf Registration Statement under
such other securities laws or blue sky laws of such jurisdictions in the United States as Elutions shall reasonably request, and
(2) keep such registrations or qualifications in effect during the Effectiveness Period; provided, however, that the Company shall
not be required for any such purpose to qualify generally to do business as a foreign corporation in any jurisdiction, subject
itself to taxation in any jurisdiction or register as a broker or dealer in such jurisdiction wherein it would not otherwise be
required to qualify or register but for the requirements of this subsection, or consent or submit to general service of process
in any such jurisdiction, unless the Company is already subject to service in such jurisdiction and except as may be required by
the Securities Act;

 

(v)         notify
Elutions forthwith (1) when each Piggyback Registration Statement and Shelf Registration Statement has become effective, when any
post-effective amendments thereto have been filed and when any such post-effective amendments have become effective, (2) of the
issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of any Piggyback Registration
Statement or Shelf Registration Statement or the initiation of any proceedings for that purpose, (3) of any request by the Commission
or any other federal or state governmental authority for amendments to any Piggyback Registration Statement or Shelf Registration
Statement or supplements to the related Prospectus or for additional information, or (4) of any event or circumstance which in
the reasonable judgment of the Company necessitates the making of any changes in any Piggyback Registration Statement or Shelf
Registration Statement or Prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that,
in the case of any Piggyback Registration Statement or Shelf Registration Statement, it will not contain any untrue statement of
a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or any omission
to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading (which notice may be in the form of a Suspension Notice under Section 5(b) hereof);

 

(vi)        use
its best efforts to maintain the listing of the Registrable Common Shares on the Nasdaq Global Market or other national securities
exchange or inter-dealer quotation system on which the Common Stock is then principally listed or traded;

 

(vii)       in
connection with any sale or transfer of the Registrable Common Shares pursuant to any Piggyback Registration Statement or Shelf
Registration Statement, cooperate with Elutions to facilitate the timely preparation and delivery of any certificates representing
the Registrable Common Shares to be sold, which certificates shall not bear any restrictive transfer legends, and to enable such
Registrable Common Shares to be in such denominations and registered in such names as Elutions may request, provided that Elutions
shall have provided the Company in a timely manner with any documents that are reasonably requested by the Company;

 

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(viii)      provide
a transfer agent and registrar for all Registrable Common Shares registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Common Shares, in each case not later than the effective date of such registration; and

 

(ix)         otherwise
use its best efforts to comply with all applicable rules and regulations of the Commission.

 

(b)          Elutions
represents and warrants to the Company that it has provided to the Company a completed questionnaire in the form provided by the
Company and that the information provided in the questionnaire is true, complete and correct. Elutions further agrees to furnish
promptly to the Company in writing all information required from time to time so that the information previously furnished by Elutions
does not contain any untrue statement of a material fact or omit to state any material fact regarding Elutions required to be stated
in the Prospectus then being used or necessary to make the statements provided by Elutions contained in the Prospectus then being
used, in light of the circumstances in which they were made, not misleading. The Company may require Elutions to furnish to the
Company such information regarding the proposed distribution by Elutions of such Registrable Common Shares as the Company may from
time to time reasonably request or as shall be required to effect and maintain the registration of the Registrable Common Shares.

  

(c)          It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 4 with respect to
the Registrable Common Shares that Elutions shall furnish to the Company such information regarding itself, the Registrable Common
Shares held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration
of the Registrable Common Shares.

 

(d)          Elutions
represents and agrees that, unless it obtains the prior consent of the Company, it will not make any offer relating to the Registrable
Common Shares that would constitute an "issuer free writing prospectus," as defined in Rule 433, or that would otherwise
constitute a "free writing prospectus," as defined in Rule 405, required to be filed with the Commission.

 

(e)          Anything
in this Agreement to the contrary notwithstanding, in the event the Commission determines or the Company determines in accordance
with Commission policy or practice that any Shelf Registration Statement constitutes a primary offering of securities by the Company
and/or requires that Elutions be named as an underwriter, Elutions understands and agrees that the Company may reduce the total
number of Registrable Common Shares then subject to registration to comply with applicable law. In the event of such reduction,
Elutions shall continue to have the registration rights set forth herein until the end of the Effectiveness Period. If the Company
receives notice from the Commission that it deems Elutions an “underwriter”, the Company shall notify Elutions within
five (5) business days of the date of receipt of such notice.

 

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5.   
       BLACK-OUT PERIOD.

 

(a)          Subject
to the provisions of this Section 5, the Company shall have the right, at any time and from time to time, to delay the filing or
effectiveness of any Shelf Registration Statement, and following the effectiveness of such Shelf Registration Statement to direct
Elutions in accordance with Section 5(b) to suspend sales of the Registrable Common Shares pursuant to such Shelf Registration
Statement, for such times as the Company reasonably may determine are necessary and advisable, if any of the following events shall
occur:

 

(i)          the
Company’s board of directors shall have determined in good faith that:

 

a.           the
Company desires to engage in a significant financing, offer or sale of securities, acquisition, merger, tender offer, business
combination, corporate reorganization, consolidation or other significant transaction by or involving the Company,

 

b.           the
offer or sale of Registrable Common Shares pursuant to such Shelf Registration Statement would require premature disclosure of
material non-public information with respect to any such potential or proposed transaction, and

 

c.           (x)
the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would be detrimental
to the Company or would have a material adverse effect on the Company's ability to consummate such transaction, or (z) the transaction
renders the Company unable to comply with Commission requirements with respect to such Shelf Registration Statement; or

 

(ii)         the
Company’s board of directors has determined in good faith that such Shelf Registration Statement becoming effective or that
sales of Registrable Common Shares under such Shelf Registration Statement would render the Company unable to comply with requirements
under the Securities Act or the Exchange Act.

 

In addition, the Company may direct Elutions
in accordance with Section 5(b) to suspend sales of the Registrable Common Shares pursuant to each Shelf Registration Statement
from time to time in connection with the giving of any notice by the Company of the happening of any event of the kind described
in Section 4(a)(v)(3) or 4(a)(v)(4) hereof.

 

(b)          In
the case of an event that causes the Company to suspend the use of any Shelf Registration Statement (a "Suspension Event"),
the Company shall give written notice (a "Suspension Notice") to Elutions to suspend sales of the Registrable
Common Shares. Elutions agrees not to effect any sales of the Registrable Common Shares pursuant to such Shelf Registration Statement
at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as
defined below). Elutions may recommence effecting sales of the Registrable Common Shares pursuant to such Shelf Registration Statement
following further written notice to such effect (an "End of Suspension Notice") from the Company, which End of
Suspension Notice shall be given by the Company to Elutions in the manner described above promptly following the conclusion of
any Suspension Event and its effect. The Company shall not be required to specify in the written notice to Elutions the nature
of the event giving rise to the suspension period unless otherwise required pursuant to this Agreement. Elutions hereby agrees
to hold in confidence any communications in response to a notice of, or the existence of any fact or any event giving rise to the
suspension period.

 

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(c)          Notwithstanding
any provision in this Section to the contrary, the period of time during which the use of the Shelf Registration Statements is
suspended or the filing or effectiveness of them is delayed shall not exceed an aggregate of one hundred twenty (120) days in any
12-month period and the Company shall not invoke this right more than three times in any 12-month period, and the Company agrees
that it shall extend the Effectiveness Period by the number of such days during which the use of such Shelf Registration Statements
is suspended or the filing or effectiveness of them is delayed.

 

6.  
        INDEMNIFICATION AND CONTRIBUTION.

 

(a)          The
Company agrees to indemnify and hold harmless Elutions, its officers, directors, partners, members, employees, Affiliates, stockholders,
legal counsel, accountants and agents, and each Person, if any, who controls (within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act) Elutions (each, a “Stockholder Indemnitee"), from and against any and
all losses, claims, damages or liabilities, joint or several, and expenses (including reasonable fees of and disbursements of counsel)
(collectively, “Damages”) to which such Stockholder Indemnitee may become subject, insofar as such losses, claims,
damages or liabilities or expenses arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in any Piggyback Registration Statement or Shelf Registration Statement or Prospectus, including any amendments
or supplements thereto, (ii) the omission or alleged omission to state in any Piggyback Registration Statement or Shelf Registration
Statement, or in any amendment or supplement thereto, any material fact required to be stated therein or necessary to make the
statements therein not misleading, (iii) the omission or alleged omission to state in any Prospectus, or in any supplement thereto,
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
or (iv) any violation or alleged violation by the Company (or any of its agents or Affiliates) 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; provided, however, that the Company shall not be liable to any Stockholder Indemnitee in any such case to the extent that
any such loss, claim, damage, liability (or action or proceeding, whether commenced or threatened, in respect thereof) or expense
arises out of or is based upon (A) any untrue statement or omission or alleged untrue statement or omission made in reliance upon
and in strict conformity with information relating to Elutions or such Stockholder Indemnitee furnished to the Company in writing
by Elutions or any Stockholder Indemnitee expressly for use therein or (B) any sales of Registrable Common Shares pursuant
to a Piggyback Registration Statement or Shelf Registration Statement by Elutions or any Stockholder Indemnitee after the delivery
by the Company to Elutions of a Suspension Notice and before the delivery by the Company of an End of Suspension Notice. The indemnity
provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Stockholder
Indemnitee. In the event that it is finally judicially determined that a Stockholder Indemnitee is not entitled to receive payments
for legal and other expenses pursuant to this Section 6, such Stockholder Indemnitee will promptly return all such sums that
had been paid pursuant hereto.

 

    	12

    	 

    

 

(b)          Elutions
agrees to indemnify and hold harmless the Company, the officers, directors, employees, Affiliates, stockholders, legal counsel,
accountants and agents of the Company, any underwriter (as defined in the Securities Act) for the Company and each Person who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act against any Damages, in
each case only to the extent that such Damages arise out of or are based upon (i) any untrue statements or omissions or alleged
untrue statements or omissions made in reliance upon and in strict conformity with information relating to Elutions or any Stockholder
Indemnitee furnished to the Company in writing by Elutions or any Stockholder Indemnitee expressly for use in any Piggyback Registration
Statement or Shelf Registration Statement or Prospectus, any amendment or supplement thereto, any issuer free writing prospectus
(or any supplement thereto) or any preliminary Prospectus and (ii) any sales of Registrable Common Shares pursuant to a Piggyback
Registration Statement or Shelf Registration Statement by Elutions or any Stockholder Indemnitee after the delivery by the Company
to Elutions of a Suspension Notice and before the delivery by the Company of an End of Suspension Notice. In no event shall Elutions
be liable for indemnification under this Section in any amount in excess of the net proceeds received by Elutions and the Stockholder
Indemnitees from the sale of Registrable Common Shares pursuant to such Piggyback Registration Statements or Shelf Registration
Statements.

 

(c)          If
any action (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person
in respect of which indemnity may be sought pursuant to Section 6(a) or 6(b) hereof, such Person (the “Indemnified Party”)
shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”), in writing
of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it
may have under this Section 6, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice,
or from any liability that it may have to any such Indemnified Party otherwise than under Section 6(a) or 6(b) hereof), and the
Indemnifying Party shall be entitled to assume the defense thereof and retain counsel reasonably satisfactory to the Indemnified
Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such proceeding and
shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding. Notwithstanding the foregoing,
in any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have
mutually agreed in writing to the contrary, (ii) the Indemnifying Party shall have failed to assume the defense and employ counsel
reasonably satisfactory to the Indemnified Party, or (iii)  such Indemnified Party shall have been reasonably advised by counsel
that a conflict may exist between such Indemnified Party and the Indemnifying Party (in which case the Indemnifying Party shall
not have the right to assume or direct the defense of such action on behalf of such Indemnified Party, it being understood, however,
that the Indemnifying Party shall not, in connection with any one such action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel), for all such Indemnified Parties, which firm in
the case of Stockholder Indemnitees shall be designated in writing by Elutions, and which firm in the case of the Company, the
directors, the officers and such control persons of the Company shall be designated in writing by the Company). With respect to
any such proceeding as to which the Indemnifying Party has not assumed the defense, the Indemnifying Party shall not be liable
for any settlement of any proceeding effected without its written consent. No Indemnifying Party shall effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability on claims that are the subject matter of such proceeding.

 

    	13

    	 

    

 

(d)          If
the indemnification provided for in Sections 6(a) and 6(b) hereof is for any reason held to be unavailable to an Indemnified Party
in respect of any losses, claims, damages or liabilities specifically covered by the indemnification provisions set forth in Section
6(a) or 6(b), then each Indemnifying Party under such provisions, in lieu of indemnifying such Indemnified Party thereunder, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or
expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Indemnified Party on the one
hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted in such losses,
claims, damages, liabilities or expenses, or (ii) if the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the
relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and any Stockholder Indemnitees on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company or by such Stockholder Indemnitees and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that
it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation (even if such
Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account
of the equitable considerations referred to in this Section 6(d). No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. In no event shall Elutions and the Stockholder Indemnitees be liable for contribution under this Section in
any amount in excess of the net proceeds received by Elutions and the Stockholder Indemnitees from the sale of Registrable Common
Shares pursuant to such Piggyback Registration Statements or Shelf Registration Statements.

 

(e)          The
indemnity and contribution agreements contained in this Section 6 will be in addition to any liability which the Indemnifying Parties
may otherwise have to the Indemnified Parties referred to above. Unless otherwise superseded by an underwriting agreement entered
into in connection with the underwritten public offering under Section 2 or 3, the obligations of the parties hereto under
this Section 6 shall survive the completion of any offering of Registrable Common Shares, and otherwise shall survive the
termination of this Agreement.

 

    	14

    	 

    

 

7.   
       RULE 144 REPORTING

 

With a view to making available the benefits
of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable Common Shares to the
public without registration, the Company shall:

 

(a)          use
best efforts to make and keep available adequate current public information, as those terms are understood and defined in Rule
144, at all times after the date hereof;

 

(b)          use
best efforts to file with the Commission in a timely manner all reports and other documents required to be filed by the Company
under the Securities Act and the Exchange Act (at any time that it is subject to the Exchange Act); and

 

(c)          so
long as Elutions owns any Registrable Common Shares, furnish to Elutions forthwith upon request (i) to the extent accurate, a written
statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange
Act, or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3, (ii) a copy of the most recent annual
or quarterly report of the Company filed with the Commission (at any time that it is subject to such reporting requirements), and
(iii) such other information, reports and documents of the Company as Elutions may reasonably request in availing itself of
any rule or regulation of the Commission allowing a holder to sell any such Registrable Common Shares without registration.

 

8.   
       RESTRICTIONS OF PUBLIC SALES.

 

Elutions shall:

 

(a)          in
the event the Company is registering the sale of equity securities in an Underwritten Offering and if requested by the managing
underwriter or underwriters for such Underwritten Offering, not effect any public sale or distribution of Registrable Common Shares,
Common Stock or any securities convertible into or exchangeable or exercisable for such Registrable Common Shares or Common Stock
(except for Registrable Common Shares included in such registration), including a sale pursuant to Rule 144 (or any similar provision
then in force) under the Securities Act or enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of such securities, whether any such transaction is to be settled by delivery of
Common Stock or such other securities, in cash or otherwise, in each case for a period commencing on the date of the final prospectus
relating to the registration by the Company of shares of its Common Stock or any other securities of the Company, under the Securities
Act on a registration statement on Form S-1, Form S-2, or Form S-3 and ending ninety (90) days after the closing of such
Underwritten Offering (or such other period as may be reasonably requested by the Company or the managing underwriter or underwriters
to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in the FINRA rules or any successor provisions or amendments
thereto), or such shorter period as may be permitted by the managing underwriters (and the managing underwriters are intended third
party beneficiaries of this provision and may enforce this provision). The foregoing provisions of this Section 8(a)
shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement in such Underwritten Offering,
and shall be applicable to Elutions only if all senior officers and directors of the Company are subject to the same restrictions;
and

 

    	15

    	 

    

 

(b)          comply
with Regulation M under the Exchange Act in connection with the offer and sale of Registrable Common Shares made by such Holder
pursuant to any Shelf Registration Statement, and provide the Company with such information about such Holder's offer and sale
of Registrable Common Shares pursuant to any registration statement as the Company shall reasonably request to enable the Company
and its affiliates to comply with Regulation M under the Exchange Act in connection with any such offer and sale.

 

9.        
  MISCELLANEOUS.

 

(a)          Payment
of Expenses. The Company shall pay all Registration Expenses in connection with this Agreement, and Elutions shall pay all
Selling Expenses in connection with the sale of Registrable Common Shares hereunder. Except as provided above, each party shall
pay its own expenses incurred in connection with the preparation, negotiation, execution, delivery, and performance of this Agreement
and the consummation of the transactions contemplated hereby and thereby.

 

(b)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company
and Elutions.

 

(c)          Notices.
All notices, demands, requests, consents or other communications to be given or delivered under or by reason of the provisions
of this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (i) personal
delivery to the party to be notified, or (ii) one (1) Business Day after deposit with a nationally recognized overnight courier,
freight prepaid, specifying next business day delivery, with written verification of receipt. If any time period for giving notice
or taking action hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the
Business Day immediately following such day. Such notices, demands, requests, consents and other communications shall be sent to
the following Persons at the following addresses:

 

if to the Company:

 

The Management Network Group

7300 College Boulevard, Suite 302

Overland Park, KS 66210

Attention: CEO/President and General Counsel

 

if to Elutions:

 

Elutions, Inc.

601 East Twiggs Street

Tampa, Florida 33602

Attention: Chairman/CEO and General Counsel

 

    	16

    	 

    

 

Any party may change the address for receipt of communications
by giving written notice to the other parties as provided in this subsection.

 

(d)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties hereto. The rights and obligations provided for in this Agreement may not be assigned, delegated or transferred
by either party without the prior written consent of the other party, except that a party's rights under this Agreement may be
assigned or transferred in full (i) by Elutions, to any Permitted Transferee of Elutions in connection with a sale or transfer
of all or substantially all of the Registrable Common Shares to such Permitted Transferee and (ii) by either party, to a successor
in ownership of all or substantially all of the business or assets of the assigning party (whether by merger, consolidation, sale
or otherwise) without the prior written consent of the other party; provided, that such assigning party provides written
notice to the other party of such assignment and the assignee of this Agreement agrees in writing to be bound as such party hereunder;
and provided further, that this Agreement must be assigned to a successor in ownership of all or substantially all of the
business or assets of the Company if (and only if) the successor in ownership is a public company and the consideration received
by Company shareholders in such transaction consists of the capital stock of such successor in ownership (provided that such successor
public company shall not be required to comply with Section 2 if (i) the outstanding shares of Common Stock of the Company (including
shares potentially issuable under outstanding warrants, options and convertible securities) that are converted in such transaction
represent less than 10% of the outstanding shares of common stock of the successor public company (including shares potentially
issuable under outstanding warrants, options and convertible securities) and (ii) Elutions and each Permitted Transferee is
able to sell the outstanding shares of the successor public company into which the Registrable Common Shares are converted without
restriction under SEC Rule 144(b)(1) as a Person that is not an “affiliate” of the successor public company (within
the meaning of SEC Rule 144) or in a single transaction in compliance with the volume limitations under Rule 144(e), in each case
as reasonably determined by Elutions acting in good faith after consultation with the successor public company and with legal counsel).
Notwithstanding anything to the contrary in this Agreement, any assignment, delegation or transfer, or any such assignment or transfer,
in violation of this Section 9(d) shall be void.

 

(e)          Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of
more than one party, but all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be
delivered by electronic transmission, including via facsimile or electronic mail (including pdf), and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

(f)          Equitable
Relief. The parties hereto agree that irreparable damage may occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific intent or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to seek an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to seek
to enforce specifically the terms and provisions hereof, in addition to any other remedy to which they may be entitled by law or
equity.

 

    	17

    	 

    

 

(g)          Waivers.
The rights and remedies provided for herein are cumulative and not exclusive of any right or remedy that may be available to any
party whether at law, in equity, or otherwise. No delay, forbearance, or neglect by any party, whether in one or more instances,
in the exercise or any right, power, privilege, or remedy hereunder or in the enforcement of any term or condition of this Agreement
shall constitute or be construed as a waiver thereof. No waiver of any provision hereof, or consent required hereunder, or any
consent or departure from this Agreement, shall be valid or binding unless expressly and affirmatively made in writing and duly
executed by the party to be charged with such waiver. No waiver shall constitute or be construed as a continuing waiver or a waiver
in respect of any subsequent breach, either of similar or different nature, unless expressly so stated in such writing.

 

(h)          Descriptive
Headings; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The parties to this Agreement have participated jointly in the negotiation and drafting of
this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any of the provisions of this Agreement. The parties agree that prior drafts of this Agreement shall be deemed
not to provide any evidence as to the meaning of any provision hereof or the intention of the parties hereto with respect to this
Agreement.

 

(i)          Governing
Law. Except for the fiduciary duties of the Board of Directors of the Company, the validity of any corporate action on the
part of the Company and any other matters relating to the internal affairs of the Company, which shall be interpreted, construed
and governed by and in accordance with the Laws of the State of Delaware, without regard to the conflicts of laws rules thereof,
this Agreement and all claims or causes of action (whether in tort, contract or otherwise) that may be based upon, arise out of
or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action
based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) shall be
governed by and construed in accordance with the Laws of the State of New York, without giving effect to any choice or conflict
of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the Laws
of any jurisdiction other than the State of New York.

 

    	18

    	 

    

 

(j)          Exclusive
Jurisdiction; Venue. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this
Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this
Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall
be brought and determined exclusively in any New York State court sitting in the County of New York, the State of New York or the
United States District Court for the Southern District of New York, and, in each case, any appellate court therefrom. Each of the
parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property,
generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action
relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts.
Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense, counterclaim or otherwise, in any
action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the
above named courts for any reason other than the failure to serve in accordance with this Section 9(j), (b) any claim that
it or its property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment
or otherwise) and (c) to the fullest extent permitted by the applicable Law, any claim that (i) the suit, action or proceeding
in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts. Each of the parties hereto agrees that service
of process upon such party in any such action or proceeding shall be effective if such process is given as a notice in accordance
with Section 9(c). Each of the parties agrees that the final judgment of any court shall be enforceable in any court having
jurisdiction over the relevant party or any of its assets.

 

(k)          Waiver
of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES TO THE EXTENT PERMITTED BY APPLICABLE LAW ANY
AND ALL RIGHT TO A TRIAL BY JURY IN ANY DIRECT OR INDIRECT ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (A) CERTIFIES THAT 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, (B) MAKES THIS WAIVER VOLUNTARILY, AND (C) ACKNOWLEDGES THAT EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS CONTAINED IN THIS SECTION 9(K).

 

(l)          Third
Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right,
benefit or remedy of any nature whatsoever, under or by reason of this Agreement, except for Indemnified Parties and as provided
in Section 8(a).

 

(m)          Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect, such invalidity or unenforceability
shall not render invalid or unenforceable any other provision of this Agreement.

 

(n)          Entire
Agreement. This Agreement is intended by the parties hereto as a final expression of their agreement, and is intended to be
a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other than those
set forth or referred to herein, with respect to the registration rights granted by the Company with respect to the Registrable
Common Shares. This Agreement supersedes all prior agreements and understandings between the parties with respect to the subject
matter hereof.

 

    	19

    	 

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed and delivered this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	The Management Network Group, Inc.
	 	 	 
	 	By:	/s/ Donald E. Klumb
	 	 	Name: Donald E. Klumb
	 	 	Title: Chief Executive Officer, President and Chief Financial Officer
	 	 	 
	 	ELUTIONS:
	 	 
	 	Elutions, Inc.
	 	 	 
	 	By:	/s/ William P. Doucas
	 	 	Name: William P. Doucas
	 	 	Title: Chairman and CEO

 

    	20Exhibit
10.1

 

GUARANTY

 

GUARANTY, dated
as of March 18, 2014 (“Guaranty”) by The Management Network Group, Inc., a Delaware corporation (
“Guarantor”) in favor of Elutions Capital Ventures S.à r.l, a company incorporated in Luxembourg
(the “Guaranteed Party”).

 

WHEREAS, Guarantor
and Elutions, Inc., a Delaware corporation (“Elutions”), are parties to an Investment Agreement, dated as of
February 25, 2014 (the “Investment Agreement”), pursuant to which Guarantor has agreed to cause its Subsidiary,
Cartesian Limited, a company organized under the laws of England and Wales (“Cartesian”), to issue and sell
to the Guaranteed Party, which is a Subsidiary of Elutions, and Elutions has agreed to cause the Guaranteed Party to purchase from
Cartesian, a Note, as further described in the Investment Agreement (the “Note”); and

 

WHEREAS, in order to
induce Elutions to enter into the Investment Agreement and consent to the consummation of the transactions contemplated by the
Transaction Documents, and to cause the Guaranteed Party to purchase the Note, Guarantor has agreed to guarantee all of Cartesian’s
obligations (payment or performance) arising in connection with the Note.

 

NOW, THEREFORE, for
valuable consideration, the receipt and adequacy of which are hereby acknowledged, Guarantor hereby agrees as follows:

 

1.             Guarantor
absolutely, irrevocably and unconditionally guarantees, as principal and not merely as surety, to the Guaranteed Party all obligations
and liabilities of any nature of Cartesian (including, payment or performance) when due arising under the Note (including, without
limitation the full and prompt payment of the principal, interest and all other fees and expenses due on the Note from time to
time) (the “Guaranteed Obligations”). The term “Guaranteed Obligations,” as used herein, shall include
all liabilities of any successor entity or entities of Cartesian under the Note.

 

2.             This
Guaranty is an absolute, unconditional and continuing guaranty of full and punctual payment and performance of the Guaranteed Obligations
and not of the collectability of the Guaranteed Obligations. Guarantor is liable on the Guaranteed Obligations as a primary obligor.
The Guaranteed Party may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due,
the payment of which is guaranteed hereby.

 

3.             The
obligations and liabilities of the Guarantor hereunder shall in no way be released, diminished, affected or, reduced or impaired
by the occurrence of any one or more of the following events:

 

		(a)	the taking or accepting of any direct or indirect security for, or other guarantees of, any Guaranteed
Obligations;

 

		(b)	any failure, delay, neglect or omission by the Guaranteed Party to realize upon or protect any
such security or guarantees;

 

    	 

    	 

    

  

		(c)	any partial release of the liability of any Guarantor hereunder;

 

		(d)	the insolvency or bankruptcy of any Person at any time liable for the payment or performance of
the Guaranteed Obligations, including Cartesian;

 

		(e)	any amendment, extension and/or rearrangement of the Guaranteed Obligations; or

 

		(f)	any failure of the Guaranteed Party to notify Guarantor of any amendment, extension and/or rearrangement
of the Guaranteed Obligations or any part thereof.

 

4.             The
Guaranteed Obligations and the rights of the Guaranteed Party to enforce such Guaranteed Obligations by any proceedings, whether
by action at Law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether
by reason of any claim of any character whatsoever or otherwise. Subject to the limitation set forth herein, the liability and
obligations of Guarantor under this Guaranty shall be absolute, unconditional and irrevocable irrespective of:

 

		(a)	any default, failure or delay, willful or otherwise, in the performance by Cartesian or any other
Person of any of the Guaranteed Obligations of any kind or character whatsoever;

 

		(b)	any lack of validity or enforceability of or defect or deficiency in the Note;

 

		(c)	any modification, extension or waiver of any of the terms of the Note;

 

		(d)	any change in the time, manner, terms or place of payment of or in any other term of, all or any
of the Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from the Note, including any increase
in the Guaranteed Obligations resulting from any extension of additional credit or otherwise;

 

		(e)	any sale, exchange, release or non-perfection of any property standing as security for the liabilities
and obligations hereby guaranteed or any liabilities and obligations incurred directly or indirectly hereunder or any setoff against
any of said liabilities and obligations, or any release or amendment or waiver of or consent to departure from any other guaranty,
for all or any of the Guaranteed Obligations;

 

		(f)	any manner of application of collateral, or proceeds thereof, to any or all of the Guaranteed Obligations,
or any manner of sale or other disposition of any of the collateral for all or any of the Guaranteed Obligations;

 

		(g)	except as to applicable statutes of limitation, failure, omission, delay, waiver or refusal by
the Guaranteed Party to exercise, in whole or in part, any right or remedy of the Guaranteed Party with respect to the Note;

 

    	2

    	 

    

  

		(h)	any change in the existence, structure or ownership of Guarantor or Cartesian or their respective
Affiliates, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting Guarantor, Cartesian or their respective
Affiliates or their respective assets or any resulting release or discharge of the Guaranteed Obligations;

 

		(i)	the existence of any claim, set-off or other rights which the Guaranteed Party may have at any
time against Cartesian or Guarantor, whether in connection herewith or with any unrelated transactions; provided, however,
that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

 

		(j)	any Order, judgment, decree, ruling or regulation of any court of any jurisdiction or of any Governmental
Entity or any other Proceeding, event or reason whatsoever which shall delay, interfere with, hinder or prevent the performance
by any party of its respective obligations under the Note;

 

		(k)	the failure of the Guaranteed Party to assert any claim or demand or to exercise or enforce any
right or remedy under the provisions of any agreement or otherwise;

 

		(l)	impossibility or illegality of performance on the part of Cartesian or Guarantor of its obligations
under the Note;

 

		(m)	the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery
and performance of this Guaranty; or

 

		(n)	any other circumstance that might otherwise constitute a defense available to, or a discharge of,
Cartesian or Guarantor or any other Person that is a party to any agreement or instrument (including any guarantor) in respect
of the Guaranteed Obligations, other than payment in full of the Guaranteed Obligations.

 

The obligations of Guarantor hereunder
constitute the full recourse obligations of Guarantor enforceable against it to the full extent of all of its assets and properties
and are several from Cartesian or any other Person, and are primary obligations concerning which Guarantor is the principal obligor.
There are no conditions precedent to the enforcement of this Guarantee, except as expressly contained herein. It shall not be necessary
for the Guaranteed Party, in order to enforce payment or performance by Guarantor under this Guarantee, to exhaust its remedies
against Cartesian, any other guarantor, or any other person liable for the payment or performance of the Guaranteed Obligations.

 

5.             The
Guarantor further agrees that, if at any time any payment or performance of any of the Guaranteed Obligations is annulled, avoided,
set aside, invalidated, declared to be fraudulent or preferential, rescinded or must otherwise be returned, refunded or repaid
to Guarantor, Cartesian or any other Person by the Guaranteed Party or any other Person, its estate, trustee, receiver or any other
party, under any bankruptcy Law, state, federal or foreign Law, common law or equitable cause, then, to the extent of such payment
or repayment, this Guaranty shall be reinstated, and remain in full force and effect, and the Guaranteed Obligations reinstated,
as fully as if such payment had never been made, and such prior cancellation or surrender shall not diminish, release, discharge,
impair or otherwise affect any Guaranteed Obligations in respect of the amount of such payment.

 

    	3

    	 

    

  

6.            Guarantor hereby
waives the following to the fullest extent permitted by Law:

 

		(a)	promptness, diligence and notice with respect to the Guaranteed Obligations (except for notices to
be provided to Guarantor in accordance with the Investment Agreement);

 

		(b)	all suretyship defenses to which Guarantor may be entitled;

 

		(c)	notice of acceptance of this Guarantee, of the creation or existence of any of the Guaranteed Obligations
and of any action by the Guaranteed Party in reliance hereon or in connection herewith;

 

		(d)	except as expressly set forth herein, presentment, demand for execution, notice of dishonor or non-execution,
protest and notice of protest with respect to the Guaranteed Obligations; and

  

		(e)	any requirement that suit be brought against, or any other action by the Guaranteed Party be taken
against, or any notice of default or other notice be given to, or any demand be made on, Cartesian or any other Person, or that
any other action be taken or not taken as a condition to such Guarantor’s liability for the Guaranteed Obligations under
this Guaranty or as a condition to the enforcement of this Guaranty against such Guarantor.

 

7.             This
is a continuing guaranty and shall remain in full force and effect until the Guaranteed Obligations have been fully and finally
paid and performed and satisfied or excused under the terms of the Note.

 

8.             Notwithstanding
the foregoing, Guarantor does not waive any defenses arising from fraud of the Guaranteed Party. Guarantor also reserves the right
to assert any and all defenses that Guarantor or Cartesian may have to payment of the Guaranteed Obligations hereunder.

 

9.             Guarantor
hereby consents and agrees that the Guaranteed Party, with or without any further notice to or assent from the Guarantor, may,
without in any manner affecting the liability of any Guarantor, and upon such terms and conditions as the Guaranteed Party may
deem advisable:

 

(a)           extend
in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the performance
or payment of any Guaranteed Obligation, or waive any default with respect thereto;

 

(b)           sell,
release, surrender, modify, impair, exchange or substitute any and all property, of any nature and from whomsoever received, held
by or on behalf of the Guaranteed Party as direct or indirect security for the payment or performance of any Guaranteed Obligation;
and

 

    	4

    	 

    

  

(c)           settle,
adjust or compromise any claim of the Borrower against any other Person secondarily or otherwise liable for any Guaranteed Obligation.

 

Guarantor hereby ratifies and confirms
any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment, impairment, substitution,
settlement, adjustment or compromise and agrees that the same shall be binding upon it, and hereby waives any and all defenses,
counterclaims or offsets which it might or could have by reason thereof, it being understood that Guarantor shall at all times
be bound by this Guaranty.

 

10.           Guarantor
agrees to pay on demand any and all reasonable out-of-pocket costs, including reasonable legal fees and expenses of outside counsel
(including travel expenses), and other expenses incurred and documented by the Guaranteed Party in connection with any default,
collection, enforcement or protection of its rights under this Guaranty (including, without limitation, the enforcement of Guarantor’s
payment obligations under this Guaranty); provided that Guarantor shall not be liable for any expenses of the Guaranteed Party
if no payment under this Guaranty is finally determined to be due by a court of competent jurisdiction.

 

11.           Guarantor
agrees not to exercise any rights it may acquire by subrogation, exoneration, contribution, indemnification, reimbursement or otherwise
that it may have against Cartesian on account of the Guaranteed Obligations, until all of the Guaranteed Obligations have been
paid and discharged in full. If any amount is paid to Guarantor in violation of the preceding sentence, such amount shall be held
in trust for the benefit of the Guaranteed Party and shall be paid forthwith to the Guaranteed Party to be credited and applied
to the Guaranteed Obligations, whether matured or not. Subject to the foregoing, upon payment of all the Guaranteed Obligations,
Guarantor shall be subrogated to the rights of the Guaranteed Party against Cartesian, indemnified or reimbursed.

 

12.           The
Guaranteed Party shall not be under any obligation (a) to marshal any assets or properties in favor of Guarantor or in payment
of any or all of the Guaranteed Obligations or (b) to pursue any other remedy that Guarantor may or may not be able to pursue itself
and that may lighten such Guarantor’s burden, any and all right to which the Guarantor hereby expressly waive.

 

13.           If
acceleration of the time for performance or payment of any amount payable by Cartesian with respect to any of the Guaranteed Obligations
is stayed upon insolvency, bankruptcy or reorganization of Cartesian, all such matters required to be performed and amounts otherwise
subject to acceleration under the terms of the Note shall nonetheless be payable and subject to performance by Guarantor to the
extent provided in this Guarantee.

 

14.           If
any provisions of this Guaranty or the application thereof to any person, entity or circumstance shall for any reason and to any
extent be invalid or unenforceable, neither the remainder of this Guaranty nor the application of such provision to other person(s),
entities, or circumstances shall be affected thereby, but shall be enforced to the extent permitted by applicable Law.

 

15.           Guarantor
represents that it will receive a direct and material benefit from the Guaranteed Obligations.

    	5

    	 

    

  

16.           All
notices, demands, requests, consents or other communications to be given or delivered under or by reason of the provisions of this
Guaranty shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery
to the party to be notified, or (b) one (1) Business Day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next business day delivery, with written verification of delivery. Such notices, demands, requests, consents
and other communications shall be sent to the following Persons at the following addresses:

 

(i)       if
to Guarantor, to:

 

The Management Network Group, Inc.

7300 College Boulevard, Suite 302

Overland Park, Kansas 66210

Attention: CEO/President and General Counsel

Fax:

Email:

 

(ii)      if
to Guaranteed Party, to:

 

Elutions Capital Ventures S.à r.l

c/o Elutions, Inc.

601 East Twiggs Street

Tampa, Florida 33602

Attention: Chairman/CEO and General
Counsel

Fax:

Email:

 

or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party.

 

17.           Any
demand by the Guaranteed Party for payment hereunder shall be in writing, signed by the Guaranteed Party and delivered to Guarantor
pursuant to this Section 17 hereof, and shall (a) reference this Guaranty, (b) specifically identify Cartesian, the Guaranteed
Obligations to be performed and, in the case of Guaranteed Obligations to be paid, the amount of such Guaranteed Obligations, and
(c) set forth payment instructions. There are no other requirements of notice, presentment or demand or otherwise. All sums payable
under this Guaranty shall be paid in full without set-off or counterclaim and free and clear of and without deduction of or withholding
for or on account of any present or future Taxes, duties and/or other charges. If Guarantor is compelled to make any deduction,
it shall pay additional amounts to ensure receipt by the Guaranteed Party of the full amount the Guaranteed Party would have received
but for the deduction.

 

18.           This
Guaranty may be amended, modified, or supplemented only pursuant to a written instrument making specific reference to this Guaranty
and signed by Guarantor and the Guaranteed Party.

 

19.           Each
capitalized term used herein and not otherwise defined has the meaning given to such term in the Investment Agreement.

 

    	6

    	 

    

  

20.           This
Guaranty and the rights and obligations hereunder shall not be assigned, delegated, or otherwise transferred (whether by operation
of law, by contract, or otherwise) without the prior written consent of the other party hereto; provided, however, that the Guaranteed
Party may assign this Guaranty to any transferee of the Note. Any attempted assignment, delegation, or transfer in violation of
this Section 20 shall be void and of no force or effect.

 

21.           The
rights and remedies provided for herein are cumulative and not exclusive of any right or remedy that may be available to any party
whether at law, in equity, or otherwise. No delay, forbearance, or neglect by any party, whether in one or more instances, in the
exercise or any right, power, privilege, or remedy hereunder or in the enforcement of any term or condition of this Guaranty shall
constitute or be construed as a waiver thereof. No waiver of any provision hereof, or consent required hereunder, or any consent
or departure from this Guaranty, shall be valid or binding unless expressly and affirmatively made in writing and duly executed
by the party to be charged with such waiver. No waiver shall constitute or be construed as a continuing waiver or a waiver in respect
of any subsequent breach, either of similar or different nature, unless expressly so stated in such writing

 

22.           This
Guaranty and all claims or causes of action (whether in tort, contract or otherwise) that may be based upon, arise out of or relate
to this Guaranty or the negotiation, execution or performance of this Guaranty (including any claim or cause of action based upon,
arising out of or related to any representation or warranty made in or in connection with this Guaranty) shall be governed by and
construed in accordance with the Laws of the State of New York, without giving effect to any choice or conflict of law provision
or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the Laws of any jurisdiction
other than the State of New York.

 

23.           The
undersigned irrevocably agrees that any legal action or proceeding with respect to this Guaranty and the rights and obligations
arising hereunder, or for recognition and enforcement of any judgment in respect of this Guaranty and the rights and obligations
arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and determined exclusively in
the any New York State court sitting in the County of New York, the State of New York or the United States District Court for the
Southern District of New York, and, in each case, any appellate court therefrom. The undersigned hereby irrevocably submits with
regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal
jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Guaranty or any of the transactions
contemplated by this Guaranty in any court other than the aforesaid courts. The undersigned hereby irrevocably waives, and agrees
not to assert as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Guaranty, (a) any claim
that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve
in accordance with this Section 23, (b) any claim that it or its property is exempt or immune from the jurisdiction of any
such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by the
applicable Law, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue
of such suit, action or proceeding is improper or (iii) this Guaranty, or the subject matter hereof, may not be enforced in or
by such courts. The undersigned agrees that service of process upon such party in any such action or proceeding shall be effective
if such process is given as a notice in accordance with Section 16.

 

    	7

    	 

    

  

24.           THE
UNDERSIGNED HEREBY IRREVOCABLY WAIVES TO THE EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY DIRECT
OR INDIRECT ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY.
THE UNDERSIGNED ( A ) CERTIFIES THAT 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, ( B ) MAKES THIS WAIVER VOLUNTARILY,
AND ( C ) ACKNOWLEDGES THAT THE UNDERSIGNED HAS BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE WAIVERS CONTAINED
IN THIS SECTION 24.

 

[signature page follows]

 

    	8

    	 

    

  

Guarantor has executed this Guaranty as
of March 18, 2014.

 

	 	The Management Network Group, Inc.
	 	 	 	 
	 	By:	/s/ Donald E. Klumb
	 	 	Name:	Donald E. Klumb
	 	 	Title:	Chief Executive Officer, President and Chief Financial Officer

 

[Signature Page
to Guaranty]

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