Document:

EXHIBIT
      4.5

     

    Dated:
      February 9, 2007

     

    NEITHER
      THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE
      HAVE
      BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
      COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”),
      AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
      EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS.

     

    
      	
              No.
                ________

            	 	 	
              $________

            

    

     

    DOT
      VN, INC.

     

    Convertible
      Debenture

     

    

     

    Due:
      January 31, 2009

     

    This
      Convertible Debenture (the “Debenture”)
      is
      issued by DOT
      VN, INC., a
      Delaware corporation (the “Company”),
      to
      ___________________ (the “Holder”),
      pursuant to that certain Securities Purchase Agreement (the “Securities
      Purchase Agreement”)
      dated
      February 9, 2007. 

     

    FOR
      VALUE RECEIVED,
      the
      Company hereby promises to pay to the Holder or its successors and assigns
      the
      principal sum of _____________________________Dollars ($______.00) together
      with
      accrued but unpaid interest on or before January 31, 2009 (the “Maturity
      Date”)
      in
      accordance with the following terms:

     

    Section
      1. General
      Terms

     

    (a) Interest.
      No
      interest shall accrue on this Debenture prior to July 1, 2007. In the event
      the
      Company shall not have completed the merger with or acquisition of Spot-On
      Networks, LLC, a Delaware limited liability company by June 30, 2007, interest
      shall accrue on the outstanding principal balance hereof at an annual rate
      equal
      to ten percent (10%) from July 1, 2007 through the Maturity Date. Interest
      shall
      be calculated on the basis of a 365-day year and the actual number of days
      elapsed, to the extent permitted by applicable law. Interest hereunder shall
      be
      paid, if any, commencing August 1, 2007 and monthly thereafter on the first
      day
      of each month, in arrears for the prior month, in cash. 

     

    Section
      2. Events
      of Default.

     

    (a) An
      “Event
      of Default”,
      wherever used herein, means any one of the following events (whatever the reason
      and whether it shall be voluntary or involuntary or effected by operation of
      law
      or pursuant to any judgment, decree or order of any court, or any order, rule
      or
      regulation of any administrative or governmental body):

     

    (i)  Any
      default in the payment of the principal of, interest on or other charges in
      respect of this Debenture, free of any claim of subordination, as and when
      the
      same shall become due and payable whether upon the Maturity Date or by
      acceleration or otherwise;

     

    (ii)  The
      Company or any subsidiary of the Company shall commence a proceeding under
      any
      applicable bankruptcy or insolvency laws as now or hereafter in effect or any
      successor thereto, or the Company or any subsidiary of the Company commences
      any
      other proceeding under any reorganization, arrangement, adjustment of debt,
      relief of debtors, dissolution, insolvency or liquidation or similar law of
      any
      jurisdiction whether now or hereafter in effect relating to the Company or
      any
      subsidiary of the Company or there is commenced against the Company or any
      subsidiary of the Company any such bankruptcy, insolvency or other proceeding
      which remains undismissed for a period of 61 days; or the Company or any
      subsidiary of the Company is adjudicated insolvent or bankrupt; or any order
      of
      relief or other order approving any such case or proceeding is entered; or
      the
      Company or any subsidiary of the Company suffers any appointment of any
      custodian, private or court appointed receiver or the like for it or any
      substantial part of its property which continues undischarged or unstayed for
      a
      period of sixty one (61) days; or the Company or any subsidiary of the Company
      makes a general assignment for the benefit of creditors; or the Company or
      any
      subsidiary of the Company shall fail to pay, or shall state that it is unable
      to
      pay, or shall be unable to pay, its debts generally as they become due; or
      the
      Company or any subsidiary of the Company shall call a meeting of its creditors
      with a view to arranging a composition, adjustment or restructuring of its
      debts; or the Company or any subsidiary of the Company shall by any act or
      failure to act expressly indicate its consent to, approval of or acquiescence
      in
      any of the foregoing; or any corporate or other action is taken by the Company
      or any subsidiary of the Company for the purpose of effecting any of the
      foregoing;

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (iii)  The
      Company or any subsidiary of the Company shall default in any of its obligations
      under any other debenture or any mortgage, credit agreement or other facility,
      indenture agreement, factoring agreement or other instrument under which there
      may be issued, or by which there may be secured or evidenced any indebtedness
      for borrowed money or money due under any long term leasing or factoring
      arrangement of the Company or any subsidiary of the Company in an amount
      exceeding $100,000, whether such indebtedness now exists or shall hereafter
      be
      created and such default shall result in such indebtedness becoming or being
      declared due and payable prior to the date on which it would otherwise become
      due and payable;

     

    (iv)  The
      Common Stock shall cease to be quoted for trading or listing for trading on
      any
      of (a) the American Stock Exchange, (b) New York Stock Exchange, (c) the Nasdaq
      Capital Market, (d) the Nasdaq OTC Bulletin Board (“OTC”),
      or
      (e) the Pink Sheets (each, a “Primary
      Market”)
      and
      shall not again be quoted or listed for trading on any Primary Market within
      five (5) Trading Days of such delisting;

     

    (v)  The
      Company shall fail to file the Underlying Shares Registration Statement (as
      defined in Section
      6)
      with
      the Commission (as defined in Section
      6),
      or the
      Underlying Shares Registration Statement shall not have been declared effective
      by the Commission, in each case within six (6) months after the time periods
      set
      forth in the Investor Registration Rights Agreement (“Registration
      Rights Agreement”)
      dated
      February 9, 2007 between the Company and the Holder;

     

    (vi)  The
      Company shall fail to observe or perform any other covenant, agreement or
      warranty contained in, or otherwise commit any breach or default of any
      provision of this Debenture or any Transaction Document (as defined in
Section
      6)
      which
      is not cured with in the time prescribed, or an Event of Default under any
      other
      debenture issued by the Company to the Holder in connection with the Securities
      Purchase Agreement shall occur which shall cause a material adverse effect
      upon
      the Company;

     

    (b) During
      the time that any portion of this Debenture is outstanding, if any Event of
      Default has occurred, the full principal amount of this Debenture, together
      with
      interest and other amounts owing in respect thereof, to the date of acceleration
      shall become at the Holder's election, immediately due and payable in cash.
      Furthermore, in addition to any other remedies, the Holder shall have the right
      (but not the obligation) to (if the Debenture has not been previously repaid)
      convert this Debenture at any time after (x) an Event of Default or (y) the
      Maturity Date at the Conversion Price then in-effect. The Holder need not
      provide and the Company hereby waives any presentment, demand, protest or other
      notice of any kind, and the Holder may immediately and without expiration of
      any
      grace period enforce any and all of its rights and remedies hereunder and all
      other remedies available to it under applicable law. Such declaration may be
      rescinded and annulled by Holder at any time prior to payment hereunder. No
      such
      rescission or annulment shall affect any subsequent Event of Default or impair
      any right consequent thereon. Upon an Event of Default, notwithstanding any
      other provision of this Debenture or any Transaction Document but subject to
      compliance with applicable law, the Holder shall have no obligation to comply
      with or adhere to any limitations, if any, on the conversion of this Debenture
      or the sale of the Underlying Shares. 

     

    
      
         

      

      
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    Section
      3. Conversion.

     

    (a) Conversion
      at Option of Holder.

     

    (i) This
      Debenture shall be convertible into shares of Common Stock at the option of
      the
      Holder, in whole or in part at any time and from time to time, after the
      Original Issue Date (as defined in Section
      5)
      (subject to the limitations on conversion set forth in Section
      5(b)
      hereof).
      The number of shares of Common Stock issuable upon a conversion hereunder equals
      the quotient obtained by dividing (x) the outstanding amount of this Debenture
      to be converted by (y) the Conversion Price (as defined in Section
      3(c)(i)).
      The
      Company shall deliver Common Stock certificates to the Holder prior to the
      Fifth
      (5th)
      Trading
      Day after a Conversion Date.

     

    (ii) The
      Holder shall effect conversions by delivering to the Company a completed notice
      in the form attached hereto as Exhibit A (a “Conversion
      Notice”).
      The
      date on which a Conversion Notice is delivered is the “Conversion
      Date.”
Unless
      the Holder is converting the entire principal amount outstanding under this
      Debenture, the Holder is not required to physically surrender this Debenture
      to
      the Company in order to effect conversions. Conversions hereunder shall have
      the
      effect of lowering the outstanding principal amount of this Debenture plus
      all
      accrued and unpaid interest thereon in an amount equal to the applicable
      conversion. The Holder and the Company shall maintain records showing the
      principal amount converted and the date of such conversions. In the event of
      any
      dispute or discrepancy, the records of the Holder shall be controlling and
      determinative in the absence of manifest error.

     

    (b) Certain
      Conversion Restrictions.

     

    (i) The
      Company shall not effect any conversions of this Debenture and the Holder shall
      not have the right to convert any portion of this Debenture or receive shares
      of
      Common Stock as payment of interest hereunder to the extent that after giving
      effect to such conversion or receipt of such interest payment, the Holder,
      together with any affiliate thereof, would beneficially own (as determined
      in
      accordance with Section 13(d) of the Exchange Act and the rules promulgated
      thereunder) in excess of 9.99% of the number of shares of Common Stock
      outstanding immediately after giving effect to such conversion or receipt of
      shares as payment of interest. Since the Holder will not be obligated to report
      to the Company the number of shares of Common Stock it may hold at the time
      of a
      conversion hereunder, unless the conversion at issue would result in the
      issuance of shares of Common Stock in excess of 9.99% of the then outstanding
      shares of Common Stock without regard to any other shares which may be
      beneficially owned by the Holder or an affiliate thereof, the Holder shall
      have
      the authority and obligation to determine whether the restriction contained
      in
      this Section will limit any particular conversion hereunder and to the extent
      that the Holder determines that the limitation contained in this Section
      applies, the determination of which portion of the principal amount of this
      Debenture is convertible shall be the responsibility and obligation of the
      Holder. If the Holder has delivered a Conversion Notice for a principal amount
      of this Debenture that, without regard to any other shares that the Holder
      or
      its affiliates may beneficially own, would result in the issuance in excess
      of
      the permitted amount hereunder, the Company shall notify the Holder of this
      fact
      and shall honor the conversion for the maximum principal amount permitted to
      be
      converted on such Conversion Date in accordance with the periods described
      herein and, any principal amount tendered for conversion in excess of the
      permitted amount hereunder shall remain outstanding under this Debenture. The
      provisions of this Section may be waived by a Holder (but only as to itself
      and
      not to any other Holder) upon not less than 65 days prior notice to the Company
      only upon an Event of Default. Other Holders shall be unaffected by any such
      waiver. 

     

    (c) Conversion
      Price and Adjustments to Conversion Price.

     

    (i) The
      conversion price in effect on any Conversion Date shall be equal to $1.00 per
      share (the “Conversion
      Price”).
      The
      Conversion Price may be adjusted pursuant to the terms of this Debenture. In
      addition, in the event the Company undertakes any financing transaction
      (excluding acquisitions, strategic transactions or strategic partnering
      arrangements, the primary purpose of which is not to raise capital) while this
      Debenture is outstanding pursuant to which Common Stock is issued or may be
      issued upon conversion of any other instrument, the Conversion Price shall
      be
      adjusted to equal a price which is 30% below the price at which the Common
      Stock
      is or may be sold pursuant to such subsequent transaction; provided that in
      no
      event will the Conversion Price be increased from the initial Conversion Price
      as a result of this section 3(c)(i).

     

    (ii) If
      the
      Company, at any time while this Debenture is outstanding, shall (a) pay a
      stock dividend or otherwise make a distribution or distributions on shares
      of
      its Common Stock or any other equity or equity equivalent securities payable
      in
      shares of Common Stock, (b) subdivide outstanding shares of Common Stock into
      a
      larger number of shares, (c) combine (including by way of reverse stock split)
      outstanding shares of Common Stock into a smaller number of shares, or (d)
      issue
      by reclassification of shares of the Common Stock any shares of capital stock
      of
      the Company, then the Conversion Price shall be multiplied by a fraction of
      which the numerator shall be the number of shares of Common Stock (excluding
      treasury shares, if any) outstanding before such event and of which the
      denominator shall be the number of shares of Common Stock outstanding after
      such
      event. Any adjustment made pursuant to this Section shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution and shall become effective immediately
      after the effective date in the case of a subdivision, combination or
      re-classification.

     

    
      
         

      

      
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    (iii) If
      the
      Company, at any time while this Debenture is outstanding, shall issue rights,
      options or warrants to all holders of Common Stock (and not to the Holder)
      entitling them to subscribe for or purchase shares of Common Stock at a price
      per share less than the Conversion Price, then the Conversion Price shall be
      multiplied by a fraction, of which the denominator shall be the number of shares
      of the Common Stock (excluding treasury shares, if any) outstanding on the
      date
      of issuance of such rights or warrants (plus the number of additional shares
      of
      Common Stock offered for subscription or purchase), and of which the numerator
      shall be the number of shares of the Common Stock (excluding treasury shares,
      if
      any) outstanding on the date of issuance of such rights or warrants, plus the
      number of shares which the aggregate offering price of the total number of
      shares so offered would purchase at the Conversion Price. Such adjustment shall
      be made whenever such rights or warrants are issued, and shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such rights, options or warrants. However, upon the expiration of
      any
      such right, option or warrant to purchase shares of the Common Stock the
      issuance of which resulted in an adjustment in the Conversion Price pursuant
      to
      this Section, if any such right, option or warrant shall expire and shall not
      have been exercised, the Conversion Price shall immediately upon such expiration
      be recomputed and effective immediately upon such expiration be increased to
      the
      price which it would have been (but reflecting any other adjustments in the
      Conversion Price made pursuant to the provisions of this Section after the
      issuance of such rights or warrants) had the adjustment of the Conversion Price
      made upon the issuance of such rights, options or warrants been made on the
      basis of offering for subscription or purchase only that number of shares of
      the
      Common Stock actually purchased upon the exercise of such rights, options or
      warrants actually exercised.

     

    (iv) If
      the
      Company, at any time while this Debenture is outstanding, shall distribute
      to
      all holders of Common Stock (and not to the Holder) evidences of its
      indebtedness or assets or rights or warrants to subscribe for or purchase any
      security, then in each such case the Conversion Price at which this Debenture
      shall thereafter be convertible shall be determined by multiplying the
      Conversion Price in effect immediately prior to the record date fixed for
      determination of stockholders entitled to receive such distribution by a
      fraction of which the denominator shall be the Closing Bid Price determined
      as
      of the record date mentioned above, and of which the numerator shall be such
      Closing Bid Price on such record date less the then fair market value at such
      record date of the portion of such assets or evidence of indebtedness so
      distributed applicable to one outstanding share of the Common Stock as
      determined by the Board of Directors in good faith. In either case the
      adjustments shall be described in a statement provided to the Holder of the
      portion of assets or evidences of indebtedness so distributed or such
      subscription rights applicable to one share of Common Stock. Such adjustment
      shall be made whenever any such distribution is made and shall become effective
      immediately after the record date mentioned above.

     

    (v) In
      case
      of any reclassification of the Common Stock or any compulsory share exchange
      pursuant to which the Common Stock is converted into other securities, cash
      or
      property, the Holder shall have the right thereafter to, at its option, (A)
      convert the then outstanding principal amount, together with all accrued but
      unpaid interest and any other amounts then owing hereunder in respect of this
      Debenture into the shares of stock and other securities, cash and property
      receivable upon or deemed to be held by holders of the Common Stock following
      such reclassification or share exchange, and the Holder of this Debenture shall
      be entitled upon such event to receive such amount of securities, cash or
      property as the shares of the Common Stock of the Company into which the then
      outstanding principal amount, together with all accrued but unpaid interest
      and
      any other amounts then owing hereunder in respect of this Debenture could have
      been converted immediately prior to such reclassification or share exchange
      would have been entitled, or (B) require the Company to prepay the outstanding
      principal amount of this Debenture, plus all interest and other amounts due
      and
      payable thereon. The entire prepayment price shall be paid in cash. This
      provision shall similarly apply to successive reclassifications or share
      exchanges.

     

    
      
         

      

      
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    (vi) Whenever
      the Conversion Price is adjusted pursuant to Section
      3
      hereof,
      the Company shall promptly mail to the Holder a notice setting forth the
      Conversion Price after such adjustment and setting forth a brief statement
      of
      the facts requiring such adjustment.

     

    (vii) If
      (A)
      the Company shall declare a dividend (or any other distribution) on the Common
      Stock; (B) the Company shall declare a special nonrecurring cash dividend on
      or
      a redemption of the Common Stock; (C) the Company shall authorize the granting
      to all holders of the Common Stock rights or warrants to subscribe for or
      purchase any shares of capital stock of any class or of any rights; (D) the
      approval of any stockholders of the Company shall be required in connection
      with
      any reclassification of the Common Stock, any consolidation or merger to which
      the Company is a party, any sale or transfer of all or substantially all of
      the
      assets of the Company, of any compulsory share exchange whereby the Common
      Stock
      is converted into other securities, cash or property; or (E) the Company shall
      authorize the voluntary or involuntary dissolution, liquidation or winding
      up of
      the affairs of the Company; then, in each case, the Company shall cause to
      be
      filed at each office or agency maintained for the purpose of conversion of
      this
      Debenture, and shall cause to be mailed to the Holder at its last address as
      it
      shall appear upon the stock books of the Company, at least twenty (20) calendar
      days prior to the applicable record or effective date hereinafter specified,
      a
      notice stating (x) the date on which a record is to be taken for the purpose
      of
      such dividend, distribution, redemption, rights or warrants, or if a record
      is
      not to be taken, the date as of which the holders of the Common Stock of record
      to be entitled to such dividend, distributions, redemption, rights or warrants
      are to be determined or (y) the date on which such reclassification,
      consolidation, merger, sale, transfer or share exchange is expected to become
      effective or close, and the date as of which it is expected that holders of
      the
      Common Stock of record shall be entitled to exchange their shares of the Common
      Stock for securities, cash or other property deliverable upon such
      reclassification, consolidation, merger, sale, transfer or share exchange,
      provided, that the failure to mail such notice or any defect therein or in
      the
      mailing thereof shall not affect the validity of the corporate action required
      to be specified in such notice. The Holder is entitled to convert this Debenture
      during the 20-day calendar period commencing the date of such notice to the
      effective date of the event triggering such notice.

     

    (viii) Except
      in
      the case of a merger involving Spot-On, in case of any (1) merger or
      consolidation of the Company or any subsidiary of the Company with or into
      another Person, or (2) sale by the Company or any subsidiary of the Company
      of
      more than one-half of the assets of the Company in one or a series of related
      transactions, a Holder shall have the right to convert the aggregate amount
      of
      this Debenture then outstanding into the shares of stock and other securities,
      cash and property receivable upon or deemed to be held by holders of Common
      Stock following such merger, consolidation or sale, and such Holder shall be
      entitled upon such event or series of related events to receive such amount
      of
      securities, cash and property as the shares of Common Stock into which such
      aggregate principal amount of this Debenture could have been converted
      immediately prior to such merger, consolidation or sales would have been
      entitled, or (C) in the case of a merger or consolidation, require the surviving
      entity to issue to the Holder a convertible Debenture with a principal amount
      equal to the aggregate principal amount of this Debenture then held by such
      Holder, plus all accrued and unpaid interest and other amounts owing thereon,
      which such newly issued convertible Debenture shall have terms identical
      (including with respect to conversion) to the terms of this Debenture, and
      shall
      be entitled to all of the rights and privileges of the Holder of this Debenture
      set forth herein and the agreements pursuant to which this Debentures were
      issued. In the case of clause (C), the conversion price applicable for the
      newly
      issued shares of convertible preferred stock or convertible Debentures shall
      be
      based upon the amount of securities, cash and property that each share of Common
      Stock would receive in such transaction and the Conversion Price in effect
      immediately prior to the effectiveness or closing date for such transaction.
      The
      terms of any such merger, sale or consolidation shall include such terms so
      as
      to continue to give the Holder the right to receive the securities, cash and
      property set forth in this Section upon any conversion or redemption following
      such event. This provision shall similarly apply to successive such
      events.

     

    (d) Other
      Provisions.

     

    (i) The
      Company shall at all times reserve and keep available out of its authorized
      Common Stock the full number of shares of Common Stock issuable upon conversion
      of all outstanding amounts under this Debenture; and within three (3) Business
      Days following the receipt by the Company of a Holder's notice that such minimum
      number of Underlying Shares is not so reserved, the Company shall promptly
      begin
      compliance with Section 4 (b) of the Securities Purchase Agreement and to the
      extent available, shall reserve a sufficient number of shares of Common Stock
      to
      comply with such requirement.

     

    
      
         

      

      
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    (ii) All
      calculations under this Section
      3
      shall be
      rounded up to the nearest $0.0001 or whole share.

     

    (iii) The
      Company covenants that it will at all times reserve and keep available out
      of
      its authorized and unissued shares of Common Stock solely for the purpose of
      issuance upon conversion of this Debenture and payment of interest on this
      Debenture, each as herein provided, free from preemptive rights or any other
      actual contingent purchase rights of persons other than the Holder, not less
      than such number of shares of the Common Stock as shall (subject to any
      additional requirements of the Company as to reservation of such shares set
      forth in this Debenture or in the Transaction Documents) be issuable (taking
      into account the adjustments and restrictions set forth herein) upon the
      conversion of the outstanding principal amount of this Debenture and payment
      of
      interest hereunder. The Company covenants that all shares of Common Stock that
      shall be so issuable shall, upon issue, be duly and validly authorized, issued
      and fully paid, nonassessable and, if the Underlying Shares Registration
      Statement has been declared effective under the Securities Act, registered
      for
      public sale in accordance with such Underlying Shares Registration
      Statement.

     

    (iv) Upon
      a
      conversion hereunder the Company shall not be required to issue stock
      certificates representing fractions of shares of the Common Stock, but may
      if
      otherwise permitted, make a cash payment in respect of any final fraction of
      a
      share based on the Closing Bid Price at such time. If the Company elects not,
      or
      is unable, to make such a cash payment, the Holder shall be entitled to receive,
      in lieu of the final fraction of a share, one whole share of Common
      Stock.

     

    (v) The
      issuance of certificates for shares of the Common Stock on conversion of this
      Debenture shall be made without charge to the Holder thereof for any documentary
      stamp or similar taxes that may be payable in respect of the issue or delivery
      of such certificate, provided that the Company shall not be required to pay
      any
      tax that may be payable in respect of any transfer involved in the issuance
      and
      delivery of any such certificate upon conversion in a name other than that
      of
      the Holder of such Debenture so converted and the Company shall not be required
      to issue or deliver such certificates unless or until the person or persons
      requesting the issuance thereof shall have paid to the Company the amount of
      such tax or shall have established to the satisfaction of the Company that
      such
      tax has been paid.

     

    (vi) Nothing
      herein shall limit a Holder's right to pursue actual damages or declare an
      Event
      of Default pursuant to Section
      2
      herein
      for the Company 's failure to deliver certificates representing shares of Common
      Stock upon conversion within the period specified herein and such Holder shall
      have the right to pursue all remedies available to it at law or in equity
      including, without limitation, a decree of specific performance and/or
      injunctive relief, in each case without the need to post a bond or provide
      other
      security. The exercise of any such rights shall not prohibit the Holder from
      seeking to enforce damages pursuant to any other Section hereof or under
      applicable law. 

     

    (vii) In
      addition to any other rights available to the Holder, if the Company fails
      to
      deliver to the Holder such certificate or certificates pursuant to Section
      3(a)(i) by
      the
      fifth (5th)
      Trading
      Day after the Conversion Date, and if after such fifth (5th)
      Trading
      Day the Holder purchases (in an open market transaction or otherwise) Common
      Stock to deliver in satisfaction of a sale by such Holder of the Underlying
      Shares which the Holder anticipated receiving upon such conversion (a
“Buy-In”),
      then
      the Company shall (A) pay in cash to the Holder (in addition to any remedies
      available to or elected by the Holder) the amount by which (x) the Holder's
      total purchase price (including brokerage commissions, if any) for the Common
      Stock so purchased exceeds (y) the product of (1) the aggregate number of shares
      of Common Stock that such Holder anticipated receiving from the conversion
      at
      issue multiplied by (2) the market price of the Common Stock at the time of
      the
      sale giving rise to such purchase obligation and (B) at the option of the
      Holder, either reissue a Debenture in the principal amount equal to the
      principal amount of the attempted conversion or deliver to the Holder the number
      of shares of Common Stock that would have been issued had the Company timely
      complied with its delivery requirements under Section
      3(a)(i).
      For
      example, if the Holder purchases Common Stock having a total purchase price
      of
      $11,000 to cover a Buy-In with respect to an attempted conversion of Debentures
      with respect to which the market price of the Underlying Shares on the date
      of
      conversion was a total of $10,000 under clause (A) of the immediately preceding
      sentence, the Company shall be required to pay the Holder $1,000. The Holder
      shall provide the Company written notice indicating the amounts payable to
      the
      Holder in respect of the Buy-In.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    Section
      4. Prepayment.  Notwithstanding
      anything else contained herein, in the event that (i) the Common Stock of the
      Company is registered as a class of securities pursuant the Securities Exchange
      Act of 1934, as amended, and (ii) the closing price per share of Common Stock
      of
      the Company, as reported by the Pink Sheets, Over-the-Counter Bulletin Board,
      or
      such other interdealer quotation service or exchange on which such shares are
      primarily traded (as adjusted for any stock split, combination, consolidation
      or
      stock distributions or stock dividends or recapitalizations or the like) is
      Three United States Dollars ($3.00), or its equivalent, or more for more for
      twenty (20) or more consecutive trading days, the Company, at its election
      and
      in its sole discretion, may prepay in cash the entire amount outstanding under
      this Debenture, including accrued interest if any, by the payment of 110% of
      all
      outstanding amounts (a “Call”). The Company shall provide ten (10) days’ prior
      written notice of any Call to the Holder. The Holder shall be permitted to
      exercise its conversion rights hereunder prior to the effective date of the
      Call. Except as provided herein, the Company shall not have any right to prepay
      amounts outstanding under this Debenture.

    

    Section
      5. Notices.
       Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms hereof must be in writing and will be deemed to have
      been
      delivered: (i) upon receipt, when delivered personally; (ii) upon receipt,
      when
      sent by facsimile (provided confirmation of transmission is mechanically or
      electronically generated and kept on file by the sending party); or (iii) one
      (1) Trading Day after deposit with a nationally recognized overnight delivery
      service, in each case properly addressed to the party to receive the same.
      The
      addresses and facsimile numbers for such communications shall be:

    

    
      	
              If
                to the Company, to:

            	
              Dot
                VN, Inc.

            
	 	
              9449
                Balboa Avenue., Suite 114

            
	 	
              San
                Diego, CA 92123

            
	 	
              Attention:
                Thomas Johnson 

            
	 	
              Telephone: (858)
                571-2007

            
	 	
              Facsimile:
                (858) 571-8497

            
	 	 
	
              With
                a copy to:

            	
              Law
                Offices of Thomas E. Puzzo, PLLC

            
	 	
              4216
                NE 70th Street

            
	 	
              Seattle,
                Washington 98115

            
	 	
              Attention:
                Thomas E. Puzzo, Esq.

            
	 	
              Telephone:
                (206) 522-2256

            
	 	
              Facsimile:
                (206) 260-0111

            

    

    

    
      	
              If
                to the Holder:

            	
              To
                its registered address

            

    

    

    or
      at
      such other address and/or facsimile number and/or to the attention of such
      other
      person as the recipient party has specified by written notice given to each
      other party three (3) business days prior to the effectiveness of such change.
      Written confirmation of receipt (i) given by the recipient of such notice,
      consent, waiver or other communication, (ii) mechanically or electronically
      generated by the sender's facsimile machine containing the time, date, recipient
      facsimile number and an image of the first page of such transmission or (iii)
      provided by a nationally recognized overnight delivery service, shall be
      rebuttable evidence of personal service, receipt by facsimile or receipt from
      a
      nationally recognized overnight delivery service in accordance with clause
      (i),
      (ii) or (iii) above, respectively.

     

    Section
      6. Definitions.
      For the
      purposes hereof, the following terms shall have the following
      meanings:

     

    “Business
      Day”
means
      any day except Saturday, Sunday and any day which shall be a federal legal
      holiday in the United States or a day on which banking institutions in New
      York
      City are authorized or required by law or other government action to
      close.

     

    “Closing
      Bid Price”
means
      the price per share in the last reported trade of the Common Stock on a Primary
      Market or on the exchange which the Common Stock is then listed as quoted by
      Bloomberg, LP.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    “Commission”
means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
means
      the common stock, par value $0.001, of the Company and stock of any other class
      into which such shares may hereafter be changed or reclassified.

     

    “Conversion
      Date”
shall
      mean the date upon which the Holder gives the Company notice of their intention
      to effectuate a conversion of this Debenture into shares of the Company’s Common
      Stock as outlined herein.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Original
      Issue Date”
shall
      mean the date of the first issuance of this Debenture regardless of the number
      of transfers and regardless of the number of instruments, which may be issued
      to
      evidence such Debenture.

     

    “Person”
means
      a
      corporation, an association, a partnership, organization, a business, an
      individual, a government or political subdivision thereof or a governmental
      agency.

     

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

     

    “Trading
      Day”
means
      a
      day on which the shares of Common Stock are quoted on the OTC or quoted or
      traded on such Primary Market on which the shares of Common Stock are then
      quoted or listed; provided, that in the event that the shares of Common Stock
      are not listed or quoted, then Trading Day shall mean a Business
      Day.

     

    “Transaction
      Documents”
means
      the Securities Purchase Agreement or any other agreement delivered in connection
      with the Securities Purchase Agreement, including, without limitation, the
      Irrevocable Transfer Agent Instructions, and the Registration Rights
      Agreement.

     

    “Underlying
      Shares”
means
      the shares of Common Stock issuable upon conversion of this Debenture or as
      payment of interest in accordance with the terms hereof.

     

    “Underlying
      Shares Registration Statement”
means
      a
      registration statement meeting the requirements set forth in the Registration
      Rights Agreement, covering among other things the resale of the Underlying
      Shares and naming the Holder as a “selling stockholder” thereunder.

     

    “VWAP” shall
      mean the volume weighted average price of the Company’s Common Stock as quoted
      by Bloomberg, LP.

     

    Section
      7. Except
      as
      expressly provided herein, no provision of this Debenture shall alter or impair
      the obligations of the Company, which are absolute and unconditional, to pay
      the
      principal of, interest and other charges (if any) on, this Debenture at the
      time, place, and rate, and in the coin or currency, herein prescribed. This
      Debenture is a direct obligation of the Company. This Debenture ranks pari
      passu
      with all other Debentures now or hereafter issued under the terms set forth
      herein. As long as this Debenture is outstanding, the Company shall not and
      shall cause their subsidiaries not to, without the consent of the Holder, (i)
      amend its certificate of incorporation, bylaws or other charter documents so
      as
      to adversely affect any rights of the Holder; (ii) repay, repurchase or offer
      to
      repay, repurchase or otherwise acquire shares of its Common Stock or other
      equity securities other than as to the Underlying Shares to the extent permitted
      or required under the Transaction Documents; or (iii) enter into any agreement
      with respect to any of the foregoing. 

     

    Section
      8. This
      Debenture shall not entitle the Holder to any of the rights of a stockholder
      of
      the Company, including without limitation, the right to vote, to receive
      dividends and other distributions, or to receive any notice of, or to attend,
      meetings of stockholders or any other proceedings of the Company, unless and
      to
      the extent converted into shares of Common Stock in accordance with the terms
      hereof.

     

    Section
      9. If
      this
      Debenture is mutilated, lost, stolen or destroyed, the Company shall execute
      and
      deliver, in exchange and substitution for and upon cancellation of the mutilated
      Debenture, or in lieu of or in substitution for a lost, stolen or destroyed
      Debenture, a new Debenture for the principal amount of this Debenture so
      mutilated, lost, stolen or destroyed but only upon receipt of evidence of such
      loss, theft or destruction of such Debenture, and of the ownership hereof,
      and
      indemnity, if requested, all reasonably satisfactory to the
      Company.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Section
      10. No
      indebtedness of the Company is senior to this Debenture in right of payment,
      whether with respect to interest, damages or upon liquidation or dissolution
      or
      otherwise. Except for the indebtedness of Spot-On, due to The Bank of Southern
      Connecticut (including extensions and reborrowings from such Bank) as to which
      the Company or a subsidiary thereof may become obligated in the contemplated
      merger, without the Holder’s consent, the Company will not and will not permit
      any of their subsidiaries to, directly or indirectly, enter into, create, incur,
      assume or suffer to exist any indebtedness of any kind, on or with respect
      to
      any of its property or assets now owned or hereafter acquired or any interest
      therein or any income or profits there from that is senior in any respect to
      the
      obligations of the Company under this Debenture.

     

    Section
      11. This
      Debenture shall be governed by and interpreted in accordance with the laws
      of
      the State of New York without regard to the principles of conflict of laws.
      The
      parties further agree that any action between them shall be heard in New York,
      New York, and expressly consent to the jurisdiction and venue of the Courts
      of
      New York, sitting in New York County and the United States District Court for
      the Southern District of New York sitting in New York, New York for the
      adjudication of any civil action asserted pursuant to this Paragraph.

     

    Section
      12. If
      the
      Company fails to strictly comply with the terms of this Debenture, then the
      Company shall reimburse the Holder promptly for all fees, costs and expenses,
      including, without limitation, attorneys’ fees and expenses incurred by the
      Holder in any action in connection with this Debenture, including, without
      limitation, those incurred: (i) during any workout, attempted workout, and/or
      in
      connection with the rendering of legal advice as to the Holder’s rights,
      remedies and obligations, (ii) collecting any sums which become due to the
      Holder, (iii) defending or prosecuting any proceeding or any counterclaim to
      any
      proceeding or appeal; or (iv) the protection, preservation or enforcement of
      any
      rights or remedies of the Holder.

     

    Section
      13. Any
      waiver by the Holder of a breach of any provision of this Debenture shall not
      operate as or be construed to be a waiver of any other breach of such provision
      or of any breach of any other provision of this Debenture. The failure of the
      Holder to insist upon strict adherence to any term of this Debenture on one
      or
      more occasions shall not be considered a waiver or deprive that party of the
      right thereafter to insist upon strict adherence to that term or any other
      term
      of this Debenture. Any waiver must be in writing.

     

    Section
      14. If
      any
      provision of this Debenture is invalid, illegal or unenforceable, the balance
      of
      this Debenture shall remain in effect, and if any provision is inapplicable
      to
      any person or circumstance, it shall nevertheless remain applicable to all
      other
      persons and circumstances. If it shall be found that any interest or other
      amount deemed interest due hereunder shall violate applicable laws governing
      usury, the applicable rate of interest due hereunder shall automatically be
      lowered to equal the maximum permitted rate of interest. The Company covenants
      (to the extent that it may lawfully do so) that it shall not at any time insist
      upon, plead, or in any manner whatsoever claim or take the benefit or advantage
      of, any stay, extension or usury law or other law which would prohibit or
      forgive the Company from paying all or any portion of the principal of or
      interest on this Debenture as contemplated herein, wherever enacted, now or
      at
      any time hereafter in force, or which may affect the covenants or the
      performance of this indenture, and the Company (to the extent it may lawfully
      do
      so) hereby expressly waives all benefits or advantage of any such law, and
      covenants that it will not, by resort to any such law, hinder, delay or impeded
      the execution of any power herein granted to the Holder, but will suffer and
      permit the execution of every such as though no such law has been
      enacted.

     

    Section
      15. Whenever
      any payment or other obligation hereunder shall be due on a day other than
      a
      Business Day, such payment shall be made on the next succeeding Business
      Day.

     

    Section
      16. This
      Debenture is exchangeable for an equal aggregate principal amount of Debentures
      of different authorized denominations, as requested by the Holder surrendering
      the same. No service charge will be made for such registration of transfer
      or
      exchange.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Section
      17. THE
      PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY
      OF
      THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON
      OR
      ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
      DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
      OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR
      THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

     

    [REMAINDER
      OF PAGE INTENTIONLLY LEFT BLANK]

    
      
        2

        

         

      

      
        10

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Convertible Debenture to be duly executed by a duly
      authorized officer as of the date set forth above.

     

    
      	 	
              COMPANY:

              DOT
                VN, INC. 

               

            
	 	By:	
                   

            
	 	 	
              Name: Thomas
                Johnson

            
	 	 	
              Title: Chief
                Executive Officer

            
	 	 	 

    

     

    
      
        2

        

         

      

      
        11

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

     

    CONVERSION
      NOTICE

     

    (To
      be executed by the Holder in order to Convert the
      Debenture)

    

    
      	
              TO:
                

            

    

    

    The
      undersigned hereby irrevocably elects to convert $___________ 
      of the
      principal amount of Debenture No. D-002 into Shares of Common Stock of
DOT
      VN, INC.,
      according to the conditions stated therein, as of the Conversion Date written
      below.

     

    
      	
              Conversion
                Date:

            	 	 
	
              Amount
                to be converted:

            	$	
                      

            
	
              Conversion
                Price:

            	$	
                      

            
	
              Number
                of shares of Common Stock to be issued:

            	 	 
	
              Amount
                of Debenture Unconverted:

            	$	
                        

            
	 	 	 
	
              Please
                issue the shares of Common Stock in the following name and to the
                following address:

            
	
              Issue
                to:

            	 	 
	 	 	 
	
              Authorized
                Signature:

            	 	 
	
              Name:

            	 	 
	
              Title:

            	 	 
	
              Broker
                DTC Participant Code:

            	 	 
	
              Account
                Number:

            	 	 

    

    

    
      
         

      

      
        12EXHIBIT
      4.6

     

    Dated:
      January , 2007

     

    NEITHER
      THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE
      HAVE
      BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
      COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”),
      AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
      EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS.

     

    
      	No. S-	
              $[
                ],000

            

    

     

    SPOT
      -ON NETWORKS, LLC.

     

    Subordinated
      Secured Convertible Debenture

     

    Due:
      January , 2009

     

    This
      Subordinated Secured Convertible Debenture (the “Debenture”)
      is
      issued by SPOT-
      ON NETWORKS, LLC, a
      Delaware limited liability company (the “Company”),
      to
[
      ]
      (the
“Holder”),
      pursuant to that certain Securities Purchase Agreement (the “Securities
      Purchase Agreement”)
      dated
      January , 2007. 

     

    FOR
      VALUE RECEIVED,
      the
      Company hereby promises to pay to the Holder or its successors and assigns
      the
      principal sum of [ ] Dollars ($[ ],000) together with accrued but unpaid
      interest on or before January , 2009 (the “Maturity
      Date”)
      in
      accordance with the following terms:

     

    Section
      1. General
      Terms

     

    (a) Interest.
      No
      interest shall accrue on this Debenture prior to July 1, 2007. In the event
      that
      Dot VN, Inc. shall not have completed the merger with or acquisition of the
      Company by June 30, 2007, interest shall accrue on the outstanding principal
      balance hereof at an annual rate equal to ten percent (10%) from July 1, 2007
      through the Maturity Date. Interest shall be calculated on the basis of a
      365-day year and the actual number of days elapsed, to the extent permitted
      by
      applicable law. Interest hereunder shall be paid, if any, commencing August
      1,
      2007 and monthly thereafter on the first day of each month, in arrears for
      the
      prior month, in cash. If Dot VN, Inc. shall have completed the merger with
      or
      acquisition of the Company by June 30, 2007, no interest shall accrue on this
      Debenture.

     

    (b) Subordination.
      All
      present or future indebtedness, obligations and liabilities of Company or any
      subsidiary of the Company to the Holder of whatsoever description (collectively,
      the “Junior
      Claims”)
      shall
      be subordinate and junior in right of payment to all obligations of the Company
      or any subsidiary of the Company to The Bank of Southern Connecticut
      (collectively, the “Senior
      Claims”).
      If an
      event of default under any document or instrument covering indebtedness or
      obligations of the Company or any subsidiary of the Company to said Bank (the
      “Loan Documents”) shall occur, then, unless and until such event of default
      shall have been cured or shall have ceased to exist, no direct or indirect
      payment or distribution (in cash, property, securities by set-off or otherwise)
      shall be made by the Company or any subsidiary of the Company to the Holder
      on
      account of or in any manner in respect of any Junior Claim except such payments
      and distributions the proceeds of which shall be applied to the Senior Claims.
      In the event of a Proceeding (as hereinafter defined), all Senior Claims shall
      first be paid in full before any direct or indirect payment or distribution
      (in
      cash, property, securities by set-off or otherwise) shall be made to the Holder
      on account of or in any manner in respect of any Junior Claim except such
      payments and distributions the proceeds of which shall be applied to the Senior
      Claims. For the purposes of the previous sentence, a “Proceeding”
      shall
      occur if the Company or any subsidiary of the Company shall default under any
      obligation related to any Senior Claims, make an assignment for the benefit
      of
      creditors, file a petition in bankruptcy have entered against or in favor of
      it
      an order for relief under the Bankruptcy Code or similar law of any other
      jurisdiction, generally fail to pay its debts as they come due (either as to
      number or amount), admit in writing its inability to pay its debts generally
      as
      they mature, commence any proceeding relating to it under any reorganization,
      arrangement, readjustment of debt, dissolution or liquidation law or statute
      of
      any jurisdiction, whether now or hereafter in effect, or by any act, indicate
      its consent to, approval of or acquiescence in any such proceeding or in the
      appointment of any receiver of, or trustee or custodian (as defined in the
      Bankruptcy Code) for itself, or any substantial part of its property, or a
      trustee or a receiver shall be appointed for the Company or any subsidiary
      of
      the Company or for a substantial part of the property of the Company or any
      subsidiary of the Company and such appointment remains in effect for more than
      sixty (60) days or the Company or any subsidiary of the Company shall indicate
      its consent thereto, approval therefor or acquiescence therein, or a petition
      under any bankruptcy, reorganization, arrangement, readjustment of debt,
      dissolution or liquidation law or statute of any jurisdiction (whether now
      or
      hereafter in effect) shall be filed against the Company or any subsidiary of
      the
      Company and such petition shall not be dismissed or stayed within sixty (60)
      days after such filing, an order for relief shall be entered in such proceeding,
      or the Company or any subsidiary of the Company shall indicate its consent
      thereto, approval therefor or acquiescence therein. In the event any direct
      or
      indirect payment or distribution is made to the Holder in contravention of
      this
      Section, such payment or distribution shall be deemed received in trust for
      the
      benefit of The Bank of Southern Connecticut and shall be immediately paid over
      to said Bank for application against the obligations owing by the Company or
      any
      subsidiary of the Company to said Bank. The Holder agrees to execute such
      additional documents as The Bank of Southern Connecticut may reasonably request
      to evidence the subordination provided for in this Section.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Company, for itself and for any subsidiary of the Company, and the Holder agree
      that (a) liens of the Junior Claims in collateral of the Company or any
      subsidiary of the Company shall be and they hereby are fully subordinated in
      priority of lien to the liens of the Senior Claims notwithstanding the
      respective order or priority of filing or non-filing and recording or
      non-recording of the liens and security interests held by The Bank of Southern
      Connecticut with respect to the Senior Claims, and whether or not they are
      enforceable; and (b) the liens of the Junior Claims shall be fully junior,
      subject and subordinate to the liens of the Senior Claims to the same extent
      that they would be if the Senior Claims were properly perfected by the recording
      and filing of the Senior Claims security documents, any related financing
      statements, and any other necessary documents in all appropriate offices, the
      taking possession of the collateral and the completion of all other acts
      necessary or desirable for such perfection prior to any such recording, filing,
      possession or other acts by the Junior Claims with respect to the Junior Claims
      security documents (but irrespective of the actual order of perfection, whether
      such possession is actually taken, and whether any of such other acts are
      actually done by the Senior Claims holder.)

     

    The
      Holders of Junior Claims will take no action to contest or impede payment to
      or
      realization on collateral by the holder of Senior Claims, or attempt to realize
      on any collateral, until all obligations to the holder of Senior Claims have
      been fully and indefeasibly paid. 

     

    The
      Junior Claims Holders do hereby irrevocably authorize and empower (without
      imposing any obligation on) the Senior Claims holder or its representative,
      to
      demand, sue for, collect and receive every payment or distribution described
      above and give acquittance therefor, to file claims and proofs of claim in
      any
      statutory or non-statutory proceeding, to vote the full amount of the Junior
      Claims in the Senior Claims holder’s sole discretion in connection with any
      resolution, arrangement, plan or reorganization, compromise, settlement or
      extension and to take all such other action (including the right to participate
      in any composition of creditors and the right to vote the full amount of the
      Junior Claims at creditors meetings for the election of trustees, acceptances
      of
      plans and otherwise), in the name of the Junior Claims holders or otherwise,
      as
      the Senior Claims holder or its representative may deem necessary or desirable
      for the enforcement of the provisions of this Section 1(b); and the holder
      of
      the Junior Claims irrevocably waives its right to object to any actions by
      the
      holder of Senior Claims, and irrevocably agrees that it will not object or
      contest any such actions by the holder of Junior Claims or itself attempt to
      act
      in any such matters. The Junior Claims holders shall execute and deliver to
      the
      Senior Claims holder and its representative all such further instruments
      confirming the foregoing authorization, and all such powers of attorney, proofs
      of claim, assignments of claim and other instruments, and shall take all such
      other actions as may be requested by the Senior Claims holder or its
      representative to enable the Senior Claims holder to enforce all claims upon
      or
      with respect to the Junior Claims. The Junior Claims holders shall indemnify
      the
      holder(s) of the Senior Claims from any losses, costs or expenses, including
      without limitation reasonable attorney fees incurred by such holders as a result
      of the breach of any provision of this Section 1(b) by the holder(s) of any
      Junior Claim.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Section
      2. Events
      of Default.

     

    (a) An
      “Event
      of Default”,
      wherever used herein, means any one of the following events (whatever the reason
      and whether it shall be voluntary or involuntary or effected by operation of
      law
      or pursuant to any judgment, decree or order of any court, or any order, rule
      or
      regulation of any administrative or governmental body):

     

    (i) Any
      default in the payment of the principal of, interest on or other charges in
      respect of this Debenture, as and when the same shall become due and payable
      whether upon the Maturity Date or by acceleration or otherwise;

     

    (ii) The
      Company or any subsidiary of the Company shall commence under any applicable
      bankruptcy or insolvency laws as now or hereafter in effect or any successor
      thereto, or the Company or any subsidiary of the Company commences any other
      proceeding under any reorganization, arrangement, adjustment of debt, relief
      of
      debtors, dissolution, insolvency or liquidation or similar law of any
      jurisdiction whether now or hereafter in effect relating to the Company or
      any
      subsidiary of the Company or there is commenced against the Company or any
      subsidiary of the Company any such bankruptcy, insolvency or other proceeding
      which remains undismissed for a period of 61 days; or the Company or any
      subsidiary of the Company is adjudicated insolvent or bankrupt; or any order
      of
      relief or other order approving any such case or proceeding is entered; or
      the
      Company or any subsidiary of the Company suffers any appointment of any
      custodian, private or court appointed receiver or the like for it or any
      substantial part of its property which continues undischarged or unstayed for
      a
      period of sixty one (61) days; or the Company or any subsidiary of the Company
      makes a general assignment for the benefit of creditors; or the Company or
      any
      subsidiary of the Company shall fail to pay, or shall state that it is unable
      to
      pay, or shall be unable to pay, its debts generally as they become due; or
      the
      Company or any subsidiary of the Company shall call a meeting of its creditors
      with a view to arranging a composition, adjustment or restructuring of its
      debts; or the Company or any subsidiary of the Company shall by any act or
      failure to act expressly indicate its consent to, approval of or acquiescence
      in
      any of the foregoing; or any corporate or other action is taken by the Company
      or any subsidiary of the Company for the purpose of effecting any of the
      foregoing;

     

    (iii) The
      Company or any subsidiary of the Company shall default in any of its obligations
      under any other debenture or any mortgage, credit agreement or other facility,
      indenture agreement, factoring agreement or other instrument under which there
      may be issued, or by which there may be secured or evidenced any indebtedness
      for borrowed money or money due under any long term leasing or factoring
      arrangement of the Company or any subsidiary of the Company in an amount
      exceeding $100,000, whether such indebtedness now exists or shall hereafter
      be
      created and such default shall result in such indebtedness becoming or being
      declared due and payable prior to the date on which it would otherwise become
      due and payable;

     

    (iv) The
      Company shall fail to observe or perform any other covenant, agreement or
      warranty of the Company contained in, or otherwise commit any breach or default
      of any provision of this Debenture or any Transaction Document (as defined
      in
Section
      6)
      which
      is not cured with in the time prescribed, or an Event of Default under any
      other
      debenture issued by the Company to the Holder in connection with the Securities
      Purchase Agreement shall occur which shall cause a material adverse effect
      upon
      the Company;

     

    (b) During
      the time that any portion of this Debenture is outstanding, if any Event of
      Default has occurred, the full principal amount of this Debenture, together
      with
      interest and other amounts owing in respect thereof, to the date of acceleration
      shall become at the Holder's election, immediately due and payable in cash.
      Furthermore, in addition to any other remedies, the Holder shall have the right
      (but not the obligation) to (if the Debenture has not been previously paid)
      exchange this Debenture at any time after (x) an Event of Default or (y) the
      Maturity Date at the Conversion Price then in-effect. The Holder need not
      provide and the Company hereby waives any presentment, demand, protest or other
      notice of any kind, and the Holder may immediately and without expiration of
      any
      grace period enforce any and all of its rights and remedies hereunder and all
      other remedies available to it under applicable law. Such declaration may be
      rescinded and annulled by Holder at any time prior to payment hereunder. No
      such
      rescission or annulment shall affect any subsequent Event of Default or impair
      any right consequent thereon. Upon an Event of Default, notwithstanding any
      other provision of this Debenture or any Transaction Document but subject to
      compliance with applicable law, the Holder shall have no obligation to comply
      with or adhere to any limitations, if any, on the conversion of this Debenture
      or the sale of the Underlying Shares. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Section
      3. Conversion.

     

    (a) Conversion
      at Option of Holder.

     

    (i) In
      the
      event the Company’s proposed merger with or acquisition by Dot VN, Inc., a
      Delaware corporation (“Dot VN”) is not consummated by September 30, 2007
      (provided that if a definitive merger or acquisition agreement has been executed
      by the parties and Dot VN or Spot-On shall have notified the Holder that closing
      of the merger or acquisition has been delayed by regulatory, including (without
      limitation) SEC review, then such September 30, 2007 date shall be extended
      to
      the earlier of the merger/acquisition closing date or the termination date
      of the merger/acquisition agreement) (a “Merger Default”), this Debenture shall
      become convertible into Membership Interests, at the option of the Holder,
      in
      whole or in part at any time and from time to time at a price of $4.19 per
      Unit
      of Membership Interest. The Company shall reflect in its books and records
      the
      Membership Interests issued to the Holder prior to the Fifth (5th)
      Trading
      Day after a Conversion Date. In the alternative, upon a Merger Default the
      Holder may (subject to compliance with applicable securities laws) exchange
      this
      Debenture (in whole in accordance with Section 3 (b)) for shares of common
      stock
      of Dot VN (“Dot VN Common Shares”), upon written notice. After consummation of
      the Merger, this Debenture shall no longer be convertible into Membership
      Interests, and shall be exchangeable only for Dot VN Common Shares in accordance
      with Section 3 (b).

     

    (ii) The
      Holder shall effect a conversion or exchange by delivering to the Company or
      Dot
      VN, as applicable, a completed notice in the form attached hereto as Exhibit
      A
      (a “Conversion
      Notice”).
      The
      date on which a Conversion Notice is delivered is the “Conversion
      Date.”
Unless
      the Holder is converting the entire principal amount outstanding under this
      Debenture, the Holder is not required to physically surrender this Debenture
      to
      the Company or Dot VN in order to effect conversions or exchanges, respectively.
      Conversions hereunder shall have the effect of lowering the outstanding
      principal amount of this Debenture plus all accrued and unpaid interest thereon
      in an amount equal to the applicable conversion. Upon an exchange for Dot VN
      Common Shares, the unpaid principal amount of this Debenture plus accrued and
      unpaid interest shall remain outstanding but not convertible and shall be deemed
      to have been assigned to and shall become due and owing to Dot VN, payable
      on
      the Maturity Date unless previously prepaid pursuant to Section 4. The Holder,
      the Company and Dot VN, respectively, shall maintain records showing the
      principal amount converted or exchanged and the date of such conversions or
      exchanges. In the event of any dispute or discrepancy, the records of the Holder
      shall be controlling and determinative in the absence of manifest
      error.

     

    (b) Exchange
      Price and Adjustments to Exchange Price.

     

    (i) The
      exchange price in effect on any Conversion Date shall be equal to $1.00 per
      share (the “Conversion
      Price”).
      The
      Conversion Price may be adjusted pursuant to the terms of this Debenture. In
      addition, in the event Dot VN undertakes any financing transaction (excluding
      acquisitions, strategic transactions or strategic partnership arrangement the
      primary purpose of which is not to raise capital) while this Debenture is
      outstanding pursuant to which Dot VN Common Shares is issued or may be issued
      upon conversion of any other instrument, the Conversion Price shall be adjusted
      to equal a price which is 30% below the price at which the Common Stock is
      or
      may be sold pursuant to such subsequent transaction.

     

    (ii) If
      Dot
      VN, at any time while this Debenture is outstanding, shall (a) pay a stock
      dividend or otherwise make a distribution or distributions on shares of its
      Common Stock or any other equity or equity equivalent securities payable in
      Dot
      VN Common Shares, (b) subdivide outstanding Dot VN Common Shares into a larger
      number of shares, (c) combine (including by way of reverse stock split)
      outstanding Dot VN Common Shares into a smaller number of shares, or (d) issue
      by reclassification of Dot VN Common Shares any shares of capital stock of
      Dot
      VN, then the Conversion Price shall be multiplied by a fraction of which the
      numerator shall be the number of Dot VN Common Shares (excluding treasury
      shares, if any) outstanding before such event and of which the denominator
      shall
      be the number of Dot VN Common Shares outstanding after such event. Any
      adjustment made pursuant to this Section shall become effective immediately
      after the record date for the determination of stockholders entitled to receive
      such dividend or distribution and shall become effective immediately after
      the
      effective date in the case of a subdivision, combination or
      re-classification.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (iii) If
      Dot
      VN, at any time while this Debenture is outstanding, shall issue rights, options
      or warrants to all holders of Dot VN Common Shares (and not to the Holder)
      entitling them to subscribe for or purchase Dot VN Common Shares at a price
      per
      share less than the Conversion Price, then the Conversion Price shall be
      multiplied by a fraction, of which the denominator shall be the number of Dot
      VN
      Common Shares (excluding treasury shares, if any) outstanding on the date of
      issuance of such rights or warrants (plus the number of additional Dot VN Common
      Shares offered for subscription or purchase), and of which the numerator shall
      be the number of Dot VN Common Shares (excluding treasury shares, if any)
      outstanding on the date of issuance of such rights or warrants, plus the number
      of shares which the aggregate offering price of the total number of shares
      so
      offered would purchase at the Conversion Price. Such adjustment shall be made
      whenever such rights or warrants are issued, and shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such rights, options or warrants. However, upon the expiration of
      any
      such right, option or warrant to purchase Dot VN Common Shares the issuance
      of
      which resulted in an adjustment in the Conversion Price pursuant to this
      Section, if any such right, option or warrant shall expire and shall not have
      been exercised, the Conversion Price shall immediately upon such expiration
      be
      recomputed and effective immediately upon such expiration be increased to the
      price which it would have been (but reflecting any other adjustments in the
      Conversion Price made pursuant to the provisions of this Section after the
      issuance of such rights or warrants) had the adjustment of the Conversion Price
      made upon the issuance of such rights, options or warrants been made on the
      basis of offering for subscription or purchase only that number of Dot VN Common
      Shares actually purchased upon the exercise of such rights, options or warrants
      actually exercised.

     

    (iv) If
      Dot
      VN, at any time while this Debenture is outstanding, shall distribute to all
      holders Dot VN Common Shares (and not to the Holder) evidences of its
      indebtedness or assets or rights or warrants to subscribe for or purchase any
      security, then in each such case the Conversion Price at which this Debenture
      shall thereafter be convertible shall be determined by multiplying the
      Conversion Price in effect immediately prior to the record date fixed for
      determination of stockholders entitled to receive such distribution by a
      fraction of which the denominator shall be the Closing Bid Price determined
      as
      of the record date mentioned above, and of which the numerator shall be such
      Closing Bid Price on such record date less the then fair market value at such
      record date of the portion of such assets or evidence of indebtedness so
      distributed applicable to one outstanding Dot VN Common Share as determined
      by
      the Board of Directors of Dot VN in good faith. In either case the adjustments
      shall be described in a statement provided to the Holder of the portion of
      assets or evidences of indebtedness so distributed or such subscription rights
      applicable to one share of Dot VN Common Share. Such adjustment shall be made
      whenever any such distribution is made and shall become effective immediately
      after the record date mentioned above.

     

    (v) In
      case
      of any reclassification of the Dot VN Common Shares or any compulsory share
      exchange pursuant to which the Dot VN Common Shares is converted into other
      securities, cash or property, the Holder shall have the right thereafter to,
      at
      its option, during such time as the Debenture is exchangeable for Dot VN Common
      Shares, exchange the then outstanding principal amount, together with all
      accrued but unpaid interest and any other amounts then owing hereunder in
      respect of this Debenture into the shares of stock and other securities, cash
      and property receivable upon or deemed to be held by holders of the Dot VN
      Common Shares following such reclassification or share exchange, and the Holder
      of this Debenture shall be entitled upon such event to receive such amount
      of
      securities, cash or property as the Dot VN Common Shares into which the then
      outstanding principal amount, together with all accrued but unpaid interest
      and
      any other amounts then owing hereunder in respect of this Debenture could have
      been exchanged immediately prior to such reclassification or share exchange
      would have been entitled.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (vi) Whenever
      the Conversion Price is adjusted pursuant to Section
      3
      hereof,
      Dot VN shall promptly mail to the Holder a notice setting forth the Conversion
      Price after such adjustment and setting forth a brief statement of the facts
      requiring such adjustment.

     

    (vii) If
      (A)
      Dot VN shall declare a dividend (or any other distribution) on the Common Stock;
      (B) Dot VN shall declare a special nonrecurring cash dividend on or a redemption
      of the Dot VN Common Shares; (C) Dot VN shall authorize the granting to all
      holders of Dot VN Common Shares rights or warrants to subscribe for or purchase
      any shares of capital stock of any class or of any rights; (D) the approval
      of
      any stockholders of Dot VN shall be required in connection with any
      reclassification of the Dot VN Common Shares, any consolidation or merger to
      which Dot VN is a party, any sale or transfer of all or substantially all of
      the
      assets of Dot VN, of any compulsory share exchange whereby the Dot VN Common
      Shares are converted into other securities, cash or property; or (E) Dot VN
      shall authorize the voluntary or involuntary dissolution, liquidation or winding
      up of the affairs of Dot VN; then, in each case, Dot VN shall cause to be filed
      at each office or agency maintained for the purpose of exchange of this
      Debenture, and shall cause to be mailed to the Holder at its last address as
      it
      shall appear upon the stock books of Dot VN, at least twenty (20) calendar
      days
      prior to the applicable record or effective date hereinafter specified, a notice
      stating (x) the date on which a record is to be taken for the purpose of such
      dividend, distribution, redemption, rights or warrants, or if a record is not
      to
      be taken, the date as of which the holders of the Dot VN Common Shares of record
      to be entitled to such dividend, distributions, redemption, rights or warrants
      are to be determined or (y) the date on which such reclassification,
      consolidation, merger, sale, transfer or share exchange is expected to become
      effective or close, and the date as of which it is expected that holders of
      the
      Dot VN Common Shares of record shall be entitled to exchange their shares of
      the
      Dot VN Common Shares for securities, cash or other property deliverable upon
      such reclassification, consolidation, merger, sale, transfer or share exchange,
      provided, that the failure to mail such notice or any defect therein or in
      the
      mailing thereof shall not affect the validity of the corporate action required
      to be specified in such notice. 

     

    (viii) In
      case
      of any (1) merger or consolidation of Dot VN or any subsidiary of Dot VN with
      or
      into another Person, or (2) sale by Dot VN or any subsidiary of Dot VN of more
      than one-half of the assets of Dot VN in one or a series of related
      transactions, a Holder shall have the right (if this Debenture is then by its
      terms exchangeable for Dot VN Common Shares to (A) exchange the aggregate amount
      of this Debenture then outstanding into the shares of stock and other
      securities, cash and property receivable upon or deemed to be held by holders
      of
      Dot VN Common Shares following such merger, consolidation or sale, and such
      Holder shall be entitled upon such event or series of related events to receive
      such amount of securities, cash and property as the Dot VN Common Shares into
      which such aggregate principal amount of this Debenture could have been
      exchanged immediately prior to such merger, consolidation or sales would have
      been entitled, or (B) in the case of a merger or consolidation, require the
      surviving entity to issue to the Holder a convertible Debenture with a principal
      amount equal to the aggregate principal amount of this Debenture then held
      by
      such Holder, plus all accrued and unpaid interest and other amounts owing
      thereon, which such newly issued convertible Debenture shall have terms
      identical (including with respect to conversion) to the terms of this Debenture,
      and shall be entitled to all of the rights and privileges of the Holder of
      this
      Debenture set forth herein and the agreements pursuant to which this Debentures
      were issued. In the case of clause (B), the conversion price applicable for
      the
      newly issued shares of convertible preferred stock or convertible Debentures
      shall be based upon the amount of securities, cash and property that each share
      of Dot VN Common Shares would receive in such transaction and the Conversion
      Price in effect immediately prior to the effectiveness or closing date for
      such
      transaction. The terms of any such merger, sale or consolidation shall include
      such terms so as to continue to give the Holder the right to receive the
      securities, cash and property set forth in this Section upon any conversion
      or
      redemption following such event. This provision shall similarly apply to
      successive such events.

     

    (d) Other
      Provisions.

     

    (i) Dot
      VN
      shall at all times reserve and keep available out of its authorized Dot VN
      Common Shares the full number of shares of Dot VN Common Shares issuable upon
      exchange of all outstanding amounts under this Debenture; and within three
      (3)
      Business Days following the receipt by Dot VN of a Holder's notice that such
      minimum number of Underlying Shares is not so reserved, Dot VN shall begin
      compliance with Section 4(b) if the Securities Purchase Agreement and to the
      extent available, reserve a sufficient number of shares of Dot VN Common Shares
      to comply with such requirement.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (ii) All
      calculations under this Section
      3 shall
      be rounded up to the nearest $0.0001 or whole share.

     

    (iii) Dot
      VN
      covenants that it will at all times reserve and keep available out of its
      authorized and unissued shares of Dot VN Common Shares solely for the purpose
      of
      issuance upon exchange of this Debenture and payment of interest on this
      Debenture, each as herein provided, free from preemptive rights or any other
      actual contingent purchase rights of persons other than the Holder, not less
      than such number of shares of the Dot VN Common Shares as shall (subject to
      any
      additional requirements of the Company as to reservation of such shares set
      forth in this Debenture or in the Transaction Documents) be issuable (taking
      into account the adjustments and restrictions set forth herein) upon the
      conversion of the outstanding principal amount of this Debenture and payment
      of
      interest hereunder. Dot VN covenants that all Dot VN Common Shares that shall
      be
      so issuable shall, upon issue, be duly and validly authorized, issued and fully
      paid, nonassessable and, if the Underlying Shares Registration Statement has
      been declared effective under the Securities Act, registered for public sale
      in
      accordance with such Underlying Shares Registration Statement.

     

    (iv) Upon
      an
      exchange hereunder Dot VN shall not be required to issue stock certificates
      representing fractions of shares of Dot VN Common Shares, but may if otherwise
      permitted, make a cash payment in respect of any final fraction of a share
      based
      on the Closing Bid Price at such time. If Dot VN elects not, or is unable,
      to
      make such a cash payment, the Holder shall be entitled to receive, in lieu
      of
      the final fraction of a share, one whole share of Dot VN Common
      Shares.

     

    (v) The
      issuance of certificates for shares of the Dot VN Common Shares on exchange
      of
      this Debenture shall be made without charge to the Holder thereof for any
      documentary stamp or similar taxes that may be payable in respect of the issue
      or delivery of such certificate, provided that Dot VN shall not be required
      to
      pay any tax that may be payable in respect of any transfer involved in the
      issuance and delivery of any such certificate upon conversion in a name other
      than that of the Holder of such Debenture so exchanged and Dot VN shall not
      be
      required to issue or deliver such certificates unless or until the person or
      persons requesting the issuance thereof shall have paid to Dot VN the amount
      of
      such tax or shall have established to the satisfaction of Dot VN that such
      tax
      has been paid.

     

    (vi) Nothing
      herein shall limit a Holder's right to pursue actual damages or declare an
      Event
      of Default pursuant to Section
      2
      herein
      for the Company 's failure to reflect Units of Membership Interests upon
      conversion within the period specified herein and such Holder shall have the
      right to pursue all remedies available to it at law or in equity including,
      without limitation, a decree of specific performance and/or injunctive relief,
      in each case without the need to post a bond or provide other security. The
      exercise of any such rights shall not prohibit the Holder from seeking to
      enforce damages pursuant to any other Section hereof or under applicable law.
      

     

    Section
      4. Prepayment.  (a)
      Notwithstanding anything else contained herein, in the event that (i) the Dot
      VN
      Common Shares are registered as a class of securities pursuant the Securities
      Exchange Act of 1934, as amended, and (ii) the closing price per share of Dot
      VN
      Common Shares, as reported by the Pink Sheets, Over-the-Counter Bulletin Board,
      or such other interdealer quotation service or exchange on which such shares
      are
      primarily traded (as adjusted for any stock split, combination, consolidation
      or
      stock distributions or stock dividends or recapitalizations or the like) is
      Three United States Dollars ($3.00), or its equivalent, or more for twenty
      (20)
      or more consecutive trading days, the Company, at its election and in its sole
      discretion, may prepay in cash the entire amount outstanding under this
      Debenture, including accrued interest if any, by the payment of 110% of all
      outstanding amounts (a “Call”). The Company shall provide ten (10) days’ prior
      written notice of any Call to the Holder. If Holder then has conversion or
      exchange rights hereunder it shall be permitted to exercise its conversion
      rights or exchange hereunder prior to the effective date of the Call.

     

    (b)
      In
      the event that the merger with Dot VN, Inc. has not been consummated by
      September 30, 2007, the Company, at its election and in its sole discretion
      may
      prepay in cash the entire amount outstanding under this Debenture, including
      accrued interest if any, by the payment of 110% of all outstanding amounts
      (“Cash Call”). The Company shall provide ten (10) days’ prior written notice of
      any Cash Call to the Holder. If Holder then has conversion or exchange rights
      hereunder it shall be permitted to exercise its conversion rights or exchange
      hereunder prior to the effective date of the Cash Call.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (c)
      Except as provided herein, the Company shall not have any right to prepay
      amounts outstanding under this Debenture.

     

    

    Section
      5. Notices.
       Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms hereof must be in writing and will be deemed to have
      been
      delivered: (i) upon receipt, when delivered personally; (ii) upon receipt,
      when
      sent by facsimile (provided confirmation of transmission is mechanically or
      electronically generated and kept on file by the sending party); or (iii) one
      (1) Trading Day after deposit with a nationally recognized overnight delivery
      service, in each case properly addressed to the party to receive the same.
      The
      addresses and facsimile numbers for such communications shall be:

    

    
      	
              If
                to the Company, to:

            	
              Spot
                On Networks LLC

            
	 	
              55
                Church St.

            
	 	
              New
                Haven, CT 06510

            
	 	
              Attention:
                Richard Sherwin

            
	 	
              Telephone:
                203-523-5200 

            
	 	
              Facsimile:
                203-773-1947

            
	 	 
	
              With
                a copy to:

            	
              Friedman
                Kaplan Seiler & Adelman LLP

            
	 	
              1633
                Broadway

            
	 	
              New
                York, New York 10019

            
	 	
              Attention:
                Barry A. Adelman, Esq.

            
	 	
              Telephone:
                212-833-1107

            
	 	
              Facsimile:
                212-833-1250

            

    

    

    
      	
              If
                to Dot VN, to:

            	
              Dot
                VN, Inc.

            
	 	
              9449
                Balboa Avenue., Suite 114

            
	 	
              San
                Diego, CA 92123

            
	 	
              Attention:
                Thomas Johnson 

            
	 	
              Telephone: 

            
	 	
              Facsimile:
                (858) 571-8497

            
	 	 
	
              With
                a copy to:

            	
              Law
                Offices of Thomas E. Puzzo, PLLC

            
	 	
              4216
                NE 70th Street

            
	 	
              Seattle,
                Washington 98115

            
	 	
              Attention:
                Thomas E. Puzzo, Esq.

            
	 	
              Telephone:
                

            
	 	
              Facsimile:
                (206) 260-0111

            

    

    

    
      	
              If
                to the Holder:

            	
              To
                its registered address

            

    

    

    or
      at
      such other address and/or facsimile number and/or to the attention of such
      other
      person as the recipient party has specified by written notice given to each
      other party three (3) business days prior to the effectiveness of such change.
      Written confirmation of receipt (i) given by the recipient of such notice,
      consent, waiver or other communication, (ii) mechanically or electronically
      generated by the sender's facsimile machine containing the time, date, recipient
      facsimile number and an image of the first page of such transmission or (iii)
      provided by a nationally recognized overnight delivery service, shall be
      rebuttable evidence of personal service, receipt by facsimile or receipt from
      a
      nationally recognized overnight delivery service in accordance with clause
      (i),
      (ii) or (iii) above, respectively.

     

    Section
      6. Definitions.
      For the
      purposes hereof, the following terms shall have the following
      meanings:

     

    “Business
      Day”
means
      any day except Saturday, Sunday and any day which shall be a federal legal
      holiday in the United States or a day on which banking institutions in New
      York
      are authorized or required by law or other government action to
      close.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “Closing
      Bid Price”
means
      the price per share in the last reported trade of the Dot VN Common Shares
      on a
      Primary Market or on the exchange which the Dot VN Common Shares are then listed
      as quoted by Bloomberg, LP.

     

    “Commission”
means
      the Securities and Exchange Commission.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Membership
      Interests”
means
      the units of membership interests of the Company.

     

    “Original
      Issue Date”
shall
      mean the date of the first issuance of this Debenture regardless of the number
      of transfers and regardless of the number of instruments, which may be issued
      to
      evidence such Debenture.

     

    “Person”
means
      a
      corporation, an association, a partnership, organization, a business, an
      individual, a government or political subdivision thereof or a governmental
      agency.

     

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

     

    “Trading
      Day”
means
      a
      day on which the Dot VN Common Shares are quoted on the OTC or quoted or traded
      on such Primary Market on which the shares of Common Stock are then quoted
      or
      listed; provided, that in the event that the Dot VN Common Shares are not listed
      or quoted, then Trading Day shall mean a Business Day.

     

    “Transaction
      Documents”
means
      the Securities Purchase Agreement or any other agreement delivered by the
      Company in connection with the Securities Purchase Agreement. 

     

    “Underlying
      Shares”
means
      the shares of Common Stock issuable upon exchange of this Debenture or as
      payment of interest in accordance with the terms hereof.

     

    “Underlying
      Shares Registration Statement” means a
      registration statement meeting the requirements set forth in the Registration
      Rights Agreement, covering among other things the resale of the Underlying
      Shares and naming the Holder as a “selling stockholder” thereunder.

     

    Section
      7. Except
      as
      expressly provided herein, no provision of this Debenture shall alter or impair
      the obligations of the Company, which are absolute and unconditional, to pay
      the
      principal of, interest and other charges (if any) on, this Debenture at the
      time, place, and rate, and in the coin or currency, herein prescribed. This
      Debenture is a direct obligation of the Company. This Debenture ranks pari
      passu
      with all other Debentures now or hereafter issued under the terms set forth
      herein. As long as this Debenture is outstanding, the Company shall not and
      shall cause their subsidiaries not to, without the consent of the Holder, (i)
      amend its certificate of incorporation, bylaws or other charter documents so
      as
      to adversely affect any rights of the Holder; (ii) repay, repurchase or offer
      to
      repay, repurchase or otherwise acquire shares of its Common Stock or other
      equity securities other than as to the Underlying Shares to the extent permitted
      or required under the Transaction Documents; or (iii) enter into any agreement
      with respect to any of the foregoing. 

     

    Section
      8. This
      Debenture shall not entitle the Holder to any of the rights of a member of
      the
      Company, including without limitation, the right to vote, to receive dividends
      and other distributions, or to receive any notice of, or to attend, meetings
      of
      stockholders or any other proceedings of the Company, unless and to the extent
      converted into shares of Common Stock in accordance with the terms
      hereof.

     

    Section
      9. If
      this
      Debenture is mutilated, lost, stolen or destroyed, the Company shall execute
      and
      deliver, in exchange and substitution for and upon cancellation of the mutilated
      Debenture, or in lieu of or in substitution for a lost, stolen or destroyed
      Debenture, a new Debenture for the principal amount of this Debenture so
      mutilated, lost, stolen or destroyed but only upon receipt of evidence of such
      loss, theft or destruction of such Debenture, and of the ownership hereof,
      and
      indemnity, if requested, all reasonably satisfactory to the
      Company.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Section
      10. No
      indebtedness of the Company is senior to this Debenture in right of payment,
      whether with respect to interest, damages or upon liquidation or dissolution
      or
      otherwise, except for the indebtedness payable to The Bank of Southern
      Connecticut. Without the Holder’s consent, the Company will not and will not
      permit any of their subsidiaries to, directly or indirectly, enter into, create,
      incur, assume or suffer to exist any indebtedness (other than the indebtedness
      payable to The Bank of Southern Connecticut, including extensions and
      reborrowings from such Bank) of any kind, on or with respect to any of its
      property or assets now owned or hereafter acquired or any interest therein
      or
      any income or profits there from that is senior in any respect to the
      obligations of the Company under this Debenture.

     

    Section
      11. This
      Debenture shall be governed by and interpreted in accordance with the laws
      of
      the State of New York without regard to the principles of conflict of laws.
      The
      parties further agree that any action between them shall be heard in New York,
      New York, and expressly consent to the jurisdiction and venue of the Courts
      of
      New York, sitting in New York County and the United States District Court for
      the Southern District of New York sitting in New York, New York for the
      adjudication of any civil action asserted pursuant to this Paragraph.

     

    Section
      12. If
      the
      Company fails to strictly comply with the terms of this Debenture applicable
      to
      it then the Company shall reimburse the Holder promptly for all fees, costs
      and
      expenses, including, without limitation, attorneys’ fees and expenses incurred
      by the Holder in any action in connection with this Debenture, including,
      without limitation, those incurred: (i) during any workout, attempted workout,
      and/or in connection with the rendering of legal advice as to the Holder’s
      rights, remedies and obligations, (ii) collecting any sums which become due
      to
      the Holder, (iii) defending or prosecuting any proceeding or any counterclaim
      to
      any proceeding or appeal; or (iv) the protection, preservation or enforcement
      of
      any rights or remedies of the Holder.

     

    Section
      13. Any
      waiver by the Holder of a breach of any provision of this Debenture shall not
      operate as or be construed to be a waiver of any other breach of such provision
      or of any breach of any other provision of this Debenture. The failure of the
      Holder to insist upon strict adherence to any term of this Debenture on one
      or
      more occasions shall not be considered a waiver or deprive that party of the
      right thereafter to insist upon strict adherence to that term or any other
      term
      of this Debenture. Any waiver must be in writing.

     

    Section
      14. If
      any
      provision of this Debenture is invalid, illegal or unenforceable, the balance
      of
      this Debenture shall remain in effect, and if any provision is inapplicable
      to
      any person or circumstance, it shall nevertheless remain applicable to all
      other
      persons and circumstances. If it shall be found that any interest or other
      amount deemed interest due hereunder shall violate applicable laws governing
      usury, the applicable rate of interest due hereunder shall automatically be
      lowered to equal the maximum permitted rate of interest. The Company covenants
      (to the extent that it may lawfully do so) that it shall not at any time insist
      upon, plead, or in any manner whatsoever claim or take the benefit or advantage
      of, any stay, extension or usury law or other law which would prohibit or
      forgive the Company from paying all or any portion of the principal of or
      interest on this Debenture as contemplated herein, wherever enacted, now or
      at
      any time hereafter in force, or which may affect the covenants or the
      performance of this indenture, and the Company (to the extent it may lawfully
      do
      so) hereby expressly waives all benefits or advantage of any such law, and
      covenants that it will not, by resort to any such law, hinder, delay or impeded
      the execution of any power herein granted to the Holder, but will suffer and
      permit the execution of every such as though no such law has been
      enacted.

     

    Section
      15. Whenever
      any payment or other obligation hereunder shall be due on a day other than
      a
      Business Day, such payment shall be made on the next succeeding Business
      Day.

     

    Section
      16. This
      Debenture is exchangeable for an equal aggregate principal amount of Debentures
      of different authorized denominations, as requested by the Holder surrendering
      the same. No service charge will be made for such registration of transfer
      or
      exchange.

     

    Section
      17. THE
      PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY
      OF
      THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON
      OR
      ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION
      DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
      OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR
      THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

     

    [REMAINDER
      OF PAGE INTENTIONLLY LEFT BLANK]

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Subordinated Secured Convertible Debenture to be duly
      executed by a duly authorized officer as of the date set forth
      above.

     

    
      	 	 	 
	 	SPOT-ON
              NETWORKS, LLC
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:

    

     

    Solely
      with respect to Section 3, and not with respect to repayment of the obligations
      created hereunder:

     

    
      	 	 	 
	 	
              DOT
                VN, INC. 

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name: Thomas
                Johnson

            
	 	
              Title: Chief
                Executive Officer

            

    

     

    
      Solely
        with respect to Section 1(b), and not with respect to any other section
        hereunder hereunder:

    

     

    
      	 	 	 
	 	
              
                THE
                  BANK OF SOUTHERN
                  CONNECTICUT 

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              
                Title: 

              

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    CONVERSION
      NOTICE

     

    (To
      be executed by the Holder in order to Convert or exchange the
      Debenture)

     

    
      	
              TO:
                

            

    

    

    The
      undersigned hereby irrevocably elects to convert
      $______________________of
      the
      principal amount of Debenture No. S-__ into Membership Interests of Spot On
      Networks, LLC.

     

    
      	
              Please
                issue and reflect the Units of Membership Interest in the books and
                records of Spot-On Networks, LLC in the following name and to the
                following address:

            
	 	 
	
              Issue
                to:

            	 
	 	 
	
              Authorized
                Signature:

            	 
	 	
              

            
	
              Name:

            	 
	 	
              

            
	
              Title:

            	 
	 	
              

            

    

     

    The
      undersigned hereby irrevocably elects to exchange the principal amount of
      Debenture No. S-__ into shares of common stock of DOT
      VN, INC.,
      according to the conditions stated therein, as of the Conversion Date written
      below.

     

    
      	
              Conversion
                Date:

            	________________
	 	 
	
              Amount
                to be converted:

            	
              $_________________      

            
	 	 
	
              Conversion
                Price:

            	
              $_________________

            
	 	 
	
              Number
                of shares of Common Stock to be issued:

            	________________
	 	 
	
              Amount
                of Debenture Unconverted:

            	
              $_________________

            
	 	
                

            
	
              Please
                issue the shares of Common Stock in the following name and to the
                following address:

            
	 	 
	
              Issue
                to:

            	 
	 	 
	
              Authorized
                Signature:

            	 
	 	
              
 
	
              Name:

            	 
	 	
              
 
	
              Title:

            	 
	 	
              
 
	
              Broker
                DTC Participant Code:

            	 
	 	 
	
              Account
                Number:

            	 

    

     

    
      
        
        

      

      
        12

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