EXHIBIT 4.6
REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement"), is dated and executed
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effective as of October 18, 1999, by Netzee, Inc., a Georgia corporation (the
"Company"), and Xxxxxxx Partners, L.P., a Georgia limited partnership
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("Xxxxxxx"). The Company and Xxxxxxx are hereinafter collectively called the
"Parties."
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WHEREAS, the Company and Xxxxxxx have entered into a Line of Credit
Agreement, dated as of October 18, 1999 (the "Credit Agreement"), pursuant to
which, among other things, Xxxxxxx has agreed to allow the Company to borrow up
to $3,000,000 from Xxxxxxx upon the terms and conditions set forth in the Credit
Agreement;
WHEREAS, in connection with the execution and delivery of the Credit
Agreement, the Company has agreed to issue to Xxxxxxx a warrant (the "Warrant")
to purchase up to 461,876 shares of the Company's common stock, without par
value (the "Common Stock"); and
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WHEREAS, the Company and Xxxxxxx desire to provide for the rights of
Xxxxxxx with respect to the registration of the shares of Common Stock to be
received by Xxxxxxx upon the exercise in whole or in part of the Warrant, in
accordance with the terms, conditions and limitations contained therein.
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 agree as follows:
1. Definitions. For purposes of this Agreement:
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(a) "1933 Act" means the United States Securities Act of 1933, as
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amended, or any similar U.S. federal statute enacted hereafter, and the rules
and regulations of the Commission thereunder, all as the same shall be in effect
from time to time;
(b) "Commission" means the United States Securities and Exchange
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Commission or any other U.S. federal agency at the time administering the 1933
Act and 1934 Act;
(c) "Register," "registered" and "registration" refer to a
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registration effected by preparing and filing a registration statement in
compliance with the 1933 Act and the declaration or ordering of effectiveness of
such registration statement by the Commission;
(d) "Registrable Securities means shares of Common Stock issuable to
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Xxxxxxx upon exercise of the Warrant in whole or in part and any Common Stock
issued as a dividend or other distribution with respect to, or in exchange or
replacement of, such shares of Common Stock that have actually been issued to
Xxxxxxx, but shall not include any other shares of Common Stock acquired by
Xxxxxxx other than the foregoing;
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(e) "Holder" means Xxxxxxx if it holds Registrable Securities;
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provided, however, that any person who acquires any of the Registrable
Securities from Xxxxxxx in a distribution or transfer pursuant to a registration
statement filed under the 1933 Act or pursuant to a sale under Rule 144,
Regulation S or any other exemption from registration under the 1933 Act, shall
not be considered a Holder;
(f) "1934 Act" means the United States Securities Exchange Act of
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1934, as amended, or any similar U.S. federal statute enacted hereafter, and the
rules and regulations of the Commission thereunder, all as the same shall be in
effect from time to time; and
(g) All other capitalized terms used herein but not otherwise defined
shall have the meanings ascribed to them in the Warrant.
2. Piggyback Registration. Subject to the other provisions hereof, if
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at any time after consummation of its initial public offering, the Company
proposes to register any of its securities under the 1933 Act, either for its
own account or for the account of other holders of Common Stock (other than on a
Form X-0, Xxxx X-0 or similar registration statement or registration for foreign
issuance or distribution), in connection with the public offering of such
securities solely for cash, on a registration form that would also permit the
registration of Registrable Securities, the Company shall, with respect to any
such registration, promptly give each Holder written notice of such proposal.
Upon the written request of any Holder given within 15 days after mailing of any
such notice by the Company, the Company shall, subject to the terms and
limitations contained herein, use all commercially reasonable efforts to cause
to be included in such registration under the 1933 Act all the Registrable
Securities that each such Holder has requested be registered on the same terms
and conditions as any similar Securities of the Company so included, subject to
the provisions of Section 9 hereof.
3. Obligations of the Company. Whenever required under this Agreement to
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use all commercially reasonable efforts to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably
possible:
(a) Prepare and file with the Commission a registration statement
covering such Registrable Securities and use all commercially reasonable efforts
to cause such registration statement to be declared effective by the Commission
as expeditiously as possible and to keep such registration effective with
respect to the Registrable Securities until the earlier of (1) the date when all
Registrable Securities covered by the registration statement have been sold or
(2) 45 days from the effective date of the registration statement; provided,
that before filing a registration statement or prospectus or any amendments or
supplements thereto, the Company will furnish to counsel for each Holder of
Registrable Securities covered by such registration statement and the
underwriters, if any, copies of all such documents proposed to be filed
(excluding exhibits, unless any such person shall specifically request
exhibits), which documents will be subject to the review of such counsel and
underwriters. The Company agrees that it will not file such registration
statement or any amendment thereto or any prospectus or any supplement thereto
(including any documents incorporated by reference therein) with the Commission
if the information in such registration
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statement or prospectus concerning a particular selling Holder has changed and
such Holder or the underwriters, if any, shall reasonably object; provided, that
the Company may file and amend the registration statement under this clause if
it removes any incorrect or outdated information from the registration statement
before such filing or amendment.
(b) Prepare and file with the Commission such amendments and post-
effective amendments to such registration statement as may be necessary to keep
such registration statement effective during the period referred to in Section
3(a) and to comply with the provisions of the 1933 Act with respect to the
disposition of all securities during such period that are covered by such
registration statement, and cause the prospectus to be supplemented by any
required prospectus supplement, and as so supplemented to be filed with the
Commission pursuant to Rule 424 under the 1933 Act.
(c) Furnish to the selling Holders such numbers of copies of such
registration statement, each amendment thereto, the prospectus included in such
registration statement (including each preliminary prospectus), each supplement
thereto and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned by them.
(d) Use all commercially reasonable efforts to register and qualify the
Registrable Securities under such other securities laws of such jurisdictions as
shall be reasonably requested by any selling Holder and do any and all other
acts and things which may be reasonably necessary or advisable to enable such
selling Holder to consummate the disposition of the Registrable Securities owned
by such Holder in such jurisdictions; provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to
transact business, to subject itself to taxation in any such jurisdiction or to
file a general consent to service of process in any such counties, states or
jurisdictions; and provided further that (anything in this Agreement to the
contrary notwithstanding with respect to the bearing of expenses) if any
jurisdiction in which the Registrable Securities shall be qualified shall
require that expenses incurred in connection with the qualification of the
Registrable Securities in that jurisdiction be borne by selling shareholders,
then such expenses shall be payable by the selling Holders pro rata, to the
extent required by such jurisdiction, including but not limited to filing fees
and expenses of counsel and other advisors and any commissions or discounts
related to the registration of Registrable Securities in such other
jurisdictions.
(e) Notify each selling Holder of such Registrable Securities at any
time when a prospectus relating thereto is required to be delivered under the
1933 Act of the happening of any event as a result of which the prospectus
included in such registration statement contains an untrue statement of a
material fact or omits any fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading and, with
the assistance of such Holder, the Company will prepare a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus will not contain an untrue
statement of a material fact or omit to state any fact necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.
(f) Provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement.
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(g) Enter into such customary agreements (including underwriting
agreements in customary form for a secondary offering) and take all such other
actions as the Holders of a majority of the Registrable Securities being sold or
the underwriters, if any, reasonably request in order to expedite or facilitate
the disposition of such Registrable Securities.
(h) Make available for inspection by any selling Holder of Registrable
Securities, any underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other agent retained by
any such selling Holder or underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
officers, directors, employees and independent accountants of the Company to
supply all information reasonably requested by any such seller, underwriter,
attorney, accountant or agent in connection with such registration statement.
(i) Promptly notify the Holders of Registrable Securities and the
underwriters, if any, of the following events and (if requested by any such
person) confirm such notification in writing: (1) the filing of the prospectus
or any prospectus supplement and the registration statement and any amendment or
post-effective amendment thereto and, with respect to the registration statement
or any post-effective amendment thereto, the declaration of the effectiveness of
such documents, (2) any requests by the Commission for amendments or supplements
to the registration statement or the prospectus or for additional information,
(3) the issuance or threat of issuance by the Commission of any stop order
suspending the effectiveness of the registration statement or the initiation of
any proceedings for that purpose and (4) the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation or threat
of initiation of any proceeding for such purpose.
(j) Cooperate with the selling Holders of Registrable Securities and the
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and, except with
respect to certificates held or to be held by persons who are affiliates of the
Company, as that term is defined in Rule 405 promulgated under the 1933 Act, not
bearing any restrictive legends, and enable such Registrable Securities to be in
such lots and registered in such names as the underwriters may request at least
two business days prior to any delivery of Registrable Securities to the
underwriters.
(k) Provide a CUSIP number for all Registrable Securities not later than
the effective date of the registration statement.
(l) Prior to the effectiveness of the registration statement and any
post-effective amendment thereto and at each closing of an underwritten
offering, (1) obtain "cold comfort" letters and updates thereof from the
Company's independent certified public accountants addressed to the selling
Holders of Registrable Securities and the underwriters, if any, such letters to
be in customary form and covering matters of the type customarily covered in
"cold comfort" letters to underwriters in connection with similar underwritten
offerings; and (2) deliver such documents and certificates as may be reasonably
requested by the Holders of a majority of the Registrable Securities being sold
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and by the underwriters, if any, to evidence compliance with any customary
conditions contained in the underwriting agreement or other agreement entered
into by the Company and such Holder.
(m) use commercially reasonable efforts to cause all Registrable
Securities to be listed on each securities exchange (or quotation system
operated by a national securities association) on which the common stock of the
Company is then listed (or included) and enter into customary agreements
including, if necessary, a listing application and indemnification agreement in
customary form, if so required.
4. Termination of Registration. Notwithstanding any other provision
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in this Agreement, at any time before or after the filing of a registration
statement, and before the effective date of such registration statement, the
Company may, in its reasonable discretion, abandon or terminate such
registration without the consent of the Holders with no liability to the Holders
or any third party arising therefrom.
5. Accredited Investor. To induce the Company to issue the Warrants
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and to enter into this Agreement, each Holder, severally and not jointly,
represents and warrants to the Company that because of one or more of the
following criteria, such Holder is an "accredited investor" within the meaning
of Regulation D promulgated by the Commission under the 1933 Act, by reason of:
(i) the Holder is a natural person who has a net worth or joint net worth with
the Holder's spouse exceeding $1,000,000 at the time of issuance of the Warrant;
(ii) the Holder is a natural person who has an individual income in excess of
$200,000 in each of the two most recent years or joint income with that person's
spouse in excess of $300,000 in each of those years and who reasonably expects
to reach the same income level in the current year, (iii) the Holder is a
corporation, partnership or trust with total assets in excess of $5,000,000 not
formed for the specific purpose of acquiring the Warrant; or (iv) all of the
Holder's shareholders, partners or members, as the case may be, are "accredited
investors". Such Holder understands that the officers, directors, attorneys and
other advisors of the Company will rely upon the representations and warranties
made by such Holder in this Agreement in order to establish any necessary
exemption from the registration provisions of the 1933 Act.
6. Furnish Information. It shall be a condition precedent to the
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obligations of the Company to take any action pursuant to this Agreement that
the Holders shall furnish to the Company such information regarding them, the
Registrable Securities held by them, and the intended method of disposition of
such Registrable Securities as the Company shall request and as shall be
required or, in the opinion of the Company, necessary, in connection with the
action to be taken by the Company.
7. Suspension of Disposition of Registrable Securities. Each selling
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Holder of Registrable Securities agrees by acquisition of such Registrable
Securities that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3(e) hereof, such Holder will
forthwith discontinue disposition of Registrable Securities until such Holder's
receipt of copies of a supplemented or amended prospectus contemplated by
Section 3(e) hereof, or until it is advised in writing (the "Advice") by the
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Company that the use of the prospectus may be resumed, and has received copies
of any additional or supplemental filings which are incorporated by reference in
the prospectus, and, if so directed by the Company, such Holder will deliver to
the Company (at the
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expense of the Company) all copies, other than permanent file copies then in
such Holder's possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice. In the event the Company shall
give any such notice, the time periods mentioned in Section 3(a) hereof shall be
extended by the number of days during the period from and including the date of
the giving of such notice pursuant to Section 3(e) hereof to and including the
date when each selling Holder of Registrable Securities shall have received the
copies of the supplemented or amended prospectus contemplated by Section 3(e)
hereof or the Advice.
8. Expenses of Registration. All expenses incurred in connection
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with a registration pursuant to this Agreement, including all registration and
qualification fees, printing and accounting fees, and fees and disbursements of
counsel for the Company, shall be borne by the Company. All other expenses
(including the underwriting discounts, commissions and costs, costs and expenses
described in Section 3(d), and expenses of counsel and other advisors to the
selling Holders) shall be borne by the Holders selling Registrable Securities.
9. Underwriting Requirements; Priorities.
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(a) The Company shall select the investment banker(s) and manager(s)
to administer any offering required hereunder, if any. If the managing
underwriters advise the Company in writing that, in their opinion, the number of
securities requested to be included in such registration exceeds the number
which can be sold at the desired price in such offering, the Company will
include in such registration (1) first, the securities the Company proposes to
sell, (2) second, the number of securities requested to be included, which in
the opinion of such underwriters can be sold, pro rata among the respective
selling shareholders of Common Stock who have been given piggy-back registration
rights without priority by the Company, and (3) third, all other securities
requested to be included in such registration, which in the opinion of such
underwriters can be sold, pro rata among the respective selling security holders
of the Company who have not been given registration rights by the Company, and
which the Company wishes to include, on the basis of the number of securities
owned by each selling security holder.
(b) No person may participate in any underwritten registration
hereunder unless such person (1) agrees to sell such person's securities on the
basis provided in any underwriting arrangements approved by the Company and (2)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.
10. Termination of the Company's Obligations.
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(a) The Company shall not be obligated to register or include in any
registration Registrable Securities that any Holder has requested to be
registered if all Registrable Securities that such Holder holds may be publicly
offered, sold and distributed without registration under the 1933 Act pursuant
to Rule 144, Regulation S or other exemption from registration promulgated by
the Commission under the 1933 Act (but only with due regard for any then
applicable volume limitations thereunder).
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(b) The Company shall not be obligated to register the Registrable
Securities of any Holder if, within the six months prior to the time of a
proposed registration, the Company has offered such Holder the opportunity to
register Registrable Securities under the terms hereof and either (1) the Holder
declined such offer or (2) Registrable Securities of such Holder were registered
by the Company.
(c) With a view to making available to the Holders the benefits of
Rule 144 promulgated under the 1933 Act and any other rule or regulation of the
Commission that may at any time permit a Holder to sell securities of the
Company to the public without registration, the Company agrees to use all
commercially reasonable efforts to:
(i) file with the Commission in a timely manner all reports and
other documents required of the Company under the 1933 Act and the 1934 Act
while it is subject to such registration requirements; and
(ii) furnish to any Holder so long as such Holder owns any of
the Registrable Securities forthwith upon request a written statement by the
Company that it has complied with the reporting requirements the 1934 Act (at
any time for which it remains subject to such reporting requirements), a copy of
the most recent annual or quarterly report of the Company, and such other
reports and documents so filed by the Company as may be reasonably requested by
any Holder in availing any Holder of any rule or regulation of the Commission
permitting the selling of any such securities without registration.
11. Lockup Agreement. As a condition to the exercise of any
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registration rights hereunder, each Holder hereby agrees in connection with any
registration of its Registrable Securities actually effected not to sell, make
any short sale of, pledge, grant any option for the purchase of or otherwise
dispose of or reduce his or her risk of ownership with respect to, any
Registrable Securities (other than those included in the registration) without
the prior written consent of the Company or the underwriters, as the case may
be, during the seven days prior to and the 180-day period beginning on the
effective date of the offering. Each holder agrees to execute and deliver a
lock-up letter (setting forth the above restrictions in greater detail) if
requested by the underwriters or the Company in connection with any offering of
Registrable Securities.
12. Indemnification. In the event any Registrable Securities are
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included in a registration statement under this Agreement:
(a) To the full extent permitted by law, the Company hereby agrees
to indemnify and hold harmless each Holder requesting or joining in a
registration and each person, if any, who controls such Holder within the
meaning of the 1933 Act, against any losses, claims, damages or liabilities,
joint or several, to which they may become subject under the 1933 Act and
applicable state securities laws insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based on any
untrue or alleged untrue statement of any material fact contained in such
registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary
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to make the statements therein, in light of the circumstances under which they
were made, not misleading or arise out of any violation by the Company of any
rule or regulation promulgated under the 1933 Act applicable to the Company and
relating to action or inaction required of the Company in connection with any
such registration; and will reimburse each such person for any legal or other
expenses reasonably incurred by him in connection with investigating or
defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this Section 12(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld) nor shall the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon (i) an untrue statement or alleged untrue
statement or omission or alleged omission made in connection with such
registration statement, preliminary prospectus, final prospectus, or amendments
or supplements thereto, in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by
or on behalf of any such Holder or controlling person or (ii) such Holder's
failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto to any offeree after the Company has furnished
such Holder with a sufficient number of copies of the same.
(b) To the full extent permitted by law, each Holder requesting or
joining in a registration under this Agreement hereby agrees to indemnify and
hold harmless the Company, each of its directors and officers, each person, if
any, who controls the Company within the meaning of the 1933 Act, and any
underwriter for the Company (within the meaning of the 1933 Act), each other
selling Holder and each person, if any, who controls such other selling Holder
within the meaning of Section 15 of the 1933 Act against any losses, claims,
damages or liabilities, joint or several, to which the Company or any such
director, officer, controlling person or underwriter may become subject, under
the 1933 Act and applicable state securities laws, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon any untrue statement or alleged untrue statement of any material
fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or
supplements thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, in each case to the extent that such
untrue statement or alleged untrue statement or omission or alleged omission was
made in such registration statement, preliminary or final prospectus, or
amendments or supplements thereto, in reliance upon and in conformity with
written information furnished by such Holder expressly for use in connection
with such registration; and each such Holder will reimburse any legal or other
expenses reasonably incurred by the Company or any such director, officer,
controlling person or underwriter in connection with investigating or defending
any such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 12(b) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of such Holder (which consent shall
not be unreasonably withheld).
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(c) In no event shall the liability of any selling Holder of Registrable
Securities or the Company hereunder be greater than the dollar amount of the
proceeds received by such Holder or, in the case of the Company, the proceeds
received by all Holders, upon the sale of the Registrable Securities giving rise
to such indemnification obligation.
(d) Promptly after receipt by an indemnified party under this Section 12
of notice of the commencement of any action or knowledge of a claim that would,
if asserted, give rise to a claim for indemnity hereunder, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 12, notify the indemnifying party in writing of the
commencement thereof or knowledge thereof and the indemnifying party shall have
the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, assume the
defense thereof with counsel mutually satisfactory to the parties. The failure
to notify an indemnifying party promptly of the commencement of any such action
or of the knowledge of any such claim, if prejudicial to his ability to defend
such action, shall relieve such indemnifying party of any liability to the
indemnified party under this Section 12, but the omission so to notify the
indemnifying party will not relieve him of any liability that he may have to any
indemnified party otherwise than under this Section 12.
13. Remedies. In addition to being entitled to exercise all rights
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provided in this Agreement as well as all rights granted by law, including
recovery of damages, the Company and each Holder of Registrable Securities will
be entitled to specific performance of its rights under this Agreement.
14. Amendments and Waivers. The provisions of this Agreement, including
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the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless such amendment, modification or supplement is approved in writing
by the Company and the Holders of at least a majority of the outstanding
Registrable Securities, voting together as a single class.
15. Notices. All notices and other communications provided for or
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permitted hereunder shall be made in writing by personal delivery, by
internationally recognized overnight courier (with charges prepaid) or by
telecopy (with telephone confirmation) as follows:
(a) if to a Holder of Registrable Securities, at the most current
address given by such Holder to the Company in accordance with the provisions of
this Section 15, which address initially is, with respect to Xxxxxxx, the
address set forth in the Warrant, with a copy (which shall not constitute
notice) to Xxxxxxx'x counsel as identified therein; and
(b) if to the Company, initially at its address set forth in the Warrant
and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section 15, with a copy (which shall not constitute
notice) to the Company's counsel as identified in the Warrant.
(c) All such notices and communications shall be deemed to have been
duly given or made when personally delivered, the day of guaranteed delivery by
such overnight courier service
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or when transmitted to the specified telecopy number and confirmed by telephone,
in each case addressed to the respective parties as set forth above.
16. Counterparts. This Agreement may be executed in any number of
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counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed an original and all of which taken together
shall constitute one and the same agreement.
17. Headings. The headings in this Agreement are for convenience of
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reference only and shall not limit or otherwise affect the meaning hereof.
18. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
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ACCORDANCE WITH THE LAWS OF THE UNITED STATES OF AMERICA AND THE STATE OF
GEORGIA, EXCLUDING CHOICE OF LAW PRINCIPLES. The Parties irrevocably consent to
the exclusive jurisdiction and venue of the courts of any county in the State of
Georgia and the United States Federal District Court of Georgia, in any judicial
proceeding brought to enforce this Agreement. The Parties agree that any forum
other than the State of Georgia is an inconvenient forum and that a lawsuit (or
non-compulsory counterclaim) brought by one party against another party, in a
court of any jurisdiction other than the State of Georgia should be forthwith
dismissed or transferred to a court located in the State of Georgia.
19. Severability. In the event that any one or more of the provisions
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contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.
20. Entire Agreement. This Agreement (together with the Credit
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Agreement and the Warrant) is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein with respect to
the registration rights granted by the Company with respect to the Common Stock
held by the Holder. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.
21. No Assignment; Parties Benefited. No Party may assign its rights,
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duties or obligations under this Agreement without the express written consent
of the other Parties except the Holder shall be entitled to assign its rights
hereunder in connection with a transfer of the Warrants or the Registrable
Securities. Any attempted prohibited assignment without such written consent
shall be null and void. Nothing in this Agreement, express or implied, is
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intended to confer upon any third party any rights, remedies, obligations or
liabilities.
[Signatures appear on the following page]
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The Parties have executed this Registration Rights Agreement as of the date
first above written.
NETZEE, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx, Xx.
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Xxxxxxx X. Xxxxxxxx, Xx.
Chief Financial Officer
XXXXXXX PARTNERS, L.P.
By: /s/ Xxxx Xxxxxx
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Name: Xxxx Xxxxxx
Its: CFO
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