Document:

Exhibit
      10.2

     

    STOCKHOLDERS
      AGREEMENT

     

    THIS
      STOCKHOLDERS AGREEMENT (this “Agreement”)
      is
      made as of the 16th day of June, 2006, by and among HRDQ GROUP, INC., a Delaware
      corporation (the ”Corporation”),
      TELECOM COMMUNICATIONS, INC., a Delaware corporation (including any successor
      in
      interest thereto, ”Telecom”),
      CHINA
      DONGGUAN NETWORKS, INC, a BVI corporation (“CDN”)
      and
      TOP RIDER GROUP,LTD., a BVI corporation (“TRG”).
      Telecom, CDN and TRG, together with any subsequent holders of Common Stock
      (as
      defined below) or Series A Preferred Stock (as defined below) that become
      parties to this Agreement, are collectively referred to herein as the
“Stockholders.”
The
      addresses of the Corporation and current Stockholders are listed on Exhibit
      A
      hereto.

     

    RECITALS
      

     

    A.  The
      Corporation is in the business of owning and operating an Internet web site
      known as “subaye.com.” 

     

    B.  Each
      Stockholder owns, or will own as of the date hereof, directly or indirectly,
      the
      shares of Common Stock and/or Series A Preferred Stock set forth opposite such
      Stockholder’s name on Schedule 1 hereto, as it may be amended from time to time.

     

    C.  As
      of the
      date hereof, the Corporation is issuing and selling 200,000 shares of Series
      A
      Preferred Stock and 500,000 shares of Common Stock to TRG (the “TRG Shares”)
      pursuant to a Series A Preferred and Common Stock Purchase Agreement by and
      between TRG and the Corporation of even date herewith (the “Stock Purchase
      Agreement”). 

     

    D.  The
      execution and delivery of this Agreement is a condition to the closing of the
      issuance and sale of the TRG Shares pursuant to the Stock Purchase Agreement.
      

     

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

     

    ARTICLE
      1

    DEFINITIONS

     

    (a)  “Affiliate”
      means (i) with respect to any individual, (A) a spouse or descendant, through
      blood or adoption, of such individual, (B) any trust, family partnership or
      limited liability company whose beneficiaries shall primarily be such individual
      and/or such individual’s spouse and/or any Person related by blood or adoption
      to such individual or such individual’s
      spouse,
      and (C) the estate or heirs of such individual, and (ii) with respect to any
      Person that is not an individual, any other Person that, directly or indirectly
      through one or more intermediaries Controls, is Controlled by, or is under
      common Control with, such Person and/or one or more Affiliates thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)  “Annual
      Plan”
means,
      for each fiscal year of the Corporation, an annual updated consolidated business
      and strategic budget and plan (which budget and plan shall specify which line
      items are operational items and which line items are strategic items), including
      cash flow and other financial projections (setting forth in detail the
      assumptions therefor) on a monthly basis for the Corporation for the applicable
      fiscal year of the Corporation. The Annual Plan for each year will also contain
      performance criteria for employee bonuses for such year. 

     

    (c)  “Board”
means
      the board of directors of the Corporation. 

     

    (d)  “Certificate”
means
      the Certificate of Incorporation of the Corporation, as the same may be amended
      from time to time. 

     

    (e)  “Change
      of Control of Telecom”
means
      the occurrence of any of the following events: 

     

    (i)  the
      acquisition, directly or indirectly, by any “person” or “group” (as those terms
      are defined in Sections 3(a)(9), 13(d), and 14(d) of the Exchange Act of
“beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange
      Act) of securities entitled to vote generally in the election of directors
      (“voting securities”) of Telecom that represent 50% or more of the combined
      voting power of Telecom’s then outstanding voting securities; or 

     

    (ii)  any
      merger, consolidation, reorganization, or business combination or sale or other
      disposition of all or substantially all of Telecom’s assets, other than any such
      transaction which results in the Telecom’s voting securities outstanding
      immediately before the transaction continuing to represent (either by remaining
      outstanding or by being converted into voting securities of Telecom or the
      person that, as a result of the transaction, controls, directly or indirectly,
      Telecom or owns, directly or indirectly, all or substantially all of Telecom’s
      assets or otherwise succeeds to the business of Telecom (Telecom or such person,
      the “Successor
      Entity”))
      directly or indirectly, at least 50% of the combined voting power of the
      Successor Entity’s outstanding voting securities immediately after the
      transaction. 

     

    (f)  “Common
      Stock”
means
      shares of the common stock, par value $0.001 per share, of the Corporation.
      

     

    
      
        
        

      

      
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    (g)  “Common
      Stock Equivalents”
means
      securities convertible into, or exchangeable for, or exerciseable into, shares
      of Common Stock (including, without limitation, the Series A Preferred Stock).
      

     

    (h)  “Acquisition
      Agreement”
means
      that certain Acquisition Agreement, dated as of the date hereof, by and among
      the Corporation, Telecom, CDN and Alpha Century Holdings Ltd., a BVI
      corporation. 

     

    (i)  “Control,”
      “Controlled”
or
      “Controls”
means
      the possession, directly or indirectly, of the power to direct or cause the
      direction of the management and policies (investment or otherwise) of a Person,
      whether through ownership of voting securities, by contract or otherwise.

     

    (j)  “Equity
      Incentive Plan”
means
      the Corporation’s 2006 Equity Incentive Plan, as in effect on the date hereof
      (including with respect to the amount of shares of Common Stock issuable
      thereunder as of the date hereof). 

     

    (k)  “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder. 

     

    (l)  “Telecom
      Rights Period”
      means
      any period during which Telecom (i) directly or indirectly holds at least
      1,000,000 shares of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) or (ii) is required to account for its equity
      interest in the Corporation under the equity method of accounting under
      generally accepted accounting principles or under applicable financial reporting
      requirements of the Securities and Exchange Commission. 

     

    (m)  “Person”
shall
      be construed broadly and shall include, without limitation, an individual,
      a
      partnership, an investment fund, a limited liability company, a corporation,
      an
      association, a joint stock company, a trust, a joint venture, an unincorporated
      organization and a governmental entity or any department, agency or political
      subdivision thereof. 

     

    (n)  “Preferred
      Stock”
means
      shares of preferred stock, par value $0.001 per share, of the Corporation.
      

     

    (o)  “Qualified
      IPO”
means
      the sale, in an Underwritten Offering, of Common Stock for a purchase price
      per
      share of not less than $17.25 (as adjusted for any stock splits, reverse stock
      splits, stock dividends, recapitalizations and the like) resulting in gross
      proceeds to the Corporation of not less than $20,000,000 other than any offering
      made in connection with a compensatory benefit plan or an acquisition
      transaction, including a transaction subject to Rule 145 under the Securities
      Act. 

     

    (p)  “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder. 

     

    
      
        
        

      

      
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    (q)  “Series
      A Preferred Stock”
means
      the Series A Convertible Preferred Stock, par value $0.001 per share, of the
      Corporation. 

     

    (r)  “Stockholder’s
      Shares”
or
      “Shares”
means
      all shares of the Corporation’s capital stock now owned or subsequently acquired
      by a Stockholder (including, without limitation, shares of Common Stock and
      Series A Preferred Stock). 

     

    (s)  “Stockholder”
means
      each party to this Agreement (other than the Corporation) and any other Person
      who executes, and agrees to bound by the terms of this Agreement. 

     

    (t)  “Underwritten
      Offering”
means
      a
      registration under the Securities Act, in which securities of the Corporation
      are sold to an underwriter on a firm commitment basis for reoffering to the
      public. 

     

    (u)  The
      words
“sale,”
      “sell,”
      “transfer”
and
      the
      like shall include any disposition by way of transfer with or without
      consideration, to any persons for any purpose and include without limitation,
      public or private offerings. 

     

    ARTICLE
      2

    TRANSFERS;
      NOTICE; RIGHT OF FIRST REFUSAL; RIGHT OF CO-SALE 

     

    2.1  General
      Restriction on Shares.      During
      the term of this Agreement, all of a Stockholder’s Shares shall be subject to
      the terms of this Agreement. No Stockholder shall transfer, sell, assign or
      otherwise dispose (each, a “Transfer”)
      any
      Shares other than pursuant to the terms of this Agreement, and any Transfers
      in
      violation of this Agreement shall be null and void. All Transfers of Shares
      shall be subject to compliance with state and federal securities laws, and
      in
      the event of a Transfer that is not pursuant to an effective registration
      statement the Corporation may require the transferor to provide the Corporation
      with an opinion of counsel reasonably satisfactory to the Corporation to the
      effect that such Transfer does not require registration under the Securities
      Act. Without limiting the generality of the foregoing, Telecom shall not
      Transfer (by way of dividend or otherwise) any of the Shares held by it to
      Telecom’s shareholders if such Transfer would cause the Corporation to become
      subject to the reporting requirements under the Exchange Act. 

     

    2.2  Notice
      Provisions; Contents Thereof.     
      If
      any
      Stockholder (each, a “Transferring
      Stockholder”)
      proposes to Transfer to any Person any Shares (the “Transfer
      Shares”)
      in one
      or more related transactions, then, except as provided in Section
      2.7
      hereof,
      the Transferring Stockholder shall promptly give written notice (the
“Notice”)
      to the
      other Stockholders (collectively, the “Transfer
      Offerees”)
      and
      the Corporation of such proposed Transfer. The Notice shall describe in
      reasonable detail the proposed Transfer including, without limitation: (a)
      the
      number of Transfer Shares to be Transferred; (b) the nature of such Transfer
      and
      the amount and form of consideration to be paid; (c) the name and address of
      each prospective purchaser or transferee; and (d) any other material terms
      and
      conditions upon which such Transfer is to be made, along with copies of all
      material, proposed agreements relating to such Transfer, including but not
      limited to, purchase agreements, voting or proxy agreements, and other
      agreements or documents requested by a Transfer Offeree. 

     

    
      
        
        

      

      
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    2.3  Right
      of First Refusal.

     

    2.3.1  Within
      fifteen (15) calendar days of its receipt of the Notice, the Corporation shall
      notify the Transferring Stockholder and the Transfer Offerees of the
      Corporation’s intent to purchase some or all of the Transfer Shares at the same
      price and upon the same terms upon which the Transferring Stockholder is
      proposing to dispose of such Transfer Shares, and, subject to Section 2.3.3
      below, the Transferring Stockholder shall sell to the Corporation the Transfer
      Shares pursuant to such proposed terms. If the Corporation fails or declines
      to
      exercise fully its right of first refusal as described in the immediately
      preceding sentence, the Transferring Stockholder shall promptly deliver a notice
      thereof setting forth the number of Transfer Shares that the Corporation has
      elected not to purchase (the “Transfer Offeree Notice”) to the Transfer
      Offerees, and the Transfer Offerees may elect to purchase the
      Transfer
      Shares that the Corporation has elected not to purchase at the same price and
      upon the same terms which the Transferring Stockholder is proposing to dispose
      of such Transfer Shares by delivering a written notice (an “Acceptance Notice”)
      of such election to the Transferring Stockholder within fifteen (15) days of
      receipt of the Transfer Offeree Notice. Each Transfer Offeree that elects to
      deliver an Acceptance Notice shall specify in the Acceptance Notice the number
      of Transfer Shares that such Transfer Offeree is willing to acquire (which
      may
      be in excess of (but not less than) such Transfer Offeree’s Pro Rata Share) (as
      defined below). If the Transfer Offerees elect to purchase in the aggregate
      all
      of the Transfer Shares specified in the Transfer Offeree Notice, each such
      Transfer Offeree so electing shall be entitled and obligated to purchase, on
      the
      terms set forth in the Notice, a number of Transfer Shares equal to the sum
      of
      (a) the amount of such Transfer Offeree’s Pro Rata Share of Transfer Shares not
      being purchased by the Corporation, and (b) to the extent a Transfer Offeree
      elected to purchase more than its Pro Rata Share of Transfer Shares not being
      purchased by the Corporation, the lesser of (i) such Transfer Offeree’s
      proportionate share of any remaining Transfer Shares to be Transferred other
      than those Transfer Shares to be purchased by accepting Offer Transferees
      pursuant to clause (a) above (based upon the relative Pro Rata Share of each
      Transfer Offeree electing to purchase more than its Pro Rata Share of Transfer
      Shares not being purchased by the Corporation), or (ii) that number of Transfer
      Shares equal to the number of shares such Transfer Offeree elected to purchase
      minus such Transfer Offeree’s Pro Rata Share of Transfer Shares not being
      purchased by the Corporation (it being understood that the allocation procedures
      contemplated by this clause (ii) shall be repeated until all Transfer Shares
      have been allocated). Each Transfer Offeree’s “Pro Rata Share” shall mean the
      ratio, calculated in accordance with Section 2.6, of the number of shares of
      Common Stock of the Corporation held by the Transfer Offeree on the date of
      the
      Transfer Offeree Notice divided by the total number of shares of Common Stock
      of
      the Corporation held by all of the Transfer Offerees on the date of the Transfer
      Offeree Notice. 

     

    
      
        
        

      

      
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    2.3.2  Each
      Transfer Offeree shall be entitled to apportion its Pro Rata Share to be
      purchased pursuant to this Section
      2.3
      among
      its Permitted Transferees (as defined in Section
      2.7),
      provided that the Transfer Offeree notifies the Transferring Stockholder of
      such
      allocation. 

     

    2.3.3  In
      the
      event the Corporation and/or all or part of the Transfer Offerees, as
      applicable, fail to subscribe for all of the Transfer Shares pursuant to
Section
      2.3.1,
      then
      the Transferring Stockholder shall not be required to sell any of the
      Transferred Shares to the Corporation or any of the Transfer Offerees and,
      subject to Section
      2.4,
      the
      Transferring Stockholder may Transfer all (but not less than all) of the
      Transfer Shares to third parties pursuant to Section
      2.5
      at the
      same price and upon the same terms and conditions specified in the Notice;
      provided,
      however,
      that in
      the event such Transfer Shares are not sold within ninety (90) calendar days
      of
      the date of the Notice, such Transfer Shares shall once again be subject to
      the
      right of first refusal and right of co-sale as provided for in Sections
      2.3
      and
2.4
      of this
      Agreement. 

     

    2.3.4  Should
      the purchase price specified in the Notice be payable in property other than
      cash, the Corporation and/or the Transfer Offerees shall have the option to
      pay
      the purchase price contemplated by Section
      2.3
      in the
      form of cash equal in amount to the value of such property. If the Transferring
      Stockholder and the Corporation cannot agree on such cash value within ten
      (10)
      days after receipt by the Corporation and the Transfer Offerees of the Notice,
      the valuation shall be made by an independent appraiser of recognized standing
      selected by the Transferring Stockholder and the Corporation or, if they cannot
      agree on an appraiser within twenty (20) days after receipt by the Corporation
      and the Transfer Offerees of the Notice, each shall select an independent
      appraiser of recognized standing and the two appraisers shall designate a third
      independent appraiser of recognized standing, whose appraisal shall be
      determinative of such value. The cost of such appraisal shall be shared equally
      by the Transferring Stockholder, on the one hand, and the Corporation and/or
      the
      Transfer Offerees (based on the relative amounts of Transfer Shares being
      purchased by the Corporation and the Transfer Offerees), on the other hand.
      If
      this Section
      2.3.4
      is
      applicable, then the time periods contemplated by Section
      2.3.1
      and
Section
      2.3.3
      shall be
      deemed to commence on the date that the valuation contemplated by this
Section 2.3.4
      is
      determined. 

     

    
      
        
        

      

      
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    2.4  Right
      of Co-Sale.

     

    2.4.1  Co-Sale
      Obligations.
      

     

    (a)  If
      any
      Stockholder (or a direct or indirect transferee thereof) proposes to Transfer
      to
      any Person other than a Permitted Transferee any Transfer Shares in one or
      more
      related transactions, and the right of first refusal set forth in Section
      2.3
      above
      was not fully exercised (such that all Transfer Shares proposed to be
      transferred will not be Transferred to the Corporation and/or the Transfer
      Offerees), then the Transferring Stockholder will, via written notice, inform
      the other Stockholders (each, a “Co-Sale
      Stockholder”)
      and
      the Corporation of such fact and permit each Co-Sale Stockholder to participate
      in the Transfer of such Transfer Shares at the same price, and upon the same
      terms and conditions specified in the Notice in accordance with the provisions
      of this Section
      2.4
      herein.
      Such written notice is hereinafter referred to as the “Co-Sale
      Notice.”
      

     

    (b)  The
      Co-Sale Notice: (i) shall specify the number of Transfer Shares to be
      Transferred by the Transferring Stockholder, the sale price, the purchasers
      and
      all other terms of the Transfer; (ii) shall be titled “Co-Sale Notice”; and
      (iii) shall be delivered to each Stockholder and the Corporation within seven
      (7) calendar days after the Corporation and all Transfer Offerees exercise
      or
      decline to exercise their right of first refusal, as set forth in Section
      2.3
      above.

     

    2.4.2  Right
      of Co-Sale.
      No
      later than fifteen (15) calendar days after its receipt of the Co-Sale Notice,
      each Co-Sale Stockholder shall notify the Transferring Stockholder of such
      Co-Sale Stockholder’s intent to sell to the prospective purchaser of the
      Transferring Stockholder’s Transfer Shares all or any part of such Co-Sale
      Stockholder’s Co-Sale Allocation (as defined below) pursuant to the terms the
      Transferring Stockholder proposes to Transfer its Transfer Shares. For purposes
      of this Section
      2.4.2,
      each
      Co-Sale Stockholder’s “Co-Sale
      Allocation”
with
      respect to each Transfer of Transfer Shares by the Transferring Stockholder
      shall be equal to the product obtained by multiplying (a) the total number
      of
      Transfer Shares being Transferred by the Transferring Stockholder by (b) a
      fraction, calculated in accordance with Section
      2.6,
      the
      numerator of which shall be the total number of shares of Common Stock of the
      Corporation held by such Co-Sale Stockholder on the date of the Co-Sale Notice,
      and the denominator of which shall be the total number of shares of Common
      Stock
      of the Corporation held by all Co-Sale Stockholders and the Transferring
      Stockholder on the date of the Co-Sale Notice. If such Co-Sale Stockholder
      elects to Transfer to the prospective purchaser all or any portion of such
      Co-Sale Stockholder’s Co-Sale Allocation, then the Transferring Stockholder
      shall assign to such Co-Sale Stockholder as much of the Transferring
      Stockholder’s interest in the agreement for the sale of the Transfer Shares as
      such Co-Sale Stockholder shall be entitled to pursuant to the terms hereof.
      

     

    
      
        
        

      

      
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    2.4.3  Delivery
      Requirements.
      Each
      Co-Sale Stockholder shall effect its participation in the Transferring
      Stockholder’s sale of Transfer Shares pursuant to Section
      2.4
      by
      promptly delivering to the Transferring Stockholder for Transfer to the
      prospective purchaser: 

     

    (a)  one
      or
      more certificates, properly endorsed for Transfer, which represent that number
      of Shares which such Co-Sale Stockholder elects to sell; and Company
      may have to issue certificate in certain instances.

     

(b)  an
  Assignment Separate From Certificate, via facsimile or otherwise, which represents
  such Co-Sale Stockholder’s Co-Sale Allocation (or applicable portion thereof).
  

     

    The
      Corporation agrees to effect any such assignment concurrent with the actual
      transfer of such Transfer Shares to the purchaser. 

     

    2.4.4  Transfer
      of Shares; Remittance of Sale Proceeds.
      The
      stock certificate or certificates that any Co-Sale Stockholder delivers to
      the
      Transferring Stockholder pursuant to Section
      2.4.3
      shall be
      Transferred to the prospective purchaser in consummation of the sale of the
      Transfer Shares pursuant to the terms and conditions specified in the Notice,
      and the Transferring Stockholder shall concurrently therewith remit to such
      Co-Sale Stockholder that portion of the sale proceeds to which such Co-Sale
      Stockholder is entitled by reason of its participation in such sale by wire
      transfer of immediately available funds to an account designated by such Co-Sale
      Stockholder. To the extent that any prospective purchaser prohibits such
      assignment or otherwise refuses to purchase shares or other securities from
      a
      Co-Sale Stockholder exercising its rights of co-sale hereunder, the Transferring
      Stockholder shall not sell to such prospective purchaser or purchasers any
      Transfer Shares unless and until, simultaneously with such sale, the
      Transferring Stockholder shall purchase such shares or other securities from
      the
      Co-Sale Stockholders on the same terms as described in the Notice. 

     

    2.5  Subsequent
      Sales.
      The
      exercise or non-exercise of the rights of the Corporation, a Transfer Offeree
      or
      a Co-Sale Stockholder hereunder to participate in one or more sales of Transfer
      Shares made by the Transferring Stockholder shall not adversely affect the
      Corporation’s, such Transfer Offeree’s or such Co-Sale Stockholder’s rights to
      participate in subsequent sales of the Transferring Stockholder’s Shares subject
      to the terms of this Agreement pursuant to Section
      2.1
      hereof.

     

    2.6  Methodology
      for Calculations.
      For
      purposes of this Agreement, the proposed Transfer of a Common Stock Equivalent
      shall be treated as the proposed Transfer of the shares of Common Stock into
      which such Common Stock Equivalent can be converted, exchanged, or exercised.
      Unless otherwise specifically provided, for purposes of all calculations under
      this Agreement (including, without limitation, determining the amount of
      outstanding Common Stock as of any date, the amount of Common Stock owned by
      any
      Person, and the percentage of outstanding Common Stock owned by any Person),
      all
      Common Stock into which any Common Stock Equivalents are convertible,
      exchangeable or exercisable shall be deemed to be outstanding as of the date
      of
      calculation (and held by the holder of such Common Stock Equivalents).

     

    
      
        
        

      

      
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    2.7  Exempt
      Transfers of Transferring Stockholder’s Stock.
      Notwithstanding the foregoing, but subject to Section
      2.1
      above,
      the right of first refusal of the Corporation and the Transfer Offerees under
      Section
      2.3
      and the
      right of co-sale of the Co-Sale Stockholders under this Section
      2.4
      shall
      not apply to: 

     

    (a)  any
      Transfer by a Transferring Stockholder to the Transferring Stockholder’s
      Affiliates or any Transfer by way of bequest or inheritance upon death (any
      transferee pursuant to this clause (a), a “Permitted
      Transferee”);
      

     

    (b)  any
      Transfer of Shares pursuant to the provisions of Article
      7
      of this
      Agreement; 

     

    (c)  any
      pledge of Transfer Shares made pursuant to a bona fide loan transaction that
      creates a mere security interest; or 

     

    (d)  any
      Transfer to the Corporation; 

     

    provided,
      however,
      that
      any pledgee or transferee (other than the Corporation) shall agree in writing
      to
      be bound by and comply with all provisions hereof. Notwithstanding the preceding
      sentence, the Transferring Stockholder shall inform the Corporation of any
      such
      Transfer prior to effecting it. Such Transferred Transfer Shares shall remain
      “Shares” hereunder, and such transferee or donee shall execute the Joinder
      Agreement and shall be treated as a “Stockholder” for purposes of this
      Agreement. 

     

    ARTICLE
      3 

    PREEMPTIVE
      RIGHTS

     

    3.1  Preemptive
      Rights.
      

     

    Except
      for Excluded Securities (as hereinafter defined), the Corporation shall not
      issue, sell, or exchange, or agree to issue, sell, or exchange (collectively,
      “Issue,”
and
      any issuance, sale, or exchange resulting therefrom, an “Issuance”)
      (a)
      any shares of capital stock of the Corporation or any of its subsidiaries or
      (b)
      any other equity security of the Corporation, including, without limitation,
      any
      options, warrants, or other rights to subscribe for, purchase, or otherwise
      acquire any capital stock or other equity security of the Corporation, unless,
      in each case, the Corporation shall have first given written notice (the
“Article
      3 Notice”)
      to
      each Stockholder (each, an “Article
      3 Offeree”)
      (so
      long as, in each case, such Stockholder directly or indirectly through its
      Affiliates owns at least 1,000,000 shares of Common Stock (on an as converted
      and as exercised basis) and has not previously forfeited its rights under this
      Article 3 pursuant to Section
      3.3
      below)
      that shall (i) state the Corporation’s intention to sell any of the securities
      described in (a) and/or (b) above, the amount to be issued, sold, or exchanged,
      the terms of such securities, the purchase price therefor, and a summary of
      the
      other material terms of the proposed issuance, sale, or exchange and (ii) offer
      (an “Article
      3 Offer”)
      to
      Issue to each Article 3 Offeree such Article 3 Offeree’s Proportionate
      Percentage (as defined below) of such securities (with respect to each Article
      3
      Offeree, the “Offered
      Securities”)
      upon
      the terms and subject to the conditions set forth in the Article 3 Notice,
      which
      Article 3 Offer by its terms shall remain open for a period of twenty (20)
      days
      from the date it is delivered by the Corporation to the Article 3 Offerees
      (and,
      to the extent the Article 3 Offer is accepted during such twenty (20)-day
      period, until the closing of the Issuance contemplated by the Article 3 Offer).
      “Proportionate
      Percentage”
for
      the
      purposes of this Section shall mean the quotient, determined in accordance
      with
Section
      2.6,
      obtained by dividing (x) the number of shares of Common Stock owned by the
      Article 3 Offeree, by (y) the total number of shares of Common Stock owned
      by
      all of the Article 3 Offerees on the date of the Article 3 Offer. Each Article
      3
      Offeree shall be entitled to apportion its Offered Securities among its
      Permitted Transferees. 

     

    
      
        
        

      

      
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    3.2  Notice
      of Acceptance.
      

     

    Notice
      of
      an Article 3 Offeree’s intention to accept an Article 3 Offer, in whole or in
      part, shall be evidenced in writing signed by such party and delivered to the
      Corporation prior to the end of the twenty (20)-day period of such Article
      3
      Offer (each, an “Article
      3 Notice of Acceptance”),
      setting forth the portion of the Offered Securities that the Article 3 Offeree
      elects to purchase. 

     

    3.3  Failure
      to Fully Subscribe.
      

     

    In
      the
      event that an Article 3 Notice of Acceptance is not given by any Article 3
      Offeree in respect of all of the Offered Securities (a “Non-Fully
      Subscribing Offeree”),
      then
      (a) the other Article 3 Offerees shall each have the right and option
      exercisable for a period of five (5) days commencing upon the expiration of
      the
      Article 3 Offer to purchase the amount of remaining Offered Securities equal
      to
      its Proportionate Percentage of such securities (treating only the remaining
      Article 3 Offerees as Article 3 Offerees for these purposes) or such other
      amount as may be agreed upon by such Article 3 Offerees and (b) the Non-Fully
      Subscribing Offeree shall forfeit its preemptive rights set forth in this
Article
      3
      with
      respect to future Issuances by the Corporation. 

     

    3.4  Corporation’s
      Right to Issue.
      

     

    3.4.1  In
      the
      event that the Article 3 Offerees do not elect to purchase all the Offered
      Securities in accordance with Sections
      3.2
      and
3.3
      above,
      the Corporation shall have ninety (90) calendar days following the earlier
      of
      (a) delivery of the Article 3 Notice of Acceptance or the expiration of the
      five
      (5)-day period referred to in Section
      3.3,
      as
      applicable, or (b) the twenty (20)-day period referred to in Section
      3.2
      above,
      if no Article 3 Notice of Acceptance is delivered, to Issue all or any part
      of
      such remaining Offered Securities to any other Person(s) (the “Other
      Buyers”),
      but
      only at a price not less than the price, and on terms no more favorable to
      the
      Other Buyers than the terms, stated in the Article 3 Offer Notice. 

     

    
      
        
        

      

      
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    3.4.2  If
      the
      Corporation does not consummate the Issuance of all or part of the remaining
      Offered Securities to the Other Buyers within such ninety (90)-day period,
      the
      right provided hereunder shall be deemed to be revived and such securities
      shall
      not be offered unless first re-offered to each Article 3 Offeree in accordance
      with this Article
      3.
      

     

    3.4.3  Within
      thirty (30) days of the closing of the Issuance to the Other Buyers of all
      or
      part of the remaining Offered Securities (or, at the request of any Article
      3
      Offeree, contemporaneously with such closing), each Article 3 Offeree shall
      purchase from the Corporation, and the Corporation shall Issue to each such
      Article 3 Offeree (or any permitted transferee(s) designated by it), the Offered
      Securities that the Article 3 Offeree committed to purchase pursuant to
Sections
      3.2
      and
3.3,
      on the
      terms specified in the Article 3 Offer. The purchase by an Article 3 Offeree
      of
      any Offered Securities is subject in all cases to the execution and delivery
      by
      the Corporation and the Article 3 Offeree of a purchase agreement relating
      to
      such Offered Securities in form and substance similar in all material respects
      to the extent applicable to that executed and delivered between the Corporation
      and the Other Buyers. 

     

    3.5  Excluded
      Securities.
      

     

    For
      purposes of this Article
      3,
      “Excluded
      Securities”
shall
      mean: (a) securities issued pursuant to the Stock Purchase Agreement; (b) shares
      of Common Stock issued or issuable upon conversion of the Series A Preferred
      Stock; (c) any capital stock issued as a stock dividend or upon any stock split
      or other subdivision or combination of shares of the Corporation’s capital
      stock; (d) shares of Common Stock issued in any Qualified IPO; (e) shares of
      Common Stock or Common Stock Equivalents issuable or issued to employees or
      directors of the Corporation or consultants providing bona fide services to
      the
      Corporation pursuant to the Equity Incentive Plan; (f) securities issued
      pursuant to any Common Stock Equivalents provided that the Corporation shall
      have complied with the preemptive rights established by this Article
      3
      with
      respect to the initial sale or grant by the Corporation of such Common Stock
      Equivalents; and/or (g) shares of Common Stock or Common Stock Equivalents
      issued pursuant to or in connection with (1) any equipment loan or leasing
      arrangement, real property leasing arrangement or debt financing from a bank
      or
      similar financial institution and/or (2) in connection with strategic
      transactions involving the Corporation and other entities, including (A)
      acquisitions (of assets or equity interests), mergers and/or consolidations,
      (B)
      joint ventures, manufacturing, marketing or distribution agreements, or (C)
      technology transfer or development arrangements, provided
      that
      such issuance is approved by the Board and/or (3) a merger or consolidation
      or
      acquisition of any other entity or assets thereof that is approved by the Board;
      provided
      that so
      long as the TRG Designation Period (as defined below) is still in effect,
      issuances in reliance on this Section
      3.5(g)
      shall
      not exceed 400,000 shares of Common Stock or Common Stock Equivalents (as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) in any single transaction or series of related
      transactions unless such transaction or series of related transactions is
      approved by the Board, including the affirmative vote of the TRG Director (in
      which case such limitation shall not apply). 

     

    
      
        
        

      

      
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    3.6  Right
      to Purchase Additional Securities.
      

     

    3.6.1  The
      Corporation shall not Issue any Special Securities (as defined below) unless
      the
      Corporation shall have first complied with the provisions of this Section
      3.6.
      If the
      Corporation proposes to Issue any Special Securities, it shall, prior to any
      such Issuance, give written notice to Telecom (so long as Telecom directly
      or
      indirectly through its Affiliates owns more than fifty percent (50%) of the
      Common Stock of the Corporation (calculated in accordance with Section
      2.6
      and
      after giving effect to the maximum number of Telecom Increasing Securities
      that
      Telecom may be entitled to purchase pursuant to Section
      3.6.2
      below)
      (the “Telecom
      Special Securities Notice”)
      that
      shall (a) state the Corporation’s intention to sell the Special Securities, the
      amount to be issued, sold or exchanged, the terms of the Special Securities,
      the
      purchase price therefor, and a summary of the other material terms of the
      proposed issuance, sale or exchange and (b) offer (the “Telecom
      Special Securities Offer”)
      to
      Issue to Telecom an equal number (and type) of Special Securities (the
“Telecom
      Special Securities”)
      at the
      Telecom Special Securities Purchase Price (as defined in Section
      3.6.3
      below),
      which offer shall remain open for a period of fifteen (15) days following the
      date the Telecom Special Securities Purchase Price is determined pursuant to
      Section
      3.6.3
      (and, to
      the extent the Telecom Special Securities Offer is accepted during such fifteen
      (15)-day period, until the closing of the Issuance contemplated by the Telecom
      Special Securities Offer). “Special
      Securities”
shall
      mean for purposes of this Section
      3.6
      any
      securities that the Corporation proposes to Issue that are described in
      subsection (g) of the definition of “Excluded Securities” in Section
      3.5
      above.

     

    3.6.2  (a)Except
      as
      set forth in Section
      3.6.2(b)
      below,
      if any outstanding Common Stock Equivalents become exercisable, convertible
      or
      exchangeable into a greater number of shares of Common Stock after the date
      hereof (other than as a result of stock splits, reverse stock splits, stock
      dividends, recapitalizations and the like that do not result in a change of
      any
      Stockholder’s percentage ownership of outstanding Common Stock calculated in
      accordance with Section
      2.6)
      including, without limitation, as a result any anti-dilution adjustment with
      respect to the Series A Preferred Stock (the event giving rise to any such
      change in the number of shares of Common Stock underlying such Common Stock
      Equivalents being hereafter referred to as the “Adjustment
      Event”),
      then
      Telecom shall have the right to purchase, at the Telecom Increasing Securities
      Purchase Price (as defined in Section
      3.6.3
      below),
      a number of shares (such shares being the “Telecom
      Increasing Securities”)
      of the
      Adjustment Securities (as defined below) from the Corporation such that
      following such purchase (and any Adjustment Event(s) that may result from
      Telecom’s purchase of Telecom Increasing Securities) Telecom continues to have
      the same Section 3.6 Pro Rata Share as Telecom had immediately prior to such
      Adjustment Event. “Section
      3.6 Pro Rata Share”
shall
      mean (x) the number of shares of Common Stock (calculated in accordance with
      Section
      2.6)
      held by
      Telecom, divided by (y) the number of shares of Common Stock (calculated in
      accordance with Section
      2.6)
      of the
      Corporation then outstanding. The Corporation shall notify Telecom of the
      occurrence of an Adjustment Event and its calculation of the number of Telecom
      Increasing Securities within two business days of the date of the Adjustment
      Event (the “Increasing
      Securities Notice”),
      and
      Telecom may exercise its right to acquire the Telecom Increasing Securities
      at
      any time during the fifteen (15) day period following the determination of
      the
      Telecom Increasing Securities Purchase Price for the Telecom Increasing
      Securities pursuant to Section
      3.6.3.
      For
      purposes of Section
      3.6,
      “Adjustment
      Securities”
shall
      be the class and series of capital stock or other securities the issuance of
      which caused the Adjustment Event (by way of illustration and not limitation,
      if
      an issuance of Series B Preferred Stock causes an anti-dilution adjustment
      with
      respect to the conversion price of the Series A Preferred Stock, and such
      adjustment is an Adjustment Event, the Adjustment Securities would be Series
      B
      Preferred Stock). 

     

    
      
        
        

      

      
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    (b)  Notwithstanding
      anything to the contrary set forth in Section
      3.6.2(a)
      or
      otherwise herein, Section
      3.6.2(a)
      shall
      not apply with respect to any particular Adjustment Event if either (i) such
      Adjustment Event results from an Issuance of Offered Securities as to which
      (x)
      Telecom had a right of first offer pursuant to Section
      3.1
      hereof
      and (y) Telecom did not exercise in full its right to purchase its full
      Proportionate Percentage of the Offered Securities, or (ii) Telecom’s Section
      3.6 Pro Rata Share immediately prior to the Adjustment Event (taking into
      account for such purpose any Offered Securities purchased, or to be purchased,
      by Telecom pursuant to Section
      3
      above or
      otherwise in connection with such Adjustment Event) is less than or equal to
      Telecom’s Section 3.6 Pro Rata Share immediately following the Adjustment Event
      (taking into account for such purpose any Offered Securities purchased, or
      to be
      purchased, by Telecom pursuant to Section
      3.1).
      

     

    3.6.3  The
      purchase price for the Telecom Special Securities (the “Telecom
      Special Securities Purchase Price”)
      or the
      Telecom Increasing Securities (the “Telecom
      Increasing Securities Purchase Price”)
      shall
      be the fair market value of such Telecom Special Securities or Telecom
      Increasing Securities, as applicable, as determined by mutual agreement of
      Telecom and a majority of disinterested directors of the Corporation (it being
      understood that the Telecom Directors and the At-Large Director shall not be
      considered disinterested directors for purposes of this Section
      3.6.3);
      provided,
      however,
      that if
      Adjustment Securities that give rise to an Adjustment Event are issued for
      equity financing purposes, then the Telecom Increasing Securities Price per
      share of Telecom Increasing Securities shall be equal to the price per share
      paid by the investors in such equity financing for the Adjustment Securities.
      Telecom and the disinterested directors shall use their good faith efforts
      to
      agree upon the applicable purchase price. In each case, if Telecom and a
      majority of disinterested directors of the Corporation cannot agree on such
      purchase price within ten (10) days after the date Telecom receives the Telecom
      Special Securities Notice or the Increasing Securities Notice (or, if earlier,
      within ten (10) days of the date that Telecom notifies the Corporation that
      it
      has become aware of an event triggering its rights under Section
      3.6),
      as
      applicable, the valuation shall be made by an independent appraiser of
      recognized standing mutually selected by Telecom and a majority of disinterested
      directors of the Corporation or, if they cannot agree on an appraiser within
      twenty (20) days after the date Telecom receives the Telecom Special Securities
      Notice or the Increasing Securities Notice (or, if earlier, within twenty (20)
      days of the date that Telecom notifies the Corporation that it has become aware
      of an event triggering its rights under Section
      3.6),
      as
      applicable, each shall select an independent appraiser of recognized standing
      (no later than the expiration of such twenty (20)-day period) and the appraisers
      shall be instructed to promptly designate an independent appraiser of recognized
      standing, whose appraisal shall be determinative of the applicable purchase
      price. The parties shall use their reasonable best efforts to select an
      appraiser and cause the applicable appraiser to complete such appraisal as
      promptly as possible. The appraiser(s) shall be instructed to determine the
      Telecom Special Securities Purchase Price or the Telecom Increasing Securities
      Purchase Price, as applicable, based on the fair market value of the Telecom
      Special Securities or the Telecom Increasing Securities, as applicable. The
      cost
      of such appraisal shall be shared equally by Telecom and the Corporation.

     

    
      
        
        

      

      
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    3.6.4  Notice
      of
      Telecom’s intention to accept the Telecom Offer or to purchase the Telecom
      Increasing Securities shall be evidenced in writing signed by Telecom and
      delivered to the Corporation within fifteen (15) days following the date the
      Telecom Special Securities Purchase Price or Telecom Increasing Securities
      Purchase Price, as applicable, is determined pursuant to Section
      3.6.3
      above
      (the “Telecom
      Notice of Acceptance”).
      

     

    3.6.5  If
      Telecom delivers a Telecom Notice of Acceptance in respect of a Telecom Special
      Securities Offer, then the Corporation shall not Issue the Special Securities
      until after (or contemporaneously with) the Issuance of the Telecom Special
      Securities to Telecom (in exchange for the Telecom Special Securities Purchase
      Price) pursuant to this Section
      3.6.
      If
      Telecom delivers an Telecom Notice of Acceptance with respect to the purchase
      of
      Telecom Increasing Securities, then the corporation shall promptly issue the
      Telecom Increasing Securities to Telecom pursuant to this Section
      3.6
      in
      exchange for the Telecom Increasing Securities Purchase Price. In the event
      Telecom does not deliver an Telecom Notice of Acceptance within such fifteen
      (15)-day period, then Telecom shall forfeit (i) its rights under this
Section
      3.6
      with
      respect to the applicable Issuance of Special Securities or Adjustment Event
      and
      (ii) its rights under this Section 3.6 with respect to future Issuances of
      Special Securities and future Adjustment Events; provided that Telecom shall
      not
      forfeit its rights with respect to future Issuances of Special Securities and
      future Adjustment Events under clause (ii) of this sentence if, after giving
      effect to the Issuance of Special Securities or Adjustment with respect to
      which
      Telecom elected not to deliver an Telecom Notice of Acceptance, Telecom would
      directly or indirectly continue to hold more than 50% of the Common Stock of
      the
      Corporation (calculated in accordance with Section 2.6 and assuming issuance
      of
      all securities authorized under the Equity Incentive Plan). If Telecom shall
      have forfeited its rights under clauses (i) and (ii) of the preceding sentence,
      then this Section
      3.6
      shall
      automatically thereupon terminate. 

     

    
      
        
        

      

      
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    ARTICLE
      4 

    BOARD
      OF DIRECTORS; GOVERNANCE 

     

    4.1  Election
      and Designation of Directors.
      Each
      Stockholder shall from time to time take such action, in his capacity as a
      direct or indirect stockholder of the Corporation, including the voting or
      causing to be voted of all Voting Stock (as defined below) owned or controlled
      by such Stockholder, as may be necessary to cause the Corporation to be managed
      at all times by a Board composed as follows: 

     

    4.1.1  The
      authorized number of directors on the Board shall be five (5); 

     

    4.1.2  For
      so
      long as TRG holds shares of Series A Preferred Stock and at least 500,000
      shares of Common Stock (which 500,000 shares of Common Stock may include such
      shares of Series A Preferred Stock and shall be calculated in accordance with
      Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (the “TRG
      Designation Period”),
      it
      shall designate the director to be elected pursuant to Section D(2)(c)(i) of
      the
      Certificate (the “TRG
      Director”),
      who
      shall initially
      be
      Martin Chang; 

     

    4.1.3  During
      the Telecom Rights Period, Telecom shall designate two (2) of the directors
      to
      be elected pursuant to Section D(2)(c)(ii) of the Certificate (the “Telecom
      Directors”),
      who
      shall initially be Victor Li
      and Liu
      Yan;
      provided
      that in
      the event Telecom directly or indirectly holds less than 3,000,000 shares of
      Common Stock (but more than 2,000,000 shares of Common Stock) (in each case
      calculated in accordance with Section
      2.6
      and
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) and is no longer required to account for its
      equity interest in the Corporation under the equity method of accounting under
      generally accepted accounting principals or under applicable financial reporting
      requirements of the Securities and Exchange Commission, then Telecom shall
      designate only one (1) Telecom Director (the period during which Telecom is
      entitled to designate an Telecom Director pursuant to this Section
      4.1.3
      shall be
      referred to as the “Telecom
      Designation Period”);
      

     

    
      
        
        

      

      
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    4.1.4  For
      so
      long as CDN holds at least 1,000,000 shares of Common Stock (calculated in
      accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (the “CDN
      Designation Period”),
      it
      shall designate one (1) of the directors to be elected pursuant to Section
      D(2)(c)(ii) of the Certificate (the “CDN
      Director”),
      who
      shall initially be Limei Deng; and 

     

    4.1.5  One
      (1)
      director shall be elected pursuant to Section D(2)(c)(iii) of the Certificate
      (the “At-Large
      Director”)
      by
      holders of a majority of Voting Stock (on an as-if converted basis);
provided
      that,
      during
      the Telecom Designation Period, the At-Large Director shall not be an Affiliate
      of either of Telecom or VantagePoint Venture Partners. 

     

    4.2  Expenses.
      The
      Corporation shall pay the reasonable out-of-pocket expenses incurred by each
      Board member designated pursuant to Article
      4
      in
      connection with attending the meetings of the Board and any committees thereof.
      

     

    4.3  Covenant
      to Vote.
      

     

    4.3.1  Each
      of
      the Stockholders agrees to vote or cause to be voted, in person or by proxy,
      all
      of the Shares owned or controlled by such Stockholder and entitled to vote
      at
      any annual or special meeting of the stockholders of the Corporation called
      for
      the purpose of voting on the election of directors (“Voting
      Stock”),
      or to
      execute a written consent in lieu thereof, (a) in favor of the election or
      removal of the directors in accordance with the provisions of this Article
      4,
      and (b)
      in favor of (i) any acquisition of the Corporation by a third party (including
      by way of merger, asset sale or otherwise) that is approved by the Board and
      (ii) any public offering or other equity financing of the Corporation that
      is
      approved by the Board (each such transaction an “Approved
      Transaction”),
      and
      shall take all other necessary or desirable actions within his or its control
      (including, without limitation, attending all meetings in person or by proxy
      for
      purposes of obtaining a quorum and executing all written consents in lieu of
      meetings, as applicable), and the Corporation shall take all necessary and
      desirable actions within its control (including, without limitation, calling
      special Board and stockholder meetings), to effectuate the provisions of this
      Article
      4.
      Without
      limiting the generality of the foregoing, the Stockholders expressly agree
      that
      notwithstanding the potential applicability of the Delaware General Corporation
      Law (the “DGCL”)
      to the
      election of directors of the Corporation (and applicable provisions of the
      Certificate relating thereto), the Stockholders will vote their shares of Voting
      Stock in favor of the election or removal of the directors in accordance with
      the provisions of this Article 4 as if the cumulative voting provisions of
      the
      DGCL (including without limitation, the cumulative voting provisions of Sections
      301.5, 303 and 708 of the DGCL) did not apply to the election or removal of
      directors of the Corporation. 

     

    
      
        
        

      

      
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    4.3.2  In
      addition to voting in favor of (or consenting to) such Approved Transaction
      in
      accordance with Section 4.3.1, each Stockholder agrees to each take all
      necessary and desirable actions approved by the Board in connection with the
      consummation of the Approved Transaction, including the execution of such
      agreements and such instruments and other actions reasonably necessary to (a)
      provide the representations, warranties, indemnities, covenants, conditions,
      non-compete agreements, escrow agreements and other provisions and agreements
      relating to such Approved Transaction and (b) effectuate the allocation and
      distribution of the aggregate consideration upon the Approved Transaction;
      provided
      that
      this
Section
      4.3.2
      shall
      not require any Stockholder to indemnify the purchaser in any Approved
      Transaction for breaches of the representations, warranties or covenants of
      the
      Company or any other Stockholder, except to the extent (i) such Stockholder
      is
      not required to incur more than its pro
      rata
      share of
      such indemnity obligation (based on the total consideration to be received
      by
      all Stockholders that are similarly situated and hold the same class or series
      of capital stock) and (ii) such indemnity obligation is provided for and limited
      to a post-closing escrow or holdback arrangement of cash or stock paid in
      connection with the Approved Transaction; further
      provided
      that
      this Section 4.3.2 shall not require Telecom to enter into any non-competition
      agreement, non-solicitation agreement or similar agreement restricting the
      manner in which Telecom may conduct business in connection with such Approved
      Transaction. Further, each Stockholder also agrees (1) to refrain from
      exercising any dissenters’ rights or rights of appraisal under applicable law at
      any time with respect to such Approved Transaction, and (2) to direct and use
      such Stockholder’s commercially reasonable efforts to cause such Stockholder’s
      employees, agents and representatives not to, directly or indirectly, initiate,
      solicit, encourage or otherwise facilitate any inquiries or the making of any
      proposal for the Approved Transaction or any proposal that is intended, or
      could
      otherwise reasonably be expected, to delay, prevent, impair, interfere with,
      postpone or adversely affect the ability of the Corporation to consummate the
      Approved Transaction. All Stockholders will bear their pro
      rata
      share
      (based upon the amount of consideration to be received) of the reasonable costs
      of any Approved Transaction to the extent such costs are incurred for the
      benefit of all selling Stockholders and are not otherwise paid by the
      Corporation or the other party. Costs incurred by any Stockholder on its own
      behalf will not be considered costs of the Approved Transaction hereunder.
      

     

    4.4  Removal
      of Directors.
      

     

    4.4.1  At
      all
      times (a) during the TRG Designation Period, TRG shall have the right to require
      the removal, with or without cause, of the TRG Director, and no other Person
      shall have any rights to remove the TRG Director; (b) during the Telecom
      Designation Period, Telecom shall have the right to require the removal, with
      or
      without cause, of any or all of the Telecom Directors, and no other Person
      shall
      have any rights to remove any Telecom Director; (c) during the CDN Designation
      Period, CDN shall have the right to require the removal, with or without cause,
      of the CDN Director, and no other Person shall have any rights to remove the
      CDN
      Director and (d) holders of a majority of Voting Stock (on an as-if converted
      basis) shall have the right to require the removal, with or without cause,
      of
      the At-Large Director. 

     

    
      
        
        

      

      
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    4.4.2  In
      the
      event that any of Telecom, CDN, TRG or holders of a majority of Voting Stock
      (on
      an as-if converted basis) shall, in accordance with Section 4.1, request the
      removal of the TRG Director, any Telecom Director, the CDN Director or the
      At-Large Director, as applicable, then each of the other Stockholders hereby
      agrees to join with TRG, Telecom, CDN or holders of a majority of Voting Stock
      (on an as-if converted basis), as applicable, in recommending such removal
      as
      described above, and in causing the Corporation either to promptly hold a
      special meeting of stockholders and to vote or cause to be voted, in person
      or
      by proxy, all of the Common Stock and Preferred Stock owned or controlled by
      such Stockholder and entitled to vote at such meeting or to execute a written
      consent in lieu thereof, as the case may be, effecting such removal.

     

    4.5  Quorum.
      For
      purposes of meetings of the Board, the Bylaws of the Corporation shall provide
      for a quorum to consist of at least 51% of the full Board. 

     

    4.6  Vacancies.
      Except
      as described below, in the event a vacancy is created on the Board by reason
      of
      the death, disability, removal or resignation of any director or otherwise,
      (a)
      such vacancy may be filled by the remaining directors in accordance with the
      Bylaws, and with respect to the TRG Director, the Telecom Directors, the CDN
      Director and the At-Large Director, after obtaining the designation of TRG,
      Telecom, CDN or holders of a majority of Voting Stock, as applicable, and (b)
      if
      not so filled, each of the Stockholders hereby agrees, in its capacity as a
      stockholder of the Corporation, to elect a director to fill such vacancy in
      accordance with the selection procedures set forth in Section
      4.1.
      Upon
      the designation of a successor director, each of the Stockholders hereby agrees,
      in his capacity as a stockholder of the Corporation, to use its best efforts
      to
      cause the Corporation either to promptly hold a special meeting of stockholders
      or to execute a written consent in lieu thereof, and each of the Stockholders
      hereby agrees to vote or cause to be voted all of the Common Stock owned or
      controlled by such Stockholder and entitled to vote at such meeting, in person
      or by proxy, or pursuant to such written consent of stockholders, in favor
      of
      the person or persons selected in accordance with Section
      4.1
      to fill
      such vacancy and, if necessary, in favor of removing any director elected to
      fill such vacancy other than in accordance with the selection procedures of
      Section
      4.1.
      

     

    4.7  Indemnification
      Provisions.
      The
      Corporation shall enter into an indemnification agreement with each of its
      executive officers and directors, substantially in the form of Exhibit
      B
      hereto.

     

    
      
        
        

      

      
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    ARTICLE
      5

    FINANCIAL
      STATEMENTS AND OTHER INFORMATION; INSPECTIONS; 

    ADDITIONAL
      AGREEMENTS 

     

    5.1  Delivery
      of Financial Information.
      

     

    Prior
      to
      the consummation of a Qualified IPO, the Corporation shall comply with the
      provisions of this Article
      5:
      

     

    5.1.1  Monthly
      Statements.
      So long
      as the Telecom Rights Period is in effect (with respect to Telecom) or so long
      as TRG (together with its Affiliates) directly or indirectly holds at least
      1,000,000 shares of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (with respect to TRG), then as soon as
      available, but not later than 10 business days after the end of each monthly
      accounting period, the Corporation shall cause to be delivered to Telecom and/or
      TRG, as applicable, an unaudited internal financial report of the Corporation
      in
      the form provided to the Corporation’s senior management, and which shall
      include the following: 

     

    (a)  a
      profit
      and loss statement for such monthly accounting period, together with a
      cumulative profit and loss statement from the first day of the current fiscal
      year to the last day of such monthly accounting period; 

     

    (b)  a
      balance
      sheet as at the last day of such monthly accounting period; 

     

    (c)  a
      cash
      flow analysis for such monthly accounting period on a cumulative basis for
      the
      current fiscal year to date; 

     

    (d)  a
      narrative summary (including a comparison to the Annual Plan and to prior
      accounting periods) of the Corporation’s operating and financial performance for
      such monthly accounting period; and 

     

    (e)  if
      applicable, a comparison between the actual figures for such monthly accounting
      period and the comparable figures for the prior year for such monthly accounting
      period, with an explanation of any material differences between them.

     

    5.1.2  Quarterly
      Financial Statements.
      So long
      as the Telecom Rights Period is in effect (with respect to Telecom) or so long
      as TRG (together with its Affiliates) directly or indirectly holds at least
      1,000,000 shares of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (with respect to TRG), then, as soon as
      available, but not later than 10 business days after the end of each of the
      first three (3) quarters of each fiscal year of the Corporation, the Corporation
      shall cause to be delivered to Telecom and/or TRG, as applicable, unaudited
      consolidated financial statements of the Corporation, which shall include a
      statement of cash flows and statement of operations for such quarter and a
      balance sheet as at the last day thereof, each prepared in accordance with
      GAAP
      (except as set forth in the notes thereto), and setting forth in each case
      in
      comparative form the figures for the corresponding quarterly periods of the
      previous fiscal year, subject to changes resulting from normal year-end
      adjustments, all in reasonable detail and certified by the principal financial
      or accounting officer of the Corporation, except that such financial statements
      need not contain the notes required by generally accepted accounting principles.
      

     

    
      
        
        

      

      
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    5.1.3  Budget.
      So long
      as the Telecom Rights Period is in effect (with respect to Telecom) or so long
      as TRG (together with its Affiliates) directly or indirectly holds at least
      1,000,000 shares of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (with respect to TRG), then, as soon as
      available, but not later than thirty (30) days prior to the beginning of each
      fiscal year, the Corporation shall cause to be delivered to Telecom and/or
      TRG,
      as applicable, the Annual Plan for the next fiscal year. 

     

    5.1.4  Annual
      Audit.
      So long
      as the Telecom Rights Period is in effect (with respect to Telecom) or so long
      as TRG (together with its Affiliates) or CDN (together with its Affiliates)
      directly or indirectly holds at least 1,000,000 shares of Common Stock
      (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (with respect to TRG or CDN, as applicable),
      then, (i) as soon as available, but not later than 30 days after the end of
      each
      fiscal year of the Corporation, the Corporation shall cause to be delivered
      to
      Telecom, TRG and/or CDN, as applicable, draft financial statements of the
      Corporation, which shall include a draft statement of cash flows and statement
      of operations for such fiscal year and a draft balance sheet as at the last
      day
      thereof, and (ii) as soon as available, but not later than 20 days prior to
      the
      date that Telecom or, if applicable, the Corporation is required to file its
      annual report on Form 10-K with the Securities and Exchange Commission, the
      Corporation shall cause to be delivered to Telecom, TRG and/or CDN, as
      applicable, the audited consolidated financial statements of the Corporation,
      which shall include a statement of cash flows and statement of operations for
      such fiscal year and a balance sheet as at the last day thereof, each prepared
      in accordance with GAAP (except as set forth in the notes thereto), and
      accompanied by the report of a firm of independent certified public accountants
      of recognized international standing that is the same firm of independent
      certified public accountants that has been retained by Telecom to deliver an
      audited opinion to Telecom with respect to Telecom’s financial statements. In
      addition, during such period, the Corporation shall cause to be delivered to
      Telecom and/or TRG, as applicable, copies of all reports and management letters
      prepared for or delivered to the management of the Corporation by its
      independent accountants. 

     

    
      
        
        

      

      
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    5.1.5  Subsidiaries.
      If for
      any period the Corporation shall have any subsidiary or subsidiaries whose
      accounts are consolidated with those of the Corporation, then in respect of
      such
      period the financial statements delivered pursuant to the foregoing clauses
      shall be consolidated (and consolidating if normally prepared by the
      Corporation) financial statements of the Corporation and all such consolidated
      subsidiaries. 

     

    5.1.6  GAAP
      Reporting.
      The
      financial statements and reports delivered under this subsection shall fairly
      present in all material respects the financial position and results of
      operations of the Corporation at the dates thereof and for the periods then
      ended and shall have been prepared in accordance with GAAP (subject, in the
      case
      of unaudited financial statements, to normal year-end audit adjustments).

     

    5.1.7  Sarbanes-Oxley
      and Exchange Act Compliance.
      So long
      as the Telecom Rights Period is in effect: 

     

    (a)  The
      Corporation will establish and maintain internal control over financial
      reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act),
      and
      the Corporation shall take all steps reasonably necessary to ensure that such
      internal control over financial reporting provides reasonable assurance
      regarding the reliability of financial reporting and the preparation of
      financial statements for external purposes in accordance with generally accepted
      accounting principles. The Corporation shall establish policies and procedures
      so as to: (i) maintain records that in reasonable detail accurately and fairly
      reflect the transactions and dispositions of the assets of the Corporation;
      (ii)
      provide reasonable assurance that transactions are recorded as necessary to
      permit preparation of financial statements in accordance with generally accepted
      accounting principles, and that receipts and expenditures of the Corporation
      are
      being made only in accordance with authorizations of management and directors
      of
      the Corporation; and (iii) provide reasonable assurance regarding prevention
      or
      timely detection of unauthorized acquisition, use or disposition of the
      Corporation’s assets that could have a material effect on the financial
      statements. Without limiting the generality of the foregoing, such policies
      and
      procedures will be designed in a manner that will enable the Chief
      Executive Officer and Chief Financial Officer of Telecom to engage in the review
      and evaluation process mandated by the Exchange Act and to ensure that all
      information (both financial and non-financial) regarding the Corporation
      required to be disclosed by Telecom in the reports that it files or submits
      under the Exchange Act is recorded, processed, summarized and reported within
      the time periods specified in the rules and forms of the SEC; 

     

    (b)  The
      Corporation shall disclose to Telecom at or prior to the delivery of each of
      quarterly and annual financial statements referenced above, based on its
      evaluation with respect to the most recent fiscal period covered by such
      financial statements: (i) all significant deficiencies and material weaknesses
      in the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the Corporation’s or Telecom’s ability
      to record, process, summarize and report financial information, in each case
      to
      the extent necessary for an officer of Telecom, to accurately make the
      certifications required under Section 302 of the Sarbanes-Oxley Act of 2002;
      and
      (ii) any fraud, whether or not material, that involves management or other
      employees of the Corporation or any of its Subsidiaries, in each case who have
      a
      significant role in the Corporation’s internal control over financial reporting;

     

    
      
        
        

      

      
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    (c)  The
      Corporation will disclose to Telecom at or prior to the delivery of the
      Quarterly and Annual Financial Statements pursuant to Sections
      5.1.2
      and
5.1.4
      any
      change in internal control over financial reporting that occurred during the
      period ended covered by such financial statements that has materially affected,
      or is reasonably likely to materially affect, internal control over financial
      reporting, including any corrective actions taken with regard to significant
      deficiencies or material weaknesses; and 

     

    (d)  Without
      the prior consent of Telecom, the Corporation and its Subsidiaries shall not
      establish any material off-balance sheet obligation or liability of any nature
      (matured or unmatured, fixed or contingent) to, or any financial interest in,
      any third party or entities, the purpose or effect of which is to defer,
      postpone, reduce or otherwise avoid or adjust the recording of debt expenses
      incurred by the Corporation or any of its Subsidiaries, including, without
      limitation, in connection with any “off-balance sheet arrangements” (as defined
      in Item 303(a)(4) of Regulation S-K) effected by the Corporation or any of
      its
      Subsidiaries. 

     

    5.1.8  Telecom
      Networks.
      So long
      as Telecom (together with its Affiliates) holds at least 1,000,000 shares of
      Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) the Corporation will continue to be reported
      as
      part of the “Telecom network” in surveys and reports compiled by comScore, Media
      Metrix, Nielson NetRatings and similar Internet audience measurement services.
      

     

    
      
        
        

      

      
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    5.1.9  Inspection
      Rights.
      So long
      as the Telecom Rights Period is in effect (with respect to Telecom) or so long
      as TRG (together with its Affiliates) or CDN (together with its Affiliates)
      directly or indirectly holds at least 1,000,000 shares of Common Stock
      (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (with respect to TRG or CDN, as applicable),
      the
      Corporation shall afford to Telecom, TRG and/or CDN, as applicable, and to
      each
      of their respective employees, counsel and other authorized representatives,
      during normal business hours, access, upon reasonable advance notice, to all
      of
      the books, records and properties of the Corporation, and to make copies of
      such
      records and permit such Persons to discuss all aspects of the Corporation with
      any officers, employees or accountants of the Corporation, and the Corporation
      shall provide to Telecom and/or TRG, as applicable, such other information
      (in
      writing if so requested) regarding the assets, properties, operations, business
      affairs and financial condition of the Corporation as Telecom or TRG, as
      applicable, may reasonably request; provided,
      however,
      that
      such investigation and preparation of responses shall not unreasonably interfere
      with the operations of the Corporation. During such period, the Corporation
      will
      instruct its independent public accountants to discuss such aspects of the
      financial condition of the Corporation with Telecom or TRG and their respective
      representatives as Telecom and/or TRG, as applicable, may reasonably request,
      and to permit Telecom and/or TRG, as applicable, and their respective
      representatives to inspect, copy and make extracts from such financial
      statements, analyses, work papers, and other documents and information
      (including electronically stored documents and information) prepared by such
      accountants with respect to the Corporation as Telecom or TRG, as applicable,
      may reasonably request. Without limiting the generality of the foregoing, the
      Corporation shall provide such assistance, access, information and documents
      to
      Telecom as Telecom may reasonably require to enable Telecom to meet its
      financial reporting and other disclosure obligations with respect to the
      Corporation under the Exchange Act. In addition, the Corporation shall notify
      Telecom of the occurrence of any event relating to the Corporation that would
      result in Telecom having to file a Current Report on Form 8-K under the Exchange
      Act within one (1) business day of the occurrence of such event (assuming,
      for
      this purpose, that the Corporation constitutes a material subsidiary of Telecom)
      and shall provide the Corporation with copies of any contracts or other
      documents that it may be required to file as an exhibit to such Current Report;
      provided that the Corporation shall notify Telecom immediately upon becoming
      aware of the disclosure of any information relating to the Corporation that
      may
      constitute material nonpublic information of Telecom within the meaning of
      Regulation FD promulgated under the Exchange Act (other than information
      described in Rule 100(b)(2) of Regulation FD). 

     

    5.1.10  Confidentiality;
      Compliance with Securities Laws.
      

     

    (a)  Each
      Stockholder agrees to maintain the confidentiality of any confidential and
      proprietary information of the Corporation obtained by it (including, without
      limitation, any material nonpublic information) (“Confidential
      Information”);
      provided,
      however,
      that
      Confidential Information shall not include any information that (i) is or
      becomes generally available to the public other than as a result of a disclosure
      by the receiving party or its representatives, (ii) is already in the receiving
      party’s possession, provided that such information is not subject to a
      contractual, legal or fiduciary obligation of confidentiality for the benefit
      of
      the Corporation, or (iii) becomes available to the receiving party on a
      non-confidential basis from a source other than the Corporation or any of its
      affiliates or representatives, provided
      that
      such
      source is not bound by a contractual, legal or fiduciary obligation to keep
      such
      information confidential for the benefit of the Corporation; further
      provided
      that the
      foregoing will not prohibit a Stockholder from disclosing Confidential
      Information to (x) the extent it is required to do so by applicable law so
      long
      as such Stockholder provides Telecom immediate notice of the Confidential
      Information that it is legally required to disclose and takes appropriate steps
      to preserve the confidentiality of such information to the extent reasonably
      practicable (including by, for example, cooperating with the Corporation to
      seek
      an appropriate protective order), or (y) to its attorneys, accountants,
      consultants, and other professionals to the extent necessary to obtain their
      services in connection with monitoring its investment in the Corporation, or
      to
      any Affiliate, partner, member, stockholder or wholly owned subsidiary of such
      Stockholder in the ordinary course of business, provided
      that
      any such
      Person that is not under a pre-existing confidentiality obligation with respect
      to such Confidential Information that is similar in scope to the provisions
      on
Section
      5.1.10
      shall
      first agree in writing to be bound by terms no less restrictive than those
      provided for in this Section
      5.1.10
      in
      respect of such Confidential Information. Notwithstanding the foregoing, the
      Stockholders acknowledge that Telecom has reporting obligations with respect
      to
      the Corporation under the Exchange Act and that disclosure by Telecom of
      Confidential Information that it reasonably determines it is required to
      disclose shall not constitute a breach of this Section
      5.1.10.
      

     

    
      
        
        

      

      
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    (b)  The
      Corporation will take such measures as are reasonably requested by Telecom
      to
      enable Telecom to maintain compliance with the Securities Act and Exchange
      Act,
      which measures shall include implementation of internal policies to ensure
      that
      the Corporation’s personnel preserve the confidentiality of Confidential
      Information (including by requiring all employees and consultants to execute
      proprietary information and inventions agreements) and adopting Telecom’s
      insider trading policy. 

     

    5.1.11  Press
      Release.
      So long
      as (a) Telecom directly or indirectly through its Affiliates holds at least
      1,000,000 shares of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like), and (b) shares of the Corporation’s capital
      stock are not publicly traded on the Nasdaq National Market, New York Stock
      Exchange or other exchange, the Corporation shall pre-clear with Telecom all
      press releases or similar public disclosures. Telecom shall approve or provide
      its comments to any such proposed press release within 48 hours of receipt
      of a
      draft of the proposed press release. 

     

    
      
        
        

      

      
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    ARTICLE
      6

    LEGEND
      

     

    Each
      certificate representing the Shares now or hereafter owned by a Stockholder
      or
      issued to any Person in connection with a transfer pursuant to Article
      2
      or
Article
      3
      hereof
      shall be endorsed with the following legend: 

     

    THE
      SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN STOCKHOLDERS
      AGREEMENT AMONG THE HOLDER OF THE SECURITIES, THE CORPORATION, AND CERTAIN
      STOCKHOLDERS OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON
      WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION. 

     

    Each
      Stockholder agrees that the Corporation may instruct its transfer agent to
      impose transfer restrictions on the shares represented by certificates bearing
      the legend referred to in this Article
      6
      above to
      enforce the provisions of this Agreement and the Corporation agrees to promptly
      do so. The legend shall be removed upon termination of this Agreement.

     

    ARTICLE
      7

    PURCHASE
      OPTION 

     

    7.1  Purchase
      Option.
      

     

    7.1.1  General.
      So long
      as Telecom (together with its Affiliates) directly or indirectly holds at least
      1,000,000 shares of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like), in the event Telecom receives a bona fide
      third-party offer with respect to a Change of Control of Telecom (a
“Change
      of Control Offer”)
      within
      the twelve (12) month-period commencing on the date hereof (the “Purchase
      Option Period”),
      then,
      following receipt of such offer (and provided discussions relating to such
      offer
      are then-ongoing), Telecom shall have the right to purchase (the “Purchase
      Option”)
      up to
      100% of Common Stock and Common Stock Equivalents of the Corporation held by
      the
      other Stockholders, whether now owned or hereafter acquired, for the purchase
      price described in Section
      7.1.2
      (the
“Purchase
      Price”)
      subject to the terms and conditions set forth in this Article
      7.
      

     

    7.1.2  Purchase
      Price.
      If
      Telecom exercises the Purchase Option, the Purchase Price to be paid by Telecom
      to each respective Stockholder at the time of the consummation of the Purchase
      Option shall equal: 

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    (a)  For
      TRG,
      an amount equal to the greater of (x) (i) $125.0 million multiplied
      by
      (ii) a
      fraction, the numerator of which shall be the number of shares of Common Stock
      held by TRG (calculated in accordance with Section
      2.6)
      and the
      denominator of which shall be the total number of shares of Common Stock
      (calculated in accordance with Section
      2.6)
      outstanding on the date that Telecom delivers the Purchase Notice (as defined
      below), or (y) $23.00 per share of Common Stock held by TRG (calculated in
      accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like) (the aggregate Purchase Price paid to TRG under
      this Section 7.1.2(a) being the “TRG
      Purchase Price”);
      and

     

    (b)  For
      each
      other Stockholder, an amount equal to (i) $125.0 million minus
      the TRG
      Purchase Price, multiplied
      by (ii)
      a fraction, the numerator of which shall be the number of shares of Common
      Stock
      held by such Stockholder (calculated in accordance with Section
      2.6)
      and the
      denominator of which shall be the total number of shares of Common Stock
      (calculated in accordance with Section
      2.6)
      then
      held by all Stockholders other than TRG on the date that Telecom delivers the
      Purchase Notice (as defined below). 

     

    7.1.3  Procedures.
      To
      exercise the Purchase Option, following receipt of a Change of Control Offer,
      Telecom shall deliver to the Corporation and the other Stockholders at any
      time
      during the Purchase Option Period a written notice indicating that it has
      elected to exercise of the Purchase Option (the “Purchase
      Notice”).
      The
      Purchase Notice shall specify the date for the consummation of the Purchase
      Option (the “Purchase
      Date”)
      which
      shall be within ninety (90) days after the delivery of the Purchase Notice
      to
      such Stockholders or such longer period of time as may be necessary to comply
      with any regulatory conditions applicable to such transaction. The consummation
      of the Purchase Option (the “Purchase
      Option Closing”)
      shall
      take place at the offices of the Corporation, Telecom or such other reasonable
      location designated by Telecom at the time and on the Purchase Date set forth
      in
      the Purchase Notice. At the Purchase Option closing, (a) Telecom shall deliver
      to the Stockholders the Purchase Price applicable to each Stockholder and (b)
      each Stockholder shall deliver to Telecom the certificates representing all
      of
      the issued and outstanding shares of capital stock of the Corporation (and
      any
      securities which are exercisable for, convertible into, or exchangeable for,
      any
      shares of capital stock of the Corporation) being purchased under the Purchase
      Option, duly endorsed for transfer, such shares to be delivered free and clear
      of any liens or encumbrances. 

     

    7.1.4  Issuances
      of Shares During Purchase Option Period.
      During
      the Purchase Option Period, the Corporation shall not issue Common Stock or
      Common Stock Equivalents to any Person (other than stock options to employees
      covered by the following sentence) unless such Person agrees to be bound by the
      terms of this Article
      7
      with
      respect to the Purchase Option and to require each of its transferees to be
      bound by the Purchase Option. In addition, during the Purchase Option Period,
      the Corporation shall not issue stock options to employees, directors or
      consultants unless such employee, director or consultant executes a Stock Option
      Agreement in the form of Exhibit D attached hereto. 

     

    
      
        
        

      

      
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    7.1.5  Limitations
      on Purchase Option.
      Notwithstanding the foregoing, Telecom may not exercise the Purchase Option
      if
      (a) the Corporation has previously received a bona fide third party offer to
      purchase the Corporation’s capital stock or assets for a purchase price greater
      than $125.0 million and discussions regarding such acquisition between the
      Corporation and such third party are ongoing, or (b) the Corporation has
      previously filed a registration statement with the Securities and Exchange
      Commission for a Qualified IPO (and such registration statement has not been
      withdrawn). 

     

    ARTICLE
      8

    MISCELLANEOUS
      

     

    8.1  Governing
      Law.
      This
      Agreement shall be governed by and construed under the laws of the State of
      Delaware without giving effect to the choice of law provisions thereof. Each
      of
      the parties hereto hereby irrevocably and unconditionally consents to submit
      to
      the exclusive jurisdiction of the courts of the State of New York and of the
      United States of America, in each case located in the County of New York, for
      any action, proceeding or investigation in any court or before any governmental
      authority (“Litigation”)
      arising out of or relating to this Agreement and the transactions contemplated
      hereby (and agrees not to commence any Litigation relating thereto except in
      such courts), and further agrees that service of any process, summons, notice,
      or document by U.S. registered mail to its respective address set forth in
      this
      Agreement, or such other address as may be given by one or more parties to
      the
      other parties in accordance with the notice provisions of Section
      8.6,
      shall
      be effective service of process for any Litigation brought against it in any
      such court. Each of the parties hereto hereby irrevocably and unconditionally
      waives any objection to the laying of venue of any Litigation arising out of
      this Agreement or the transactions contemplated hereby in the courts of the
      State of New York or the United States of America, in each case located in
      the
      County of New York, and hereby further irrevocably and unconditionally waives
      and agrees not to plead or claim in any such court that any such Litigation
      brought in any such court has been brought in an inconvenient forum.

     

    8.2  Market
      Standoff.
      Each of
      the parties to this Agreement agree that, upon request by the managing
      underwriter of any Underwritten Offering by the Corporation, for a period of
      (a)
      fourteen (14) days prior to the expected date of effectiveness of any
      Underwritten Offering (such expected date to be indicated to the Stockholder
      in
      a notice by the Corporation which may be amended at any time by the Corporation
      in good faith), and (b) one hundred eighty (180) days following the effective
      date of the Corporation’s initial underwritten public offering of its Common
      Stock on Form S-1 or similar form under the Securities Act on Form S-1 or
      similar form under the Securities Act, each party hereto shall not, unless
      otherwise agreed to by the managing underwriters, directly or indirectly sell,
      offer to sell, contract to sell (including, without limitation, any short sale),
      grant any option to purchase, or otherwise transfer or dispose of (other than
      to
      donees who agree to be similarly bound), any securities of the Corporation
      held
      by it or enter into any hedging or other transaction that transfers the economic
      consequences of such investment, at any time during such period except such
      Common Stock included by the parties hereto in such registration; provided,
      however,
      that
      all executive officers and directors of the Corporation and all other Persons
      with demand registration rights shall be required to enter into similar
      agreements. In addition, each party hereto agrees to acknowledge the undertaking
      provided for in this Section
      8.2
      by
      entering into customary written “lock-up” agreements, consistent with the
      foregoing, with the managers of the relevant underwriting. In order to enforce
      the foregoing covenant, the Corporation may impose stop-transfer instructions
      with respect to the securities held by each party hereto (and the shares or
      securities of every person subject to the foregoing restriction) until the
      end
      of such period. 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    8.3  Amendment.
      Any
      provision of this Agreement may be amended and the observance thereof may be
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively), by the written consent of Stockholders holding of at least
      a
      majority of the outstanding shares of Common Stock (calculated pursuant to
      Section
      2.6)
      including (a) the written consent of Telecom so long as Telecom and its
      Affiliates own at least 1,000,000 shares of Common Stock (calculated in
      accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like), (b) the written consent of TRG so long as
      TRG
      and its Affiliates own at least 1,000,000 shares of Common Stock (calculated
      in
      accordance with Section 2.6 and as adjusted for any stock splits, reverse stock
      splits, stock dividends, recapitalizations and the like) and (c) the written
      consent of CDN so long as CDN and its Affiliates own at least 1,000,000 shares
      of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like); provided
      that
      any
      Stockholder may waive any of its rights hereunder without obtaining the consent
      of any other Stockholder. Any amendment or waiver effected in accordance with
      this paragraph shall be binding upon such Stockholder, its successors and
      assigns, and the Corporation, as applicable. 

     

    8.4  Assignment
      of Rights.
      This
      Agreement and the rights and obligations of the parties hereunder shall inure
      to
      the benefit of, and be binding upon, their respective successors and assigns;
      provided
      that
      the
      rights of any party to this Agreement may not be assigned except to a transferee
      of such party in connection with a Transfer of Shares of Common Stock or Common
      Stock Equivalents in accordance with this Agreement. 

     

    8.5  Term.
      The
      term of this Agreement shall begin on the date hereof. Except for any provision
      of this Agreement which specifically provides that it shall survive termination,
      this Agreement (and the rights and obligations of the parties hereto) shall
      terminate upon the occurrence of the earliest of the following: (i) the closing
      of a Qualified IPO; (ii) the closing of the sale of all or substantially all
      of
      the Corporation’s assets to another entity; (iii) the merger, consolidation or
      reorganization of the Corporation, in which transaction the Corporation’s
      Stockholders immediately prior to such transaction own immediately following
      such transaction less than fifty (50%) of the surviving entity or its parent;
      or
      (iv) written agreement of Stockholders holding of at least a majority of the
      outstanding shares of Common Stock (calculated pursuant to Section
      2.6)
      including (a) the written consent of Telecom so long as Telecom and its
      Affiliates own at least 1,000,000 shares of Common Stock (calculated in
      accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like), (b) the written consent of TRG so long as
      TRG
      and its Affiliates own at least 1,000,000 shares of Common Stock (calculated
      in
      accordance with Section 2.6 and as adjusted for any stock splits, reverse stock
      splits, stock dividends, recapitalizations and the like) and (c) the written
      consent of CDN so long as CDN and its Affiliates own at least 1,000,000 shares
      of Common Stock (calculated in accordance with Section
      2.6
      and as
      adjusted for any stock splits, reverse stock splits, stock dividends,
      recapitalizations and the like). 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

    8.6  Notices.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively delivered upon personal delivery to the party to be notified, or
      upon the passage of five (5) calendar days after deposit in the United States
      mail, by registered or certified mail, postage prepaid, or the passage of two
      (2) days if sent by the next day delivery service of a nationally-recognized
      reputable courier, each properly addressed to the party to be notified, as
      set
      forth on the Exhibit
      A
      hereto
      or at such other address as such party or any subsequent Stockholder may
      designate by ten (10) calendar days’ advance written notice to the other parties
      hereto, or, if sent by facsimile, upon completion of such facsimile
      transmission, as conclusively evidenced by the transmission receipt thereof.
      

     

    8.7  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. 

     

    8.8  Attorney
      Fees.
      In the
      event that any dispute among the parties to this Agreement should result in
      litigation, 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. 

     

    8.9  Counterparts.
      This
      Agreement may be executed in two or more counterparts and signature pages may
      be
      delivered by facsimile, each of which shall be deemed an original, but all
      of
      which together shall constitute one and the same instrument. 

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    8.10  Specific
      Performance.
      Without
      limiting the rights of each party hereto to pursue all other legal and equitable
      rights available to such party for any other party’s failure to perform its
      obligations under this Agreement, each such party acknowledges and agrees that
      the remedy at law for any failure to perform obligations hereunder would be
      inadequate and all such parties shall be entitled to specific performance,
      injunctive relief, or other equitable remedies in the event of any such failure.
      The availability of these remedies shall not prohibit the parties from pursuing
      any other remedies for such breach, including the recovery of monetary damages.
      

     

    8.11  Further
      Actions and Instruments.
      The
      parties agree to execute such further instruments and to take such further
      action as may reasonably be necessary to carry out the intent of this Agreement.
      The Stockholders agree to cooperate affirmatively with the Corporation to
      enforce the rights and obligations hereto. 

     

    8.12  Representation
      by Counsel.
      Each
      party hereto represents and agrees with each other that it has been represented
      by or had the opportunity to be represented by, independent counsel of its
      own
      choosing, and that it has had the full right and opportunity to consult with
      its
      respective attorney(s), that to the extent, if any, that it desired, it availed
      itself of this right and opportunity, that it or its authorized officers (as
      the
      case may be) have carefully read and fully understand this Agreement in its
      entirety and have had it fully explained to them by such party’s respective
      counsel, that each is fully aware of the contents thereof and its meaning,
      intent, and legal effect, and that it or its authorized officer (as the case
      may
      be) is competent to execute this Agreement free from coercion, duress, or undue
      influence. The parties to this Agreement participated jointly in the negotiation
      and drafting of this Agreement. If an ambiguity or question of intent or
      interpretation arises, then this Agreement will be construed as if drafted
      jointly by the parties to this Agreement, and no presumption or burden of proof
      will arise favoring or disfavoring any party to this Agreement by virtue of
      the
      authorship of any of the provisions of this Agreement. 

     

    (Signature
      page follows) 

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	 	
              THE
                CORPORATION:

            
	 	 	 
	 	 	
              HRDQ
                GROUP, INC.

            
	 	 	
            	 
	 	 	By:	
              /s/
                Limei Deng

            
	
            	 	Name:	
              

              Limei
                Deng

            
	 	 	Title:	
              President

            

    

    
       

       

      
        	 	 	
                STOCKHOLDERS:

              
	 	 	 
	 	 	
                TELECOM
                  COMMUNICATIONS, INC.

              
	 	 	 
	 	 	By:	
                /s/ Tim
                  Chen

              
	
              	 	Name:	
                

                Tim
                  Chen

              
	 	 	Title:	
                Chief
                  Executive Officer

              

      

      
         

        
          	 	 	
                  CHINA
                    DONGGUAN NETWORKS, LTD

                
	 	 	 	 
	
                	 	By:	
                  /s/ Limei
                    Deng

                
	
                	 	Name:	
                  

                  
                    Limei
                      Deng

                  

                
	 	 	Title:	
                  
                    President

                  

                

        

        
           

           

          
            	 	 	
                    TOP
                      RIDER GROUP LIMITED

                     

                     

                  
	 	 	By:	
                    /s/ Martin
                      Chang

                  
	
                  	 	 	
                    

                    Martin
                      Chang, Manager

                  
	 	 	 	

          

           

          
            
              
              

            

            
              31Exhibit
      10.3

     

    REGISTRATION
      RIGHTS AGREEMENT 

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made as of June 16th, 2006, among HRDQ Group, Inc., a Delaware corporation
      (the
“Company”),
      and
      Top Rider Group Limited, a BVI corporation (the “Investor”
).
      

     

    RECITALS
      

     

    WHEREAS,
      the
      Company, Telecom Communications, Inc., a Delaware corporation, Alpha Century
      Holdings Ltd. a BVI corporation (“Alpha”),
      and
      China Dongguan Networks, Inc., a BVI corporation (“CDN”),
      have
      entered into that certain Acquisition Agreement (the “Acquisition
      Agreement”)
      of
      even date herewith pursuant to which each of Alpha and CDN have contributed
      to
      the Company, and the Company has accepted, the Acquired Assets (as defined
      in
      the Acquisition Agreement); 

     

    WHEREAS,
      the
      Company and Investor have entered into a Series A Preferred and Common Stock
      Purchase Agreement (the “Purchase
      Agreement”)
      of
      even date herewith pursuant to which the Company wants to sell to Investor
      and
      Investor wants to purchase from the Company shares of the Company’s Series A
      Preferred Stock (the “Series
      A Preferred Stock”)
      and
      Common Stock (the “Common
      Stock”);
      

     

    WHEREAS,
      one
      condition to Alpha’s and CDN’s obligation to contribute assets pursuant to the
      Acquisition Agreement and one condition to Investor’s obligations to purchase
      shares of the Company’s Series A Preferred Stock and Common Stock pursuant to
      the Purchase Agreement is that the Company and the Investors enter into this
      Agreement in order to provide such Investors with certain rights to register
      shares of the Company’s Common Stock, including without limitation Common Stock
      issued or issuable upon conversion of the Series A Preferred Stock held by
      Investor; and

     

    WHEREAS,
      the
      Company wants to induce Alpha and CDN to enter into the Acquisition Agreement
      and the Company wants to induce Investor to purchase shares of Series A
      Preferred Stock and Common Stock pursuant to the Purchase Agreement by agreeing
      to the terms and conditions set forth herein. 

     

    AGREEMENT

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises set forth above and the covenants set
      forth
      herein and for other good and valuable consideration, the receipt and adequacy
      of which is hereby acknowledged, the parties hereto hereby, intending to be
      legally bound, hereby agree as follows: 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	1.  	
              Registration
                Rights.

            

    

     

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

     

    “Affiliate”
means
      (i) with respect to any individual, (A) a spouse or descendant, through blood
      or
      adoption, of such individual, (B) any trust, family partnership or limited
      liability company whose beneficiaries shall primarily be such individual and/or
      such individual’s spouse and/or any Person related by blood or adoption to such
      individual or such individual’s spouse, and (C) the estate or heirs of such
      individual, and (ii) with respect to any Person that is not an individual,
      any
      other Person that, directly or indirectly through one or more intermediaries
      Controls, is Controlled by, or is under common Control with, such Person and/or
      one or more Affiliates thereof. 

     

    “Board”
means
      the board of directors of the Company. 

     

    “Commission”
means
      the Securities and Exchange Commission or any other federal agency at the time
      administering the Securities Act. 

     

    “Control”, “Controls”
      or “Controlled
      means
      the possession, directly or indirectly, of the power to direct or cause the
      direction of the management and policies (investment or otherwise) of a Person,
      whether through ownership of voting securities, by contract or otherwise.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, or any similar successor
      federal statute, and the rules and regulations thereunder, all as the same
      shall
      be in effect from time to time. 

     

    “Form
      S-3 Initiating Holders”
means
      any Holder or Holders of the Registrable Securities then outstanding and who
      propose to register securities on Form S-3, the aggregate offering price of
      which, net of underwriting discounts and commissions, exceeds $1,000,000.

     

    “Holder”
means
      (i) any Investor holding Registrable Securities and (ii) any person holding
      Registrable Securities to whom the rights under this Agreement have been
      transferred in accordance with Section 1.10 hereof. 

     

    “Initiating
      Holders”
means
      any Holder or Holders who in the aggregate hold not less than fifty percent
      (50%) of the Registrable Securities then outstanding and who propose to register
      securities the aggregate offering price of which, net of underwriting discounts
      and commissions, exceeds $10,000,000. 

     

    “Investor”
means
      Top Rider Group Limited, a BVI corporation. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “IPO”
means
      the first public offering of the Common Stock of the Company to the general
      public that is affected pursuant to a registration statement filed with, and
      declared effective by, the Commission under the Securities Act. 

     

    “Other
      Stockholders”
means
      persons other than Holders who, by virtue of agreements with the Company, are
      entitled to include their securities in certain registrations hereunder.

     

    “Person”
shall
      be construed broadly and shall include, without limitation, an individual,
      a
      partnership, an investment fund, a limited liability company, a corporation,
      an
      association, a joint stock company, a trust, a joint venture, an unincorporated
      organization and a governmental entity or any department, agency or political
      subdivision thereof. 

     

    “Preferred
      Shares”
means
      the Company’s Series A Preferred Stock. 

     

    The
      terms
“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 the
      effectiveness of such registration statement. 

     

    “Registration
      Expenses”
shall
      mean all expenses incurred by the Company in complying with Sections 1.3, 1.4,
      and 1.5 hereof, including, without limitation, all registration, qualification,
      listing and filing fees, printing expenses, escrow fees, fees and disbursements
      of counsel for the Company, fees and disbursements of one counsel for all of
      the
      Holders registering securities not to exceed twenty thousand dollars ($20,000)
      in any given registration, 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), but shall not include Selling Expenses. 

     

    “Registrable
      Securities”
shall
      mean (i) shares of Common Stock issued or issuable pursuant to the conversion
      of
      the Preferred Shares, (ii) all shares of Common Stock owned by Telecom as of
      the
      date hereof, (iii) all shares of Common Stock owned by CDN as of the date
      hereof, (iv) all shares of Common Stock issued or issuable to Investor pursuant
      to the Purchase Agreement, and (v) any Common Stock of the Company issued as
      a
      dividend or other distribution with respect to or in exchange for or in
      replacement of the shares referenced in clauses (i), (ii), (iii) and (iv)
      above
      provided,
      however,
      that
      shares of Common Stock or other securities shall only be treated as Registrable
      Securities if and so long as they have not been (A) sold to or through a broker
      or dealer or underwriter in a public distribution or a public securities
      transaction, (B) sold in a transaction exempt from the registration and
      prospectus delivery requirements of the Securities Act under Section 4 (1)
      thereof so that all transfer restrictions and restrictive legends with respect
      thereto are removed upon the consummation of such sale, or (C) transferred
      in a
      transaction pursuant to which the registration rights are not also assigned
      in
      accordance with Section 1.10 hereof; and provided,
      further,
      however,
      that
      with respect to each Holder, shares of Common Stock or other securities held
      by
      such Holder shall no longer be treated as Registrable Securities at such time
      following the IPO as (1) the Holder, together with such Holder’s Affiliates,
      holds less than 1% of the Company’s then outstanding capital stock and all such
      shares held by such Holder may be sold under Rule 144 of the Securities Act
      (or
      any similar or successor rule) during any ninety (90) day period or (2) the
      Holder may sell all such shares held by such Holder under Rule 144(k) of the
      Securities Act (or any similar or successor rule). 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Rule
      144”
means
      Rule 144 as promulgated by the Commission under the Securities Act, as such
      Rule
      may be amended from time to time, or any similar successor rule that may be
      promulgated by the Commission. 

     

    “Rule
      144(k)”
means
      Rule 144(k) as promulgated by the Commission under the Securities Act, as such
      Rule may be amended from time to time, or any similar successor rule that may
      be
      promulgated by the Commission. 

     

    “Rule
      145”
means
      Rule 145 as promulgated by the Commission under the Securities Act, as such
      Rule
      may be amended from time to time, or any similar successor rule that may be
      promulgated by the Commission. 

     

    “Securities
      Act”
shall
      mean the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder or any similar federal statute and the rules and
      regulations of the Commission thereunder, all as the same shall be in effect
      at
      the time. 

     

    “Selling
      Expenses”
shall
      mean all underwriting discounts, selling commissions and stock transfer taxes
      applicable to the securities registered by the Holders and all fees and
      disbursements of counsel for any Holder, other than the fees and disbursements
      of one counsel for all of the Holders registering securities in any given
      registration as provided in the definition of “Registration Expenses” above.

     

    “Telecom”
means
      Telecom Communications, Inc., a Delaware corporation. 

     

    1.2  Requested
      Registration.

     

    (a)  Request
      for Registration.
      If the
      Company shall receive from Initiating Holders a written request that the Company
      effect any registration, qualification, or compliance, the Company will:

     

    (i)  promptly
      deliver written notice of the proposed registration, qualification, or
      compliance to all other Holders; and 

     

    (ii)  
      as soon
      as practicable, use commercially reasonable efforts to effect such registration,
      qualification, or compliance (including, without limitation, the execution
      of an
      undertaking to file post-effective amendments, appropriate qualification under
      applicable blue sky or other state securities laws, and appropriate compliance
      with applicable regulations issued under the Securities Act and any other
      governmental requirements or regulations) as may be so requested and as would
      permit or facilitate the sale and distribution of all or such portion of such
      Registrable Securities as are specified in such request (including, if
      applicable, a distribution of such Registrable Securities by way of dividend),
      together with all or such portion of the Registrable Securities of any Holder
      or
      Holders joining in such request as are specified in a written request delivered
      to the Company within twenty (20) days after delivery of such written notice
      from the Company; 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    provided,
      however,
      that
      the Company shall not be obligated to take any action to effect any such
      registration, qualification, or compliance pursuant to this Section 1.2:

     

        
      (A)  Prior
      to
      one hundred eighty (180) days following the effective date of the IPO;

     

        
      (B)  After
      the
      Company has effected two (2) such registrations pursuant to this Section 1.2,
      such registrations have been declared or ordered effective, and the securities
      offered pursuant to such registrations have been sold; 

     

        
      (C)  During
      the period starting with the date sixty (60) days prior to the Company’s
      estimated date of filing of, and ending on a date one hundred and eighty (180)
      days after the effective date of, a registration initiated by the Company;
      provided
      that the
      Company is actively employing in good faith its commercially reasonable efforts
      to cause such registration statement to become effective and that the Company’s
      estimate of the date of filing such registration statement is made in good
      faith; provided,
      further,
      that
      the Company provides written notice to the Initiating Holders within thirty
      (30)
      days of any request for registration by the Initiating Holders of the Company’s
      intent to file a registration statement for a public offering within ninety
      (90)
      days after the date of such request and provided further,
      that
      such offering is an offering subject to Section 1.4 below; 

     

        
      (D)  In
      any
      particular jurisdiction in which the Company would be required to execute a
      general consent to service of process in effecting such registration,
      qualification or compliance unless the Company is already subject to service
      in
      such jurisdiction and except as may be required by the Securities Act; or

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

        
      (E)  If
      in the
      good faith judgment of the Board, such registration would be seriously
      detrimental to the Company and the Board concludes, as a result, that it is
      essential to defer the filing of such registration statement at such time,
      and
      the Company thereafter delivers to the Initiating Holders a certificate, signed
      by the President or Chief Executive Officer of the Company, stating that in
      the
      good faith judgment of the Board it would be detrimental to the Company or
      its
      stockholders for a registration statement to be filed in the near future, then
      the Company’s obligation to use its commercially reasonable efforts to register,
      qualify, or comply under this Section 1.2 shall be deferred for a period not
      to
      exceed ninety (90) days from the delivery of the written request from the
      Initiating Holders; provided,
      however,
      that
      the Company may not utilize this right more than once in any twelve (12) month
      period. 

     

        
      (F)  Subject
      to the foregoing clauses (A) through (E), the Company shall file a registration
      statement covering the Registrable Securities so requested to be registered
      as
      soon as practicable after receipt of the request or requests of the Initiating
      Holders. The registration statement filed pursuant to the request of the
      Initiating Holders may, subject to the provisions of Sections 1.2(c) and Section
      1.12 hereof, include other securities of the Company with respect to which
      registration rights have been granted, and may include securities being sold
      for
      the account of the Company. 

     

        
      (b)  Underwriting.
      The
      right of any Holder to registration pursuant to this Section 1.2 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. A Holder may elect to include in such underwriting
      all
      or a part of the Registrable Securities held by such Holder. 

     

        
      (c)  Procedures.
      If the
      Company shall request inclusion in any registration pursuant to this Section
      1.2
      of securities being sold for its own account, or if other persons shall request
      inclusion in any registration pursuant to this Section 1.2, the Initiating
      Holders shall, on behalf of all Holders, offer to include such securities in
      the
      underwriting and may condition such offer on their acceptance of the applicable
      provisions of this Section 1 (including without limitation Section 1.12). The
      Company shall (together with all Holders or other persons proposing to
      distribute their securities through such underwriting) enter into and perform
      its obligations under an underwriting agreement in customary form with the
      managing underwriter selected for such underwriting by a majority in interest
      of
      the Initiating Holders (which managing underwriter shall be reasonably
      acceptable to the Company). Notwithstanding any other provision of this Section
      1.2, if the managing underwriter advises the Initiating Holders in writing
      that
      marketing factors require a limitation of the number of shares to be
      underwritten, the number of shares to be included in the underwriting or
      registration shall be allocated as set forth in Section 1.12. If any person
      who
      has requested inclusion in such registration as provided above disapproves
      of
      the terms of the underwriting, such person shall be excluded therefrom by
      written notice delivered by the Company or the managing underwriter. Any
      Registrable Securities and/or other securities so excluded or withdrawn shall
      also be withdrawn from registration. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    1.3  Registration
      on Form S-3.
      

     

    (a)  Qualification
      on Form S-3.
      After
      the IPO, the Company shall use its commercially reasonable efforts to qualify
      (and continue to be qualified) for registration on Form S-3 or any comparable
      or
      successor form. To that end, the Company shall register (whether or not required
      by law to do so) its Common Stock under the Exchange Act in accordance with
      the
      provisions of the Exchange Act following the effective date of the first
      registration of any securities of the Company on Form S-1 or any comparable
      or
      successor form or forms. 

     

    (b)  Request
      for Registration on Form S-3.
      After
      the Company has qualified for the use of Form S-3, if the Company shall receive
      from Form S-3 Initiating Holders a written request that the Company effect
      a
      registration on Form S-3 the Company will: 

     

    (i)  promptly
      deliver written notice of the proposed registration to all other Holders; and
      

     

    (ii)  as
      soon
      as practicable, use its commercially reasonable efforts to effect such
      registration, qualification, or compliance (including, without limitation,
      the
      execution of an undertaking to file post-effective amendments, appropriate
      qualification under applicable blue sky or other state securities laws, and
      appropriate compliance with applicable regulations issued under the Securities
      Act and any other governmental requirements or regulations) as may be so
      requested and as would permit or facilitate the sale and distribution of all
      or
      such portion of such Registrable Securities as are specified in such request
      (including, if applicable, a distribution of such Registrable Securities by
      way
      of dividend), together with all or such portion of the Registrable Securities
      of
      any Holder or Holders joining in such request as are specified in a written
      request delivered to the Company within twenty (20) days after delivery of
      such
      written notice from the Company; provided,
      however,
      that
      the Company shall not be obligated to take any action to effect any such
      registration, qualification, or compliance pursuant to this Section 1.3:

     

    
      
        
        

      

      
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      (A)  If
      the
      Company has effected any such registration pursuant to this Section 1.3 during
      the preceding twelve-month period in which such Form
      S-3
      Initiating Holders or their Affiliates participated (irrespective of whether
      such registration was requested by such Form S-3 Initiating Holders);

     

        
      (B)  During
      the period starting with the date sixty (60) days prior to the Company’s
      estimated date of filing of, and ending on a date one hundred and eighty (180)
      days after the effective date of, a registration initiated by the Company;
      provided that
      the
      Company is actively employing in good faith its commercially reasonable efforts
      to cause such registration statement to become effective and that the Company’s
      estimate of the date of filing such registration statement is made in good
      faith; provided,
      further,
      that
      the
      Company provides written notice to the Initiating Holders within thirty (30)
      days of any request for registration on Form  S-3 by the Initiating Holders
      of the Company’s intent to file a registration statement for a public offering
      within ninety (90) days after the date of such request and provided further
      that
      such registration is subject to Section 1.4 hereto; 

     

        
      (C)  In
      any
      particular jurisdiction in which the Company would be required to execute a
      general consent to service of process in effecting such registration,
      qualification, or compliance unless the Company is already subject to service
      in
      such jurisdiction and except as may be required by the Securities Act;

     

        
      (D)  If
      in the
      good faith judgment of the Board, such registration would be seriously
      detrimental to the Company and the Board concludes, as a result, that it is
      essential to defer the filing of such registration statement at such time,
      and
      the Company thereafter delivers to the Initiating Holders a certificate, signed
      by the President or Chief Executive Officer of the Company, stating that in
      the
      good faith judgment of the Board it would be detrimental to the Company or
      its
      stockholders for a registration statement to be filed in the near future, then
      the Company’s obligation to use its commercially reasonable efforts to register,
      qualify, or comply under this Section 1.3 shall be deferred for a period not
      to
      exceed ninety (90) days from the date of delivery of the written request from
      the Initiating Holders; provided,
      however,
      that
      the Company may not utilize this right more than once in any twelve (12) month
      period. 

     

    
      
        
        

      

      
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      (c)  Underwriting;
      Procedure.
      If a
      registration requested under this Section 1.3 is for an underwritten offering,
      the provisions of Sections 1.2(b) and 1.2(c) shall apply to such registration.
      

     

    1.4  Company
      Registration.
      

     

          
      (a)  Notice
      of Registration.
      If the
      Company shall determine to register any of its securities, either for its own
      account or the account of a security holder or holders invoking demand
      registration rights other than (A) a registration pursuant to Sections 1.2
      or
      1.3 hereof, (B) a registration relating solely to employee benefit plans, (C)
      a
      registration relating solely to a Rule 145 transaction, or (D) a registration
      on
      any registration form that does not permit secondary sales, the Company will:
      

     

    (i)  promptly
      deliver to each Holder written notice thereof; and 

        
      

        
      (ii)  use
      its
      commercially reasonable efforts to include in such registration (and any related
      qualification under blue sky laws or other compliance), except as set forth
      in
      Section 1.4(b) below, and in any underwriting involved therein, all the
      Registrable Securities specified in a written request or requests made by any
      Holder and delivered to the Company within ten (10) days after the written
      notice is delivered by the Company. Such written request may include all or
      a
      portion of a Holder’s Registrable Securities. 

     

         
      (b)  Underwriting;
      Procedures.
      If the
      registration of which the Company gives notice is for a registered public
      offering involving an underwriting, the Company shall so advise the Holders
      as a
      part of the written notice given pursuant to Section 1.4(a)(i). In such event,
      the right of any Holder to registration pursuant to this Section 1.4 shall
      be
      conditioned upon such Holder’s participation in such underwriting and the
      inclusion of Registrable Securities in the underwriting to the extent provided
      herein. All Holders proposing to distribute their securities through such
      underwriting shall (together with the Company and the other holders distributing
      their securities through such underwriting) enter into and perform their
      obligations under an underwriting agreement in customary form with the managing
      underwriter selected for such underwriting by the Company. Notwithstanding
      any
      other provision of this Section 1.4, if the managing underwriter determines
      that
      marketing factors require a limitation of the number of shares to be
      underwritten, the managing underwriter may exclude all Registrable Securities
      from, or limit the number of Registrable Securities to be included in, the
      registration and underwriting. The Company shall so advise all holders of
      securities requesting registration, and the number of shares of securities
      that
      are entitled to be included in the registration and underwriting shall be
      allocated as set forth in Section 1.12 (it being understood that the securities
      to be registered pursuant to Section 1.4(a) for the Company’s account or for the
      account of such other security holders invoking registration rights (such
      securities, the “Priority
      Shares”)
      shall
      not be reduced with respect to such registration). If any person who has
      requested inclusion in such registration as provided above disapproves of the
      terms of the underwriting, such person shall be excluded therefrom by written
      notice delivered by the Company or the managing underwriter. Any Registrable
      Securities and/or other securities so excluded or withdrawn shall also be
      withdrawn from registration. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

        
      (c)  Right
      to Terminate Registration.
      The
      Company shall have the right to terminate or withdraw any registration initiated
      by it under this Section 1.4 prior to the effectiveness of such registration,
      whether or not any Holder has elected to include securities in such
      registration. 

     

         
      1.5  Registration
      Procedures.
      In the
      case of each registration, qualification, or compliance effected by the Company
      pursuant to this Section 1, the Company will keep each Holder advised in writing
      as to the initiation of each registration, qualification, and compliance and
      as
      to the completion thereof and, at its expense, the Company will use its
      commercially reasonable efforts to: 

     

        
      (a)  Prepare
      and file with the Commission a registration statement with respect to such
      securities and use its commercially reasonable efforts to cause such
      registration statement to become and remain effective for at least ninety (90)
      days or until the distribution described in the registration statement has
      been
      completed, whichever occurs first; provided,
      however,
      that
      (i) such 90-day period shall be extended for a period of time equal to the
      period the Holder refrains from selling any securities included in such
      registration at the request of an underwriter of common stock or other
      securities of the Company, and (ii) in the case of any registration of
      Registrable Securities on Form S-3 which are intended to be offered on a
      continuous or delayed basis, such 90-day period shall be extended, if necessary,
      up to one hundred eighty (180) days to keep the registration statement effective
      until all such Registrable Securities are sold, however in no event longer
      than
      one year from the effective date of the registration statement and provided
      that
      if Rule 415, or any successor rule under the Securities Act, permits an offering
      on a continuous or delayed basis, and provided further that if applicable rules
      under the Securities Act governing the obligation to file a post-effective
      amendment permit, in lieu of filing a post-effective amendment which (A)
      includes any prospectus required by Section 10(a)(3) of the Securities Act
      or
      (B) reflects facts or events representing a material or fundamental change
      in
      the information set forth in the registration statement, the incorporation
      by
      reference of information required to be included in (A) and (B) above shall
      be
      contained in periodic reports filed pursuant to Section 13 or 15(d) of the
      Exchange Act in the registration statement; 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

        
      (b)  Furnish
      to the Holders participating in such registration and to the underwriters of
      the
      securities being registered such reasonable number of copies of the registration
      statement, preliminary prospectus, final prospectus, and such other documents
      as
      such underwriters may reasonably request in order to facilitate the public
      offering of such securities; 

     

        
      (c)  Prepare
      and file with the Commission such amendments and supplements to such
      registration statement and the prospectus used in connection with such
      registration statements as may be necessary to comply with the provisions of
      the
      Securities Act with respect to the disposition of all securities covered by
      such
      registration statement; 

     

        
      (d)  Notify
      each seller 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 or incomplete in the light of the circumstances then existing, and
      prepare a supplement to or an amendment of such prospectus as may be necessary
      so that, as thereafter delivered to the purchaser of such shares, such
      prospectus shall not include an untrue statement of a material fact or omit
      to
      state a material fact required to be stated therein or necessary to make the
      statements therein not misleading or incomplete in the light of the
      circumstances then existing and, at the request of any such seller, furnish
      to
      such seller a reasonable number of copies of such supplement to or amendment
      of
      such prospectus; 

     

        
      (e)  Use
      its
      commercially 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; 

     

        
      (f)  Cause
      all
      such Registrable Securities to be listed on each securities exchange on which
      similar securities issued by the Company are then listed; 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

        
      (g)  Provide
      a
      transfer agent and registrar for all Registrable Securities and a CUSIP number
      for all such Registrable Securities, in each case not later than the effective
      date of such registration; and 

     

        
      (h)  Use
      its
      commercially reasonable efforts to furnish, at the request of any Holder
      requesting registration of Registrable Securities pursuant to this Section
      1, on
      the date that such Registrable Securities are delivered to the underwriters
      for
      sale in connection with a registration pursuant to this Section 1, if such
      securities are being sold through underwriters, or, if such securities are
      not
      being sold through underwriters, on the date that the registration statement
      with respect to such securities becomes effective, (i) an opinion, dated such
      date, of the counsel representing the Company for the purposes of such
      registration, in form and substance as is customarily given to underwriters
      in
      an underwritten public offering, addressed to the underwriters, if any, and
      to
      the Holders requesting registration of Registrable Securities and (ii) a letter,
      dated such date, from the independent certified public accountants of the
      Company, in form and substance as is customarily given by independent certified
      public accountants to underwriters in an underwritten public offering, addressed
      to the underwriters, if any, and to the Holders requesting registration of
      Registrable Securities (to the extent the then-applicable standards of
      professional conduct permit said letter to be addressed to the Holders).

     

        
      1.6  Information
      by Holder.
      The
      Holder or Holders of Registrable Securities included in any registration shall
      furnish to the Company such information regarding such Holder or Holders, the
      Registrable Securities held by them, and the distribution proposed by such
      Holder or Holders as the Company may request in writing and as shall be required
      in connection with any registration, qualification, or compliance referred
      to in
      this Section 1, and the refusal to furnish such information by any Holder or
      Holder shall relieve the Company of its obligations in this Section 1 with
      respect to such Holder or Holders. Furthermore, the Company shall have no
      obligation with respect to any registration requested pursuant to Section 1.2
      or
      Section 1.3 of this Agreement if, as a result of the application of the
      preceding sentence, the number of shares or the anticipated aggregate offering
      price of the Registrable Securities to be included in the registration does
      not
      equal or exceed the number of shares or the anticipated aggregate offering
      price
      required to originally trigger the Company’s obligation to initiate such
      registration as specified in the definition of “Initiating Holders” or “Form S-3
      Initiating Holders,” whichever is applicable. 

     

        
      1.7  Indemnification.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

        
      (a)  To
      the
      extent permitted by law, the Company will indemnify each Holder, each of its
      officers, directors, partners, legal counsel, and accountants, and each person
      controlling such Holder within the meaning of Section 15 of the Securities
      Act,
      with respect to which registration, qualification, or compliance has been
      effected pursuant to this Section 1, and each underwriter, if any, and each
      person who controls any underwriter within the meaning of Section 15 of the
      Securities Act, against all expenses, claims, losses, damages, or liabilities
      (or actions, proceedings, or settlements in respect thereof) arising out of
      or
      based on any untrue statement (or alleged untrue statement) of a material fact
      contained in any registration statement, prospectus, offering circular, or
      other
      document (including any related registration statement, notification, or the
      like), or any amendment or supplement thereto, incident to any such
      registration, qualification, or compliance, or based on any omission (or alleged
      omission) to state therein a material fact required to be stated therein or
      necessary to make the statements therein, in light of the circumstances in
      which
      they were made, not misleading, or any violation by the Company of the
      Securities Act or any rule or regulation promulgated under the Securities Act
      applicable to the Company in connection with any such registration,
      qualification, or compliance, and the Company will reimburse each such Holder,
      each of its officers, directors, partners, legal counsel, and accountants,
      and
      each person controlling such Holder, each such underwriter and each person
      who
      controls any such underwriter, for any legal and any other expenses reasonably
      incurred in connection with investigating, preparing, defending, or settling
      any
      such claim, loss, damage, liability, or action, as such expenses are incurred,
      provided that the Company will not be liable in any such case to the extent
      that
      any such claim, loss, damage, liability, or expense arises out of or is based
      on
      any untrue statement or omission or alleged untrue statement or omission, made
      in reliance upon and in conformity with written information furnished to the
      Company by such Holder, controlling person, or underwriter and stated to be
      specifically for use therein. It is agreed that the indemnity agreement
      contained in this Section 1.7 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). 

     

        
      (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,
      qualification, or compliance is being effected, severally and not jointly
      indemnify the Company, each of its directors, officers, partners, legal counsel,
      and accountants, and each underwriter, if any, of the Company’s securities
      covered by such a registration statement, each person who controls the Company
      or such underwriter within the meaning of Section 15 of the Securities Act,
      and
      each other such Holder and Other Stockholder, each of their officers, directors,
      and partners, and each person controlling such Holder or Other Stockholder
      within the meaning of Section 15 of the Securities Act, against all claims,
      losses, damages, and liabilities (or actions in respect thereof) arising out
      of
      or based on any untrue statement (or alleged untrue statement) of a material
      fact contained in any such registration statement, prospectus, offering
      circular, or other document, or any omission (or alleged omission) to state
      therein a material fact required to be stated therein or necessary to make
      the
      statements therein not misleading, and will reimburse the Company and such
      Holders, Other Stockholders, directors, officers, partners, legal counsel,
      and
      accountants, persons, underwriters, or control persons for any legal or any
      other expenses reasonably incurred in connection with investigating or defending
      any such claim, loss, damage, liability, or action, as such expenses are
      incurred, in each case to the extent, but only to the extent, that such untrue
      statement (or alleged untrue statement) or omission (or alleged omission) is
      made in such registration statement, prospectus, offering circular, or other
      document in reliance upon and in conformity with written information furnished
      to the Company by such Holder and stated to be specifically for use therein,
      provided, however, that the obligations of such Holder hereunder shall not
      apply
      to amounts paid in settlement of any such claims, losses, damages, or
      liabilities (or actions in respect thereof) if such settlement is effected
      without the consent of such Holder (which consent shall not be unreasonably
      withheld); and provided
      that
      that in no event shall any indemnity under this Section 1.7 exceed the net
      proceeds received by such Holder in such offering. 

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

        
      (c)  Each
      party entitled to indemnification under this Section 1.7 (the “Indemnified
      Party”)
      shall
      give notice to the party required to provide indemnification (the “Indemnifying
      Party”)
      promptly after such Indemnified Party has actual knowledge of any claim as
      to
      which indemnity may be sought, and shall permit the Indemnifying Party to assume
      the defense of any such claim or any litigation resulting therefrom, provided
      that counsel for the Indemnifying Party, who shall conduct the defense of such
      claim or litigation, shall be approved by the Indemnified Party (whose approval
      shall not unreasonably be withheld), and the Indemnified Party may participate
      in such defense at such party’s expense, and provided further that the failure
      of any Indemnified Party to give notice as provided herein shall not relieve
      the
      Indemnifying Party of its obligations under this Section 1 unless the failure
      to
      give such notice is materially prejudicial to an Indemnifying Party’s ability to
      defend such action. 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. Each Indemnified Party shall furnish such information regarding
      itself or the claim in question as an Indemnifying Party may reasonably request
      in writing and as shall be reasonably required in connection with the defense
      of
      such claim and litigation resulting therefrom. 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

        
      (d)  If
      the
      indemnification provided for in this Section 1.7 is held by a court of competent
      jurisdiction to be unavailable to an Indemnified Party with respect to any
      claim, loss, damage, liability, or expense referred to therein, then the
      Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder,
      shall contribute to the amount paid or payable by such Indemnified Party as
      a
      result of such claim, loss, damage, liability, or expense in such proportion
      as
      is appropriate to reflect the relative fault of the Indemnifying Party on the
      one hand and the Indemnified party on the other in connection with the
      statements or omissions that resulted in such claim, loss, damage, liability,
      or
      expense, as well as any other relevant equitable considerations. The relative
      fault of the Indemnifying Party and of the Indemnified Party shall be determined
      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 related
      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. The Company and the Holders
      agree that it would not be just and equitable if contribution pursuant to this
      Section 1.7 were based solely upon the number of entities from whom contribution
      was requested or by any other method of allocation which does not take account
      of the equitable considerations referred to above. In no event shall any
      contribution by a Holder under this Section 1.7 exceed the net proceeds received
      by such Holder in such offering. 

     

        
      (e)  The
      amount paid or payable by an Indemnified Party as a result of the losses,
      claims, damages, and liabilities referred to above in this Section 1.7 shall
      be
      deemed to include any legal or other expenses reasonably incurred by such
      Indemnified Party in connection with investigating or defending any such action
      or claim, subject to the provisions of Section 1.7(c). No person guilty of
      fraudulent misrepresentation (within the meaning of the Securities Act) shall
      be
      entitled to contribution from any person who was not guilty of such fraudulent
      misrepresentation. 

     

        
      (f)  Notwithstanding
      the foregoing, to the extent that the provisions on indemnification and
      contribution contained in the underwriting agreement entered into in connection
      with the underwritten public offering are in conflict with the foregoing
      provisions, the provisions in the underwriting agreement shall control
provided,
      however,
      that if
      the underwriting agreement fails to address a matter addressed by the provisions
      of the Agreement, the failure of the underwriting agreement to address such
      matter shall not be deemed to be a conflict with the provisions of this
      Agreement. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

        
      (g)  The
      obligations of the Company and Holders under this Section 1.7 shall survive
      the
      completion of any offering of Registrable Securities in a registration
      statement. 

     

        
      1.8  Expenses
      of Registration.
      All
      Registration Expenses shall be borne by the Company; provided,
      however
      ,
      that if
      the Holders bear the Registration Expenses for any registration proceeding
      begun
      pursuant to Section 1.2 that is subsequently withdrawn by the Holders
      registering shares therein, such registration proceeding shall not be counted
      as
      a requested registration pursuant to Section 1.2. Furthermore, in the event
      that
      a withdrawal by the Holders is based upon material adverse information relating
      to the Company that is different from the information known or available (upon
      request from the Company or otherwise) to the Holders requesting registration
      at
      the time of their request for registration under Section 1.2, such registration
      proceeding shall not be counted as a requested registration pursuant to Section
      1.2, even though the Holders do not bear the Registration Expenses for such
      registration. All Selling Expenses relating to securities registered on behalf
      of the Holders shall be borne by the holders of the registered securities
      included in such registration pro rata on the basis of the number of shares
      so
      registered. 

     

        
      1.9  Rule
      144 Reporting.
      With a
      view to making available the benefits of certain rules and regulations of the
      Commission which may at any time permit the sale of the Restricted Securities
      to
      the public without registration after such time as a public market exists for
      the Common Stock of the Company, the Company agrees to use its commercially
      reasonable efforts to: 

     

        
      (a)  Make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144,  at all times after the effective date that the Company becomes
      subject to the reporting requirements of the Securities Act or the Exchange
      Act;

     

        
      (b)  File
      with
      the Commission in a timely manner all reports and other documents required
      of
      the Company under the Securities Act and the Exchange Act (at any time after
      it
      has become subject to such reporting requirements); and 

     

        
      (c)  So
      long
      as a Holder owns any Restricted Securities, to furnish to the Holder forthwith
      upon request a written statement by the Company as to its compliance with the
      reporting requirements of Rule 144 and of any other reporting requirements
      of
      the Securities Act and the Exchange Act (at any time after it has become subject
      to such reporting requirements), a copy of the most recent annual or quarterly
      report of the Company, and such other reports and documents of the Company
      and
      other information in the possession of or reasonably obtainable by the Company
      as a Holder may reasonably request in availing itself of
      any
      rule or regulation of the Commission allowing a Holder to sell any such
      securities without registration. 

     

    
      
        
        

      

      
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      1.10  Transfer
      of Registration Rights.
      The
      rights to cause the Company to register securities granted to any party hereto
      under Section 1 may be assigned by a Holder only to a transferee or assignee
      of
      not less than fifty thousand (50,000) shares of Registrable Securities (as
      appropriately adjusted for stock splits and the like), provided that the Company
      is given written notice at the time of or within a reasonable time after said
      assignment, stating the name and address of the transferee or assignee and
      identifying the securities with respect to which such registration rights are
      being assigned, and, provided further, that the assignee of such rights assumes
      in writing the obligations of such Holder under this Section 1. Notwithstanding
      the foregoing, no such minimum share assignment requirement shall be necessary
      for an assignment by a Holder which is (A) a partnership to its partners or
      retired partners, (B) a limited liability company to its members or former
      members, or (C) to the Holder’s family member or trust for the benefit of an
      individual Holder. 

     

        
      1.11  Limitations
      on Subsequent Registration Rights.
      From
      and after the date hereof, the Company shall not, without the prior written
      consent of Holders who in the aggregate hold more than 50% of the then
      outstanding Registrable Securities, enter into any agreement granting any holder
      or prospective holder of any securities of the Company registration rights
      the
      terms of which are more favorable than the registration rights granted to
      Holders hereunder. 

     

        
      1.12  Procedure
      for Underwriter Cutbacks.
      In any
      circumstance in which all of the Registrable Securities and other shares of
      Common Stock of the Company with registration rights (such other shares, the
      “Other
      Shares”)
      requested to be included in a registration on behalf of Holders or Other
      Stockholders cannot be so included as a result of limitations of the aggregate
      number of shares of Registrable Securities and Other Shares that may be so
      included, no Other Shares (other than Priority Shares being registered pursuant
      to Section 1.4) may be included unless all Registrable Securities requested
      to
      be included in such registration statement are so included and, if all such
      Registrable Securities cannot be included, then the shares of Registrable
      Securities to be included shall be allocated among the Holders requesting
      inclusion of shares pro rata based upon the total number of Registrable
      Securities held by such Holders; provided,
      however,
      that
      such allocation shall not operate to reduce the aggregate number of Registrable
      Securities to be included in such registration if any Holder does not request
      inclusion of the maximum number of shares of Registrable Securities allocated
      to
      such Holder pursuant to the above-described procedure, in which case the
      remaining portion of his allocation shall be reallocated among those requesting
      Holders whose allocations did not satisfy their requests pro rata on the basis
      of total number of shares of Registrable Securities held by such Holders, and
      this procedure shall be repeated until all shares of Registrable Securities
      which may be included in the registration on behalf of the Holders have been
      so
      allocated. The Company shall not limit the number of shares of Registrable
      Securities to be included in a registration pursuant to this Agreement in order
      to include Other Shares (other than Priority Shares) or shares of stock issued
      to founders of the Company or to employees, officers, directors, or consultants
      pursuant to the Company’s equity incentive plans, or in the case of
      registrations under Sections 1.2 or 1.3 hereof, in order to include in such
      registration securities registered for the Company’s own account. 

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

        
      1.13  Termination
      of Rights.
      The
      rights of any particular Holder to cause the Company to register securities
      under Sections 1.2, 1.3 and 1.4 shall terminate with respect to such Holder
      on
      the fifth year anniversary of the effective date of the Company’s IPO.

     

    
      	2.	
              Miscellaneous.

            

    

     

    2.1  Governing
      Law.
      This
      Agreement shall be governed by and construed under the laws of the State of
      New
      York without giving effect to the choice of law provisions thereof.

     

    2.2  Successors
      and Assigns.
      Except
      as otherwise provided herein, the provisions hereof shall inure to the benefit
      of, and be binding upon, the successors, assigns, heirs, executors, and
      administrators of the parties hereto. Nothing in this Agreement, express or
      implied, is intended to confer upon any party other than the parties hereto
      or
      their respective successors and assigns any rights, remedies, obligations,
      or
      liabilities under or by reason of this Agreement, except as expressly provided
      by this Agreement. 

     

    2.3  Entire
      Agreement.
      This
      Agreement and the other documents delivered pursuant hereto constitute the
      full
      and entire understanding and agreement among the parties with regard to the
      subjects hereof and thereof. Subject to the provisions of Section 2.10 below,
      neither this Agreement nor any term hereof may be amended, waived, discharged
      or
      terminated other than by a written instrument signed by the party against whom
      enforcement of any such amendment, waiver, discharge or termination is sought,
      unless otherwise provided. 

     

    2.4  Notices,
      Etc.All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively delivered upon personal delivery to the party to be notified, or
      upon the passage of five (5) calendar days after deposit in the United States
      mail, by registered or certified mail, postage prepaid, or the passage of two
      (2) days if sent by the next day delivery service of a nationally-recognized
      reputable courier, each properly addressed to the party to be notified, as
      set
      forth on the Exhibit
      A
      hereto
      or at such other address as such party or any subsequent Investor may designate
      by ten (10) calendar days’ advance written notice to the other parties hereto,
      or, if sent by facsimile, upon completion of such facsimile transmission, as
      conclusively evidenced by the transmission receipt thereof. 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    2.5  Delays
      or Omissions.
      No
      delay or omission to exercise any right, power, or remedy accruing to any
      Investor upon any breach or default of the Company under this Agreement shall
      impair any such right, power, or remedy of such party, nor shall it be construed
      to be a waiver of any such breach or default, or an acquiescence therein, or
      of
      or in any similar breach or default thereafter occurring; nor shall any waiver
      of any single breach or default be deemed a waiver of any other breach or
      default theretofore or thereafter occurring. Any waiver, permit, consent, or
      approval of any kind or character on the part of any party of any breach or
      default under this Agreement, or any waiver on the part of any party 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 or as
      provided in this Agreement. All remedies, either under this Agreement or by
      law
      or otherwise afforded to any party, shall be cumulative and not alternative.
      

     

    2.6  Attorney
      Fees.
      In the
      event that any dispute among the parties to this Agreement should result in
      litigation, 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. 

     

    2.7  Counterparts.
      This
      Agreement may be executed in two or more counterparts and signature pages may
      be
      delivered by facsimile, each of which shall be deemed an original, but all
      of
      which together shall constitute one and the same instrument. 

     

    2.8  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. 

     

    2.9  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this Agreement.

     

    2.10  Amendment
      and Waiver.
      Any
      provision of this Agreement may be amended or waived (either generally or in
      a
      particular instance and either retroactively or prospectively) with the written
      consent of the Company and an Investor or Investors holding, in the aggregate,
      more than fifty percent (50%) of the outstanding shares of the Registrable
      Securities including (a) the written consent of Telecom so long as Telecom
      and
      its Affiliates own at least 1,000,000 shares of common stock of the Company
      (on
      an as converted to Common Stock basis and as adjusted for any stock splits,
      consolidations and the like), (b) the written consent of Investor so long as
      Investor and its Affiliates own at least 1,000,000 shares of common stock of
      the
      Company (on an as converted to Common Stock basis and as adjusted for any stock
      splits, consolidations and the like) and (c) the written consent of CDN so
      long
      as CDN and its Affiliates own at least 1,000,000 shares of common stock of
      the
      Company (on an as converted to Common Stock basis and as adjusted for any stock
      splits, consolidations and the like). In addition, the Company may waive
      performance of any obligation owing to it, as to some or all of the Investors,
      or agree to accept alternatives to such performance, without obtaining the
      consent of any Investor. 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    2.11  Rights
      of Investors.
      Each
      party to this Agreement shall have the absolute right to exercise or refrain
      from exercising any right or rights that such party may have by reason of this
      Agreement, including, without limitation, the right to consent to the waiver
      or
      modification of any obligation under this Agreement, and such party shall not
      incur any liability to any other party or other holder of any securities of
      the
      Company as a result of exercising or refraining from exercising any such right
      or rights. 

     

    2.12  Aggregation
      of Stock.
      All
      shares of Preferred Stock and Common Stock of the Company held or acquired
      by
      affiliated entities or persons shall be aggregated for the purpose of
      determining the availability of any rights under this Agreement. 

     

    2.13  Specific
      Performance.
      Without
      limiting the rights of each party hereto to pursue all other legal and equitable
      rights available to such party for any other party’s failure to perform its
      obligations under this Agreement, each such party acknowledges and agrees that
      the remedy at law for any failure to perform obligations hereunder would be
      inadequate and all such parties shall be entitled to specific performance,
      injunctive relief, or other equitable remedies in the event of any such failure.
      The availability of these remedies shall not prohibit the parties from pursuing
      any other remedies for such breach, including the recovery of monetary damages.
      

     

    [THIS
      SPACE LEFT BLANK INTENTIONALLY] 

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	 	HRDQ
              GROUP, INC.
	 	 	 	 
	 	 	By:	
              /s/ Limei
                Deng

            
	
            	 	
               

              Name:

            	
              

              Limei
                Deng

            
	 	 	Title:	
              President

            

    

     

     

    
      
        	 	 	TELECOM
                COMMUNICATIONS, INC.
	 	 	 	 
	 	 	By:	
                /s/ Tim
                  Chen

              
	
              	 	
                 

                Name:

              	
                

                
                  Tim
                    Chen

                

              
	 	 	Title:	
                
                  Chief
                    Executive Officer

                

              

      

      
         

         

        
          
            	 	 	
                    CHINA
                      DONGGUAN NETWORKS, INC.

                  
	 	 	 	 
	 	 	By:	
                    /s/ Limei
                      Deng

                  
	
                  	 	
                     

                    Name:

                  	
                    

                    
                      
                        Limei
                          Deng

                      

                    

                  
	 	 	Title:	
                    
                      
                        President

                      

                    

                  

          

          
            
               

               

              
                
                  	 	 	
                          
                            TOP
                              RIDER GROUP LIMITED

                          

                        
	 	 	 	 
	 	 	By:	
                          /s/ Martin
                            Chang

                        
	
                        	 	
                           

                        	
                          

                          
                            
                              
                                Martin
                                  Chang, Manager

                              

                            

                          

                        
	 	 	 	
                          
                            
                               

                            

                          

                        

                

                 

                
                  
                    
                    

                  

                  
                    21

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