VIEWPOINT CORP
EXHIBIT 10.1
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<p align="right"><font size="2" face="Times New Roman, Times, serif"><b>
Exhibit 10.1 </b></font></p>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>STOCK PURCHASE AGREEMENT</B></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>STOCK PURCHASE AGREEMENT, dated as of July 27, 2005, between Viewpoint Corporation, a Delaware corporation
(the &#147;COMPANY&#148;), and Federal Partners, L.P., a Delaware limited partnership (the &#147;PURCHASER&#148;).</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>PREAMBLE</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company has duly authorized the issuance of 1,290,323 shares of the Company&#146;s common stock,
par value $.001 per share (the &#147;COMMON STOCK&#148;), pursuant to the provisions of this Stock
Purchase Agreement.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>Each party hereto agrees as follows for the benefit of the other party:</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>ARTICLE ONE<BR><BR>DEFINITIONS</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 1.01.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> DEFINITIONS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;BOARD OF DIRECTORS&#148; means, as to any Person, the board of directors of such Person or any
duly authorized committee thereof.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;BOARD RESOLUTION&#148; means, with respect to any Person, a copy of a resolution certified by
the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of
Directors of such Person and to be in full force and effect on the date of such certification.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;BUSINESS DAY&#148; means any day other than a Saturday, Sunday or any other day on which banking
institutions in The City of New York are required or authorized by law or other governmental action
to be closed.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;CAPITAL STOCK&#148; means (1) with respect to any Person that is a corporation, any and all shares,
interests, participations or other equivalents, however designated, of corporate stock, including
each class of common stock and preferred stock of such Person and (2) with respect to any Person
that is not a corporation, any and all partnership or other equity interests of such Person.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;CLOSING&#148; has the meaning set forth in Section&nbsp;2.02. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;COMMON STOCK&#148; has the meaning set forth in the Preamble. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;COMMISSION&#148; means the Securities and Exchange Commission, or any successor agency thereto
with respect to the regulation or registration of securities.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;COMPANY&#148; means the party named as such in the Preamble until a successor replaces it pursuant
to this Stock Purchase Agreement.</FONT></P>
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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&#147;EXCHANGE ACT&#148; means the Securities Exchange Act of 1934, as amended, or any successor
statute or statutes thereto.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;GAAP&#148; is defined to mean generally accepted accounting principles in the United States of
America as in effect from time to time, including, without limitation, those set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as approved by a significant segment of the accounting profession.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;LIEN&#148; means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance
of any kind (including any conditional sale or other title retention agreement, any lease in the
nature thereof and any agreement to give any security interest).</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;OPINION OF COUNSEL&#148; means a written opinion from legal counsel which counsel may be counsel
to or an employee of the Company.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;PERSON&#148; means an individual, partnership, corporation, unincorporated organization, trust
or joint venture, or a governmental agency or political subdivision thereof.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;REGISTRATION
    RIGHTS AGREEMENT&#148; means
    the Registration Rights Agreement, dated as of July 27, 2005, by and between
the Company and the Purchaser, as amended from time to time.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&#147;SECURITIES ACT&#148; means the Securities Act of 1933, as amended, or any successor statute
or statutes thereto.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;STOCK
    PURCHASE AGREEMENT&#148; means
    this Stock Purchase Agreement, dated as of July 27, 2005, by and between
    the
Company and the Purchaser, as amended from time to time.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;SUBSIDIARY,&#148; with respect to any Person, means (i)&nbsp;any corporation of which the outstanding
Capital Stock having at least a majority of the votes entitled to be cast in the election of directors
under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person,
or (ii)&nbsp;any other Person of which at least a majority of the voting interest under ordinary
circumstances is at the time, directly or indirectly, owned by such Person.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&#147;WHOLLY OWNED SUBSIDIARY&#148; of any Person means any Subsidiary of such Person of which all
the outstanding voting securities (other than directors&#146; qualifying shares) are owned by such
Person or any Wholly Owned Subsidiary of such Person.</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 1.02.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> RULES OF CONSTRUCTION.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>Unless the context otherwise requires:</FONT></P>
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    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT><font face="Times New Roman, Times, Serif" size=2>(1)<font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</font></TD>
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<P align=center><FONT face="Times New Roman, Times, serif" size=2>2</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(2)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;or&#148; is not exclusive;</FONT></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(3)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> words in the singular include the plural, and words in the plural include the singular;</FONT></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(4)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> provisions apply to successive events and transactions; and</FONT></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(5)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#147;herein,&#148; &#147;hereof&#148; and other words of similar import refer to this Stock Purchase
Agreement as a whole and not to any particular Article, Section&nbsp;or other subdivision.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>ARTICLE TWO<BR><BR>THE COMMON STOCK</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 2.01.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>  PURCHASE AND SALE OF THE COMMON STOCK.</FONT></TD>
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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>Subject to the terms and conditions of this Stock Purchase Agreement and in reliance on the representations,
warranties and covenants of the parties contained herein, the Company shall issue and deliver 1,290,323
shares of Common Stock to the Purchaser, and the Purchaser shall purchase such Common Stock from
the Company for the aggregate purchase price of $2,000,000, at the Closing described in Section 2.02.
</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 2.02.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> CLOSING.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The closing of the transactions contemplated by Section 2.01 (the &#147;CLOSING&#148;) shall take place
at 3:00 p.m. on the date hereof at the offices of Patterson, Belknap, Webb &amp; Tyler LLP or at
such other place as the Company and Purchaser shall mutually agree.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>At the Closing, the Company shall deliver to the Purchaser certificates representing the Common Stock
to be purchased by the Purchaser at the Closing duly registered in the name of the Purchaser. Delivery
of such certificates to the Purchaser shall be made against receipt by the Company from the Purchaser
of the aggregate purchase price set forth in Section 2.01 by wire transfer of immediately available
funds to an account designated by the Company in writing for such purpose.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>ARTICLE THREE<BR><BR>REPRESENTATIONS AND WARRANTIES</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 3.01.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> REPRESENTATIONS AND WARRANTIES OF THE COMPANY. </FONT></TD>
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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>In order to induce the Purchaser to enter into this Stock Purchase Agreement and purchase the Common
Stock, the Company represents and warrants to the Purchaser as follows:</FONT></P>
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    <td><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)<font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u>Organization, Good Standing and Corporate Power</u>. The Company is a corporation duly organized, validly existing and in good standing under the laws of the</FONT></td>
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<P align=center><FONT face="Times New Roman, Times, serif" size=2>3</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>State of Delaware, with all requisite corporate power and authority to own its properties and to conduct
its business as presently conducted. The Company is qualified to do business and is in good standing
(or has active status) in each jurisdiction in which the failure to be so qualified could have a
Material Adverse Effect (as hereinafter defined). The Company has all requisite corporate power and
authority to enter into this Stock Purchase Agreement and to perform its obligations hereunder, including,
without limitation, the issuance and sale of the Common Stock. </FONT></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Due Authorization; Enforceability; No Conflicts</U>. The Company has taken all corporate and stockholder action necessary to authorize the execution,
delivery and performance by it of this Stock Purchase Agreement. Assuming the due execution and delivery
of this Stock Purchase Agreement by the Purchaser, this Stock Purchase Agreement constitutes a valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating
to the enforcement of creditors&#146; rights generally, the availability of equitable remedies and
to general equity principles. The execution, delivery and performance by the Company of this Stock
Purchase Agreement and compliance by the Company with the terms hereof will not violate, conflict
with or cause an event of default under the Company&#146;s Certificate of Incorporation or the Company&#146;s
Bylaws, or any resolutions of the Company&#146;s Board of Directors or stockholders or any agreement,
instrument, judgment, order, law, rule or regulation applicable to the Company or by which the Company
is bound or to which any of the Company&#146;s properties are subject, except where such violation,
conflict or event of default would not result in a material adverse effect on the Company&#146;s
business, financial condition, results of operations or properties (a &#147;MATERIAL ADVERSE EFFECT&#148;).
The Common Stock, upon issuance in accordance with the terms of this Stock Purchase Agreement, are
and will continue upon issuance to be duly authorized, validly issued, fully-paid and nonassessable
and free of any Liens, claims or encumbrances and rights of first refusal.</FONT></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Capitalization</U>. The authorized Capital Stock of the Company consists of (i)&nbsp;5,000,000 shares of preferred stock,
par value $.001 per share, of which no shares are issued and outstanding, and (ii) 100,000,000 shares
of Common Stock, of which&nbsp;58,142,086 shares are issued and outstanding. Except as set forth
on SCHEDULE 3.01(c) annexed hereto, there are no outstanding subscriptions, rights, options, warrants,
conversion rights, agreements or other claims for the purchase or acquisition from the Company of
any shares of its Capital Stock or obligating the Company to issue, repurchase, register or otherwise
acquire, any shares of its Capital Stock or any securities convertible into, exercisable or exchangeable
for, or otherwise entitling the holder to acquire, any shares of Capital Stock of the Company.</FONT></TD></TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(d)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Reports and Financial Statements</U>. The Company has previously furnished the Purchaser with true and complete copies, as amended or supplemented,
of the following documents, to the extent not available on the EDGAR system&nbsp;(i) Annual Report
on Form 10-K for the year ended December 31, 2004, as filed with the Commission, (ii) proxy statements
relating to all meetings of its shareholders (whether annual or special) since June 1, 2005 and (iii)
all other reports or registration statements</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>4</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>filed by the Company with the SEC since December 31, 2004 (such reports, registration statements and
other filings, together with any amendments or supplements thereto, are collectively referred to
as the &#147;COMPANY COMMISSION FILINGS&#148;). The Company Commission Filings constituted all of
the documents required to be filed by the Company with the Commission since December 31, 2004. As
of their respective dates, such Company&#146;s Commission Filings (as amended or supplemented) complied
in all material respects with the requirements of the Securities Act and the Exchange Act and the
rules and regulations of the Commission promulgated thereunder, and did not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading.
The audited consolidated financial statements and any unaudited interim financial statements of the
Company included in such Company&#146;s Commission Filings comply as to form in all material respects
with applicable accounting requirements and the published rules and regulations of the Commission
with respect thereto, and have been prepared in accordance with GAAP (except as may be indicated
therein or in the notes thereto and, in the case of the quarterly financial statements, as permitted
by Form 10-Q under the Exchange Act) and fairly present in all material respects the financial position
of the Company at the dates thereof and the results of its operations and its cash flows for the periods then ended.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(e)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Absence of Certain Changes or Events</U>. Except as publicly disclosed or otherwise disclosed in writing or orally (provided that any oral
disclosure hereunder must be made to Steve Duff) prior to the date of this Stock Purchase Agreement
or as otherwise contemplated by this Stock Purchase Agreement, since, March 31, 2005, there has not
been any material adverse change or material adverse development in the financial condition, results
of operations, or the business or properties of the Company.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(f)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Information in the Registration Statement</U>. None of the information relating to the Company, its officers or directors, supplied by the Company
for inclusion or incorporation by reference in the registration statement (the &#147;REGISTRATION
STATEMENT&#148;) to be filed with the Commission by the Company pursuant to the Registration Rights
Agreement to be entered into between the Company and the Purchaser or any amendments or supplements
thereto, will, at the time it becomes effective under the Securities Act and at the effective date,
contain any untrue statement of material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under
which they were made, not misleading. If at any time prior to the effective date any event with respect
to the Company, its officers or directors should occur which is required to be described in an amendment,
or a supplement to, the Registration Statement, such event shall be so described and such description
in such amendment or supplement of such information will not contain any statement which, at the
time and in light of circumstances under which it is made, is false or misleading with respect to
any material fact or omits to state any material fact required to be stated therein or in the Registration
Statement or necessary to make the statements therein or in the Registration Statement not false or misleading.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>5</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(g)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Compliance With Laws</U>. The conduct of the business of the Company complies in all material respects with all statutes, laws,
regulations, ordinances, rules, judgments, orders or decrees applicable thereto. Except as set forth
on SCHEDULE 3.01(g) annexed hereto, the Company has not received notice of any alleged material violation
of any statute, law, regulation, ordinance, rule, judgment, order or decree from any governmental
authority applicable to the Company or any of its assets or properties which has not been satisfactorily
disposed of.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(h)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Consents</U>. Except as set forth on SCHEDULE 3.01(h) annexed hereto, no consent or waiver of, order or approval
by, or filing with any governmental authority or other third party is required in connection with
the Company&#146;s execution, delivery and performance of this Stock Purchase Agreement.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(i)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Litigation Proceedings</U>. Except as set forth on SCHEDULE 3.01(i) annexed hereto, there is no action, suit, notice of violation,
proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting
the Company or any of its properties before or by any court, governmental or administrative agency
or regulatory authority (federal, state, county, local or foreign) which (i) adversely affects or
challenges the legality, validity or enforceability of any of this Stock Purchase Agreement and (ii)
could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(j)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>No Default or Violation</U>. Except as set forth on SCHEDULE 3.01(j) annexed hereto, the Company (i) is not in default under or
in violation of any indenture, loan or other credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties is bound, (ii) is not in violation
of any order of any court, arbitrator or governmental body applicable to it, (iii) is not in violation
of any statute, rule or regulation of any governmental authority to which it is subject or (iv) is
not in default under or in violation of its Certificate of Incorporation, Bylaws or other organizational
documents, respectively, except in each case for defaults and violations which individually or in
the aggregate would not reasonably be expected to have a Material Adverse Effect. The business of
the Company is not being conducted, and shall not be conducted in violation of any law, ordinance,
rule or regulation of any governmental entity, except where such violations have not resulted or
would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse
Effect. The Company is not in breach of any agreement where such breach, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(k)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Private Offering</U>. Neither the Company nor any person acting on its behalf has taken or will take any action which might
subject the offering, issuance or sale of the Common Stock to the Purchaser hereunder to the registration
requirements of the Securities Act. The offer, sale and issuance of the Common Stock to the Purchaser
will not be integrated with any other offer, sale and issuance of the Company&#146;s securities (past,
current, or future) under the Securities Act or any regulations of any exchange or automated quotation
system on which any of the securities of the Company are listed or designated or for purposes of
any stockholder approval provision applicable to the Company or its securities. Subject to the accuracy
and completeness of the</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>6</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>representations and warranties of the Purchaser contained in Section 3.02 hereof, the offer, sale and
issuance by the Company to the Purchaser of the Common Stock hereunder is exempt from the registration
requirements of the Securities Act.</FONT></TD></TR>
<TR>
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<TD vAlign=top>&nbsp;</TD></TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(l)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Investment Company</U>. The Company is not, and is not controlled by or under common control with an affiliate of an &#147;investment
company&#148; within the meaning of the Investment Company Act of 1940, as amended.</FONT></TD></TR>
<TR>
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<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(m)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Solicitation Materials</U>. The Company has not (i) distributed any offering materials in connection with the offering and sale
of the Common Stock to the Purchaser hereunder or (ii) solicited any offer to buy or sell the Common
Stock hereunder by means of any form of general solicitation or advertising.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(n)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Listing and Maintenance Requirements Compliance</U>. Except as set forth on SCHEDULE 3.01(n) annexed hereto, the Company has not in the two years preceding
the date hereof received written notice from any stock exchange or market on which the Common Stock
is or has been listed (or on which it has been quoted) to the effect that the Company is not in compliance
with the listing or maintenance requirements of such exchange or market.</FONT></TD></TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(o)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Registration Rights; Rights of Participation</U>. Except as set forth on SCHEDULE 3.01(o) annexed hereto, the Company has not granted or agreed to
grant to any person any rights (including &#147;piggy-back&#148; registration rights) to have any
securities of the Company registered with the Commission or any other governmental authority which
has not been satisfied, and no person, including, but not limited to, current or former stockholders
of the Company, underwriters, brokers or agents, has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated by this
Stock Purchase Agreement.</FONT></TD></TR>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 3.02.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>In order to induce the Company to enter into this Stock Purchase Agreement and issue the Common Stock,
the Purchaser represents and warrants to the Company as follows:</FONT></P>
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<TR>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Organization, Good Standing and Corporate Power</U>. The Purchaser is a limited partnership duly formed, validly existing and in good standing under the
laws of the State of its organization, with all requisite corporate power and authority to own its
properties, conduct its business, enter into this Stock Purchase Agreement and perform its obligations
hereunder.</FONT></TD></TR>
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<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Due Authorization; Enforceability; No Conflicts</U>. The Purchaser has taken all limited partnership action necessary to authorize the execution, delivery
and performance by it of this Stock Purchase Agreement. Assuming the due execution and delivery of
this Stock Purchase Agreement by the Company, this Stock Purchase Agreement constitutes a valid and
binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms,
subject to applicable bankruptcy,</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>7</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>insolvency, reorganization, moratorium and other similar laws relating to the enforcement of creditors&#146;
rights generally, the availability of equitable remedies and general equity principles. The execution,
delivery and performance by the Purchaser of this Stock Purchase Agreement and compliance by the
Purchaser with the terms hereof will not violate, conflict with or cause an event of default under
the Purchaser&#146;s organizational documents or any other agreement, instrument, judgment, order,
law, rule or regulation by which the Purchaser is bound or to which any properties of the Purchaser
are subject.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Accredited Investor</U>. The Purchaser is an &#147;accredited investor&#148; as that term is defined in Rule 501(a) under
the Securities Act.</FONT></TD></TR>
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<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(d)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Investment</U>. The Purchaser is acquiring the Common Stock for investment for its own account and not with a present
view to, or for resale in connection with, any distribution thereof. The Purchaser understands that
the Common Stock has not been registered under the Securities Act or applicable state securities
laws by reason of certain exemptions from the registration provisions thereof that depend upon, among
other things, the truth and accuracy of the Purchaser&#146;s representations and warranties herein;
provided, however, that by making the representations herein, the Purchaser does not agree to hold
any of the Common Stock for any minimum or other specific term and reserves the right to dispose
of the Common Stock at any time in accordance with or pursuant to a registration statement or an
exemption under the Securities Act.</FONT></TD></TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(e)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Restricted Transferability</U>. The Purchaser acknowledges that the Common Stock are being offered and sold hereunder in a private
placement that is exempt from the registration requirements of the Securities Act and that certificates
for the Common Stock will bear the legend set forth in Section 3.02(f) below. </FONT></TD></TR>
<TR>
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<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(f)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U>Legends</U>. The Purchaser&nbsp;understands that the certificates representing the Common Stock, except as set
forth below, shall bear any legend as required by the &#147;blue sky&#148; laws of any state and
a restrictive legend in substantially the following form (and a stop-transfer order may be placed
against transfer of such stock certificates):</FONT></TD></TR>
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<TD vAlign=top>&nbsp;</TD></TR></TABLE>
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<TD vAlign=top width=96>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION
OF COUNSEL ADDRESSED TO THE COMPANY, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>8</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(g)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The legend set forth above shall be removed and the Company shall issue a certificate without such
legend to the holder of the Common Stock upon which it is stamped, if, unless otherwise required
by state securities laws, (i) such Common Stock are registered for sale under the Securities Act,
(ii) in connection with a sale, assignment or other transfer, such holder provides the Company with
an opinion of counsel, in a generally acceptable form, to the effect that such sale, assignment or
transfer of the Common Stock may be made without registration under the Securities Act, or (iii)
such holder provides the Company with reasonable assurance that the Common Stock can be sold, assigned
or transferred pursuant to Rule 144 or Rule 144A promulgated under the Securities Act (or a successor
rule thereto) (collectively, &#147;RULE 144&#148;).</FONT></TD></TR>
<TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(h)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser understands that except as provided in the Registration Rights Agreement: (i) the shares
of Common Stock have not been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently
registered thereunder, or (B) the Purchaser shall have delivered to the Company an opinion of counsel,
in a generally acceptable form, to the effect that such Common Stock to be sold, assigned or transferred
may be sold, assigned or transferred pursuant to an exemption from such registration, (ii) any sale
of the Common Stock made in reliance on Rule 144 may be made in accordance with the terms of Rule
144 and further, if Rule 144 is not applicable, any resale of the Common Stock under circumstances
in which the seller or Person through whom the sale is made may be deemed to be an underwriter (as
that term is defined in the Securities Act) may require compliance with some other exemption under
the Securities Act or the rules and regulations of the Commission thereunder; and (iii) neither the
Company nor any other Person is under any obligation to register the Common Stock under the Securities
Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.</FONT></TD></TR>
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>ARTICLE FOUR<BR><BR>COVENANTS</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 4.01.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> PAYMENT OF TAXES AND OTHER CLAIMS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(a) all material taxes, assessments and governmental charges levied or imposed upon it or any of
its Subsidiaries or upon the income, profits or property of it or any of its Subsidiaries and (b)
all lawful claims for labor, materials and supplies which, in each case, if unpaid, would reasonably
be expected, by law, to become a material liability or Lien upon the property of it or any of its
Subsidiaries; provided, however, that the Company shall not be required to pay or discharge or cause
to be paid or discharged any such tax, assessment, charge or claim the amount, applicability or validity
of which is being contested in good faith by appropriate proceedings and for which adequate provision
has been made or for which adequate reserves, to the extent required under GAAP, have been taken.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>9</FONT></P>
<HR color=black noShade>

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  <TD vAlign=top>&nbsp;</TD>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 4.02.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> MAINTENANCE OF PROPERTIES AND INSURANCE.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Company shall cause all material properties owned by or leased by it or any of its Subsidiaries
used or useful to the conduct of its business or the business of any of its Subsidiaries to be maintained
and kept in normal condition, repair and working order and supplied with all necessary equipment
and shall cause to be made all necessary repairs, renewals and replacements thereof, all as in its
judgment may be reasonably necessary, so that the business carried on in connection therewith may
be properly conducted at all times; provided, however, that nothing in this Section&nbsp;4.02 shall
prevent the Company or any of its Subsidiaries from discontinuing the use, operation or maintenance
of any of such properties, or disposing of any of them, if such properties are, in the reasonable
and good faith judgment of the Board of Directors of the Company or such Subsidiary, as the case
may be, no longer reasonably necessary in the conduct of their respective businesses or such disposition
is otherwise permitted by this Stock Purchase Agreement.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Company shall provide or cause to be provided, for itself and each of its Subsidiaries, insurance
(including appropriate self-insurance) against loss or damage of the kinds that, in the reasonable,
good faith judgment of the Board of Directors of the Company, are adequate and appropriate for the
conduct of the business of the Company and such Subsidiaries in a prudent manner, with reputable
insurers or with the government of the United States of America or an agency or instrumentality thereof,
in such amounts, with such deductibles and by such methods as shall be customary, in the good faith
judgment of the Board of Directors of the Company, for companies similarly situated in the industry.</FONT></P>
<TABLE cellSpacing="0" cellPadding="0" width="100%" border="0">

<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 4.03.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> COMPLIANCE WITH LAWS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company will comply, and will cause each of its Subsidiaries to comply, with all applicable statutes,
rules, regulations, orders and restrictions of the United States, all states and municipalities thereof,
and of any governmental department, commission, board, regulatory authority, bureau, agency and instrumentality
of the foregoing, in respect of the conduct of their respective businesses and the ownership of their
respective properties, except for such noncompliances as are being contested in good faith and by
appropriate proceedings and except for such noncompliances as would not in the aggregate reasonably
be expected to have a Material Adverse Effect.</FONT></P>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 4.04.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> COMMISSION REPORTS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Company will deliver to the Purchaser promptly, but in any event no later than 5 Business Days
after it files with the Commission, to the extent not available on the EDGAR system, copies of the
quarterly and annual reports and of the information, documents and other reports, if any, which the
Company is required to file with the Commission pursuant to Section&nbsp;13 or 15(d) of the Exchange
Act.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> In the event the Company is not required to furnish such reports to its stockholders pursuant to the
Exchange Act, the Company (at its own expense) shall cause its consolidated financial statements,
comparable to those which would have been required to appear in annual or quarterly reports, to be
delivered to the Purchaser.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>10</FONT></P>
<HR color=black noShade>

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  <TD vAlign=top>&nbsp;</TD>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 4.05.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> SECURITIES MATTERS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company shall file all periodic reports required to be filed with the Commission pursuant to the
Exchange Act in a timely manner and shall not terminate its status as an issuer required to file
periodic reports under the Exchange Act. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company shall promptly secure the listing of all Registrable Securities (as defined in the Registration
Rights Agreement) upon each national securities exchange and automated quotation system, if any,
upon which shares of Common Stock are listed (subject to official notice of issuance) and shall maintain
such listing. The Company shall maintain the Common Stock&#146;s authorization for quotation on the
NASDAQ National market or obtain a listing on the NASDAQ SmallCap Market, The New York Stock Exchange
or the American Stock Exchange. </FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company shall timely file a Form D with respect to the Common Stock as required under Regulation
D and provide a copy thereof to the Purchaser promptly after such filing. The Company shall, on or
before the date of the Closing, take such actions as shall be reasonably necessary in order to obtain
an exemption for or to qualify the Common Stock for sale to the Purchaser pursuant to this Stock
Purchase Agreement under applicable securities or &#147;blue sky&#148; laws of the states of the
United States (or to obtain an exemption from such qualification) and shall provide evidence of any
such action so taken to the Purchaser on or prior to the date of the Closing. The Company shall make
all filings and reports relating to the offer and sale of the Common Stock required under applicable
securities or &#147;blue sky&#148; laws of the states of the United States following the date of the Closing.</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 4.06.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> USE OF PROCEEDS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company will use the proceeds from the sale of the Common Stock to pay existing indebtedness of
the Company or for general corporate working capital purposes.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>ARTICLE FIVE<BR><BR>CONDITIONS</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 5.01.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> CONDITIONS TO THE COMPANY&#146;S OBLIGATION. </FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The obligation of the Company hereunder to issue and sell the Common Stock to the Purchaser at the
Closing is subject to the satisfaction, at or before the Closing, of each of the following conditions,
provided that these conditions are for the Company&#146;s sole benefit and may be waived by the Company
at any time in its sole discretion by providing the Purchaser with prior written notice thereof:</FONT></P>
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<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have delivered to the Company the Registration Rights Agreement duly executed
by the Purchaser.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have delivered to the Company the purchase price for the Common Stock as set forth
in Section 2.01 at the Closing by wire transfer of immediately available funds pursuant to the wire
instructions provided by the Company.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>11</FONT></P>
<HR color=black noShade>

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  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have delivered to the Company at the Closing the 4.95% Subordinated Note Due March
31, 2006 in the principal amount of $3,050,000.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 5.02.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> CONDITIONS TO THE PURCHASER&#146;S OBLIGATION. </FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The obligation of the Purchaser to purchase the Common Stock at the Closing is subject to the satisfaction,
at or before the Closing, of each of the following conditions, provided that these conditions are
for the Purchaser&#146;s sole benefit and may be waived by the Purchaser at any time in its sole
discretion by providing the Company with prior written notice thereof:</FONT></P>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received the Registration Rights Agreement duly executed by the Company.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received certificates for shares of Common Stock to be purchased by it at
the Closing.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received an Opinion of Counsel from the Company in the form and content reasonably
acceptable to it.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(d)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received a certified copy of the Certificate of Incorporation of the Company,
together with a Good Standing Certificate with respect to the Company issued by the Secretary of
State of such state of incorporation as of a date within 30 days of the date of the Closing.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(e)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received a copy of the certificate evidencing the Company&#146;s qualification
as a foreign corporation in good standing issued by the Secretary of State of the State of New York
as of a date within 30 days of the date of the Closing.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(f)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received a certificate executed by the Secretary of the Company and dated
as of the date of the Closing, certifying as to (i) the resolutions as adopted by the Company&#146;s
Board of Directors in connection with the authorization of the transactions contemplated hereby,
(ii) the Certificate of Incorporation of the Company and (iii) the Bylaws of the Company, each as
in effect at the time of the Closing Date.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(g)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received a copy of all governmental, regulatory or third party consents and
approvals, if any, necessary for the sale of the Common Stock.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(h)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received $61,000 at the Closing in exchange for the extension of the maturity
date of the 4.95% Subordinated Note in the principal amount of $3,050,000 from March 31, 2006 to
March 31, 2008.</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(i)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received at the Closing the Amended and Restated 4.95% Subordinated Note
Due March 31, 2008 in the principal amount of $3,050,000.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>12</FONT></P>
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  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
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<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>(j)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> The Purchaser shall have received a copy of such other documents relating to the transactions contemplated
by this Stock Purchase Agreement as the Purchaser or its counsel may reasonably request.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>ARTICLE SIX<BR><BR>MISCELLANEOUS</FONT></P>
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<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.01.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> NOTICES. </FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>Any notices or other communications required or permitted hereunder shall be in writing, and shall
be sufficiently given if made by hand delivery, by telecopier, by reputable overnight delivery service,
or registered mail, postage prepaid, return receipt requested, addressed as follows:</FONT></P>
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  <TD width="108" vAlign=top></TD>
  <TD colspan="2" vAlign=top><font face="Times New Roman, Times, Serif" size=2>if to </font><font face="Times New Roman, Times, Serif" size=2>the Company:</font></TD>
  </TR>
<TR>
  <TD width="108" vAlign=top></TD>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=108><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top width=48><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>Viewpoint Corporation<BR>498 Seventh Avenue, Suite 1810<BR>New York, New York 10018<BR>Facsimile: (212) 201-0846<BR>Attention:&nbsp;General Counsel</FONT></TD></TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD colspan="2" vAlign=top><font face="Times New Roman, Times, serif" size=2>with a&nbsp;copy to:</font></TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=108><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top width=48><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>Milbank, Tweed, Hadley &amp; McCloy LLP<BR>1 Chase Manhattan Plaza<BR>New York, New York&nbsp;10005<BR>Facsimile: (212) 822-5171<BR>
  Attention:&nbsp;Alexander M. Kaye, Esq.</FONT></TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font face="Times New Roman, Times, Serif" size=2>if to the Purchaser:</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
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  <TD width="108" vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD rowspan="2" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, Serif">&nbsp;</font></TD>
  <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>Federal Partners, L.P.</font><font face="Times New Roman, Times, Serif" size=2><br>
    c/o Ninth Floor Corporation, its General Partner<br>
  </font><font face="Times New Roman, Times, Serif" size=2>One Rockefeller Plaza, 1<sup>st</sup> Floor</font><font face="Times New Roman, Times, Serif" size=2><br>
  New York, N.Y. 10020<br>
  </font><font face="Times New Roman, Times, Serif" size=2>Attn: Stephen M. Duff, Esq., Treasurer</font></TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, Serif">&nbsp;</font></TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, Serif">&nbsp;</font></TD>
  <TD colspan="2" vAlign=top><font face="Times New Roman, Times, Serif" size=2>with a&nbsp;copy to:</font></TD>
  </TR>
<TR>
  <TD width="108" vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD width="108" vAlign=top><font size="2" face="Times New Roman, Times, Serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, Serif">&nbsp;</font></TD>
  <TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>Patterson, Belknap, Webb &amp; Tyler LLP<br>
    1133 Avenue of the Americas<br>
    New York, New York&nbsp;10036</font></TD>
</TR>
</TABLE>

<P align=center><FONT face="Times New Roman, Times, serif" size=2>13</FONT></P>
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<P style="PAGE-BREAK-BEFORE: always"><PAGE>
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  <TD vAlign=top></TD>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
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<TD vAlign=top width=108></TD>
<TD width="48" vAlign=top>&nbsp;</TD>
<TD vAlign=top><font face="Times New Roman, Times, Serif" size=2>Attention:&nbsp;&nbsp;Jeffrey E. LaGueux, Esq.<br>
Facsimile:&nbsp;(212) 336-2222</font></TD>
</TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company and the Purchaser by written notice to each other may designate additional or different
addresses for notices to such Person. Any notice or communication to the Company shall be deemed
to have been given or made as of the date so delivered if personally delivered; when receipt is acknowledged,
if telecopied; one (1) business day after mailing by reputable overnight courier; and five (5) calendar
days after mailing if sent by registered mail, postage prepaid (except that, notwithstanding the
foregoing, a notice of change of address shall not be deemed to have been given until actually received
by the addressee). Notice to the Purchaser shall be deemed given when actually received by the Purchaser.</FONT></P>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.02.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> GOVERNING LAW.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>THIS STOCK PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION
OF THE FEDERAL OR STATE COURTS LOCATED IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS STOCK PURCHASE AGREEMENT.</FONT></P>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.03.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> SUCCESSORS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>All agreements of the Company in this Stock Purchase Agreement shall bind its successors.</FONT></P>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.04.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> COUNTERPARTS.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The parties may sign any number of copies of this Stock Purchase Agreement. Each signed copy or counterpart
shall be an original, but all of them together shall represent the same agreement.</FONT></P>
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<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.05.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> SEVERABILITY.</FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>In case any one or more of the provisions in this Stock Purchase Agreement shall be held invalid, illegal
or unenforceable, in any respect for any reason, the validity, legality and enforceability of any
such provision in every other respect and of the remaining provisions shall not in any way be affected
or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to
the full extent permitted by law.</FONT></P>
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<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.06.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> PAYMENT OF EXPENSES. </FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company shall pay or reimburse Purchaser for its reasonable out-of-pocket costs and expenses, including
reasonable legal fees and disbursements, incurred in connection with the preparation, execution and
delivery of this Stock Purchase Agreement up to a maximum of $30,000.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>14</FONT></P>
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<P style="PAGE-BREAK-BEFORE: always"><PAGE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company shall pay or reimburse the Purchaser for its reasonable out-of-pocket costs and expenses,
including reasonable legal fees and disbursements, incurred in connection with any amendment, supplement,
waiver or modification to this Stock Purchase Agreement and for all of its out-of-pocket costs and
expenses, including reasonable legal fees, incurred in connection with the enforcement of this Stock
Purchase Agreement or the Registration Rights Agreement.</FONT></P>
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<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.07.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> WAIVER OF DEFAULTS. </FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>Purchaser hereby confirms that the letter executed by Purchaser, dated as of January 24, 2005 with
respect to the waiver of certain defaults and events of default shall remain in full force and effect.</FONT></P>
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<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>SECTION 6.08.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> BOARD REPRESENTATION. </FONT></TD></TR></TABLE>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>The Company hereby grants to Purchaser the right to nominate one qualified individual to either fill
a vacancy or newly created directorship resulting from any increase in the authorized number of directors
as provided in the following sentence. In the event that no such vacancy exists as of August 10,
2005 or no director has agreed to resign by August 10, 2005, such resignation to be effective as
of the date a successor is duly elected to the Board of Directors of the Company, the Company agrees
to increase the number of directors on the board by one and to allow Purchaser to nominate such director.
The Company shall take such actions as shall be reasonably necessary to ensure that such individual
nominated by the Purchaser is elected as a director of the Company.</FONT></P>
<P>&nbsp;</P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>[SIGNATURE PAGES TO FOLLOW]</FONT></P>
<P align=center><FONT face="Times New Roman, Times, serif" size=2>15</FONT></P>
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<P style="PAGE-BREAK-BEFORE: always"><PAGE>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>SIGNATURES</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT face="Times New Roman, Times, Serif" size=2>IN WITNESS WHEREOF, the parties hereto have caused this Stock Purchase Agreement to be duly executed,
all as of the date first written above.</FONT></P>
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<TR>
<TD vAlign=top width=50%>&nbsp;</TD>
<TD vAlign=top nowrap><FONT face="Times New Roman, Times, Serif" size=2><U>THE COMPANY</U>:<BR><BR>VIEWPOINT CORPORATION<BR><BR><BR>By:<U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ William H. Mitchell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: William H. Mitchell&nbsp;<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;Chief Financial Officer&nbsp;</FONT></TD>
</TR>
<TR>
  <TD width="50%" vAlign=top></TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD width="50%" vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
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<TD vAlign=top width=50%>&nbsp;</TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><U>THE PURCHASER</U>:<BR><BR>FEDERAL PARTNERS, L.P., by Ninth Floor <br>
  Corporation, its General Partner&nbsp;<BR><BR><BR>By:<U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen M. Duff&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp; <BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;Stephen M. Duff&nbsp;<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;Treasurer, Ninth Floor Corporation<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Partner of Federal Partners, L.P.</FONT></TD>
</TR>
<TR>
  <TD width="50%" vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR align="center">
  <TD colspan="2" vAlign=top><font size="2" face="Times New Roman, Times, serif">16</font></TD>
  </TR>
<TR align="center">
  <TD colspan="2" vAlign=top>&nbsp;</TD>
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