REGISTRATION RIGHTS AGREEMENT
This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 26, 2010, by
and among Lightyear Network Solutions, Inc., a Nevada corporation (the “Company”) and certain purchasers
(the “Purchasers”) in the offering (the “Offering”) pursuant to the Conf idential Private Placement Memorandum
dated June 2010 (the “Memorandum”).
WHEREAS, as set forth in the Memoranudm, the Company is offering Protected Investment Units (the
“Securities”), where each Price-Protected Investment (each “Unit”) of Securities consists of: (i) one thousand
(1,000) shares of Common Stock of the Company (“Shares”); (ii) a warrant to purchase 500 shares of Common
Stock at an exercise price of $4.00 per share (a “Fixed Warrant”); and (iii) a warrant to purchase up to two
thousand (2,000) shares of Common Stock at an exercise price of $0.01 per share subject to certain conditions
(a “Milestone Warrant”). The Shares, the Fixed Warrants, the Milestone Warrants and the shares of Common
Stock for which the Fixed Warrants and the Milestone Warrants are exercisable (the “Warrant Shares”) are
collectively referred to herein as the “Securities.”
WHEREAS, the Company agreed to provide the Purchasers certain registration rights with respect to
the Securities as set forth in this Agreement;
WHEREAS , under the Omnibus Signature Page to the Subscription Agreement between the Purchaser
and the Company, the Purchaser assents to the terms hereof.
NOW THEREFORE, the Company agrees with the Purchasers as follows:
Capitalized terms used and not otherwise defined herein that are defined in the
Memorandum shall have the meanings given such terms in the Memorandum. As used in this
Agreement, the following terms shall have the following meanings:
“ Advice ” shall have the meaning set forth in Section 6(d).
“ Effectiveness Date ” means, with respect to the Initial Regi