EMISPHERE TECHNOLOGIES INC
EX-10.8 REGISTRATION RIGHTS AGREEMENT
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<TYPE>EX-10.8
<SEQUENCE>11
<FILENAME>b57078etexv10w8.htm
<DESCRIPTION>EX-10.8 REGISTRATION RIGHTS AGREEMENT
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EXHIBIT 10.8
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<B> REGISTRATION RIGHTS AGREEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>BY AND AMONG</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>EMISPHERE TECHNOLOGIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>AND</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>THE PERSONS LISTED ON THE</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>SIGNATURE PAGES HEREOF</B>
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<DIV align="center" style="font-size: 10pt;">
<B>Dated as of September&nbsp;26, 2005</B>
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<B>TABLE OF CONTENTS</B>
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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;I&nbsp;&nbsp;DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Defined Terms</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    General Interpretive Principles</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;II&nbsp;&nbsp;DEMAND REGISTRATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Request for Registration</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Joining Holders</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Effective Registration</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Underwritten Offering</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Priority on Demand Registrations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Withdrawal and Cancellation of Registration</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.7</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration Statement Form</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.8</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration on Form&nbsp;S-3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.9</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registered Repayment Offering</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;III&nbsp;&nbsp;PIGGYBACK REGISTRATIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    3.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Holder Piggyback Registration</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    3.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Priority on Piggyback Registrations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    3.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Withdrawals</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;IV&nbsp;&nbsp;SHELF REGISTRATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    4.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Shelf Registration Filing</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    4.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Required Period and Shelf Registration Procedures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    4.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Effective Registration</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    4.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Underwritten Offering</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;V&nbsp;&nbsp;STANDSTILL AND SUSPENSION PERIODS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Company Standstill Period</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Suspension Period</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Holder Standstill Period</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Restrictions on Sale by the Company and Others</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;VI&nbsp;&nbsp;REGISTRATION PROCEDURES</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    6.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Company Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;VII&nbsp;&nbsp;INDEMNIFICATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indemnification by the Company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indemnification by the Holders</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Notice of Claims, Etc.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Contribution</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Indemnification Payments; Other Remedies</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;VIII&nbsp;&nbsp;REGISTRATION EXPENSES</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;IX&nbsp;&nbsp;RULE 144</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">i

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    ARTICLE&nbsp;X&nbsp;&nbsp;MISCELLANEOUS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Other Registration Rights</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Notice Generally</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Successors and Assigns; No Third Party Beneficiaries</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendments; Waivers</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Severability</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Headings</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.7</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Injunctive Relief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.8</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Remedies Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.9</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Governing Law; Jurisdiction</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.10</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Counterparts and Facsimile Execution</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.11</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Attorneys&#146; Fees</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Termination of Registration Rights; Survival</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Entire Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Further Assurances</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">ii

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><U>REGISTRATION RIGHTS AGREEMENT</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS REGISTRATION RIGHTS AGREEMENT (this
&#147;<U>Agreement</U>&#148;), dated as of September&nbsp;26,
2005, by and among Emisphere Technologies, Inc., a Delaware
corporation (together with any Subsidiaries (as hereinafter
defined) hereafter formed or acquired, the
&#147;<U>Company</U>&#148;), and the Holders (as hereinafter
defined) of Registrable Securities (as hereinafter defined).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, contemporaneously with entering into this Agreement,
the Company is entering into that certain Investment and
Exchange Agreement (the &#147;<U>Investment Agreement</U>&#148;)
and that certain Senior Secured Term Loan Agreement (the
&#147;<U>Loan Agreement</U>&#148;), each dated as of
September&nbsp;26, 2005, between the Company, on the one hand,
and MHR Capital Partners (500)&nbsp;LP, MHR Capital Partners
(100)&nbsp;LP, MHR Institutional Partners&nbsp;II LP and MHR
Institutional Partners&nbsp;IIA LP (collectively, and including
any of their respective Affiliates (as defined below), the
&#147;<U>Investor</U>&#148;), on the other hand;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Investor currently owns certain Warrants (as
hereinafter defined) and Common Stock (as hereinafter defined);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, in connection with the consummation of the transactions
contemplated by the Investment Agreement, the Holders and the
Company desire to enter into this Agreement to provide the
Holders with certain rights relating to the registration of
Registrable Securities owned as of the date hereof or that may
be owned from time to time after the date hereof by Holders or
their Affiliates (as hereinafter defined).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;I</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DEFINITIONS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>.</B> As
used in this Agreement, the following capitalized terms (in
their singular and plural forms, as applicable) have the
following meanings:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Action</U>&#148; has the meaning assigned to such term
    in Section&nbsp;7.3 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Additional Holder(s)</U>&#148; means the Permitted
    Assignee(s) who, from time to time, acquire Registrable
    Securities and own Registrable Securities at the relevant time
    and agree to be bound by the terms hereof and become Holders for
    purposes of this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Adverse Effect</U>&#148; has the meaning assigned to
    such term in Section&nbsp;2.5 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Affiliate</U>&#148; of a Person means any Person that,
    directly or indirectly, through one or more intermediaries,
    controls or is controlled by, or is under common control with,
    such other Person. For purposes of this definition, the term
    &#147;control&#148; (including the terms
    &#147;controlling,&#148; &#147;controlled by&#148; and
    &#147;under common control with&#148;) means the possession,
    direct or indirect, of the power to cause the direction of the
    management and policies of a Person, whether through the
    ownership of voting securities, by contract or otherwise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Agreement</U>&#148; has the meaning assigned to such
    term in the introductory paragraph to this Agreement, as the
    same may be amended, supplemented or restated from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Business Day</U>&#148; means any day that is not a
    Saturday, a Sunday or a day on which banks are required or
    permitted to be closed in State of New York.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Closing Shelf Registration Statement</U>&#148; has the
    meaning assigned to such term in Section&nbsp;4.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Commission</U>&#148; means the United States Securities
    and Exchange Commission and any successor United States federal
    agency or governmental authority having similar powers.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">1

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Common Stock</U>&#148; means the common stock, par
    value $0.01&nbsp;per share, of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Company Indemnified Person</U>&#148; has the meaning
    assigned to such term in Section&nbsp;7.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Company Standstill Period</U>&#148; has the meaning
    assigned to such term in Section&nbsp;5.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Convertible Note</U>&#148; has the meaning assigned to
    such term in the Investment Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Convertible Note&nbsp;Shelf Registration
    Statement</U>&#148; has the meaning assigned to such term in
    Section&nbsp;4.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Demand Registration</U>&#148; has the meaning assigned
    to such term in Section&nbsp;2.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Demand Request</U>&#148; has the meaning assigned to
    such term in Section&nbsp;2.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Exchange</U>&#148; has the meaning assigned to such
    term in the Loan Agreement, whether or not such agreement is in
    full force and effect as of the date of the Exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Exchange Act</U>&#148; means the Securities Exchange
    Act of 1934, as amended, or any successor statute, and the rules
    and regulations of the Commission thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Form&nbsp;S-3</U>&#148; has the meaning assigned to
    such term in Section&nbsp;2.8 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Form&nbsp;S-3 Registration</U>&#148; has the meaning
    assigned to such term in Section&nbsp;2.8 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Holder</U>&#148; means any (i)&nbsp;Person (other than
    the Company) who owns Registrable Securities at the relevant
    time and is a party to this Agreement, (ii)&nbsp;Additional
    Holder, or (iii)&nbsp;the Investor. The Investor shall be
    deemed, for purposes hereunder, a single Holder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Holder Indemnified Person</U>&#148; has the meaning
    assigned to such term in Section&nbsp;7.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Indemnitee</U>&#148; has the meaning assigned to such
    term in Section&nbsp;7.3 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Inspectors</U>&#148; has the meaning assigned to such
    term in Section&nbsp;6.1(k) hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Investor</U>&#148; has the meaning assigned to such
    term in the introductory paragraph to this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Joining Holder</U>&#148; has the meaning assigned to
    such term in Section&nbsp;2.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Loss</U>&#148; and &#147;<U>Losses</U>&#148; have the
    meanings assigned to such terms in Section&nbsp;7.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Major Holder</U>&#148; means, with respect to a class
    of Registrable Securities, any Person or group or Affiliate of a
    Person that holds a minimum of 10% of the Registrable Securities
    as of the date of determination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Majority Participating Holders</U>&#148; means, with
    respect to any registration of Registrable Securities under this
    Agreement, the Holder or Holders at the relevant time of at
    least a majority of amount and/or type of the Registrable
    Securities to be included in the Registration Statement in
    question.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Material Disclosure Event</U>&#148; means, as of any
    date of determination, any pending or imminent event relating to
    the Company or any of its Subsidiaries, which, in the good faith
    determination of the Board of Directors of the Company after
    consultation with counsel to the Company (i)&nbsp;requires
    disclosure of material, non-public information relating to such
    event in any Registration Statement or related Prospectus
    (including documents incorporated by reference therein) so that
    such Registration Statement would not be materially misleading,
    (ii)&nbsp;is otherwise not required to be publicly disclosed at
    that time (e.g., on Forms&nbsp;10-K,&nbsp;8-K, or&nbsp;10-Q)
    under applicable federal or state securities laws but for the
    filing of such Registration Statement, and (iii)&nbsp;if
    publicly disclosed at the time of such event, could reasonably
    be expected to have a material adverse effect on the business,
    financial condition or prospects of the Company and its
    Subsidiaries or would materially adversely affect a pending or
    proposed acquisition, merger, recapitalization, consolidation,
    reorganization, financing or similar transaction, or
    negotiations with respect thereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>NASD</U>&#148; has the meaning assigned to such term in
    Section&nbsp;6.1(n) hereof.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">2

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Participating Holder</U>&#148; means any Holder on
    whose behalf Registrable Securities are registered pursuant to
    Articles&nbsp;II,&nbsp;III or&nbsp;IV hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Permitted Assignee</U>&#148; means any
    (i)&nbsp;Affiliate of any Holder who acquires Registrable
    Securities from such Holder or (ii)&nbsp;any other Person who
    acquires any Holder&#146;s Registrable Securities and who shall
    have been designated as a Permitted Assignee by such Holder in a
    written notice to the Company; <U>provided</U>, <U>however</U>,
    that the rights of any Person designated as a Permitted Assignee
    referred to in the foregoing <U>clause (ii)</U> shall be limited
    if, and to the extent, provided in such notice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Person</U>&#148; means any individual, corporation,
    partnership, limited liability company, joint venture,
    association, joint-stock company, trust, unincorporated
    organization, government or any agency or political subdivision
    thereof or any other entity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Prospectus</U>&#148; means the prospectus included in
    any Registration Statement, all amendments and supplements to
    such prospectus and all material incorporated by reference in
    such prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Purchase Option</U>&#148; has the meaning assigned to
    such term in the Investment Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Records</U>&#148; has the meaning assigned to such term
    in Section&nbsp;6.1(k) hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Registered Repayment Offering</U>&#148; has the meaning
    assigned to such term in the Loan Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    The terms &#147;<U>register</U>,&#148;
    &#147;<U>registered</U>&#148; and
    &#147;<U>registration</U>&#148; mean a registration effected by
    preparing and filing with the Commission a Registration
    Statement on an appropriate form in compliance with the
    Securities Act, and the declaration or order of the Commission
    of the effectiveness of such Registration Statement under the
    Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Registrable Securities</U>&#148; means the following
    securities of the Company held by any of the Holders (or their
    respective Affiliates and successors and assigns or Permitted
    Assignees) at any time or from time to time: (i)&nbsp;the
    Convertible Note, (ii)&nbsp;the Warrants, (iii)&nbsp;the shares
    of Common Stock (x)&nbsp;issued upon conversion of the
    Convertible Note, (y)&nbsp;issued upon the exercise of the
    Warrants, or (z)&nbsp;otherwise held by the Holders,
    (iv)&nbsp;any Convertible Note, Warrants, shares of additional
    Common Stock or securities that may be acquired or received by
    the Holders or issued or distributed or be issuable with respect
    to Registrable Securities by way of a stock dividend, stock
    split or reverse stock split or in connection with a combination
    of shares, recapitalization, merger, consolidation or otherwise,
    and any securities issued in exchange for or in replacement of
    such Registrable Securities, (v)&nbsp;any securities of the
    Company that the Company is required to register in order to
    satisfy the Company&#146;s payment obligations to the Investor
    in the event of a Stockholder Approval Default in the manner
    prescribed in Section&nbsp;12.2(b) of the Loan Agreement as of
    the appropriate date of determination, and (vi)&nbsp;any
    securities of the Company that the Investor may acquire upon the
    Investor&#146;s exercise of the Purchase Option;
    <U>provided</U>, <U>however</U>, that as to any Registrable
    Securities, such securities shall cease to constitute
    &#147;Registrable Securities&#148; for purposes of this
    Agreement if and when (i)&nbsp;a Registration Statement with
    respect to the sale of such securities shall have been declared
    effective by the Commission and such securities shall have been
    sold pursuant thereto, or (ii)&nbsp;such securities are sold or
    transferred in accordance with the provisions of Rule&nbsp;144,
    or (iii)&nbsp;such securities are sold or transferred (other
    than in a transaction under clause&nbsp;(i) or (ii)&nbsp;above)
    by a person in a transaction in which such person&#146;s rights
    under this Agreement are not assigned, or (iv)&nbsp;such
    securities are no longer outstanding, or (v)&nbsp;such
    securities may, in the reasonable determination of the
    beneficial owner thereof, be sold or transferred by such
    beneficial owner pursuant to Rule&nbsp;144 at the time such
    beneficial owner desires to sell or transfer such securities and
    new certificates for such securities not bearing a legend
    restricting transfer under the Securities Act shall have been
    delivered to the Holder thereof by the Company. For purposes of
    this Agreement, a &#147;class&#148; of Registrable Securities
    shall mean all securities with the same terms and a
    &#147;percentage&#148; (or a &#147;majority&#148;) of the
    Registrable Securities (or, where applicable, of any other
    securities) shall be determined (x)&nbsp;based on the number of
    shares of such securities, in the case of Registrable Securities
    which are equity securities, and (y)&nbsp;based on the principal
    amount of such securities, in the case of Registrable Securities
    which are debt securities.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">3

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Registration Statement</U>&#148; means any Registration
    Statement of the Company filed with, or to be filed with, the
    Commission under the rules and regulations promulgated under the
    Securities Act, including the Prospectus, amendments and
    supplements to such Registration Statement, including
    post-effective amendments, and all exhibits and all material
    incorporated by reference in such Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Requesting Holder</U>&#148; has the meaning assigned to
    such term in Section&nbsp;2.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Required Filing Date</U>&#148; has the meaning assigned
    to such term in Section&nbsp;2.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Required Period</U>&#148; has the meaning assigned to
    such term in Section&nbsp;4.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Rule&nbsp;144</U>&#148; means Rule&nbsp;144 (or any
    similar provision then in force) promulgated under the
    Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Securities Act</U>&#148; means the Securities Act of
    1933, as amended, or any successor statute, and the rules and
    regulations of the Commission thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Shelf Registration Statement</U>&#148; has the meaning
    assigned to such term in Section&nbsp;4.1 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Stockholder Approval</U>&#148; has the meaning assigned
    to such term in the Loan Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Stockholder Approval Default</U>&#148; has the meaning
    assigned to such term in the Loan Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Subsidiary</U>&#148; means (i)&nbsp;as to the Company,
    any Person in which more than 25% of all equity, membership,
    partnership or other ownership interests is owned directly or
    indirectly by the Company or one or more of its Subsidiaries;
    and (ii)&nbsp;as to any other Person, any Person in which more
    than 25% of all equity, membership, partnership or other
    ownership interests is owned directly or indirectly by such
    Person or by one or more of such Person&#146;s Subsidiaries.
    Unless otherwise specified in this Agreement or any Loan
    Document (as defined in the Loan Agreement), references to a
    Subsidiary refer to a Subsidiary of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Suspension Notice</U>&#148; has the meaning assigned to
    such term in Section&nbsp;5.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Suspension Period</U>&#148; has the meaning assigned to
    such term in Section&nbsp;5.2 hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Underwriter</U>&#148; means a securities dealer(s) who
    purchases any Registrable Securities as principal in an
    underwritten offering and not as part of such dealer&#146;s
    market-making activities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Underwritten Offering</U>&#148; means a registration in
    which securities of the Company are sold to an underwriter or
    underwriters on a firm commitment basis for reoffering to the
    public.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &#147;<U>Warrants</U>&#148; means all warrants issued by the
    Company at any time prior to or after the date hereof, including
    Warrant No.&nbsp;A3, dated March&nbsp;31, 2005, and Warrant
    No.&nbsp;A4, dated March&nbsp;31, 2005.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Interpretive
Principles</U>.</B> Whenever used in this Agreement, except as
otherwise expressly provided or unless the context otherwise
requires, any noun or pronoun shall be deemed to include the
plural as well as the singular and to cover all genders. The
name assigned to this Agreement and the section captions used
herein are for convenience of reference only and shall not be
construed to affect the meaning, construction or effect hereof.
Unless otherwise specified, the terms &#147;<U>hereof</U>,&#148;
&#147;<U>herein</U>,&#148; &#147;<U>hereunder</U>&#148; and
similar terms refer to this Agreement as a whole (including the
exhibits and schedules hereto), and references herein to
Sections refer to Sections of this Agreement. The words
&#147;<U>include</U>,&#148; &#147;<U>includes</U>&#148; and
&#147;<U>including</U>,&#148; when used in this Agreement, shall
be deemed to be followed by the words &#147;without
limitation.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DEMAND REGISTRATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Request for
Registration</U>.</B> Any Major Holder may, from time to time
(each, a &#147;<U>Requesting Holder</U>&#148;) make a request in
writing (a &#147;<U>Demand Request</U>&#148;) that the Company
effect the registration under the Securities Act of all or a
specified number of shares (or amount) and type of Registrable
Securities held
</DIV>

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<DIV align="left" style="font-size: 10pt;">
by the Requesting Holders proposed to be sold and the intended
method(s) of distribution thereof (a &#147;<U>Demand
Registration</U>&#148;); <U>provided</U>, <U>however</U>, that
the Company will in no event be required to effect (a)&nbsp;more
than three (3)&nbsp;Demand Registrations under this
Section&nbsp;2.1 subject to the Company&#146;s compliance with
its obligations under Article&nbsp;III hereof, or (b)&nbsp;any
Demand Registration within three (3)&nbsp;months after the
effective date of a Registration Statement relating to any
Underwritten Offering (including any such offering effected
pursuant to a Demand Registration hereunder). Upon receipt of a
Demand Request, the Company will cause to be included in a
Registration Statement on an appropriate form under the
Securities Act, filed with the Commission as promptly as
practicable but in any event not later than sixty
(60)&nbsp;calendar days after receiving a Demand Request (the
&#147;<U>Required Filing Date</U>&#148;), such Registrable
Securities as may be requested by such Requesting Holders in
their Demand Request together with any other Registrable
Securities of the same class as requested by Joining Holders
joining in such request pursuant to Section&nbsp;2.2 hereof. The
Company shall use its best efforts to cause any such
Registration Statement to be declared effective by the
Commission as promptly as possible after such filing. A
registration of any securities by the Company pursuant to
Section&nbsp;2.9 hereof shall not constitute a Demand
Registration or a Demand Request and shall not in any way affect
or limit the rights of the Requesting Holders pursuant to this
Section&nbsp;2.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Joining Holders</U>.</B>
If at any time the Company proposes to register Registrable
Securities for the account of the Requesting Holders pursuant to
Section&nbsp;2.1 hereof, then (i)&nbsp;the Company shall give,
or cause to be given, written notice of such proposed filing to
all of the Holders of such class of Registrable Securities as
soon as practicable (but in no event less than thirty
(30)&nbsp;calendar days before the anticipated filing date),
upon which any Holder (each such Holder, a &#147;<U>Joining
Holder</U>&#148;) may, upon written request to the Company, so
as to be received by the Company no later than the fifth (5th)
Business Day after receipt by such Holder of such notice,
request that the Company register, on the same terms and
conditions as the securities otherwise being sold pursuant to
such Demand Registration, any of its Registrable Securities of
the same class as the securities otherwise being sold pursuant
to such Demand Registration, and the Company will use its best
efforts to cause such Registrable Securities to be included in
the Registration Statement proposed to be filed by the Company
on the same terms and conditions as any securities of the same
class included therein. All such requests by Joining Holders
shall specify the aggregate amount and/or class of Registrable
Securities to be registered and the intended method of
distribution of the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Registration</U>.</B> A registration will not count as a Demand
Registration for purposes of Section&nbsp;2.1 hereof
(i)&nbsp;unless the related Registration Statement has been
declared effective and has remained effective until such time as
all of such Registrable Securities covered thereby have been
disposed of in accordance with the intended methods of
disposition by the Participating Holders (but in no event for a
period of more than one hundred eighty (180)&nbsp;calendar days
after such Registration Statement becomes effective not
including any Suspension Period) or cease to be Registrable
Securities, (ii)&nbsp;if pursuant to Section&nbsp;2.5 hereof,
the Requesting Holders and Joining Holders are cut back to fewer
than 75% of the Registrable Securities requested to be
registered and at the time of the request there was not in
effect a Shelf Registration Statement, as applicable, or the
Holders cannot otherwise utilize the Shelf Registration
Statement, as applicable, and (iii)&nbsp;unless the Company has
complied with all of its obligations under this Agreement; it
being understood that if, after such Registration Statement has
become effective, an offering of Registrable Securities pursuant
to a Demand Registration is interfered with by any stop order,
injunction, or other order of the Commission or other
governmental agency or court, such Registration Statement with
respect to such Demand Registration will be deemed not to have
been effected (and will not count as a Demand Registration for
purposes of Section&nbsp;2.1 hereof), unless and until
(1)&nbsp;such stop order or injunction is removed, rescinded or
otherwise terminated, and (2)&nbsp;the Requesting Holders
thereafter elect to continue the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwritten
Offering</U>.</B> If the Requesting Holder so elects and so
advises the Company as part of its Demand Request for a Demand
Registration, the offering of such Registrable Securities
pursuant to such Demand Registration shall be in the form of an
Underwritten Offering, and the Requesting Holder shall be
entitled to select the managing Underwriter or Underwriters for
such offering, which managing Underwriter or Underwriters shall
be reasonably acceptable to the Company.
</DIV>

<P align="center" style="font-size: 10pt;">5

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priority on Demand
Registrations</U>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;<U>Underwritten Offering</U>. With respect to any
offering of Registrable Securities pursuant to a Demand
Registration in the form of an Underwritten Offering, no
securities to be sold for the account of any Person (including
the Company) other than the Requesting Holder shall be included
in such Demand Registration unless the Underwriter or managing
Underwriter selected in accordance with Section&nbsp;2.4 hereof,
advises the Requesting Holder in writing that the inclusion of
such securities will not adversely affect the price or success
of the offering (an &#147;<U>Adverse Effect</U>&#148;).
Furthermore, in the event that the Underwriter or managing
Underwriter, advises the Requesting Holder in writing that the
amount of Registrable Securities proposed to be included in such
Demand Registration by Requesting Holders and Joining Holders is
sufficiently large (even after exclusion of all securities of
any other Person pursuant to the immediately preceding sentence)
to cause an Adverse Effect, the number of Registrable Securities
to be included in such Demand Registration shall be allocated
among all such Requesting Holders and Joining Holders pro rata
based on the ratio of the number of Registrable Securities that
each such Holder requested to be included in such Demand
Registration to the total number of Registrable Securities that
all Requesting Holders and Joining Holders requested to be
included in such Demand Registration; <U>provided</U>,
<U>however</U>, that if, as a result of such pro-ration, any
Requesting Holder or Joining Holder shall not be entitled to
include in a registration all Registrable Securities of the
class that such Holder had requested to be included, such Holder
may elect to withdraw its request to include such Registrable
Securities in such registration (in which case such registration
shall not count as a Demand Registration in accordance with
Section&nbsp;2.3) or may reduce the number requested to be
included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;<U>Non-Underwritten Offering</U>. With respect to any
offering of Registrable Securities pursuant to a Demand
Registration that is not in the form of an Underwritten
Offering, no securities to be sold for the account of any Person
(including the Company) other than the Requesting Holder shall
be included in such Demand Registration unless the Majority
Participating Holders in good faith, or in the event the
Requesting Holder is also the Majority Participating Holders,
the Majority Participating Holders after consultation with the
Company, advises the Requesting Holder in writing that the
inclusion of such securities will not result in an Adverse
Effect. Furthermore, in the event that the Majority
Participating Holders in good faith, or in the event the
Requesting Holder is also the Majority Participating Holders,
the Majority Participating Holders after consultation with the
Company, advises the Requesting Holder in writing that the
amount of Registrable Securities proposed to be included in such
Demand Registration by Requesting Holders and Joining Holders is
sufficiently large (even after exclusion of all securities of
any other Person pursuant to the immediately preceding sentence)
to cause an Adverse Effect, the number of Registrable Securities
to be included in such Demand Registration shall be allocated
among all such Requesting Holders and Joining Holders pro rata
based on the ratio of the number of Registrable Securities that
each such Holder requested to be included in such Demand
Registration to the total number of Registrable Securities that
all Requesting Holders and Joining Holders requested to be
included in such Demand Registration; <U>provided</U>,
<U>however</U>, that if, as a result of such pro-ration, any
Requesting Holder or Joining Holder shall not be entitled to
include in a registration all Registrable Securities of the
class that such Holder had requested to be included, such Holder
may elect to withdraw its request to include such Registrable
Securities in such registration (in which case such registration
shall not count as a Demand Registration in accordance with
Section&nbsp;2.3) or may reduce the number requested to be
included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawal and
Cancellation of Registration</U>.</B> If (i)&nbsp;the Requesting
Holder disapproves of the terms of any Demand Registration,
whether in the form of an Underwritten Offering or a
non-Underwritten Offering, under Article&nbsp;II hereof,
(ii)&nbsp;the Requesting Holder is not entitled to include all
of its Registrable Securities specified in the Demand Request in
any offering, (iii)&nbsp;a Suspension Period occurs after a
request for a Demand Registration but before the Registrable
Securities covered by such Demand Request are sold, transferred,
exchanged or disposed in accordance with such Demand Request, or
(iv)&nbsp;if the Company has breached its obligations hereunder,
then in any of such cases the Requesting Holder may elect to
withdraw from such offering by giving written notice to the
Company and the Underwriter, to the extent applicable, of its
request to withdraw prior to the effectiveness of the
Registration Statement filed with the Commission with respect to
such Demand Registration. If the Requesting Holder withdraws
from the proposed offering relating
</DIV>

<P align="center" style="font-size: 10pt;">6

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<DIV align="left" style="font-size: 10pt;">
to a Demand Registration in accordance with the previous
sentence, then (i)&nbsp;the Participating Holders shall have no
further rights to include their Registrable Securities in such
Demand Registration, (ii)&nbsp;the Company shall, and cause
Affiliates to, cease all efforts to secure registration, and
(iii)&nbsp;the Company shall be responsible for the expenses of
the Requesting Holders incurred in connection with such
cancelled registration through the date of the written notice of
withdrawal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement
Form</U>.</B> Registrations under this Article&nbsp;II shall be
on such appropriate registration form of the Commission
(i)&nbsp;as shall be selected by the Company and as shall be
reasonably acceptable to the Major Holders requesting
participation in the Demand Registration, and (ii)&nbsp;as shall
permit the disposition of the Registrable Securities in
accordance with the intended method or methods of disposition
specified in the applicable Holders&#146; requests for such
registration. Notwithstanding the foregoing, if, pursuant to a
Demand Registration, (x)&nbsp;the Company proposes to effect
registration by filing a registration statement on Form&nbsp;S-3
(or any successor or similar short-form registration statement),
(y)&nbsp;such registration is in connection with an Underwritten
Offering and (z)&nbsp;the managing Underwriter or Underwriters
shall advise the Company in writing that, in its or their
opinion, the use of another form of Registration Statement (or
the inclusion, rather than the incorporation by reference, of
information in the Prospectus related to a Registration
Statement on Form&nbsp;S-3 (or other
short-form&nbsp;Registration Statement)) is of material
importance to the success of such proposed offering, then such
registration shall be effected on such other form (or such
information shall be so included in such Prospectus).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration on
Form&nbsp;S-3</U>.</B> Each Holder may at any time and from time
to time, without limitation as to the aggregate number of such
requests, request (each, a &#147;<U>Form&nbsp;S-3
Registration</U>&#148;) in writing that the Company register the
resale of any or all of such Registrable Securities on
Form&nbsp;S-3 or any similar short-form registration which may
be available at such time (&#147;<U>Form&nbsp;S-3</U>&#148;).
Upon receipt of such Form&nbsp;S-3 Registration, the Company
will promptly give written notice of the proposed registration
to all other Holders of Registrable Securities, and, as soon as
practicable thereafter, effect the registration of all or such
portion of such Holder&#146;s or Holders&#146; Registrable
Securities as are specified in such request, together with all
or such portion of the Registrable Securities of any other
Holder or Holders joining in such request as are specified in a
written request given within fifteen (15)&nbsp;calendar days
after receipt of such written notice from the Company;
<U>provided</U>, <U>however</U>, that the Company shall not be
obligated to effect any such registration pursuant to this
Section&nbsp;2.8 if Form&nbsp;S-3 is not available for such
offering. No securities other than the Registrable Securities
shall be included in the Form&nbsp;S-3 without the consent of
the Holders. Registrations effected pursuant to this
Section&nbsp;2.8 shall not be counted as Demand Registrations
effected pursuant to Section&nbsp;2.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered Repayment
Offering</U>.</B> In the event the Company shall be required to
engage in one or more Registered Repayment Offerings, on each
such occasion the Company shall, as soon as practicable (and in
no event later than fifteen (15)&nbsp;calendar days after the
occurrence of a Stockholder Approval Default if pursuant to a
Shelf Registration Statement, and in no event later than thirty
(30)&nbsp;calendar days after the occurrence of a Stockholder
Approval Default if otherwise), file with the Commission a
Registration Statement relating to the offer and sale of any or
all securities of the Company as necessary in order to satisfy
the Company&#146;s payment obligations to the Investor in the
event of a Stockholder Approval Default in the manner prescribed
in Section&nbsp;12.2(b) of the Loan Agreement as of the
appropriate date of determination. Such registration shall be in
the form of an Underwritten Offering and the Underwriter shall
be selected by the Investor. The Company shall use its best
efforts to cause all such securities to be registered and sold,
in accordance with Section&nbsp;12.2(b) of the Loan Agreement,
and to cause the proceeds thereof to be delivered to the
Investor as required by Section&nbsp;12.2(b) of the Loan
Agreement. Registrations effected pursuant to this
Section&nbsp;2.9 shall not be counted as a Demand Registration
pursuant to Section&nbsp;2.1 hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;III</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PIGGYBACK REGISTRATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder Piggyback
Registration</U>.</B> If at any time after the date hereof the
Company proposes to file a Registration Statement under the
Securities Act with respect to an offering of any Registrable
Securities or other securities of the Company, including
pursuant to Section&nbsp;2.9 hereof (except pursuant to
registrations on
</DIV>

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<DIV align="left" style="font-size: 10pt;">
Form&nbsp;S-4 or any successor form or on Form&nbsp;S-8 or any
successor form relating solely to securities issued pursuant to
any benefit plan) on a form that would permit registration of
Registrable Securities or other securities of the Company for
sale to the public under the Securities Act, or in the event of
any &#147;take-down&#148; by the Company from a Shelf
Registration Statement, then the Company shall give written
notice (&#147;<U>Piggyback Notice</U>&#148;) of such proposed
filing or &#147;take-down&#148; to each Holder as soon as
practicable, but in any event not less than twenty-one
(21)&nbsp;calendar days before the anticipated filing date. Such
Piggyback Notice shall (a)&nbsp;describe the proposed
registration (including the number and class of such securities
proposed to be registered, the proposed date of filing of such
Registration Statement, any proposed means of distribution of
such securities, any proposed managing underwriter of such
securities and a good faith estimate by the Company of the
proposed maximum offering price of such securities as such price
is proposed to appear on the facing page of such Registration
Statement), and (b)&nbsp;offer each Holder the opportunity to
register any of such Holder&#146;s Registrable Securities of the
same class as those being registered by the Company, as each
such Holder may request in writing (the &#147;<U>Piggyback
Shares</U>&#148;), on the same terms and conditions as the
securities otherwise being sold pursuant to such registration or
&#147;take-down&#148; (each a &#147;<U>Piggyback
Registration</U>&#148;). Such written request must be received
by the Company no later than ten (10)&nbsp;Business Days after
receipt by such Holder of a Piggyback Notice and shall state the
intended method of disposition thereof if the securities
otherwise being sold are being sold by more than one method of
disposition. Upon receipt of this request, the Company will use
its best efforts (and shall use its best efforts to cause the
Underwriter of a proposed Underwritten Offering) to cause such
Registrable Securities as to which registration shall have been
so requested to be included in the Registration Statement
proposed to be filed by the Company or the &#147;take-down&#148;
on the same terms and conditions as the securities otherwise
being sold pursuant to such registration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Priority on Piggyback
Registrations</U>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;Subject to Section&nbsp;3.2(b) below, if the
Underwriter or managing Underwriter for a Piggyback Registration
that is an Underwritten Offering advises the Company and the
Holders in writing (or, in the event of a Piggyback Registration
that is not being underwritten, if the Majority Participating
Holders in good faith (or in the event the Requesting Holder is
also the Majority Participating Holders, the Majority
Participating Holders after consultation with the Company)
advises the Company and the Holders in writing) that the
inclusion of such Piggyback Shares would cause an Adverse
Effect, then the Company will be obligated to include in such
Registration Statement only that number of Registrable
Securities which, in the reasonable judgment of the Underwriter
or managing Underwriter (or, in the event of a Piggyback
Registration that is not being underwritten, the Majority
Participating Holders in good faith (or in the event the
Requesting Holder is also the Majority Participating Holders,
the Majority Participating Holders after consultation with the
Company)), would not have an Adverse Effect; <U>provided</U>,
<U>however</U>, that no such reduction shall reduce the
aggregate amount of Registrable Securities included in such
Registration Statement for the benefit of the Requesting Holders
to less than (i)&nbsp;any time that the Shelf Registration
Statements are not effective or the Holders may not otherwise
utilize the Registration Statements, as applicable, for the
offer and sale of all Registrable Securities, all of the
Registrable Securities requested by the Holders to be included
in such Registration Statement (subject to the maximum amount of
the securities to be sold in the related Underwritten Offering),
and (ii)&nbsp;any time after the Shelf Registration Statements
are declared effective and the Holders may utilize the
Registration Statement for the offer and sale of all Registrable
Securities, fifty percent (50%) of the total number of
securities that are included in each such Registration Statement
thereafter. Any partial reduction in the number of Registrable
Securities to be included in a Registration Statement pursuant
to the immediately preceding sentence shall be affected pro rata
based on the ratio of the number of Registrable Securities that
each such Holder requested to be included in such Registration
Statement to the total number of Registrable Securities that all
Holders requested to be included in such Registration Statement;
<U>provided</U>, <U>however</U>, that if, as a result of such
pro-ration, any Holder requesting to be included in such
Registration Statement pursuant to Section&nbsp;3.1 hereof shall
not be entitled to include in a registration all Registrable
Securities of the class that such Holder had requested to be
included, such Holder may elect to withdraw its request to
include such Registrable Securities in such registration or may
reduce the number requested to be included in accordance with
Section&nbsp;3.3 hereof.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;<U>Priority in Registered Repayment Offering</U>.
Subject to Section&nbsp;2.9 hereof, following the occurrence of
a Stockholder Approval Default and until such time as the
Investor is paid in full in cash in accordance with the terms of
Section&nbsp;12.2(b) of the Loan Agreement, the aggregate amount
of the securities of the Company to be included in a
Registration Statement under any Registered Repayment Offering
shall not be reduced to less than all of the securities to be
included in such Registration Statement for the benefit of the
Investor pursuant to this Agreement and Section&nbsp;12.2(b) of
the Loan Agreement as of the appropriate date of determination;
<U>provided</U>, <U>however</U>, that in the event the
Underwriter or the managing Underwriter of a Registered
Repayment Offering reasonably determines in good faith, after
consultation with the Investor, that the inclusion of Piggyback
Shares will adversely affect the Company&#146;s ability to make
payment in full to the Investor pursuant to and in accordance
with Section&nbsp;12.2(b) of the Loan Agreement, and advises the
Investor of such determination in writing in advance, then the
Company will be obligated to include in such Registration
Statement only that number or amount of Registrable Securities
which, in the reasonable judgment in good faith of the
Underwriter or the Managing Underwriter after consultation with
the Investor, will not adversely affect the Company&#146;s
ability to make payment in full to the Investor pursuant to
Section&nbsp;12.2(b) of the Loan Agreement as of the appropriate
date of determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;Subject to the Company&#146;s compliance with its
obligations under this Article&nbsp;III, if after a Demand
Request by the Holders pursuant to Section&nbsp;2.1 hereof the
Company initiates a proposal to register an Underwritten
Offering of securities for its own account pursuant to this
Article&nbsp;III and the Holders will be afforded the right
(whether or not exercised by the Holders) to include Registrable
Securities in such Underwritten Offering in accordance with and
subject to the provisions of this Article&nbsp;III, then the
proposed registration for the account of the Company pursuant to
this Article&nbsp;III shall be given priority in all respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;Subject to the Company&#146;s compliance with its
obligations under this Article&nbsp;III, and subject to the last
sentence of Section&nbsp;3.2(b) hereof, if prior to the filing
or effectiveness of the Shelf Registration Statements the
Company initiates a proposal to register an Underwritten
Offering of equity securities for its own account pursuant to
this Article&nbsp;III and the Holders will be afforded the right
(whether or not exercised by the Holders) to include Registrable
Securities in such Underwritten Offering in accordance with and
subject to the provisions of this Article&nbsp;III, then the
proposed registration for the account of the Company pursuant to
this Article&nbsp;III shall be given priority in all respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;Notwithstanding anything contained herein to the
contrary (except for the registration and sale of Company
securities pursuant to Section&nbsp;2.9 hereof) until the date
that is the earlier to occur of (i)&nbsp;one hundred twenty
(120)&nbsp;calendar days from the date that the Closing Shelf
Registration Statement is declared effective, or (ii)&nbsp;the
date that Stockholder Approval is obtained, the Company will not
initiate a proposal to register or otherwise conduct an
Underwritten Offering of equity securities of the Company for
its own account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;If the Company issues a notice of a proposed
Underwritten Offering of equity securities of the Company for
its own account pursuant to Section&nbsp;3.2(d) hereof and
subsequently abandons, ceases or withdraws such offering, the
Company shall not issue a notice of a subsequent proposed
registration of an Underwritten Offering of equity securities of
the Company for its own account pursuant to Section&nbsp;3.2(d)
hereof until the Shelf Registration Statements are declared
effective, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawals</U>.</B> Each
Holder shall have the right to withdraw its request for
inclusion of its Registrable Securities in any Registration
Statement pursuant to this Article&nbsp;III by giving written
notice to the Company of its request to withdraw prior to the
effectiveness of the Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by
a Holder in connection with such cancelled registration through
the date of such notice of cancellation; <U>provided</U>,
<U>however</U>, that the Company shall not be responsible to pay
the expenses incurred by a withdrawing Holder in connection with
more than two (2)&nbsp;such cancelled registrations.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;IV</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SHELF REGISTRATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shelf Registration
Filing</U>.</B> Within thirty (30)&nbsp;calendar days following
the date hereof, the Company shall file with the Commission a
Registration Statement (the &#147;<U>Closing Shelf Registration
Statement</U>&#148;) relating to the offer and sale of all of
the Registrable Securities (other than (a)&nbsp;the Convertible
Note, (b)&nbsp;the shares of Common Stock issued upon conversion
of the Convertible Note, and (c)&nbsp;any and all shares of
additional Common Stock or securities that may be acquired or
received by the Holders or issued or distributed or be issuable
with respect thereto by way of a stock dividend, stock split or
reverse stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or otherwise,
and any securities issued in exchange for or in replacement of
the foregoing securities) to the public, from time to time, on a
delayed or continuous basis. In addition, within thirty
(30)&nbsp;calendar days following the date of the Exchange, the
Company shall file with the Commission a Registration Statement
(the &#147;<U>Convertible Note&nbsp;Registration
Statement</U>&#148;, together with the Closing Shelf
Registration Statement, the &#147;<U>Shelf Registration
Statements</U>&#148;) relating to the offer and sale of
(a)&nbsp;the Convertible Note, (b)&nbsp;all of the shares of
Common Stock issued upon conversion of the Convertible Note, and
(c)&nbsp;any and all shares of additional Common Stock or
securities that may be acquired or received by the Holders or
issued or distributed or be issuable with respect thereto by way
of a stock dividend, stock split or reverse stock split or in
connection with a combination of shares, recapitalization,
merger, consolidation or otherwise, and any securities issued in
exchange for or in replacement of the foregoing securities, to
the public, from time to time, on a delayed or continuous basis.
The Company shall use its best efforts to cause the Shelf
Registration Statements to be declared effective under the
Securities Act as soon as practicable after the filing thereof
with the Commission and to maintain and cause the Shelf
Registration Statements to remain effective thereafter. The
Shelf Registration Statements shall specify the intended method
of distribution of the Registrable Securities substantially in
the form of <U>Exhibit&nbsp;A</U> attached hereto. The Company
shall file the Shelf Registration Statements on Form&nbsp;S-3
or, if the Company or the offering of the Registrable Securities
does not satisfy the requirements for use of such form, such
other form as may be appropriate; <U>provided</U>,
<U>however</U>, that if the Shelf Registration Statements are
not filed on Form&nbsp;S-3, the Company shall, promptly upon
meeting the requirements for use of such form, file an
appropriate amendment to the Shelf Registration Statements to
convert it to Form&nbsp;S-3. Registrations effected pursuant to
this Section shall not be counted as Demand Registrations
effected pursuant to Section&nbsp;2.1. Notwithstanding anything
contained herein to the contrary, no securities other than the
Registrable Securities shall be included in the Shelf
Registration Statements without the prior written consent of the
Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Required Period and Shelf
Registration Procedures</U>.</B> The Company shall
(i)&nbsp;cause the Shelf Registration Statements to include a
resale Prospectus intended to permit each Holder to sell, at
such Holder&#146;s election, all or part of the Registrable
Securities held by such Holder without restriction,
(ii)&nbsp;use its best efforts to prepare and file with the
Commission such supplements, amendments and post-effective
amendments to the Shelf Registration Statements as may be
necessary to keep the Shelf Registration Statements continuously
effective (subject to Sections&nbsp;3.2(c) and 3.2(d) and to any
Suspension Period(s) referred to below) for so long as the
securities registered thereunder constitute Registrable
Securities (the &#147;<U>Required Period</U>&#148;), and
(iii)&nbsp;use its best efforts to cause the resale Prospectus
to be supplemented by any required Prospectus supplement
(subject to Section&nbsp;5.2(c) and to any Suspension Period(s)
referred to below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Registration</U>.</B> A registration will not count as a Shelf
Registration Statement until the Registration Statement filed
with the Commission with respect to such Shelf Registration has
been declared effective and the Company has complied with all of
its obligations under this Agreement with respect thereto;
<U>provided</U>, <U>however</U>, that if, after such
Registration Statement has been declared effective, the offering
of Registrable Securities pursuant to a Shelf Registration
Statement is interfered with by any stop order or injunction of
the Commission or any other governmental agency or court, the
Registration Statement with respect to such Shelf Registration
Statement will be deemed not to have been declared effective,
unless and until, (i)&nbsp;such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii)&nbsp;the
Investor (and the Majority Participating Holders, as the case
may be) thereafter elects to continue the offering.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwritten
Offering</U>.</B> If the Majority Participating Holders so elect
and so advise the Company, the offering of Registrable
Securities pursuant to the Shelf Registration Statements or any
&#147;takedown&#148; thereof shall be in the form of an
Underwritten Offering and the Company, if necessary, shall amend
or supplement the Shelf Registration Statements for such
purpose, and the Majority Participating Holders shall be
entitled to select the managing Underwriter or Underwriters and
any other Underwriters for such offering; <U>provided</U>,
<U>however</U>, that any such Underwriter shall be reasonably
acceptable to the Company.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;V</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>STANDSTILL AND SUSPENSION PERIODS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company Standstill
Period</U>.</B> (a)&nbsp;In the event of an Underwritten
Offering of Registrable Securities on a firm commitment basis
pursuant to Section&nbsp;2.1 hereof, the Company agrees not to,
without the prior written consent of the managing Underwriter
and the Majority Participating Holders, in the case of an
Underwritten Offering, or the Majority Participating Holders in
the case of a non-Underwritten Offering, offer, pledge, sell,
contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or
indirectly, any securities that are the same as, or similar to,
the Registrable Securities, or any securities convertible into,
or exchangeable or exercisable for, any securities of the
Company that are the same as, or similar to, the Registrable
Securities (except pursuant to registrations on Form&nbsp;S-4 or
any successor form, or otherwise in connection with the
acquisition of a business or assets of a business, a merger, or
an exchange offer for the securities of the issuer or another
entity, or pursuant to a Company dividend reinvestment plan, or
for issuances of securities pursuant to the conversion, exchange
or exercise of then-outstanding convertible or exchangeable
securities, options, rights or warrants, or pursuant to
registrations on Form&nbsp;S-8 or any successor form or
otherwise relating solely to securities offered pursuant to any
benefit plan), during the period commencing fifteen
(15)&nbsp;calendar days prior to the effective date of the
Registration Statement relating to such Registrable Securities
(to the extent timely notified in writing by the Majority
Participating Holders or the managing Underwriter of such
distribution) and ending on the ninetieth (90th) calendar day
after such effective date (the &#147;<U>Company Standstill
Period</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;The Company agrees to use best efforts to obtain from
each holder of securities of the Company which are subject to
selling restrictions and are the same as or similar to those
being registered by the Company, or which are convertible into
or exchangeable or exercisable for any of its securities, an
agreement not to effect any public sale or distribution of such
securities (other than securities purchased in a public
offering) during any Company Standstill Period. Without limiting
the foregoing, if after the date hereof the Company grants,
pursuant to and in compliance with Section&nbsp;10.1 hereof, any
Person (other than a holder of Registrable Securities) any
rights to demand or participate in a registration, the Company
agrees that the agreement with respect thereto shall include
such Person&#146;s agreement as contemplated by the previous
sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
Period</U>.</B> Except with respect to a registration under
Section&nbsp;2.9 hereof, the Company may, by notice in writing
to each Holder, postpone the filing or effectiveness of the
Shelf Registration Statement or any other registration requested
pursuant to this Agreement, or otherwise suspend the Demand
Registration rights of the Holders and/or require the Holders to
suspend use of any resale Prospectus included in the Shelf
Registration Statement for any period of time reasonably
determined by the Company if there shall occur a Material
Disclosure Event (such period, a &#147;<U>Suspension
Period</U>&#148;). Notwithstanding anything herein to the
contrary, the Company shall not be entitled to more than three
(3)&nbsp;Suspension Periods, which Suspension Periods shall have
durations of not more than thirty (30)&nbsp;calendar days each
(but may at the Company&#146;s reasonable determination run
consecutively for a given Material Disclosure Event) during any
consecutive 12&nbsp;month period, and which Suspension Periods
shall not exceed more than seventy-five (75)&nbsp;calendar days
in the aggregate in any consecutive 12&nbsp;month period;
<U>provided</U>, <U>however</U>, that if the Company deems in
good faith that it is necessary to file a post-effective
amendment to the Shelf Registration Statement in order to comply
with Article&nbsp;IV hereof, then such period of time from the
date of filing such post-effective amendment until the date on
which the Shelf Registration Statement is declared effective by
the Commission shall not be treated as a Suspension Period and
the Company shall use its best efforts to
</DIV>

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<DIV align="left" style="font-size: 10pt;">
cause such post-effective amendment to be declared effective as
promptly as possible, but in no event more than two
(2)&nbsp;Business Days following the filing of such
post-effective amendment (subject only to such delay as may be
caused solely as a result of review by the Commission, whereupon
the Company shall use its best efforts to facilitate such review
and approval by the Commission and cause such post-effective
amendment to be declared effective as promptly as possible).
Each Holder agrees that, upon receipt of notice from the Company
of the occurrence of a Material Disclosure Event (a
&#147;<U>Suspension Notice</U>&#148;), such Holder will
forthwith discontinue any disposition of Registrable Securities
pursuant to the Shelf Registration Statement or any public sale
or distribution, including pursuant to Rule&nbsp;144, until the
earlier of (i)&nbsp;the expiration of the Suspension Period and
(ii)&nbsp;such Holder&#146;s receipt of a notice from the
Company to the effect that such suspension has terminated. Any
Suspension Notice shall be accompanied by a certificate of the
Chief Executive Officer, Chief Financial Officer, President or
any Vice President of the Company confirming the existence of
the Material Disclosure Event. If so directed by the Company,
such Holder will deliver to the Company (at the Company&#146;s
expense) all copies, other than permanent file copies, then in
such Holder&#146;s possession, of the most recent Prospectus
covering such Registrable Securities at the time of receipt of
such Suspension Notice. The Company covenants and agrees that it
will not deliver a Suspension Notice with respect to a
Suspension Period unless Company employees, officers and
directors are also prohibited by the Company for the duration of
such Suspension Period from effecting any public sales of shares
of Common Stock beneficially owned by them. In the event of a
Suspension Notice, the Company shall, promptly after such time
as the related Material Disclosure Event no longer exists,
provide notice to all Holders that the Suspension Period has
ended, and take any and all actions necessary or desirable to
give effect to any Holders&#146; rights under this Agreement
that may have been affected by such notice, including the
Holders&#146; Demand Registration rights and rights with respect
to any Shelf Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder Standstill
Period</U>.</B> Except with respect to a registration under
Section&nbsp;2.9 hereof, each Holder of Registrable Securities
(whether or not such Registrable Securities are covered by the
Shelf Registration Statement or by a Registration Statement
filed pursuant to Section&nbsp;2.1 or 3.1 hereof) agrees to
enter into a customary lock-up agreement with the managing
Underwriter for any Underwritten Offering of the Company&#146;s
equity securities for its own account, containing terms
reasonably acceptable to such managing Underwriter, covering the
period commencing fifteen (15)&nbsp;calendar days prior to the
effective date of any Registration Statement relating to such
securities of the Company and ending on the ninetieth (90th)
calendar day after such effective date (or such shorter period
as shall have been agreed to by the Company&#146;s executive
officers and directors in their respective lock-up agreements);
<U>provided</U>, <U>however</U>, that the obligations of each
Holder under this Section&nbsp;5.3 shall apply only if:
(i)&nbsp;such Holder will be afforded the right (whether or not
exercised by the Holder) to include Registrable Securities in
such Underwritten Offering in accordance with and subject to the
provisions of Article&nbsp;III hereof, (ii)&nbsp;each of the
Company&#146;s executive officers and directors enter into
lock-up agreements with such managing Underwriter, which
agreements shall not contain terms more favorable to such
executive officers or directors than those contained in the
lock-up agreement entered into by such Holder, and
(iii)&nbsp;the aggregate restriction periods in such
Holder&#146;s lock-up agreements entered into pursuant to this
Section&nbsp;5.3 shall not exceed an aggregate of ninety
(90)&nbsp;calendar days during any 365-day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions on Sale by
the Company and Others</U>.</B> The Company agrees: (i)&nbsp;not
to effect any public sale or distribution of any securities
similar to those being registered in accordance with
Section&nbsp;2.1 hereof, or any securities convertible into or
exchangeable or exercisable for such securities, from the date
the Company receives the written demand for any Demand
Registration until permitted under any &#147;lock-up&#148;
agreement with the Underwriter, but not more than ninety
(90)&nbsp;calendar days from the effective date of any
Registration Statement filed pursuant to Section&nbsp;2.1
hereof, and (ii)&nbsp;that any agreement entered into after the
date hereof pursuant to which the Company issues or agrees to
issue any privately placed securities shall contain a provision
under which holders of such securities agree not to effect any
sale or distribution of any such securities during the periods
described in <U>clause (i)</U> above, in each case including a
sale pursuant to Rule&nbsp;144 under the Securities Act (except
as part of any such registration, if permitted);
<U>provided</U>, <U>however</U>, that the provisions of this
Section&nbsp;5.4 shall not prevent the conversion or exchange of
any securities pursuant to their terms into or for other
securities and shall not prevent the issuance of securities by
the Company under any employee benefit, stock option or stock
subscription plans.
</DIV>

<P align="center" style="font-size: 10pt;">12

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;VI</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REGISTRATION PROCEDURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Obligations</U>.</B> Whenever the Company is required pursuant
to this Agreement to register Registrable Securities, the
Company shall (it being understood and agreed that except as
otherwise expressly set forth in this Article&nbsp;VI, if any
other provision of this Agreement is more favorable to the
Holders than the provisions of this Article&nbsp;VI, such other
provision shall apply) use its best efforts to effect the
registration and, if applicable, sale by the Company (including
a sale pursuant to Section&nbsp;2.9 hereof) and to enable the
Holders to consummate disposition of all such Registrable
Securities in accordance with the intended method(s) of
distribution thereof as expeditiously as practicable, and in
connection therewith, shall do as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;The Company shall provide the Participating Holders and
    their counsel with a reasonable opportunity to review, and
    comment on, any Registration Statement to be prepared and filed
    pursuant to this Agreement prior to the filing thereof with the
    Commission, and make all changes thereto as any Participating
    Holder may request in writing to the extent such changes are
    required, in the reasonable judgment of the Company&#146;s
    counsel, by the Securities Act or for the Company to comply with
    its obligations hereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;The Company shall cause any such Registration Statement
    and the related Prospectus and any amendment or supplement
    thereto, as of the effective date of such Registration
    Statement, amendment or supplement, (i)&nbsp;to comply in all
    material respects with the applicable requirements of the
    Securities Act and the rules and regulations of the Commission
    promulgated thereunder and (ii)&nbsp;not to 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 the case of the Prospectus and any
    preliminary Prospectus in light of the circumstances under which
    they were made) not misleading (except that this <U>clause
    (ii)</U> shall not apply to statements made or statements
    omitted by the Company solely in reliance upon and in full
    conformity with written information furnished but not otherwise
    available to the Company by any Holder solely with respect to
    such Holder and expressly for use in the Registration Statement
    or any amendment or supplement thereto), or, if for any other
    reason it shall be necessary to amend or supplement such
    Registration Statement or Prospectus in order to comply with the
    Securities Act and, in either case as promptly as reasonably
    practicable thereafter, prepare and file with the Commission an
    amendment or supplement to such Registration Statement or
    Prospectus which will correct such statement or omission or
    effect such compliance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (c)&nbsp;The Company shall furnish, at its expense, to the
    Participating Holders such number of conformed copies of such
    Registration Statement and of each such amendment thereto (in
    each case including all exhibits thereto, except that the
    Company shall not be obligated to furnish to any such
    Participating Holder more than two (2)&nbsp;copies of such
    exhibits), such number of copies of the Prospectus included in
    such Registration Statement (including each preliminary
    Prospectus and each supplement thereto), and such number of the
    documents, if any, incorporated by reference in such
    Registration Statement or Prospectus, as the Participating
    Holders reasonably may request;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (d)&nbsp;The Company shall use its best efforts to register or
    qualify the Registrable Securities covered by such Registration
    Statement under such securities or &#147;blue sky&#148; laws of
    the states of the United States as the Participating Holders
    reasonably shall request, to keep such registration or
    qualification in effect for so long as such Registration
    Statement remains in effect, and to do any and all other acts
    and things that may be necessary or advisable to enable the
    Participating Holders to consummate the disposition in such
    jurisdictions of the Registrable Securities covered by such
    Registration Statement, except that the Company shall not, for
    any such purpose, be required to qualify generally to do
    business as a foreign corporation in any jurisdiction in which
    it is not obligated to be so qualified, or to subject itself to
    material taxation in any such jurisdiction, or to consent to
    general service of process in any such jurisdiction; and use its
    best efforts to obtain all other approvals, consents, exemptions
    or authorizations from such securities regulatory authorities or
    governmental agencies as may be necessary to enable such
    Participating Holders to consummate the disposition of such
    Registrable Securities;</TD>
</TR>

</TABLE>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (e)&nbsp;The Company shall promptly notify the Participating
    Holders, at any time when a Prospectus or Prospectus supplement
    relating thereto is required to be delivered under the
    Securities Act, upon discovery that, or upon the occurrence of
    any event as a result of which, the Prospectus included in such
    Registration Statement, as then in effect, includes an untrue
    statement of a material fact or omits to state any material fact
    required to be stated therein or necessary to make the
    statements therein, in the light of the circumstances under
    which they were made, not misleading, which untrue statement or
    omission requires amendment of the Registration Statement or
    supplementing of the Prospectus, and, as promptly as practicable
    (subject to Section&nbsp;5.2 hereof), prepare and furnish, at
    its expense, to the Participating Holders a reasonable number of
    copies of a supplement to such Prospectus as may be necessary so
    that, as thereafter delivered to the purchasers of such
    Registrable Securities, such Prospectus shall not include an
    untrue statement of a material fact or omit to state a material
    fact required to be stated therein or necessary to make the
    statements therein, in the light of the circumstances under
    which they were made, not misleading; <U>provided</U>,
    <U>however</U>, that with respect to Registrable Securities
    registered pursuant to such Registration Statement, each Holder
    agrees that it will not enter into any transaction for the sale
    of any Registrable Securities pursuant to such Registration
    Statement during the time after the furnishing of the
    Company&#146;s notice that the Company is preparing a supplement
    to or an amendment of such Prospectus or Registration Statement
    and until the filing and effectiveness thereof. When a
    Prospectus or Prospectus supplement relating thereto is required
    to be delivered under the Securities Act, each Participating
    Holder shall notify the Company, as soon as practicable, after
    it has actual knowledge of the occurrence of any event as a
    result of which the Prospectus included in such Registration
    Statement, as then in effect, contains an untrue statement of a
    material fact with respect to such Participating Holder or omits
    to state any material fact with respect to such Participating
    Holder required to be stated therein or necessary to make the
    statements therein, in the light of the circumstances under
    which they were made, not misleading with respect to such
    Participating Holder, which untrue statement or omission
    requires material amendment of the Registration Statement or
    supplementing of the Prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (f)&nbsp;The Company shall use its best efforts to comply with
    all applicable rules and regulations of the Commission, and make
    available to holders of its securities, as soon as practicable,
    an earnings statement covering the period of at least
    12&nbsp;months, beginning within three (3)&nbsp;months after the
    effective date of such Registration Statement, which earnings
    statement shall satisfy the provisions of Section&nbsp;11(a) of
    the Securities Act and Rule&nbsp;158 thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (g)&nbsp;The Company shall provide, and cause to be maintained,
    a transfer agent and registrar for the Registrable Securities
    covered by such Registration Statement (which transfer agent and
    registrar shall, at the Company&#146;s option, be the
    Company&#146;s existing transfer agent and registrar) from and
    after a date not later than the effective date of such
    Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (h)&nbsp;The Company shall notify the Participating Holders and
    the managing Underwriter, if any, promptly, and (if requested by
    any such Person) confirm such notice in writing, (i)&nbsp;when a
    Registration Statement, Prospectus, Prospectus supplement or
    post-effective amendment related to such Registration Statement
    has been filed, and, with respect to such Registration Statement
    or any post-effective amendment thereto, when the same has
    become effective, (ii)&nbsp;of any request by the Commission or
    any other federal or state governmental authority for amendments
    or supplements to such Registration Statement or related
    Prospectus, (iii)&nbsp;of the issuance by the Commission or any
    other federal or state governmental authority of any stop order
    suspending the effectiveness of such Registration Statement or
    the initiation of any proceedings for that purpose and
    (iv)&nbsp;of the receipt by the Company of any notification with
    respect to the suspension of the qualification or exemption from
    qualification of any of the Registrable Securities for sale in
    any jurisdiction or the initiation or threatening of any
    proceeding for such purpose;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;The Company shall use its best efforts to obtain the
    withdrawal of any order suspending the effectiveness of such
    Registration Statement, or the lifting of any suspension of the
    qualification (or exemption from qualification) of any of the
    Registrable Securities for sale in any jurisdiction, as soon as
    practicable;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">14

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (j)&nbsp;The Company shall in the event of an Underwritten
    Offering of Registrable Securities pursuant to Section&nbsp;2.1
    hereof, enter into customary agreements (including underwriting
    agreements in customary form, which may include, in the case of
    an underwritten offering on a firm commitment basis,
    &#147;lock-up&#148; obligations substantially similar to
    Sections&nbsp;5.1 and 5.4 hereof) and take such other actions
    (including using its best efforts to make such road show
    presentations and otherwise engaging in such reasonable
    marketing support in connection with any such underwritten
    offering, including the obligation to make its executive
    officers available for such purpose if so requested by the
    managing underwriter for such offering) as are reasonably
    requested by the managing underwriter in order to expedite or
    facilitate the sale of such Registrable Securities. The
    representations, warranties and covenants of the Company in any
    underwriting agreement which are made to or for the benefit of
    any Underwriters, to the extent applicable, shall also be made
    to and for the benefit of the Holders holding Registrable
    Securities included in such Registration Statement. No Holder
    holding Registrable Securities included in such Registration
    Statement shall be required to make any representations or
    warranties in the underwriting agreement except, if applicable,
    with respect to such Holder&#146;s organization, good standing,
    authority, title to Registrable Securities, lack of conflict of
    such sale with such Holder&#146;s material agreements and
    organizational documents, and with respect to written
    information relating to such Holder that such Holder has
    furnished in writing expressly for inclusion in such
    Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (k)&nbsp;The Company shall make available for inspection by each
    Participating Holder, any underwriter participating in any
    disposition pursuant to such registration, and any attorney,
    accountant or other agent retained by such Participating Holder
    or any such underwriter (collectively, the
    &#148;<U>Inspectors</U>&#148;), all financial and other records,
    pertinent corporate documents and properties of the Company and
    any of its Subsidiaries (collectively, the
    &#147;<U>Records</U>&#148;) as shall be reasonably necessary to
    enable them to exercise their due diligence responsibility, and
    cause the officers, directors and employees of the Company to
    supply all information reasonably requested by any such
    Inspector in connection with such registration, <U>provided</U>,
    <U>however</U>, that (i)&nbsp;in connection with any such
    inspection, any such Inspectors shall cooperate to the extent
    reasonably practicable to minimize any disruption to the
    operation by the Company of its business and shall comply with
    all Company site safety rules, (ii)&nbsp;Records and information
    obtained hereunder shall be used by such Inspectors only to
    exercise their due diligence responsibility and
    (iii)&nbsp;Records or information furnished or made available
    hereunder shall be kept confidential and shall not be disclosed
    by such Participating Holder, underwriter or Inspectors unless
    (A)&nbsp;the disclosing party advises the other party that the
    disclosure of such Records or information is necessary to avoid
    or correct a misstatement or omission in a Registration
    Statement or is otherwise required by law, (B)&nbsp;the release
    of such Records or information is ordered pursuant to a subpoena
    or other order from a court or governmental authority of
    competent jurisdiction (<U>provided</U>, <U>however</U>, that
    such person shall use its reasonable efforts to provide the
    Company with prior written notice of such requirement to afford
    the Company with an opportunity to seek a protective order or
    other appropriate remedy in response) or (C)&nbsp;such Records
    or information otherwise become generally available to the
    public other than through disclosure by such Participating
    Holder, underwriter or Inspector in breach hereof or by any
    Person in breach of any other confidentiality arrangement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (l)&nbsp;The Company shall, in connection with any registration
    of an Underwritten Offering of Registrable Securities hereunder,
    use best efforts to furnish to each Participating Holder and to
    the managing Underwriter, if any, a signed counterpart,
    addressed to such Participating Holder and the managing
    Underwriter, if any, of (i)&nbsp;an opinion or opinions of
    counsel to the Company and (ii)&nbsp;a comfort letter or comfort
    letters from the Company&#146;s independent public accountants
    pursuant to Statement on Auditing Standards No.&nbsp;72 (or any
    successor thereto), each in customary form and covering such
    matters of the type customarily covered by opinions or comfort
    letters, as the case may be, as each such Participating Holder
    and the managing underwriter, if any, reasonably requests;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (m)&nbsp;The Company shall in connection with any registration
    of an Underwritten Offering of Registrable Securities hereunder,
    provide officers&#146; certificates and other customary closing
    documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (n)&nbsp;The Company shall reasonably cooperate with each seller
    of Registrable Securities and any underwriter in the disposition
    of such Registrable Securities and with underwriters&#146;
    counsel, if any, in</TD>
</TR>

</TABLE>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    connection with any filings required to be made with the
    National Association of Securities Dealers, Inc. (the
    &#147;<U>NASD</U>&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (o)&nbsp;The Company shall use its best efforts to cause all
    such Registrable Securities to be listed on each securities
    exchange on which securities of the same class issued by the
    Company are then listed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (p)&nbsp;The Company shall cooperate with the Participating
    Holders and the managing Underwriter, Underwriters or agent, if
    any, to facilitate the timely preparation and delivery of
    certificates representing Registrable Securities to be sold and
    not bearing any restrictive legends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (q)&nbsp;The Company shall use its best efforts to cause the
    Registrable Securities covered by the applicable Registration
    Statement to be registered with or approved by such other
    governmental agencies or authorities as may be necessary to
    enable the seller or sellers thereof or the Underwriter or
    Underwriters, if any, to consummate the disposition of such
    Registrable Securities;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (r)&nbsp;The Company shall, no later than the effective date of
    the applicable Registration Statement, provide a CUSIP number
    for all Registrable Securities and provide the applicable
    transfer agent with printed certificates for the Registrable
    Securities which certificates shall be in a form eligible for
    deposit with The Depository Trust Company.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;VII</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDEMNIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by the
Company</U>.</B> In the event of any registration of any
Registrable Securities under the Securities Act pursuant to this
Agreement, the Company shall indemnify and hold harmless to the
full extent permitted by law (i)&nbsp;each Holder, each such
Holder&#146;s Affiliates and their respective officers,
directors, managers, partners, stockholders, employees,
advisors, agents and other representatives of the foregoing, and
each of their respective successors and assigns, and each Person
who controls any of the foregoing, within the meaning of the
Securities Act and the Exchange Act, and (ii)&nbsp;any selling
agent selected by the Holders or their Affiliates with respect
to such Registrable Securities (each such Person being sometimes
referred to as a &#147;<U>Holder Indemnified Person</U>&#148;),
against any and all losses, claims, damages, liabilities (or
actions or proceedings in respect thereof, whether or not such
Holder Indemnified Person is a party thereto) and expenses
(including reasonable costs of investigations and legal
expenses), joint or several (each a &#147;<U>Loss</U>&#148; and
collectively &#147;<U>Losses</U>&#148;), to which such Holder
Indemnified Person may become subject, to the extent that such
Losses (or related actions or proceedings) arise out of or are
based upon (A)&nbsp;any untrue statement or alleged untrue
statement of any material fact contained in any Registration
Statement in which such Registrable Securities were included for
registration under the Securities Act, including any preliminary
or summary Prospectus or any final Prospectus included in such
Registration Statement (or any amendment or supplement to such
Registration Statement or Prospectus) or any document
incorporated by reference therein or (B)&nbsp;any omission or
alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, (in
the case of the Prospectus and any preliminary Prospectus in
light of the circumstances under which they were made) not
misleading; and the Company agrees to reimburse such Holder
Indemnified Person for any legal or other expenses reasonably
incurred by it in connection with investigating or defending any
such action or claim as such expenses are incurred;
<U>provided</U>, <U>however</U>, that the Company shall have no
obligation to provide any indemnification or reimbursement
hereunder (i)&nbsp;to the extent that any such Losses (or
actions or proceedings in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in such Registration
Statement, preliminary Prospectus, final Prospectus, amendment
or supplement, in reliance upon and in conformity with written
information furnished to the Company by the Holder, or on the
Holder&#146;s behalf, specifically for inclusion, respectively,
in such Registration Statement, preliminary Prospectus, final
Prospectus, amendment or supplement, or (ii)&nbsp;in the case of
a sale directly by a Holder of Registrable Securities (including
a sale of such Registrable Securities through any underwriter
retained by such Holder engaging in a distribution solely on
behalf of such Holder), to the extent that such untrue statement
or alleged untrue statement or omission or alleged omission was
contained in a preliminary Prospectus and corrected in a
</DIV>

<P align="center" style="font-size: 10pt;">16

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<DIV align="left" style="font-size: 10pt;">
final, amended or supplemented Prospectus provided to such
Holder prior to the confirmation of the sale of the Registrable
Securities to the Person asserting any such Loss, and such
Holder failed to deliver a copy of the final, amended or
supplemented Prospectus at or prior to such confirmation of sale
in any case in which such delivery is required by the Securities
Act, or (iii)&nbsp;in the case of a sale directly by a Holder of
Registrable Securities (including a sale of such Registrable
Securities through any underwriter retained by such Holder
engaging in a distribution solely on behalf of such Holder), to
the extent that such untrue statement or alleged untrue
statement or omission or alleged omission was contained in a
final Prospectus but was corrected in an amended or supplemented
final Prospectus provided to such Holder prior to the
confirmation of the sale of the Registrable Securities to the
Person asserting any such Loss, and such Holder failed to
deliver a copy of the amended or supplemented final Prospectus
at or prior to such confirmation of sale in any case in which
such delivery is required by the Securities Act. The indemnity
provided in this Section&nbsp;7.1 shall remain in full force and
effect regardless of any investigation made by or on behalf of
such Holder or any Holder Indemnified Person and shall survive
the transfer or disposal of the Registrable Securities by the
Holder or any such other Persons. The Company will also
indemnify, if applicable and if requested, underwriters, selling
brokers, dealer managers and similar securities industry
professionals participating in any distribution pursuant hereto,
their officers and directors and each Person who controls such
Persons (within the meaning of the Securities Act and the
Exchange Act) to the same extent as provided above with respect
to the indemnification of the Holder Indemnified Persons. This
indemnity shall be in addition to any liability the Company may
otherwise have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by the
Holders</U>.</B> In the event of any registration of any
Registrable Securities under the Securities Act pursuant to this
Agreement, each Holder shall, severally and not jointly,
indemnify and hold harmless (in the same manner and to the same
extent as set forth in Section&nbsp;7.1 hereof) the Company,
each director and officer of the Company and each other Person,
if any, who controls the Company within the meaning of the
Securities Act and the Exchange Act (each such Person being
sometimes referred to as a &#147;<U>Company Indemnified
Person</U>&#148;), against Losses to which the Company or any
such Persons may become subject under the Securities Act or
otherwise, to the extent that such losses (or related actions or
proceedings) arise out of or are based upon (A)&nbsp;any untrue
statement or alleged untrue statement of any material fact
contained in any Registration Statement in which Registrable
Securities were included for registration under the Securities
Act, or any preliminary Prospectus or any final Prospectus
included in such Registration Statement (or any amendment or
supplement to such Registration Statement or Prospectus), or
(B)&nbsp;any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make
the statements therein, (in the case of the Prospectus and any
preliminary Prospectus in light of the circumstances under which
they were made) not misleading, in each case, only to the extent
that such untrue statement or alleged untrue statement or
omission or alleged omission was made in such Registration
Statement, preliminary Prospectus, final Prospectus, amendment
or supplement in reliance upon and in conformity with written
information furnished to the Company by such Holder, or on such
Holder&#146;s behalf, specifically for inclusion, respectively,
in such Registration Statement, preliminary Prospectus, final
Prospectus, amendment or supplement; and each Holder agrees
severally but not jointly to reimburse such Company Indemnified
Person for any legal or other expenses reasonably incurred by it
in connection with investigating or defending any such action or
claim as such expenses are incurred; <U>provided</U>,
<U>however</U>, that a Holder&#146;s aggregate liability under
this Agreement shall be limited to an amount equal to the net
proceeds (after deducting the underwriter&#146;s discount and
expenses) received by such Holder from the sale of such
Holder&#146;s Registrable Securities pursuant to such
registration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Claims,
Etc</U>.</B> Promptly after receipt by any Person entitled to
indemnity under Section&nbsp;7.1 or 7.2 hereof (an
&#147;<U>Indemnitee</U>&#148;) of notice of the commencement of
any action or proceeding (an &#147;<U>Action</U>&#148;)
involving a claim referred to in such Sections, such Indemnitee
shall, if indemnification is sought against an indemnifying
party, give written notice to such indemnifying party of the
commencement of such Action; <U>provided</U>, <U>however</U>,
that the failure of any Indemnitee to give said notice shall not
relieve the indemnifying party of its obligations under
Sections&nbsp;7.1 or 7.2 hereof, except to the extent that the
indemnifying party is actually prejudiced by such failure. In
case an Action is brought against any Indemnitee, and such
Indemnitee notifies the indemnifying party of the commencement
thereof, each indemnifying party shall be entitled to
participate therein and, to the extent it elects to do so by
written notice delivered to the Indemnitee promptly after
receiving the aforesaid notice, to assume the defense thereof
with counsel selected
</DIV>

<P align="center" style="font-size: 10pt;">17

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<DIV align="left" style="font-size: 10pt;">
by such Indemnitee and reasonably satisfactory to such
indemnifying party. Notwithstanding the foregoing, the
Indemnitee shall have the right to employ its own counsel in any
such case, but the fees and expenses of such counsel shall be at
the expense of such Indemnitee, unless (i)&nbsp;the employment
of such counsel shall have been authorized in writing by the
indemnifying party, (ii)&nbsp;the indemnifying party shall not
have employed counsel to take charge of the defense of such
Action, reasonably promptly after notice of the commencement
thereof or (iii)&nbsp;such Indemnitee reasonably shall have
concluded that there may be defenses available to it which are
different from or additional to those available to the
indemnifying party which, if the indemnifying party and the
Indemnitee were to be represented by the same counsel, could
result in a conflict of interest for such counsel or materially
prejudice the prosecution of the defenses available to such
Indemnitee. If any of the events specified in clauses&nbsp;(i),
(ii)&nbsp;or (iii)&nbsp;of the preceding sentence shall have
occurred or otherwise shall be applicable, then the fees and
expenses of counsel for the Indemnitee shall be borne by the
indemnifying party; it being understood, however, that the
indemnifying party shall not, in connection with any one such
claim or proceeding, or separate but substantially similar or
related claims or proceedings arising out of the same general
allegations or circumstances, be liable for the fees and
expenses of more than one separate firm of attorneys (together
with appropriate local counsel) at any time for all Indemnitees
hereunder, or for fees and expenses that are not reasonable.
Anything in this Section&nbsp;7.3 to the contrary
notwithstanding, an indemnifying party shall not be liable for
the settlement of any action effected without its prior written
consent (which consent shall not unreasonably be withheld or
delayed), but if settled with the prior written consent of the
indemnifying party, or if there shall be a final judgment
adverse to the Indemnitee, the indemnifying party agrees to
indemnify the Indemnitee from and against any loss or liability
by reason of such settlement or judgment. No indemnifying party
shall, without the prior consent of the Indemnitee (which
consent shall not be unreasonably withheld or delayed), consent
to entry of any judgment or enter into any settlement or
compromise, with respect to any pending or threatened action or
claim in respect of which the Indemnitee would be entitled to
indemnification or contribution hereunder (whether or not the
Indemnitee is an actual party to such action or claim), which
(i)&nbsp;does not include as a term thereof the unconditional
release of the Indemnitee from all liability in respect of such
action or claim or (ii)&nbsp;includes an admission of fault,
culpability or a failure to act by or on behalf of the
Indemnitee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.</B> If
the indemnification provided for in this Article&nbsp;VII is
unavailable or insufficient to hold harmless an Indemnitee in
respect of any Losses, then each indemnifying party shall, in
lieu of indemnifying such Indemnitee, contribute to the amount
paid or payable by such Indemnitee as a result of such Losses in
such proportion as appropriate to reflect the relative fault of
the indemnifying party, on the one hand, and the Indemnitee, on
the other hand, which relative fault shall be determined by
reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information
supplied by such Indemnitee or indemnifying party, and such
parties&#146; relative intent, knowledge, access to information
and opportunity to correct or mitigate the damage in respect of
or prevent the untrue statement or omission giving rise to such
indemnification obligation; <U>provided</U>, <U>however</U>,
that a Holder&#146;s aggregate liability under this
Section&nbsp;7.4 shall be limited to an amount equal to the net
proceeds (after deducting the underwriter&#146;s discount but
before deducting expenses) received by such Holder from the sale
of such Holder&#146;s Registrable Securities pursuant to such
registration. The parties hereto agree that it would not be just
and equitable if contributions pursuant to this Section&nbsp;7.4
were determined solely by pro rata allocation or by any other
method of allocation which did not take account of the equitable
considerations referred to above. No Person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of
the Securities Act) shall be entitled to contribution from any
Person who is not guilty of such fraudulent misrepresentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification Payments;
Other Remedies</U>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;Periodic payments of amounts required to be paid
pursuant to this Article&nbsp;VII shall be made during the
course of the investigation or defense, as and when reasonably
itemized bills therefor are delivered to the indemnifying party
in respect of any particular Loss as incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;The remedies provided in this Article&nbsp;VII are not
exclusive and shall not limit any rights or remedies that may
otherwise be available to an Indemnitee at law or in equity.
</DIV>

<P align="center" style="font-size: 10pt;">18

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;VIII</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REGISTRATION EXPENSES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall bear all costs and expenses incurred in
connection with any offerings pursuant to a Registration
Statement or any &#147;take-down&#148; hereunder, and all
expenses incurred in performing or complying with its other
obligations under this Agreement, whether or not the
Registration Statement becomes effective, including, without
limitation, the following fees and expenses: (i)&nbsp;all
registration and filing fees, (ii)&nbsp;all fees and expenses of
compliance with state securities or &#147;blue sky&#148; laws
(including reasonable fees and disbursements of counsel in
connection with &#147;blue sky&#148; laws qualifications of the
Registrable Securities), (iii)&nbsp;printing and duplicating
expenses, (iv)&nbsp;internal expenses of the Company (including
all salaries and expenses of its officers and employees
performing legal or accounting duties), (v)&nbsp;fees and
disbursements of counsel for the Company and fees and expenses
of independent certified public accountants retained by the
Company (including the expenses of any comfort letters or costs
associated with the delivery by independent certified public
accountants of a comfort letter or comfort letters or with any
required special audits), (vi)&nbsp;the reasonable fees and
expenses of any special experts retained by the Company,
(vii)&nbsp;fees and expenses in connection with any review of
underwriting arrangements by the NASD, including fees and
expenses of any &#147;qualified independent underwriter&#148; in
connection with an underwritten offering, (viii)&nbsp;reasonable
fees and expenses of not more than one counsel for the
Participating Holders (as a group), (ix)&nbsp;fees and expenses
in connection with listing, if applicable, the Registrable
Securities on a securities exchange or the Nasdaq National
Market, and (x)&nbsp;all duplicating, distribution and delivery
expenses. In connection with any offerings pursuant to a
Registration Statement, each Participating Holder will pay
(i)&nbsp;any underwriting fees, discounts or commissions
attributable to the sale of Registrable Securities by such
Participating Holder in connection with an underwritten
offering; (ii)&nbsp;any out-of-pocket expenses of such
Participating Holder including any fees and expenses of counsel
to such Participating Holder (other than as set forth in
clause&nbsp;(viii)&nbsp;of the immediately preceding sentence);
and (iii)&nbsp;any applicable transfer taxes.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;IX</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RULE&nbsp;144</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With a view to making available to the Holder the benefits of
Rule&nbsp;144 and any other similar rule or regulation of the
Commission that may at any time permit the Holder to sell
securities of the Company to the public without registration or
pursuant to a registration on Form&nbsp;S-3, the Company
covenants that, for so long as it is subject to Section&nbsp;13
or 15(d) of the Exchange Act thereafter, it shall use its best
efforts to file in a timely manner all reports required to be
filed by it under the Exchange Act, and that it shall comply
with the requirements of Rule&nbsp;144(c), as such Rule may be
amended from time to time (or any similar rule or regulation
hereafter adopted by the Commission), regarding the availability
of current public information to the extent required to enable
any Holder to sell Registrable Securities without registration
under the Securities Act pursuant to the resale provisions of
Rule&nbsp;144 (or any similar rule or regulation). Upon the
request of any Holder, the Company will promptly deliver to such
Holder a written statement as to whether it has complied with
such requirements and, upon such Holder&#146;s compliance with
the applicable provisions of Rule&nbsp;144 and its delivery of
such documents and certificates as the Company&#146;s transfer
agent may reasonably request in connection therewith, will take
such action as may be required (including using its best efforts
to cause legal counsel to issue an appropriate opinion) to cause
its transfer agent to effectuate any transfer of Registrable
Securities properly requested by such Holder, in accordance with
the terms and conditions of Rule&nbsp;144.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE&nbsp;X</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Registration
Rights.</U></B> The Company represents and warrants that no
Person has any right to require the Company to register any
shares of the Company&#146;s capital stock (or securities
convertible or exercisable into shares of the Company&#146;s
capital stock) for sale or to include shares of the
Company&#146;s capital
</DIV>

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<DIV align="left" style="font-size: 10pt;">
stock (or securities convertible or exercisable into shares of
the Company&#146;s capital stock) in any registration filed by
the Company for the sale of shares of capital stock for its own
account or for the account of any other person, other than
pursuant to this Agreement. The Company shall not grant any
Person any registration rights or enter into any agreement
providing for registration rights that are more favorable than
those being granted hereunder or that shall be in conflict with
or inconsistent with or otherwise adversely affect the rights of
a Holder in the Registrable Securities or such Holder&#146;s
rights under this Agreement in any respect, including, without
limitation, the priority of registration or the ability to
transfer or otherwise dispose of the Registrable Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
Generally</U>.</B> Any notice, demand, request, consent,
approval, declaration, delivery or other communication hereunder
to be made pursuant to the provisions of this Agreement shall be
deemed sufficiently given or made if in writing and signed by
the party making the same, and either delivered in person with
receipt acknowledged or sent by registered or certified mail,
return receipt requested, postage prepaid, or by telecopy and
confirmed by telecopy answerback, addressed, if to any Holder,
at the address of such Holder as set forth on the signature
pages hereto, with copies to
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If to the Company, at</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Emisphere Technologies, Inc.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    765 Old Saw Mill River Road</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Tarrytown, NY 10591</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Attention: Michael M. Goldberg,</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
    Executive Officer</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Phone: (914)&nbsp;347-2220</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Fax: (914)&nbsp;347-2498</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Email: mgoldberg@emisphere.com</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    with a copy to:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Brown Rudnick Berlack Israels LLP</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    One Financial Center</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Boston, MA 02111</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Attention: Timothy C. Maguire,&nbsp;Esq.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Phone: (617)&nbsp;856-8377</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Fax: (617)&nbsp;289-0413</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Email: tmaguire@brownrudnick.com</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If to the Investor, to:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    MHR Fund Management LLC</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    40&nbsp;West 57th&nbsp;Street, 24th&nbsp;Floor</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    New York, NY 10019</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Fax number: (212)&nbsp;262-9356</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Attention: Hal Goldstein</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Phone: (212)&nbsp;262-0005</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Fax: (212)&nbsp;262-9356</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Email: hgoldstein@mhrfund.com</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">20

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<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    with a copy to:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Stroock&nbsp;&#38; Stroock&nbsp;&#38; Lavan LLP</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    180 Maiden Lane</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    New York, New York 10038-4982</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Attention: Doron Lipshitz,&nbsp;Esq.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brett
    Lawrence,&nbsp;Esq.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Phone: (212)&nbsp;806-5400</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Fax: (212)&nbsp;806-6006</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Email: dlipshitz @stroock.com</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;blawrence@stroock.com</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
or at such other address as may be substituted by notice given
as herein provided. The giving of any notice required hereunder
may be waived in writing by the party entitled to receive such
notice. Every notice, demand, request, consent, approval,
declaration, delivery or other communication hereunder shall be
deemed to have been duly given or served on the date on which
personally delivered, with receipt acknowledged, telecopied and
confirmed by telecopy answerback or three (3)&nbsp;Business Days
after the same shall have been deposited in the United States
mail (by registered or certified mail, return receipt requested,
postage prepaid), whichever is earlier.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Successors and Assigns;
No Third Party Beneficiaries</U>.</B> This Agreement and the
rights, duties and obligations of the Company hereunder may not
be assigned or delegated by the Company in whole or in part.
This Agreement and the rights, duties and obligations of the
Holders hereunder may be assigned by any Holder to a Permitted
Assignee in whole or in part, without the consent of the Company
provided such Permitted Assignee agrees to be bound by the terms
of this Agreement, whereupon such Permitted Assignee shall be
deemed to be a Holder for all purposes of this Agreement;
provided, however, that this Agreement, and the rights, duties
and obligations of the Investor hereunder may be freely assigned
by the Investor to any Affiliate of the Investor without notice
and without the consent of the Company. Subject to the preceding
sentence, this Agreement shall be binding upon and inure to the
benefit of the parties hereto and all successors to the Company
and the Holders. This Agreement is not intended to confer any
rights or benefits on any Persons that are not party hereto
other than as expressly set forth in Article&nbsp;VII and this
Section&nbsp;10.3; provided, however, that each of the parties
hereto acknowledges and agrees that MHR Fund Management LLC, an
Affiliate of the Investor, shall have the right to act on behalf
of the Investor for the purposes of this Agreement and in
connection with any of the transactions contemplated hereby at
any time and from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments;
Waivers</U>.</B> This Agreement may be amended or modified only
by a written agreement signed by the Company, the Investor and,
if different from the Investor, the Holders of a majority of the
Registrable Securities then outstanding. No provision of this
Agreement may be waived except pursuant to a writing signed by
the Company, the Investor and, if different from the Investor,
the Holders of a majority of the Registrable Securities then
outstanding (including the Registrable Securities held by the
Major Holders).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U>.</B>
Wherever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Headings</U>.</B> The
headings used in this Agreement are for the convenience of
reference only and shall not, for any purpose, be deemed a part
of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Injunctive
Relief</U>.</B> It is hereby agreed and acknowledged that it
will be impossible to measure in money the damages that would be
suffered if the parties fail to comply with any of the
obligations herein imposed on them and that in the event of any
such failure, an aggrieved Person will be irreparably damaged
and will not have an adequate remedy at law. Any such Person
shall, therefore, be entitled (in addition to any
</DIV>

<P align="center" style="font-size: 10pt;">21

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<DIV align="left" style="font-size: 10pt;">
other remedy to which it may be entitled in law or in equity) to
injunctive relief, including, without limitation, specific
performance, to enforce such obligations, and if any action
should be brought in equity to enforce any of the provisions of
this Agreement, none of the parties hereto shall raise the
defense that there is an adequate remedy at law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Remedies
Cumulative</U>.</B> In the event that the Company fails to
observe or perform any covenant or agreement to be observed or
performed under this Agreement, each Holder may proceed to
protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in
this Agreement or for an injunction against the breach of any
such term or in aid of the exercise of any power granted in this
Agreement or to enforce any other legal or equitable right, or
to take any one or more of such actions, without being required
to post a bond. None of the rights, powers or remedies conferred
under this Agreement shall be mutually exclusive, and each such
right, power or remedy shall be cumulative and in addition to
any other right, power or remedy, whether conferred by this
Agreement or now or hereafter available at law, in equity, by
statute or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing Law;
Jurisdiction</U>. THIS AGREEMENT SHALL BE GOVERNED EXCLUSIVELY
BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.</B> Each party to this Agreement hereby
irrevocably agrees that any legal action or proceeding arising
out of or relating to this Agreement or any agreements or
transactions contemplated hereby may be brought in the courts of
the State of New York or of the United States of America for the
Southern District of New York and hereby expressly submits to
the personal jurisdiction and venue of such courts for the
purposes thereof and expressly waives any claim of improper
venue and any claim that such courts are an inconvenient forum.
Each party hereby irrevocably consents to the service of process
of any of the aforementioned courts in any such suit, action or
proceeding by the mailing of copies thereof by registered or
certified mail, postage prepaid, to the address set forth in
Section&nbsp;10.2 hereof, such service to become effective ten
(10)&nbsp;calendar days after such mailing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts and
Facsimile Execution</U>.</B> This Agreement may be executed in
any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such
counterparts shall together constitute one and the same
instrument. This Agreement may be executed by facsimile
signatures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Attorneys&#146;
Fees</U>.</B> In any action of proceeding brought to enforce any
provision of this Agreement or where any provision hereof is
validly asserted as a defense, the successful party shall, to
the extent permitted by applicable law, be entitled to recover
reasonable attorneys&#146; fees in addition to any other
available remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination of
Registration Rights; Survival</U>.</B> All rights granted under
this Agreement shall terminate with respect to any Holder at
such time as such Holder ceases to own any Registrable
Securities and this entire Agreement shall terminate when all
Holders cease to own or beneficially own any Registrable
Securities. The provisions of Articles&nbsp;VII, VIII and X
shall survive any termination of this Agreement
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Entire
Agreement</U>.</B> This Agreement embodies the entire agreement
and understanding between the Company and the Holders in respect
of the subject matter contained herein. This Agreement
supersedes all prior agreements and understandings between the
parties with respect to the subject matter of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Further
Assurances</U>.</B> Each of the parties hereto shall execute
such documents and perform such further acts as may be
reasonably required or desirable to carry out or to perform the
provisions of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered as of the date first
above written.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>EMISPHERE TECHNOLOGIES, INC.</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ Elliot M. Maza</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name: Elliot M. Maza</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:&nbsp;Chief Financial Officer</TD>
</TR>

<TR>
    <TD style="font-size: 24pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>MHR CAPITAL PARTNERS (500)&nbsp;LP</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD align="left">
    MHR ADVISORS LLC,</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    its General Partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ Hal Goldstein</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name: Hal Goldstein</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:&nbsp;Authorized Signatory</TD>
</TR>

<TR>
    <TD style="font-size: 24pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>MHR CAPITAL PARTNERS (100)&nbsp;LP</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD align="left">
    MHR ADVISORS LLC,</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    its General Partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ Hal Goldstein</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name: Hal Goldstein</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:&nbsp;Authorized Signatory</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">23

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>MHR INSTITUTIONAL PARTNERS&nbsp;II LP</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD align="left">
    MHR INSTITUTIONAL ADVISORS&nbsp;II LLC,</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    its General Partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ Hal Goldstein</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name: Hal Goldstein</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:&nbsp;Authorized Signatory</TD>
</TR>

<TR>
    <TD style="font-size: 24pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>MHR INSTITUTIONAL PARTNERS&nbsp;IIA LP</B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD align="left">
    MHR INSTITUTIONAL ADVISORS&nbsp;II LLC,</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    its General Partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ Hal Goldstein</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name: Hal Goldstein</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:&nbsp;Authorized Signatory</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">24

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