Document:

EXHIBIT 10.2

 

NEITHER THESE SECURITIES NOR
THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION 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.

 

THIS DEBENTURE DOES NOT REQUIRE
PHYSICAL SURRENDER OF THE DEBENTURE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING ANY REDEMPTION
OR CONVERSION OF ANY PORTION OF THIS DEBENTURE, THE OUTSTANDING PRINCIPAL AMOUNT REPRESENTED BY THIS DEBENTURE MAY BE LESS THAN
THE PRINCIPAL AMOUNT AND ACCRUED INTEREST SET FORTH BELOW.

 

15% CONVERTIBLE
DEBENTURE

 

OF

 

REGENCY
YAMUNA ENERGY LIMITED

 

Issuance Date: October 18,
2013

 

Total Face Value of Debenture:
Rs. 4,200,000 

 

THIS CONVERTIBLE
DEBENTURE is a duly authorized Convertible Debenture(the “Debenture”) of Regency Yamuna Energy Limited,
a corporation duly organized and existing under the laws of the India (the “Company,” “RYEL”
or the “Maker”), designated as the Company’s 15% Convertible Debenture Due One (1) year from the Issuance
Date (“Maturity Date”) in the original principal amount of Rs. 4,200,000 (the “Principal Amount”).
Terms not defined herein shall have the meanings ascribed to them in the Stock Purchase Agreement (as defined herein).

 

FOR VALUE
RECEIVED, the Company hereby promises to pay to the order of Pan Asia Infratech, Corp., a corporation duly organized
and existing under the laws of Nevada (“Pan Asia”),or its registered assigns or successors-in-interest (the
“Holder”) the Principal Amount together with all accrued but unpaid interest thereon on the Maturity Date,
to the extent such principal amount and interest has not been repaid or converted into the Company’s Common Shares at a
rate of Indian Rupee (INR) 14.50 per share (the “Common Shares”), subject to adjustment, in accordance with
the terms hereof.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 1

    	 

    

 

Interest
on the unpaid principal balance hereof shall accrue at the rate of Fifteen Percent (15%) per annum from 90 days from the date
of original issuance hereof (the “Issuance Date”) until the same becomes due and payable on the Maturity Date,
or such earlier date upon acceleration or by conversion or redemption in accordance with the terms hereof or of the other Agreements.
Notwithstanding anything contained herein, this Debenture shall bear interest on the due and unpaid Principal Amount from and
after the occurrence and during the continuance of an Event of Default pursuant to Article II at the rate (the “Default
Rate”) equal to the lower of Eighteen Percent(18%) per annum or the highest rate permitted by Law. Unless otherwise
agreed or required by applicable Law, payments will be applied first to any unpaid collection costs, then to unpaid interest and
fees and any remaining amount to principal.

 

This Debenture
may not be prepaid without written consent from Holder. Whenever any amount expressed to be due by the terms of this Debenture
is due on any day which is not a Business Day (as defined below), the same shall instead be due on the next succeeding day which
is a Business Day. Any amount prepaid shall first be applied to accrued and payable interest and then to the outstanding Principal
Amount.

 

For purposes
hereof the following terms shall have the meanings ascribed to them below:

 

“Bankruptcy
Event” means any of the following events: (a) the Company commences a case or other proceeding under any bankruptcy,
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction relating to the Company thereof; (b) there is commenced against the Company any such case or proceeding that is not
dismissed within 60 days after commencement; (c) the Company is adjudicated insolvent or bankrupt or any order of relief or other
order approving any such case or proceeding is entered; (d) the Company suffers any appointment of any custodian or the like for
it or any substantial part of its property that is not discharged or stayed within 60 days; (e) the Company makes a general assignment
for the benefit of creditors; (f) the Company fails to pay, or states that it is unable to pay or is unable to pay, its debts
generally as they become due; (g) the Company calls a meeting of its creditors with a view to arranging a composition, adjustment
or restructuring of its debts; or (h) the Company, by any act or failure to act, expressly indicates its consent to, approval
of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of NewDelhi,
India are authorized or required by law or executive order to remain closed.

 

“Change
in Control Transaction” will be deemed to exist if (i) there occurs any change in the Company’s share structure
as certified true and correct in Exhibit B attached hereto (the “Certified Share Register”),
or (ii) the Company takes actions to abrogate its commitments under the Stock Purchase Agreement.

 

“Company
Representations and Warranties” shall mean the representations and warranties of the Company set forth under Article
III in the Stock Purchase Agreement.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 2

    	 

    

 

“Conversion
Ratio” means, at any time, a fraction, of which the numerator is the entire outstanding Principal Amount of this
Note (or such portion thereof that is being redeemed or repurchased) in INR (Indian Rupees) and of which the denominator is the
Conversion Price as of the date such ratio is being determined.

 

“Conversion
Price” shall be equal to Rs. 14.50, subject to adjustment pursuant to the terms contained herein.

 

“Convertible
Securities” means any convertible securities, warrants, options or other rights to subscribe for or to purchase
or exchange for, shares of Common Shares.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option,
security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including
any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Principal
Amount” shall refer to the sum of (i) the original principal amount of this Debenture, (ii) all accrued but unpaid
interest hereunder, and (iii) any default payments owing under the Agreements but not previously paid or added to the Principal
Amount.

 

“Rupee(s)”
or “Rs.” shall mean the legal currency of India.

 

“SBOP”
means the State Bank of Patalia.

 

“SBOP
Term Loan Credit Facility” means (i) SBOP Term Loan I; (ii) SBOP Term Loan II; (iii) SBOP Term Loan III; (iv) SBOP Term
Loan IV and (v) SBOP Term Loan V in the aggregate amount of Rs. 258,841,358.25 as reflected on the Unaudited Balance Sheet of
the Company at June 30, 2013.

 

“Stock
Purchase Agreement” means that certain definitive Stock Purchase Agreement by and among the Company, Pan Asia, Mr.
Arun Sharma (as the promoter) and the remaining stockholders of the Company pursuant to which Pan Asia shall invest an
aggregate of Rs. 38.75 Cr. in the Company to enable the Company to restructure certain outstanding indebtedness, to fund the completion
of the Project, and to purchase 100% of the outstanding equity of the Company, subject to the terms and conditions set forth herein.

 

“Underlying
Shares” means the shares of Common Shares into which the Debenture is convertible (including interest or principal
payments in Common Shares as set forth herein) in accordance with the terms hereof.

 

“USD”
or “$” shall mean United States Dollars.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 3

    	 

    

 

The following
terms and conditions shall apply to this Debenture:

 

Article I. Conversion.

 

		(a)	Conversion
                                                                                                                                                                                                                         Right

 

		(i)	Subject
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  terms
                                                                                                                                                                                                                  hereof
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  restrictions
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  limitations
                                                                                                                                                                                                                  contained
                                                                                                                                                                                                                  herein,
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  have
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  right,
                                                                                                                                                                                                                  at
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder’s
                                                                                                                                                                                                                  option,
                                                                                                                                                                                                                  at
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  time
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  from
                                                                                                                                                                                                                  time
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  time
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  convert
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                  Amount
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                  under
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  whole
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  part
                                                                                                                                                                                                                  by
                                                                                                                                                                                                                  delivering
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  directly
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  Company’s
                                                                                                                                                                                                                  Transfer
                                                                                                                                                                                                                  Agent,
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  fully
                                                                                                                                                                                                                  executed
                                                                                                                                                                                                                  notice
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  conversion
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  form
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  conversion
                                                                                                                                                                                                                  notice
                                                                                                                                                                                                                  attached
                                                                                                                                                                                                                  hereto
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  Exhibit
                                                                                                                                                                                                                  A
                                                                                                                                                                                                                  (the
                                                                                                                                                                                                                  “Conversion
                                                                                                                                                                                                                  Notice”),
                                                                                                                                                                                                                  which
                                                                                                                                                                                                                  may
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  transmitted
                                                                                                                                                                                                                  by
                                                                                                                                                                                                                  email.

 

		(ii)	The
                                                                                                                                                                                                                   date
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   Conversion
                                                                                                                                                                                                                   Notice
                                                                                                                                                                                                                   hereunder
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   Payment
                                                                                                                                                                                                                   Date
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   be
                                                                                                                                                                                                                   referred
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   herein
                                                                                                                                                                                                                   as
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   “Conversion
                                                                                                                                                                                                                   Date.”
                                                                                                                                                                                                                   If
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   is
                                                                                                                                                                                                                   converting
                                                                                                                                                                                                                   less
                                                                                                                                                                                                                   than
                                                                                                                                                                                                                   all
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   outstanding
                                                                                                                                                                                                                   Principal
                                                                                                                                                                                                                   Amount
                                                                                                                                                                                                                   hereunder
                                                                                                                                                                                                                   pursuant
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   a
                                                                                                                                                                                                                   Conversion
                                                                                                                                                                                                                   Notice,
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   promptly
                                                                                                                                                                                                                   deliver
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   (but
                                                                                                                                                                                                                   no
                                                                                                                                                                                                                   later
                                                                                                                                                                                                                   than
                                                                                                                                                                                                                   five
                                                                                                                                                                                                                   Business
                                                                                                                                                                                                                   Days
                                                                                                                                                                                                                   after
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Conversion
                                                                                                                                                                                                                   Date)
                                                                                                                                                                                                                   a
                                                                                                                                                                                                                   Debenture
                                                                                                                                                                                                                   for
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   outstanding
                                                                                                                                                                                                                   Principal
                                                                                                                                                                                                                   Amount
                                                                                                                                                                                                                   as
                                                                                                                                                                                                                   has
                                                                                                                                                                                                                   not
                                                                                                                                                                                                                   been
                                                                                                                                                                                                                   converted
                                                                                                                                                                                                                   if
                                                                                                                                                                                                                   this
                                                                                                                                                                                                                   Debenture
                                                                                                                                                                                                                   has
                                                                                                                                                                                                                   been
                                                                                                                                                                                                                   surrendered
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   for
                                                                                                                                                                                                                   partial
                                                                                                                                                                                                                   conversion.
                                                                                                                                                                                                                   The
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   maintain
                                                                                                                                                                                                                   records
                                                                                                                                                                                                                   showing
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   outstanding
                                                                                                                                                                                                                   Principal
                                                                                                                                                                                                                   Amount
                                                                                                                                                                                                                   so
                                                                                                                                                                                                                   converted
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   repaid
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   dates
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   conversions
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   repayments
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   use
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   other
                                                                                                                                                                                                                   method,
                                                                                                                                                                                                                   reasonably
                                                                                                                                                                                                                   satisfactory
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company,
                                                                                                                                                                                                                   so
                                                                                                                                                                                                                   as
                                                                                                                                                                                                                   not
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   require
                                                                                                                                                                                                                   physical
                                                                                                                                                                                                                   surrender
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   this
                                                                                                                                                                                                                   Debenture
                                                                                                                                                                                                                   upon
                                                                                                                                                                                                                   each
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   conversion
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   repayment.

 

		(iii)	The
                                                                                                                                                                                                                    Company
                                                                                                                                                                                                                    will
                                                                                                                                                                                                                    deliver
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Holder
                                                                                                                                                                                                                    (or
                                                                                                                                                                                                                    Holder’s
                                                                                                                                                                                                                    authorized
                                                                                                                                                                                                                    designee)
                                                                                                                                                                                                                    not
                                                                                                                                                                                                                    later
                                                                                                                                                                                                                    than
                                                                                                                                                                                                                    two
                                                                                                                                                                                                                    (2)
                                                                                                                                                                                                                    Business
                                                                                                                                                                                                                    Days
                                                                                                                                                                                                                    after
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Conversion
                                                                                                                                                                                                                    Date,
                                                                                                                                                                                                                    a
                                                                                                                                                                                                                    certificate
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    certificates
                                                                                                                                                                                                                    which
                                                                                                                                                                                                                    certificate(s)
                                                                                                                                                                                                                    representing
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    number
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    shares
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    Common
                                                                                                                                                                                                                    Shares
                                                                                                                                                                                                                    being
                                                                                                                                                                                                                    acquired
                                                                                                                                                                                                                    upon
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    conversion
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    this
                                                                                                                                                                                                                    Debenture.
                                                                                                                                                                                                                    If
                                                                                                                                                                                                                    in
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    case
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    any
                                                                                                                                                                                                                    conversion
                                                                                                                                                                                                                    hereunder,
                                                                                                                                                                                                                    such
                                                                                                                                                                                                                    certificate
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    certificates
                                                                                                                                                                                                                    are
                                                                                                                                                                                                                    not
                                                                                                                                                                                                                    delivered
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    as
                                                                                                                                                                                                                    directed
                                                                                                                                                                                                                    by
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Holder
                                                                                                                                                                                                                    by
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    fifth
                                                                                                                                                                                                                    Business
                                                                                                                                                                                                                    Day
                                                                                                                                                                                                                    after
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Conversion
                                                                                                                                                                                                                    Date,
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Holder
                                                                                                                                                                                                                    shall
                                                                                                                                                                                                                    be
                                                                                                                                                                                                                    entitled
                                                                                                                                                                                                                    by
                                                                                                                                                                                                                    notice
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Company
                                                                                                                                                                                                                    at
                                                                                                                                                                                                                    any
                                                                                                                                                                                                                    time
                                                                                                                                                                                                                    on
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    before
                                                                                                                                                                                                                    its
                                                                                                                                                                                                                    receipt
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    such
                                                                                                                                                                                                                    certificate
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    certificates
                                                                                                                                                                                                                    thereafter,
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    rescind
                                                                                                                                                                                                                    such
                                                                                                                                                                                                                    conversion,
                                                                                                                                                                                                                    in
                                                                                                                                                                                                                    which
                                                                                                                                                                                                                    event
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Company
                                                                                                                                                                                                                    shall
                                                                                                                                                                                                                    immediately
                                                                                                                                                                                                                    return
                                                                                                                                                                                                                    this
                                                                                                                                                                                                                    Debenture
                                                                                                                                                                                                                    tendered
                                                                                                                                                                                                                    for
                                                                                                                                                                                                                    conversion.

 

		(iv)	If
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   fails
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   deliver
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   certificate
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   certificates
                                                                                                                                                                                                                   pursuant
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   this
                                                                                                                                                                                                                   Article
                                                                                                                                                                                                                   II
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   accordance
                                                                                                                                                                                                                   herewith,
                                                                                                                                                                                                                   prior
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   fifth
                                                                                                                                                                                                                   Business
                                                                                                                                                                                                                   Day
                                                                                                                                                                                                                   after
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Conversion
                                                                                                                                                                                                                   Date,
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   pay
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   as
                                                                                                                                                                                                                   liquidated
                                                                                                                                                                                                                   damages,
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   cash,
                                                                                                                                                                                                                   an
                                                                                                                                                                                                                   amount
                                                                                                                                                                                                                   equal
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   One
                                                                                                                                                                                                                   Thousand
                                                                                                                                                                                                                   Dollars
                                                                                                                                                                                                                   ($1,000)
                                                                                                                                                                                                                   per
                                                                                                                                                                                                                   day,
                                                                                                                                                                                                                   until
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   certificate
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   certificates
                                                                                                                                                                                                                   are
                                                                                                                                                                                                                   delivered.
                                                                                                                                                                                                                   Such
                                                                                                                                                                                                                   liquidated
                                                                                                                                                                                                                   damages
                                                                                                                                                                                                                   will
                                                                                                                                                                                                                   be
                                                                                                                                                                                                                   added
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   principal
                                                                                                                                                                                                                   value
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Debenture.
                                                                                                                                                                                                                   The
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   acknowledges
                                                                                                                                                                                                                   that
                                                                                                                                                                                                                   it
                                                                                                                                                                                                                   would
                                                                                                                                                                                                                   be
                                                                                                                                                                                                                   extremely
                                                                                                                                                                                                                   difficult
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   impracticable
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   determine
                                                                                                                                                                                                                   Holder’s
                                                                                                                                                                                                                   actual
                                                                                                                                                                                                                   damages
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   costs
                                                                                                                                                                                                                   resulting
                                                                                                                                                                                                                   from
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   delay
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   making
                                                                                                                                                                                                                   delivery
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   unrestricted
                                                                                                                                                                                                                   stock
                                                                                                                                                                                                                   certificate
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   inclusion
                                                                                                                                                                                                                   herein
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   additional
                                                                                                                                                                                                                   amounts
                                                                                                                                                                                                                   are
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   agreed
                                                                                                                                                                                                                   upon
                                                                                                                                                                                                                   liquidated
                                                                                                                                                                                                                   damages
                                                                                                                                                                                                                   representing
                                                                                                                                                                                                                   a
                                                                                                                                                                                                                   reasonable
                                                                                                                                                                                                                   estimate
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   those
                                                                                                                                                                                                                   damages
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   costs
                                                                                                                                                                                                                   and
                                                                                                                                                                                                                   do
                                                                                                                                                                                                                   not
                                                                                                                                                                                                                   constitute
                                                                                                                                                                                                                   a
                                                                                                                                                                                                                   penalty.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 4

    	 

    

 

		(v)	Notwithstanding
                                                                                                                                                                                                                  anything
                                                                                                                                                                                                                  contained
                                                                                                                                                                                                                  herein
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  contrary,
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                  Amount
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  convertible
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  an
                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                  amount
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  representing
                                                                                                                                                                                                                  not
                                                                                                                                                                                                                  less
                                                                                                                                                                                                                  than
                                                                                                                                                                                                                  1.0839%of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  pro
                                                                                                                                                                                                                  forma
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  fully-diluted
                                                                                                                                                                                                                  basis;
                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  unsecured
                                                                                                                                                                                                                  indebtedness
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  has
                                                                                                                                                                                                                  converted
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  has
                                                                                                                                                                                                                  been
                                                                                                                                                                                                                  extinguished.

 

		(b)	Conversion
                                                                                                                                                                                                                  Price
                                                                                                                                                                                                                  Adjustments.

 

		(i)	Stock
                                                                                                                                                                                                                  Dividends,
                                                                                                                                                                                                                  Splits
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  Combinations.
                                                                                                                                                                                                                  If
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  its
                                                                                                                                                                                                                  subsidiaries,
                                                                                                                                                                                                                  at
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  time
                                                                                                                                                                                                                  while
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  is
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  (A)
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  pay
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  stock
                                                                                                                                                                                                                  dividend
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                  make
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  distribution
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  distributions
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  equity
                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                  instruments
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                  convertible
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  exchangeable
                                                                                                                                                                                                                  for
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  equity
                                                                                                                                                                                                                  securities)
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares,
                                                                                                                                                                                                                  (B)
                                                                                                                                                                                                                  subdivide
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  larger
                                                                                                                                                                                                                  number
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  shares,
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  (C)
                                                                                                                                                                                                                  combine
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  smaller
                                                                                                                                                                                                                  number
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  shares,
                                                                                                                                                                                                                  then
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Conversion
                                                                                                                                                                                                                  Price
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  multiplied
                                                                                                                                                                                                                  by
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  fraction,
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  numerator
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  which
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  number
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  before
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  event
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  denominator
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  which
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  number
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  after
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  event.
                                                                                                                                                                                                                  Any
                                                                                                                                                                                                                  adjustment
                                                                                                                                                                                                                  made
                                                                                                                                                                                                                  pursuant
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  paragraph
                                                                                                                                                                                                                  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
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  combination.

 

		(ii)	Distributions.
                                                                                                                                                                                                                   If
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   its
                                                                                                                                                                                                                   subsidiaries,
                                                                                                                                                                                                                   at
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   time
                                                                                                                                                                                                                   while
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Debenture
                                                                                                                                                                                                                   is
                                                                                                                                                                                                                   outstanding,
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   distribute
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   all
                                                                                                                                                                                                                   holders
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   Common
                                                                                                                                                                                                                   Shares
                                                                                                                                                                                                                   evidences
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   its
                                                                                                                                                                                                                   indebtedness
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   assets
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   cash
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   rights
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   warrants
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   subscribe
                                                                                                                                                                                                                   for
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   purchase
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   security
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   its
                                                                                                                                                                                                                   subsidiaries,
                                                                                                                                                                                                                   then
                                                                                                                                                                                                                   concurrently
                                                                                                                                                                                                                   with
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   distributions
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   holders
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   Common
                                                                                                                                                                                                                   Shares,
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   distribute
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   amount
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   indebtedness,
                                                                                                                                                                                                                   assets,
                                                                                                                                                                                                                   cash
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   rights
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   warrants
                                                                                                                                                                                                                   which
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Holder
                                                                                                                                                                                                                   would
                                                                                                                                                                                                                   have
                                                                                                                                                                                                                   received
                                                                                                                                                                                                                   had
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Debenture
                                                                                                                                                                                                                   been
                                                                                                                                                                                                                   converted
                                                                                                                                                                                                                   into
                                                                                                                                                                                                                   Common
                                                                                                                                                                                                                   Shares
                                                                                                                                                                                                                   at
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Conversion
                                                                                                                                                                                                                   Price
                                                                                                                                                                                                                   immediately
                                                                                                                                                                                                                   prior
                                                                                                                                                                                                                   to
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   record
                                                                                                                                                                                                                   date
                                                                                                                                                                                                                   for
                                                                                                                                                                                                                   such
                                                                                                                                                                                                                   distribution.

 

		(iii)	Rounding
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    Adjustments.
                                                                                                                                                                                                                    All
                                                                                                                                                                                                                    calculations
                                                                                                                                                                                                                    under
                                                                                                                                                                                                                    this
                                                                                                                                                                                                                    Article
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    any
                                                                                                                                                                                                                    other
                                                                                                                                                                                                                    provision
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    this
                                                                                                                                                                                                                    Debenture
                                                                                                                                                                                                                    shall
                                                                                                                                                                                                                    be
                                                                                                                                                                                                                    made
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    4
                                                                                                                                                                                                                    decimal
                                                                                                                                                                                                                    places
                                                                                                                                                                                                                    for
                                                                                                                                                                                                                    dollar
                                                                                                                                                                                                                    amounts
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    nearest
                                                                                                                                                                                                                    1/100th
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    a
                                                                                                                                                                                                                    share,
                                                                                                                                                                                                                    as
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    case
                                                                                                                                                                                                                    may
                                                                                                                                                                                                                    be.

 

		(c)	Notice
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Certain
                                                                                                                                                                                                                  Events.
                                                                                                                                                                                                                  If:

 

		(i)	the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  declare
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  dividend
                                                                                                                                                                                                                  (or
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  distribution)
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  its
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares;
                                                                                                                                                                                                                  or

 

		(ii)	the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   declare
                                                                                                                                                                                                                   a
                                                                                                                                                                                                                   special
                                                                                                                                                                                                                   nonrecurring
                                                                                                                                                                                                                   cash
                                                                                                                                                                                                                   dividend
                                                                                                                                                                                                                   on
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   a
                                                                                                                                                                                                                   redemption
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   its
                                                                                                                                                                                                                   Common
                                                                                                                                                                                                                   Shares;
                                                                                                                                                                                                                   or

 

		(iii)	the
                                                                                                                                                                                                                    Company
                                                                                                                                                                                                                    shall
                                                                                                                                                                                                                    authorize
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    granting
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    all
                                                                                                                                                                                                                    holders
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    Common
                                                                                                                                                                                                                    Shares
                                                                                                                                                                                                                    rights
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    warrants
                                                                                                                                                                                                                    to
                                                                                                                                                                                                                    subscribe
                                                                                                                                                                                                                    for
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    purchase
                                                                                                                                                                                                                    any
                                                                                                                                                                                                                    shares
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    capital
                                                                                                                                                                                                                    stock
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    any
                                                                                                                                                                                                                    class
                                                                                                                                                                                                                    or
                                                                                                                                                                                                                    of
                                                                                                                                                                                                                    any
                                                                                                                                                                                                                    rights;
                                                                                                                                                                                                                    or

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 5

    	 

    

 

		(iv)	the
                                                                                                                                                                                                                   approval
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   stockholders
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company
                                                                                                                                                                                                                   shall
                                                                                                                                                                                                                   be
                                                                                                                                                                                                                   required
                                                                                                                                                                                                                   in
                                                                                                                                                                                                                   connection
                                                                                                                                                                                                                   with
                                                                                                                                                                                                                   any
                                                                                                                                                                                                                   reclassification
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Common
                                                                                                                                                                                                                   Shares
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Company,
                                                                                                                                                                                                                   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
                                                                                                                                                                                                                   of
                                                                                                                                                                                                                   exchange
                                                                                                                                                                                                                   whereby
                                                                                                                                                                                                                   the
                                                                                                                                                                                                                   Common
                                                                                                                                                                                                                   Shares
                                                                                                                                                                                                                   is
                                                                                                                                                                                                                   converted
                                                                                                                                                                                                                   into
                                                                                                                                                                                                                   other
                                                                                                                                                                                                                   securities,
                                                                                                                                                                                                                   cash
                                                                                                                                                                                                                   or
                                                                                                                                                                                                                   property;
                                                                                                                                                                                                                   or

 

		(v)	the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  authorize
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  voluntary
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  involuntary
                                                                                                                                                                                                                  dissolution,
                                                                                                                                                                                                                  liquidation
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  winding
                                                                                                                                                                                                                  up
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  affairs
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company;

 

then 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 and email address as it shall appear upon the books of the Company, on or prior to the date notice
to the Company’s stockholders generally is given, 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 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 Common Shares of record shall be entitled
to exchange their shares of Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange.

 

		(d)	Reservation
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  Issuance
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Underlying
                                                                                                                                                                                                                  Securities.
                                                                                                                                                                                                                  The
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  covenants
                                                                                                                                                                                                                  that
                                                                                                                                                                                                                  it
                                                                                                                                                                                                                  will
                                                                                                                                                                                                                  at
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  times
                                                                                                                                                                                                                  reserve
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  keep
                                                                                                                                                                                                                  available
                                                                                                                                                                                                                  out
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  its
                                                                                                                                                                                                                  authorized
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  unissued
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  solely
                                                                                                                                                                                                                  for
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  purpose
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  issuance
                                                                                                                                                                                                                  upon
                                                                                                                                                                                                                  conversion
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                  repayments
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  stock),
                                                                                                                                                                                                                  free
                                                                                                                                                                                                                  from
                                                                                                                                                                                                                  preemptive
                                                                                                                                                                                                                  rights
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  actual
                                                                                                                                                                                                                  contingent
                                                                                                                                                                                                                  purchase
                                                                                                                                                                                                                  rights
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  persons
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  than
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder,
                                                                                                                                                                                                                  not
                                                                                                                                                                                                                  less
                                                                                                                                                                                                                  than
                                                                                                                                                                                                                  three
                                                                                                                                                                                                                  times
                                                                                                                                                                                                                  (3x)
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  number
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  issuable
                                                                                                                                                                                                                  (taking
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  account
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  adjustments
                                                                                                                                                                                                                  pursuant
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  but
                                                                                                                                                                                                                  without
                                                                                                                                                                                                                  regard
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  ownership
                                                                                                                                                                                                                  limitations
                                                                                                                                                                                                                  contained
                                                                                                                                                                                                                  herein)
                                                                                                                                                                                                                  upon
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  conversion
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  hereunder
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                  repayments
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  stock).
                                                                                                                                                                                                                  The
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  covenants
                                                                                                                                                                                                                  that
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  that
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  so
                                                                                                                                                                                                                  issuable
                                                                                                                                                                                                                  shall,
                                                                                                                                                                                                                  upon
                                                                                                                                                                                                                  issue,
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  duly
                                                                                                                                                                                                                  authorized,
                                                                                                                                                                                                                  validly
                                                                                                                                                                                                                  issued,
                                                                                                                                                                                                                  fully-paid,
                                                                                                                                                                                                                  non-assessable
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  free
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  clear
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  Encumbrances.

 

		(e)	Charges,
                                                                                                                                                                                                                  Taxes
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  Expenses.
                                                                                                                                                                                                                  Issuance
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  certificates
                                                                                                                                                                                                                  for
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                  upon
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  conversion
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                  repayment
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  stock)
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  made
                                                                                                                                                                                                                  without
                                                                                                                                                                                                                  charge
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  for
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  issue
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  transfer
                                                                                                                                                                                                                  tax
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  incidental
                                                                                                                                                                                                                  expense
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  respect
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  issuance
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  certificate,
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  which
                                                                                                                                                                                                                  taxes
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  paid
                                                                                                                                                                                                                  by
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  certificates
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  issued
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  name
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  name
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  names
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  may
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  directed
                                                                                                                                                                                                                  by
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder.

 

		(f)	Cancellation.
                                                                                                                                                                                                                  After
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                  Amount
                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                  accrued
                                                                                                                                                                                                                  but
                                                                                                                                                                                                                  unpaid
                                                                                                                                                                                                                  interest
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  default
                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                  at
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  time
                                                                                                                                                                                                                  owed
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture)
                                                                                                                                                                                                                  have
                                                                                                                                                                                                                  been
                                                                                                                                                                                                                  paid
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  full
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  converted
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  Common
                                                                                                                                                                                                                  Shares,
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  automatically
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  deemed
                                                                                                                                                                                                                  canceled
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  promptly
                                                                                                                                                                                                                  surrender
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  at
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company’s
                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                  executive
                                                                                                                                                                                                                  offices.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 6

    	 

    

 

Article II. Use of Proceeds.

 

		(a)	The
                                                                                                                                                          Company
                                                                                                                                                          hereby
                                                                                                                                                          covenants
                                                                                                                                                          to
                                                                                                                                                          use
                                                                                                                                                          of
                                                                                                                                                          proceeds
                                                                                                                                                          of
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          as
                                                                                                                                                          set
                                                                                                                                                          forth
                                                                                                                                                          on
                                                                                                                                                          Exhibit
                                                                                                                                                          D
                                                                                                                                                          hereto,
                                                                                                                                                          subject
                                                                                                                                                          to
                                                                                                                                                          change
                                                                                                                                                          only
                                                                                                                                                          with
                                                                                                                                                          the
                                                                                                                                                          prior
                                                                                                                                                          written
                                                                                                                                                          consent
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Holder.

 

Article III. Defaults
and Remedies.

 

		(a)	Events
                                                                                                                                                          of
                                                                                                                                                          Default.
                                                                                                                                                          An
                                                                                                                                                          “Event
                                                                                                                                                          of
                                                                                                                                                          Default”
                                                                                                                                                          is:
                                                                                                                                                          (i)
                                                                                                                                                          any
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          Representations
                                                                                                                                                          and
                                                                                                                                                          Warranties
                                                                                                                                                          set
                                                                                                                                                          forth
                                                                                                                                                          under
                                                                                                                                                          Article
                                                                                                                                                          III
                                                                                                                                                          in
                                                                                                                                                          the
                                                                                                                                                          Stock
                                                                                                                                                          Purchase
                                                                                                                                                          Agreement
                                                                                                                                                          shall
                                                                                                                                                          prove
                                                                                                                                                          to
                                                                                                                                                          be
                                                                                                                                                          incorrect
                                                                                                                                                          in
                                                                                                                                                          any
                                                                                                                                                          material
                                                                                                                                                          way;
                                                                                                                                                          (ii)
                                                                                                                                                          a
                                                                                                                                                          default
                                                                                                                                                          in
                                                                                                                                                          payment
                                                                                                                                                          of
                                                                                                                                                          any
                                                                                                                                                          amount
                                                                                                                                                          due
                                                                                                                                                          hereunder
                                                                                                                                                          which
                                                                                                                                                          default
                                                                                                                                                          continues
                                                                                                                                                          for
                                                                                                                                                          more
                                                                                                                                                          than
                                                                                                                                                          two
                                                                                                                                                          (2)
                                                                                                                                                          Business
                                                                                                                                                          Days
                                                                                                                                                          after
                                                                                                                                                          the
                                                                                                                                                          due
                                                                                                                                                          date
                                                                                                                                                          thereof;
                                                                                                                                                          (iii)
                                                                                                                                                          a
                                                                                                                                                          default
                                                                                                                                                          in
                                                                                                                                                          the
                                                                                                                                                          timely
                                                                                                                                                          issuance
                                                                                                                                                          of
                                                                                                                                                          Underlying
                                                                                                                                                          Shares
                                                                                                                                                          upon
                                                                                                                                                          and
                                                                                                                                                          in
                                                                                                                                                          accordance
                                                                                                                                                          with
                                                                                                                                                          terms
                                                                                                                                                          hereof,
                                                                                                                                                          which
                                                                                                                                                          default
                                                                                                                                                          continues
                                                                                                                                                          for
                                                                                                                                                          two
                                                                                                                                                          (2)
                                                                                                                                                          Business
                                                                                                                                                          Days
                                                                                                                                                          after
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          has
                                                                                                                                                          received
                                                                                                                                                          notice
                                                                                                                                                          informing
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          that
                                                                                                                                                          it
                                                                                                                                                          has
                                                                                                                                                          failed
                                                                                                                                                          to
                                                                                                                                                          issue
                                                                                                                                                          shares
                                                                                                                                                          or
                                                                                                                                                          deliver
                                                                                                                                                          stock
                                                                                                                                                          certificates
                                                                                                                                                          within
                                                                                                                                                          the
                                                                                                                                                          second
                                                                                                                                                          (2nd
                                                                                                                                                          )
                                                                                                                                                          day
                                                                                                                                                          following
                                                                                                                                                          the
                                                                                                                                                          Conversion
                                                                                                                                                          Date;
                                                                                                                                                          (iv)
                                                                                                                                                          any
                                                                                                                                                          default
                                                                                                                                                          after
                                                                                                                                                          any
                                                                                                                                                          cure
                                                                                                                                                          period
                                                                                                                                                          under,
                                                                                                                                                          or
                                                                                                                                                          acceleration
                                                                                                                                                          prior
                                                                                                                                                          to
                                                                                                                                                          maturity
                                                                                                                                                          of,
                                                                                                                                                          any
                                                                                                                                                          mortgage,
                                                                                                                                                          indenture
                                                                                                                                                          or
                                                                                                                                                          instrument
                                                                                                                                                          under
                                                                                                                                                          which
                                                                                                                                                          there
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          issued
                                                                                                                                                          or
                                                                                                                                                          by
                                                                                                                                                          which
                                                                                                                                                          there
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          secured
                                                                                                                                                          or
                                                                                                                                                          evidenced
                                                                                                                                                          any
                                                                                                                                                          indebtedness
                                                                                                                                                          for
                                                                                                                                                          money
                                                                                                                                                          borrowed
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          in
                                                                                                                                                          excess
                                                                                                                                                          of
                                                                                                                                                          $50,000
                                                                                                                                                          or
                                                                                                                                                          for
                                                                                                                                                          money
                                                                                                                                                          borrowed
                                                                                                                                                          the
                                                                                                                                                          repayment
                                                                                                                                                          of
                                                                                                                                                          which
                                                                                                                                                          is
                                                                                                                                                          guaranteed
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          in
                                                                                                                                                          excess
                                                                                                                                                          of
                                                                                                                                                          $50,000,
                                                                                                                                                          whether
                                                                                                                                                          such
                                                                                                                                                          indebtedness
                                                                                                                                                          or
                                                                                                                                                          guarantee
                                                                                                                                                          now
                                                                                                                                                          exists
                                                                                                                                                          or
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          created
                                                                                                                                                          hereafter;
                                                                                                                                                          (v)
                                                                                                                                                          failure
                                                                                                                                                          to
                                                                                                                                                          have
                                                                                                                                                          sufficient
                                                                                                                                                          number
                                                                                                                                                          of
                                                                                                                                                          authorized
                                                                                                                                                          and
                                                                                                                                                          unreserved,
                                                                                                                                                          but
                                                                                                                                                          unissued
                                                                                                                                                          shares
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Company’s
                                                                                                                                                          Common
                                                                                                                                                          Shares
                                                                                                                                                          available
                                                                                                                                                          for
                                                                                                                                                          any
                                                                                                                                                          said
                                                                                                                                                          conversion;
                                                                                                                                                          (vi)
                                                                                                                                                          a
                                                                                                                                                          Bankruptcy
                                                                                                                                                          Event
                                                                                                                                                          (vi)
                                                                                                                                                          the
                                                                                                                                                          consummation
                                                                                                                                                          of
                                                                                                                                                          a
                                                                                                                                                          Change
                                                                                                                                                          in
                                                                                                                                                          Control
                                                                                                                                                          Transaction
                                                                                                                                                          and
                                                                                                                                                          (viii)
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          fails
                                                                                                                                                          to
                                                                                                                                                          use
                                                                                                                                                          the
                                                                                                                                                          proceeds
                                                                                                                                                          of
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          as
                                                                                                                                                          set
                                                                                                                                                          forth
                                                                                                                                                          on
                                                                                                                                                          Exhibit
                                                                                                                                                          D
                                                                                                                                                          hereto,
                                                                                                                                                          or
                                                                                                                                                          which
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          amended
                                                                                                                                                          from
                                                                                                                                                          time
                                                                                                                                                          to
                                                                                                                                                          time
                                                                                                                                                          with
                                                                                                                                                          the
                                                                                                                                                          prior
                                                                                                                                                          written
                                                                                                                                                          consent
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Holder.

 

		(b)	Remedies.
                                                                                                                                                          If
                                                                                                                                                          an
                                                                                                                                                          Event
                                                                                                                                                          of
                                                                                                                                                          Default
                                                                                                                                                          occurs
                                                                                                                                                          and
                                                                                                                                                          is
                                                                                                                                                          continuing
                                                                                                                                                          with
                                                                                                                                                          respect
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          Debenture,
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          may
                                                                                                                                                          declare
                                                                                                                                                          all
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          then
                                                                                                                                                          outstanding
                                                                                                                                                          Principal
                                                                                                                                                          Amount
                                                                                                                                                          of
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          due.
                                                                                                                                                          In
                                                                                                                                                          the
                                                                                                                                                          event
                                                                                                                                                          of
                                                                                                                                                          such
                                                                                                                                                          acceleration,
                                                                                                                                                          the
                                                                                                                                                          amount
                                                                                                                                                          due
                                                                                                                                                          and
                                                                                                                                                          owing
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          100%
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          outstanding
                                                                                                                                                          Principal
                                                                                                                                                          Amount
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Debenture
                                                                                                                                                          held
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          plus
                                                                                                                                                          all
                                                                                                                                                          accrued
                                                                                                                                                          and
                                                                                                                                                          unpaid
                                                                                                                                                          interest,
                                                                                                                                                          fees,
                                                                                                                                                          and
                                                                                                                                                          liquidated
                                                                                                                                                          damages,
                                                                                                                                                          if
                                                                                                                                                          any.
                                                                                                                                                          Additionally,
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          shall
                                                                                                                                                          bear
                                                                                                                                                          interest
                                                                                                                                                          on
                                                                                                                                                          any
                                                                                                                                                          unpaid
                                                                                                                                                          principal
                                                                                                                                                          from
                                                                                                                                                          and
                                                                                                                                                          after
                                                                                                                                                          the
                                                                                                                                                          occurrence
                                                                                                                                                          and
                                                                                                                                                          during
                                                                                                                                                          the
                                                                                                                                                          continuance
                                                                                                                                                          of
                                                                                                                                                          an
                                                                                                                                                          Event
                                                                                                                                                          of
                                                                                                                                                          Default
                                                                                                                                                          at
                                                                                                                                                          the
                                                                                                                                                          Default
                                                                                                                                                          Rate.
                                                                                                                                                          Finally,
                                                                                                                                                          the
                                                                                                                                                          Debenture
                                                                                                                                                          will
                                                                                                                                                          accrue
                                                                                                                                                          liquidated
                                                                                                                                                          damages
                                                                                                                                                          of
                                                                                                                                                          one
                                                                                                                                                          thousand
                                                                                                                                                          dollars
                                                                                                                                                          ($1,000)
                                                                                                                                                          per
                                                                                                                                                          day
                                                                                                                                                          from
                                                                                                                                                          and
                                                                                                                                                          after
                                                                                                                                                          the
                                                                                                                                                          occurrence
                                                                                                                                                          and
                                                                                                                                                          during
                                                                                                                                                          the
                                                                                                                                                          continuance
                                                                                                                                                          of
                                                                                                                                                          an
                                                                                                                                                          Event
                                                                                                                                                          of
                                                                                                                                                          Default
                                                                                                                                                          pursuant
                                                                                                                                                          to
                                                                                                                                                          Article
                                                                                                                                                          II.
                                                                                                                                                          The
                                                                                                                                                          Company
                                                                                                                                                          acknowledges
                                                                                                                                                          that
                                                                                                                                                          it
                                                                                                                                                          would
                                                                                                                                                          be
                                                                                                                                                          extremely
                                                                                                                                                          difficult
                                                                                                                                                          or
                                                                                                                                                          impracticable
                                                                                                                                                          to
                                                                                                                                                          determine
                                                                                                                                                          Holder’s
                                                                                                                                                          actual
                                                                                                                                                          damages
                                                                                                                                                          and
                                                                                                                                                          costs
                                                                                                                                                          resulting
                                                                                                                                                          from
                                                                                                                                                          the
                                                                                                                                                          delay
                                                                                                                                                          in
                                                                                                                                                          making
                                                                                                                                                          delivery
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          unrestricted
                                                                                                                                                          stock
                                                                                                                                                          certificate
                                                                                                                                                          and
                                                                                                                                                          the
                                                                                                                                                          inclusion
                                                                                                                                                          herein
                                                                                                                                                          of
                                                                                                                                                          any
                                                                                                                                                          such
                                                                                                                                                          additional
                                                                                                                                                          amounts
                                                                                                                                                          are
                                                                                                                                                          the
                                                                                                                                                          agreed
                                                                                                                                                          upon
                                                                                                                                                          liquidated
                                                                                                                                                          damages
                                                                                                                                                          representing
                                                                                                                                                          a
                                                                                                                                                          reasonable
                                                                                                                                                          estimate
                                                                                                                                                          of
                                                                                                                                                          those
                                                                                                                                                          damages
                                                                                                                                                          and
                                                                                                                                                          costs
                                                                                                                                                          and
                                                                                                                                                          do
                                                                                                                                                          not
                                                                                                                                                          constitute
                                                                                                                                                          a
                                                                                                                                                          penalty.
                                                                                                                                                          The
                                                                                                                                                          remedies
                                                                                                                                                          under
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          cumulative
                                                                                                                                                          and
                                                                                                                                                          added
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          principal
                                                                                                                                                          value
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Debenture.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 7

    	 

    

 

Article IV. General.

 

		(a)	Payment
                                                                                                                                                          of
                                                                                                                                                          Expenses.
                                                                                                                                                          The
                                                                                                                                                          Company
                                                                                                                                                          agrees
                                                                                                                                                          to
                                                                                                                                                          pay
                                                                                                                                                          all
                                                                                                                                                          reasonable
                                                                                                                                                          charges
                                                                                                                                                          and
                                                                                                                                                          expenses
                                                                                                                                                          up
                                                                                                                                                          not
                                                                                                                                                          exceeding
                                                                                                                                                          $2,000
                                                                                                                                                          USD,
                                                                                                                                                          including
                                                                                                                                                          attorneys’
                                                                                                                                                          fees
                                                                                                                                                          and
                                                                                                                                                          expenses,
                                                                                                                                                          which
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          incurred
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          in
                                                                                                                                                          successfully
                                                                                                                                                          enforcing
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          and/or
                                                                                                                                                          collecting
                                                                                                                                                          any
                                                                                                                                                          amount
                                                                                                                                                          due
                                                                                                                                                          under
                                                                                                                                                          this
                                                                                                                                                          Debenture.

 

		(b)	Savings
                                                                                                                                                          Clause.
                                                                                                                                                          In
                                                                                                                                                          case
                                                                                                                                                          any
                                                                                                                                                          provision
                                                                                                                                                          of
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          is
                                                                                                                                                          held
                                                                                                                                                          by
                                                                                                                                                          a
                                                                                                                                                          court
                                                                                                                                                          of
                                                                                                                                                          competent
                                                                                                                                                          jurisdiction
                                                                                                                                                          to
                                                                                                                                                          be
                                                                                                                                                          excessive
                                                                                                                                                          in
                                                                                                                                                          scope
                                                                                                                                                          or
                                                                                                                                                          otherwise
                                                                                                                                                          invalid
                                                                                                                                                          or
                                                                                                                                                          unenforceable,
                                                                                                                                                          such
                                                                                                                                                          provision
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          adjusted
                                                                                                                                                          rather
                                                                                                                                                          than
                                                                                                                                                          voided,
                                                                                                                                                          if
                                                                                                                                                          possible,
                                                                                                                                                          so
                                                                                                                                                          that
                                                                                                                                                          it
                                                                                                                                                          is
                                                                                                                                                          enforceable
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          maximum
                                                                                                                                                          extent
                                                                                                                                                          possible,
                                                                                                                                                          and
                                                                                                                                                          the
                                                                                                                                                          validity
                                                                                                                                                          and
                                                                                                                                                          enforceability
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          remaining
                                                                                                                                                          provisions
                                                                                                                                                          of
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          will
                                                                                                                                                          not
                                                                                                                                                          in
                                                                                                                                                          any
                                                                                                                                                          way
                                                                                                                                                          be
                                                                                                                                                          affected
                                                                                                                                                          or
                                                                                                                                                          impaired
                                                                                                                                                          thereby.
                                                                                                                                                          In
                                                                                                                                                          no
                                                                                                                                                          event
                                                                                                                                                          shall
                                                                                                                                                          the
                                                                                                                                                          amount
                                                                                                                                                          of
                                                                                                                                                          interest
                                                                                                                                                          paid
                                                                                                                                                          hereunder
                                                                                                                                                          exceed
                                                                                                                                                          the
                                                                                                                                                          maximum
                                                                                                                                                          rate
                                                                                                                                                          of
                                                                                                                                                          interest
                                                                                                                                                          on
                                                                                                                                                          the
                                                                                                                                                          unpaid
                                                                                                                                                          principal
                                                                                                                                                          balance
                                                                                                                                                          hereof
                                                                                                                                                          allowable
                                                                                                                                                          by
                                                                                                                                                          applicable
                                                                                                                                                          law.
                                                                                                                                                          If
                                                                                                                                                          any
                                                                                                                                                          sum
                                                                                                                                                          is
                                                                                                                                                          collected
                                                                                                                                                          in
                                                                                                                                                          excess
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          applicable
                                                                                                                                                          maximum
                                                                                                                                                          rate,
                                                                                                                                                          the
                                                                                                                                                          excess
                                                                                                                                                          collected
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          applied
                                                                                                                                                          to
                                                                                                                                                          reduce
                                                                                                                                                          the
                                                                                                                                                          principal
                                                                                                                                                          debt.
                                                                                                                                                          If
                                                                                                                                                          the
                                                                                                                                                          interest
                                                                                                                                                          actually
                                                                                                                                                          collected
                                                                                                                                                          hereunder
                                                                                                                                                          is
                                                                                                                                                          still
                                                                                                                                                          in
                                                                                                                                                          excess
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          applicable
                                                                                                                                                          maximum
                                                                                                                                                          rate,
                                                                                                                                                          the
                                                                                                                                                          interest
                                                                                                                                                          rate
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          reduced
                                                                                                                                                          so
                                                                                                                                                          as
                                                                                                                                                          not
                                                                                                                                                          to
                                                                                                                                                          exceed
                                                                                                                                                          the
                                                                                                                                                          maximum
                                                                                                                                                          allowable
                                                                                                                                                          under
                                                                                                                                                          law.

 

		(c)	Amendment.
                                                                                                                                                          Neither
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          nor
                                                                                                                                                          any
                                                                                                                                                          term
                                                                                                                                                          hereof
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          amended,
                                                                                                                                                          waived,
                                                                                                                                                          discharged
                                                                                                                                                          or
                                                                                                                                                          terminated
                                                                                                                                                          other
                                                                                                                                                          than
                                                                                                                                                          by
                                                                                                                                                          a
                                                                                                                                                          written
                                                                                                                                                          instrument
                                                                                                                                                          signed
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          and
                                                                                                                                                          the
                                                                                                                                                          Holder.

 

		(d)	Assignment,
                                                                                                                                                          Etc.
                                                                                                                                                          The
                                                                                                                                                          Holder
                                                                                                                                                          may
                                                                                                                                                          assign
                                                                                                                                                          or
                                                                                                                                                          transfer
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          to
                                                                                                                                                          any
                                                                                                                                                          transferee
                                                                                                                                                          only
                                                                                                                                                          with
                                                                                                                                                          the
                                                                                                                                                          prior
                                                                                                                                                          written
                                                                                                                                                          consent
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Company,
                                                                                                                                                          which
                                                                                                                                                          may
                                                                                                                                                          not
                                                                                                                                                          be
                                                                                                                                                          unreasonably
                                                                                                                                                          withheld
                                                                                                                                                          or
                                                                                                                                                          delayed,
                                                                                                                                                          provided
                                                                                                                                                          that
                                                                                                                                                          (i)
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          may
                                                                                                                                                          assign
                                                                                                                                                          or
                                                                                                                                                          transfer
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          to
                                                                                                                                                          any
                                                                                                                                                          of
                                                                                                                                                          such
                                                                                                                                                          Holder’s
                                                                                                                                                          affiliates
                                                                                                                                                          without
                                                                                                                                                          the
                                                                                                                                                          consent
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          and
                                                                                                                                                          (ii)
                                                                                                                                                          upon
                                                                                                                                                          any
                                                                                                                                                          Event
                                                                                                                                                          of
                                                                                                                                                          Default,
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          may
                                                                                                                                                          assign
                                                                                                                                                          or
                                                                                                                                                          transfer
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          without
                                                                                                                                                          the
                                                                                                                                                          consent
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Company.
                                                                                                                                                          The
                                                                                                                                                          Holder
                                                                                                                                                          shall
                                                                                                                                                          notify
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          of
                                                                                                                                                          any
                                                                                                                                                          such
                                                                                                                                                          assignment
                                                                                                                                                          or
                                                                                                                                                          transfer
                                                                                                                                                          promptly.
                                                                                                                                                          This
                                                                                                                                                          Debenture
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          binding
                                                                                                                                                          upon
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          and
                                                                                                                                                          its
                                                                                                                                                          successors
                                                                                                                                                          and
                                                                                                                                                          shall
                                                                                                                                                          inure
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          benefit
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          and
                                                                                                                                                          its
                                                                                                                                                          successors
                                                                                                                                                          and
                                                                                                                                                          permitted
                                                                                                                                                          assigns.

 

		(e)	No
                                                                                                                                                          Waiver.
                                                                                                                                                          No
                                                                                                                                                          failure
                                                                                                                                                          on
                                                                                                                                                          the
                                                                                                                                                          part
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          to
                                                                                                                                                          exercise,
                                                                                                                                                          and
                                                                                                                                                          no
                                                                                                                                                          delay
                                                                                                                                                          in
                                                                                                                                                          exercising
                                                                                                                                                          any
                                                                                                                                                          right,
                                                                                                                                                          remedy
                                                                                                                                                          or
                                                                                                                                                          power
                                                                                                                                                          hereunder
                                                                                                                                                          shall
                                                                                                                                                          operate
                                                                                                                                                          as
                                                                                                                                                          a
                                                                                                                                                          waiver
                                                                                                                                                          thereof,
                                                                                                                                                          nor
                                                                                                                                                          shall
                                                                                                                                                          any
                                                                                                                                                          single
                                                                                                                                                          or
                                                                                                                                                          partial
                                                                                                                                                          exercise
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          of
                                                                                                                                                          any
                                                                                                                                                          right,
                                                                                                                                                          remedy
                                                                                                                                                          or
                                                                                                                                                          power
                                                                                                                                                          hereunder
                                                                                                                                                          preclude
                                                                                                                                                          any
                                                                                                                                                          other
                                                                                                                                                          or
                                                                                                                                                          future
                                                                                                                                                          exercise
                                                                                                                                                          of
                                                                                                                                                          any
                                                                                                                                                          other
                                                                                                                                                          right,
                                                                                                                                                          remedy
                                                                                                                                                          or
                                                                                                                                                          power.
                                                                                                                                                          Each
                                                                                                                                                          and
                                                                                                                                                          every
                                                                                                                                                          right,
                                                                                                                                                          remedy
                                                                                                                                                          or
                                                                                                                                                          power
                                                                                                                                                          hereby
                                                                                                                                                          granted
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          or
                                                                                                                                                          allowed
                                                                                                                                                          it
                                                                                                                                                          by
                                                                                                                                                          law
                                                                                                                                                          or
                                                                                                                                                          other
                                                                                                                                                          agreement
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          cumulative
                                                                                                                                                          and
                                                                                                                                                          not
                                                                                                                                                          exclusive
                                                                                                                                                          of
                                                                                                                                                          any
                                                                                                                                                          other,
                                                                                                                                                          and
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          exercised
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          from
                                                                                                                                                          time
                                                                                                                                                          to
                                                                                                                                                          time.

 

		(f)	Governing
                                                                                                                                                                 Law;
                                                                                                                                                                 Jurisdiction.

 

		(i)	Governing
                                                                                                                                                          Law.
                                                                                                                                                          THIS
                                                                                                                                                          DEBENTURE
                                                                                                                                                          WILL
                                                                                                                                                          BE
                                                                                                                                                          GOVERNED
                                                                                                                                                          BY
                                                                                                                                                          AND
                                                                                                                                                          CONSTRUED
                                                                                                                                                          IN
                                                                                                                                                          ACCORDANCE
                                                                                                                                                          WITH
                                                                                                                                                          THE
                                                                                                                                                          LAWS
                                                                                                                                                          OF
                                                                                                                                                          THE
                                                                                                                                                          STATE
                                                                                                                                                          OF
                                                                                                                                                          NEVADA
                                                                                                                                                          WITHOUT
                                                                                                                                                          REGARD
                                                                                                                                                          TO
                                                                                                                                                          ANY
                                                                                                                                                          CONFLICTS
                                                                                                                                                          OF
                                                                                                                                                          LAWS
                                                                                                                                                          PROVISIONS
                                                                                                                                                          THEREOF
                                                                                                                                                          THAT
                                                                                                                                                          WOULD
                                                                                                                                                          OTHERWISE
                                                                                                                                                          REQUIRE
                                                                                                                                                          THE
                                                                                                                                                          APPLICATION
                                                                                                                                                          OF
                                                                                                                                                          THE
                                                                                                                                                          LAW
                                                                                                                                                          OF
                                                                                                                                                          ANY
                                                                                                                                                          OTHER
                                                                                                                                                          JURISDICTION.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 8

    	 

    

 

		(ii)	Jurisdiction.
                                                                                                                                                           Any
                                                                                                                                                           dispute,
                                                                                                                                                           controversy
                                                                                                                                                           or
                                                                                                                                                           claim
                                                                                                                                                           arising
                                                                                                                                                           out
                                                                                                                                                           of
                                                                                                                                                           or
                                                                                                                                                           in
                                                                                                                                                           any
                                                                                                                                                           way
                                                                                                                                                           relating
                                                                                                                                                           to
                                                                                                                                                           this
                                                                                                                                                           Debenture
                                                                                                                                                           or
                                                                                                                                                           the
                                                                                                                                                           breach,
                                                                                                                                                           termination
                                                                                                                                                           or
                                                                                                                                                           invalidity
                                                                                                                                                           thereof,
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           settled
                                                                                                                                                           in
                                                                                                                                                           arbitration
                                                                                                                                                           in
                                                                                                                                                           accordance
                                                                                                                                                           with
                                                                                                                                                           the
                                                                                                                                                           Arbitration
                                                                                                                                                           Rules
                                                                                                                                                           as
                                                                                                                                                           at
                                                                                                                                                           present
                                                                                                                                                           force
                                                                                                                                                           of
                                                                                                                                                           the
                                                                                                                                                           International
                                                                                                                                                           Arbitration
                                                                                                                                                           Association
                                                                                                                                                           (“IAA”)
                                                                                                                                                           in
                                                                                                                                                           New
                                                                                                                                                           Delhi,
                                                                                                                                                           India.
                                                                                                                                                           IAA
                                                                                                                                                           shall
                                                                                                                                                           designate
                                                                                                                                                           an
                                                                                                                                                           arbitrator
                                                                                                                                                           from
                                                                                                                                                           an
                                                                                                                                                           approved
                                                                                                                                                           list
                                                                                                                                                           of
                                                                                                                                                           arbitrators
                                                                                                                                                           following
                                                                                                                                                           both
                                                                                                                                                           parties’
                                                                                                                                                           review
                                                                                                                                                           and
                                                                                                                                                           deletion
                                                                                                                                                           of
                                                                                                                                                           those
                                                                                                                                                           arbitrators
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           approved
                                                                                                                                                           list
                                                                                                                                                           having
                                                                                                                                                           a
                                                                                                                                                           conflict
                                                                                                                                                           of
                                                                                                                                                           interest
                                                                                                                                                           with
                                                                                                                                                           either
                                                                                                                                                           party.
                                                                                                                                                           Each
                                                                                                                                                           party
                                                                                                                                                           shall
                                                                                                                                                           pay
                                                                                                                                                           its
                                                                                                                                                           own
                                                                                                                                                           expenses
                                                                                                                                                           associated
                                                                                                                                                           with
                                                                                                                                                           such
                                                                                                                                                           arbitration.
                                                                                                                                                           A
                                                                                                                                                           demand
                                                                                                                                                           for
                                                                                                                                                           arbitration
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           made
                                                                                                                                                           within
                                                                                                                                                           a
                                                                                                                                                           reasonable
                                                                                                                                                           time
                                                                                                                                                           after
                                                                                                                                                           the
                                                                                                                                                           claim,
                                                                                                                                                           dispute
                                                                                                                                                           or
                                                                                                                                                           other
                                                                                                                                                           matter
                                                                                                                                                           has
                                                                                                                                                           arisen
                                                                                                                                                           and
                                                                                                                                                           in
                                                                                                                                                           no
                                                                                                                                                           event
                                                                                                                                                           shall
                                                                                                                                                           such
                                                                                                                                                           demand
                                                                                                                                                           be
                                                                                                                                                           made
                                                                                                                                                           after
                                                                                                                                                           the
                                                                                                                                                           date
                                                                                                                                                           when
                                                                                                                                                           institution
                                                                                                                                                           of
                                                                                                                                                           legal
                                                                                                                                                           or
                                                                                                                                                           equitable
                                                                                                                                                           proceedings
                                                                                                                                                           based
                                                                                                                                                           on
                                                                                                                                                           such
                                                                                                                                                           claim,
                                                                                                                                                           dispute
                                                                                                                                                           or
                                                                                                                                                           other
                                                                                                                                                           matter
                                                                                                                                                           in
                                                                                                                                                           question
                                                                                                                                                           would
                                                                                                                                                           be
                                                                                                                                                           barred
                                                                                                                                                           by
                                                                                                                                                           the
                                                                                                                                                           applicable
                                                                                                                                                           statutes
                                                                                                                                                           of
                                                                                                                                                           limitations.
                                                                                                                                                           The
                                                                                                                                                           decision
                                                                                                                                                           of
                                                                                                                                                           the
                                                                                                                                                           arbitrators
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           rendered
                                                                                                                                                           within
                                                                                                                                                           60
                                                                                                                                                           days
                                                                                                                                                           of
                                                                                                                                                           submission
                                                                                                                                                           of
                                                                                                                                                           any
                                                                                                                                                           claim
                                                                                                                                                           or
                                                                                                                                                           dispute,
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           in
                                                                                                                                                           writing
                                                                                                                                                           and
                                                                                                                                                           mailed
                                                                                                                                                           to
                                                                                                                                                           all
                                                                                                                                                           the
                                                                                                                                                           parties
                                                                                                                                                           included
                                                                                                                                                           in
                                                                                                                                                           the
                                                                                                                                                           arbitration.
                                                                                                                                                           The
                                                                                                                                                           decision
                                                                                                                                                           of
                                                                                                                                                           the
                                                                                                                                                           arbitrator
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           binding
                                                                                                                                                           upon
                                                                                                                                                           the
                                                                                                                                                           parties
                                                                                                                                                           and
                                                                                                                                                           judgment
                                                                                                                                                           in
                                                                                                                                                           accordance
                                                                                                                                                           with
                                                                                                                                                           that
                                                                                                                                                           decision.
                                                                                                                                                           The
                                                                                                                                                           Company
                                                                                                                                                           agrees
                                                                                                                                                           that
                                                                                                                                                           the
                                                                                                                                                           service
                                                                                                                                                           of
                                                                                                                                                           process
                                                                                                                                                           upon
                                                                                                                                                           it
                                                                                                                                                           mailed
                                                                                                                                                           by
                                                                                                                                                           certified
                                                                                                                                                           or
                                                                                                                                                           registered
                                                                                                                                                           mail
                                                                                                                                                           (and
                                                                                                                                                           service
                                                                                                                                                           so
                                                                                                                                                           made
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           deemed
                                                                                                                                                           complete
                                                                                                                                                           three
                                                                                                                                                           days
                                                                                                                                                           after
                                                                                                                                                           the
                                                                                                                                                           same
                                                                                                                                                           has
                                                                                                                                                           been
                                                                                                                                                           posted
                                                                                                                                                           as
                                                                                                                                                           aforesaid)
                                                                                                                                                           or
                                                                                                                                                           by
                                                                                                                                                           personal
                                                                                                                                                           service
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           deemed
                                                                                                                                                           in
                                                                                                                                                           every
                                                                                                                                                           respect
                                                                                                                                                           effective
                                                                                                                                                           service
                                                                                                                                                           of
                                                                                                                                                           process
                                                                                                                                                           upon
                                                                                                                                                           it
                                                                                                                                                           in
                                                                                                                                                           any
                                                                                                                                                           such
                                                                                                                                                           suit
                                                                                                                                                           or
                                                                                                                                                           proceeding.
                                                                                                                                                           Nothing
                                                                                                                                                           herein
                                                                                                                                                           shall
                                                                                                                                                           affect
                                                                                                                                                           the
                                                                                                                                                           Holder’s
                                                                                                                                                           right
                                                                                                                                                           to
                                                                                                                                                           serve
                                                                                                                                                           process
                                                                                                                                                           in
                                                                                                                                                           any
                                                                                                                                                           other
                                                                                                                                                           manner
                                                                                                                                                           permitted
                                                                                                                                                           by
                                                                                                                                                           law.
                                                                                                                                                           The
                                                                                                                                                           Company
                                                                                                                                                           agrees
                                                                                                                                                           that
                                                                                                                                                           a
                                                                                                                                                           final
                                                                                                                                                           non-appealable
                                                                                                                                                           judgment
                                                                                                                                                           in
                                                                                                                                                           any
                                                                                                                                                           such
                                                                                                                                                           suit
                                                                                                                                                           or
                                                                                                                                                           proceeding
                                                                                                                                                           shall
                                                                                                                                                           be
                                                                                                                                                           conclusive
                                                                                                                                                           and
                                                                                                                                                           may
                                                                                                                                                           be
                                                                                                                                                           enforced
                                                                                                                                                           in
                                                                                                                                                           other
                                                                                                                                                           jurisdictions
                                                                                                                                                           by
                                                                                                                                                           suit
                                                                                                                                                           on
                                                                                                                                                           such
                                                                                                                                                           judgment
                                                                                                                                                           or
                                                                                                                                                           in
                                                                                                                                                           any
                                                                                                                                                           other
                                                                                                                                                           lawful
                                                                                                                                                           manner.

 

		(g)	NO
                                                                                                                                                          JURY
                                                                                                                                                          TRIAL.
                                                                                                                                                          THE
                                                                                                                                                          COMPANY
                                                                                                                                                          HERETO
                                                                                                                                                          KNOWINGLY
                                                                                                                                                          AND
                                                                                                                                                          VOLUNTARILY
                                                                                                                                                          WAIVES
                                                                                                                                                          ANY
                                                                                                                                                          AND
                                                                                                                                                          ALL
                                                                                                                                                          RIGHTS
                                                                                                                                                          IT
                                                                                                                                                          MAY
                                                                                                                                                          HAVE
                                                                                                                                                          TO
                                                                                                                                                          A
                                                                                                                                                          TRIAL
                                                                                                                                                          BY
                                                                                                                                                          JURY
                                                                                                                                                          WITH
                                                                                                                                                          RESPECT
                                                                                                                                                          TO
                                                                                                                                                          ANY
                                                                                                                                                          LITIGATION
                                                                                                                                                          BASED
                                                                                                                                                          ON,
                                                                                                                                                          OR
                                                                                                                                                          ARISING
                                                                                                                                                          OUT
                                                                                                                                                          OF,
                                                                                                                                                          UNDER,
                                                                                                                                                          OR
                                                                                                                                                          IN
                                                                                                                                                          CONNECTION
                                                                                                                                                          WITH,
                                                                                                                                                          THIS
                                                                                                                                                          DEBENTURE.

 

		(h)	Replacement
                                                                                                                                                          Debentures.
                                                                                                                                                          This
                                                                                                                                                          Debenture
                                                                                                                                                          may
                                                                                                                                                          be
                                                                                                                                                          exchanged
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          at
                                                                                                                                                          any
                                                                                                                                                          time
                                                                                                                                                          and
                                                                                                                                                          from
                                                                                                                                                          time
                                                                                                                                                          to
                                                                                                                                                          time
                                                                                                                                                          for
                                                                                                                                                          a
                                                                                                                                                          Debenture
                                                                                                                                                          or
                                                                                                                                                          Debentures
                                                                                                                                                          with
                                                                                                                                                          different
                                                                                                                                                          denominations
                                                                                                                                                          representing
                                                                                                                                                          an
                                                                                                                                                          equal
                                                                                                                                                          aggregate
                                                                                                                                                          outstanding
                                                                                                                                                          Principal
                                                                                                                                                          Amount,
                                                                                                                                                          as
                                                                                                                                                          reasonably
                                                                                                                                                          requested
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          Holder,
                                                                                                                                                          upon
                                                                                                                                                          surrendering
                                                                                                                                                          the
                                                                                                                                                          same.
                                                                                                                                                          No
                                                                                                                                                          service
                                                                                                                                                          charge
                                                                                                                                                          will
                                                                                                                                                          be
                                                                                                                                                          made
                                                                                                                                                          for
                                                                                                                                                          such
                                                                                                                                                          registration
                                                                                                                                                          or
                                                                                                                                                          exchange.
                                                                                                                                                          In
                                                                                                                                                          the
                                                                                                                                                          event
                                                                                                                                                          that
                                                                                                                                                          Holder
                                                                                                                                                          notifies
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          that
                                                                                                                                                          this
                                                                                                                                                          Debenture
                                                                                                                                                          has
                                                                                                                                                          been
                                                                                                                                                          lost,
                                                                                                                                                          stolen
                                                                                                                                                          or
                                                                                                                                                          destroyed,
                                                                                                                                                          a
                                                                                                                                                          replacement
                                                                                                                                                          Debenture
                                                                                                                                                          identical
                                                                                                                                                          in
                                                                                                                                                          all
                                                                                                                                                          respects
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          original
                                                                                                                                                          Debenture
                                                                                                                                                          (except
                                                                                                                                                          for
                                                                                                                                                          registration
                                                                                                                                                          number
                                                                                                                                                          and
                                                                                                                                                          Principal
                                                                                                                                                          Amount,
                                                                                                                                                          if
                                                                                                                                                          different
                                                                                                                                                          than
                                                                                                                                                          that
                                                                                                                                                          shown
                                                                                                                                                          on
                                                                                                                                                          the
                                                                                                                                                          original
                                                                                                                                                          Debenture),
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          issued
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          Holder,
                                                                                                                                                          provided
                                                                                                                                                          that
                                                                                                                                                          the
                                                                                                                                                          Holder
                                                                                                                                                          executes
                                                                                                                                                          and
                                                                                                                                                          delivers
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          an
                                                                                                                                                          agreement
                                                                                                                                                          reasonably
                                                                                                                                                          satisfactory
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          to
                                                                                                                                                          indemnify
                                                                                                                                                          the
                                                                                                                                                          Company
                                                                                                                                                          from
                                                                                                                                                          any
                                                                                                                                                          loss
                                                                                                                                                          incurred
                                                                                                                                                          by
                                                                                                                                                          it
                                                                                                                                                          in
                                                                                                                                                          connection
                                                                                                                                                          with
                                                                                                                                                          this
                                                                                                                                                          Debenture.
                                                                                                                                                          If
                                                                                                                                                          such
                                                                                                                                                          replacement
                                                                                                                                                          occurs,
                                                                                                                                                          the
                                                                                                                                                          term
                                                                                                                                                          “Debenture”
                                                                                                                                                          as
                                                                                                                                                          used
                                                                                                                                                          herein
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          deemed
                                                                                                                                                          to
                                                                                                                                                          refer
                                                                                                                                                          to
                                                                                                                                                          any
                                                                                                                                                          such
                                                                                                                                                          replacement
                                                                                                                                                          Debenture.

 

		(i)	Notification:
                                                                                                                                                          All
                                                                                                                                                          notices,
                                                                                                                                                          requests,
                                                                                                                                                          consents,
                                                                                                                                                          claims,
                                                                                                                                                          demands,
                                                                                                                                                          waivers
                                                                                                                                                          and
                                                                                                                                                          other
                                                                                                                                                          communications
                                                                                                                                                          hereunder
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          in
                                                                                                                                                          writing
                                                                                                                                                          and
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          deemed
                                                                                                                                                          to
                                                                                                                                                          have
                                                                                                                                                          been
                                                                                                                                                          given
                                                                                                                                                          (a)
                                                                                                                                                          when
                                                                                                                                                          delivered
                                                                                                                                                          by
                                                                                                                                                          hand
                                                                                                                                                          (with
                                                                                                                                                          written
                                                                                                                                                          confirmation
                                                                                                                                                          of
                                                                                                                                                          receipt);
                                                                                                                                                          (b)
                                                                                                                                                          when
                                                                                                                                                          received
                                                                                                                                                          by
                                                                                                                                                          the
                                                                                                                                                          addressee
                                                                                                                                                          if
                                                                                                                                                          sent
                                                                                                                                                          by
                                                                                                                                                          a
                                                                                                                                                          nationally
                                                                                                                                                          recognized
                                                                                                                                                          overnight
                                                                                                                                                          courier
                                                                                                                                                          (receipt
                                                                                                                                                          requested);
                                                                                                                                                          (c)
                                                                                                                                                          on
                                                                                                                                                          the
                                                                                                                                                          date
                                                                                                                                                          sent
                                                                                                                                                          by
                                                                                                                                                          facsimile
                                                                                                                                                          or
                                                                                                                                                          e-mail
                                                                                                                                                          of
                                                                                                                                                          a
                                                                                                                                                          PDF
                                                                                                                                                          document
                                                                                                                                                          (with
                                                                                                                                                          confirmation
                                                                                                                                                          of
                                                                                                                                                          transmission)
                                                                                                                                                          if
                                                                                                                                                          sent
                                                                                                                                                          during
                                                                                                                                                          normal
                                                                                                                                                          business
                                                                                                                                                          hours
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          recipient,
                                                                                                                                                          and
                                                                                                                                                          on
                                                                                                                                                          the
                                                                                                                                                          next
                                                                                                                                                          Business
                                                                                                                                                          Day
                                                                                                                                                          if
                                                                                                                                                          sent
                                                                                                                                                          after
                                                                                                                                                          normal
                                                                                                                                                          business
                                                                                                                                                          hours
                                                                                                                                                          of
                                                                                                                                                          the
                                                                                                                                                          recipient
                                                                                                                                                          or
                                                                                                                                                          (d)
                                                                                                                                                          on
                                                                                                                                                          the
                                                                                                                                                          third
                                                                                                                                                          day
                                                                                                                                                          after
                                                                                                                                                          the
                                                                                                                                                          date
                                                                                                                                                          mailed,
                                                                                                                                                          by
                                                                                                                                                          certified
                                                                                                                                                          or
                                                                                                                                                          registered
                                                                                                                                                          mail,
                                                                                                                                                          return
                                                                                                                                                          receipt
                                                                                                                                                          requested,
                                                                                                                                                          postage
                                                                                                                                                          prepaid.
                                                                                                                                                          Such
                                                                                                                                                          communications
                                                                                                                                                          must
                                                                                                                                                          be
                                                                                                                                                          sent
                                                                                                                                                          to
                                                                                                                                                          the
                                                                                                                                                          respective
                                                                                                                                                          parties
                                                                                                                                                          at
                                                                                                                                                          the
                                                                                                                                                          following
                                                                                                                                                          addresses
                                                                                                                                                          (or
                                                                                                                                                          at
                                                                                                                                                          such
                                                                                                                                                          other
                                                                                                                                                          address
                                                                                                                                                          for
                                                                                                                                                          a
                                                                                                                                                          party
                                                                                                                                                          as
                                                                                                                                                          shall
                                                                                                                                                          be
                                                                                                                                                          specified
                                                                                                                                                          in
                                                                                                                                                          a
                                                                                                                                                          notice):

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 9

    	 

    

 

	If to Company:	 	Regency
                                                                                                 Yamuna Energy Limited

        Regency Complex, River View Road

        Shamsherpur, Paonta Sahib-173 025 (HP)

         

        Telephone: +91-1704-223431, 224431

        Facsimile: +91-1704-222645

        E-mail: aphregency@yahoo.co.in

        Attention: Sh.Arun Sharma

        

	 	 	 
	with a copy to:	 	Sh.
                                                                                     Rajeev Walia (rkwalia7777@gmail.com),

                                                                                     

                                                                                Mobile
                                                                                : +91-9418049977

	 	 	 
	If to older:	 	Pan
                                                                                     Asia Infratech, Corp.

        c/o Pan Global, Corp.

        123 W. Nye Lane, Suite 455

        Carson City, Nevada 89706

        Attention of: Bharat Vasandani

        Telephone: (888) 983-1623

        

	 	 	 
	with a copy to:	 	The
                                                                                     Magri Law Firm, PLLC

        2642 NE 9th Avenue

        Fort Lauderdale, FL 33334

        USA

        Direct: (954) 303-8027

        T: (646) 502-5900

        F: (646) 836-9200

        pmagri@magrilaw.com

        www.magrilaw.com

        Attention:Philip Magri, Esq.

 

		(j)	Liquidation.
                                                                                                                                                                                                                  In
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  event
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  default,
                                                                                                                                                                                                                  insolvency,
                                                                                                                                                                                                                  dissolution,
                                                                                                                                                                                                                  winding
                                                                                                                                                                                                                  up
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                  event
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  have
                                                                                                                                                                                                                  priority
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  liquidation
                                                                                                                                                                                                                  superior
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  indebtedness
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  except
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  secured
                                                                                                                                                                                                                  claims
                                                                                                                                                                                                                  registered
                                                                                                                                                                                                                  prior
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Issuance
                                                                                                                                                                                                                  Date
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  listed
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  Exhibit
                                                                                                                                                                                                                  C.

 

		(k)	Security.
                                                                                                                                                                                                                  Amounts
                                                                                                                                                                                                                  due
                                                                                                                                                                                                                  pursuant
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  secured
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  secondary(residual)
                                                                                                                                                                                                                  charge
                                                                                                                                                                                                                  against
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  assets
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  registered
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  second
                                                                                                                                                                                                                  lien
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  such
                                                                                                                                                                                                                  assets
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  have
                                                                                                                                                                                                                  been
                                                                                                                                                                                                                  pledged
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  senior
                                                                                                                                                                                                                  secured
                                                                                                                                                                                                                  indebtedness
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  first
                                                                                                                                                                                                                  lien
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  assets
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  that
                                                                                                                                                                                                                  have
                                                                                                                                                                                                                  not
                                                                                                                                                                                                                  been
                                                                                                                                                                                                                  so
                                                                                                                                                                                                                  pledged.
                                                                                                                                                                                                                  The
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  take
                                                                                                                                                                                                                  all
                                                                                                                                                                                                                  steps
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  perfect
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  foregoing
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  first
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  second
                                                                                                                                                                                                                  priority
                                                                                                                                                                                                                  liens
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  asses
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  granted
                                                                                                                                                                                                                  by
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  Debenture.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 10

    	 

    

 

		(l)	Information
                                                                                                                                                                                                                  Rights.The
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  entitled
                                                                                                                                                                                                                  so
                                                                                                                                                                                                                  long
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  ConvertibleDebenture
                                                                                                                                                                                                                  remains
                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                  and,
                                                                                                                                                                                                                  if
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  portion
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  this
                                                                                                                                                                                                                  ConvertibleDebenture
                                                                                                                                                                                                                  is
                                                                                                                                                                                                                  converted
                                                                                                                                                                                                                  into
                                                                                                                                                                                                                  common
                                                                                                                                                                                                                  shares
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  so
                                                                                                                                                                                                                  long
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  is
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  shareholder
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  demand
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  receive
                                                                                                                                                                                                                  any
                                                                                                                                                                                                                  information
                                                                                                                                                                                                                  on
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  affairs
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  is
                                                                                                                                                                                                                  available
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Company’s
                                                                                                                                                                                                                  management,
                                                                                                                                                                                                                  other
                                                                                                                                                                                                                  shareholders
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  Board
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Directors
                                                                                                                                                                                                                  including,
                                                                                                                                                                                                                  without
                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  receipt
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  quarterly
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  annual
                                                                                                                                                                                                                  financial
                                                                                                                                                                                                                  reports,
                                                                                                                                                                                                                  reports
                                                                                                                                                                                                                  verbal
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  written
                                                                                                                                                                                                                  addressed
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Board
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Directors,
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  books
                                                                                                                                                                                                                  and
                                                                                                                                                                                                                  records
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  company
                                                                                                                                                                                                                  (minute
                                                                                                                                                                                                                  book,
                                                                                                                                                                                                                  share
                                                                                                                                                                                                                  register,
                                                                                                                                                                                                                  etc.),
                                                                                                                                                                                                                  notification
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  material
                                                                                                                                                                                                                  events;
                                                                                                                                                                                                                  furthermore,
                                                                                                                                                                                                                  Holder
                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                  be
                                                                                                                                                                                                                  permitted
                                                                                                                                                                                                                  to
                                                                                                                                                                                                                  appoint
                                                                                                                                                                                                                  an
                                                                                                                                                                                                                  agent
                                                                                                                                                                                                                  attend
                                                                                                                                                                                                                  meetings
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  the
                                                                                                                                                                                                                  Board
                                                                                                                                                                                                                  of
                                                                                                                                                                                                                  Directors
                                                                                                                                                                                                                  (either
                                                                                                                                                                                                                  in
                                                                                                                                                                                                                  person
                                                                                                                                                                                                                  or
                                                                                                                                                                                                                  via
                                                                                                                                                                                                                  teleconference)
                                                                                                                                                                                                                  as
                                                                                                                                                                                                                  a
                                                                                                                                                                                                                  non-voting
                                                                                                                                                                                                                  observer.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

[SIGNATURE
PAGE TO FOLLOW]

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 11

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Convertible Debenture to be duly executed on the day and in the year first above written.

 

	 	MAKER:
	 	 	 
	 	REGENCY YAMUNA ENERGY LIMITED
    
	 	 	 
	 	By:	/s/
    ARUN SHARMA 
	 	 	 
	 	Name:	Arun Sharma 
	 	 	 
	 	Title:	Director 
	 	 	 
	 	Date:	October 18, 2013
    

 

[RYEL CORPORATE SEAL]

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 12

    	 

    

 

LIST
OF EXHIBITS

 

EXHIBIT A: FORM OF CONVERSION NOTICE

 

EXHIBIT B: CERTIFIED SHARE REGISTER

 

EXHIBIT C: PRIOR SECURED CLAIMS

 

EXHIBIT D: USE OF PROCEEDS

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 13

    	 

    

 

EXHIBIT A

 

FORM OF
CONVERSION NOTICE

 

DATE: ____________________________

 

FROM: ____________________________

 

	Re:	15%Convertible
    Debenture due ____________ (this “Debenture”)
	 	issued
    by Regency Yamuna Energy Limited (the “Company”) to Pan Asia Infratech, Corp. (the “Holder”) on _______________
    2013.

 

The undersigned on behalf of the
Holder hereby elects to convert $_______________________ of the aggregate outstanding Principal Amount (as defined in the Debenture)
indicated below of this Debenture into shares of Common Shares of the Company according to the conditions hereof, as of the date
written below. If any shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer
taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the Holder for any conversion, except for such transfer taxes, if any. The
undersigned represents as of the date hereof that, after giving effect to the conversion of this Debenture pursuant to this Conversion
Notice, the undersigned will not exceed the “Restricted Ownership Percentage” contained in this Debenture.

 

	Conversion
    Information	 
	 	 
	Date of Conversion:	 
	 	 
	Principal Amount
    Converted:	 
	 	 
	Interest Amount
    Converted:	 
	 	 
	Conversion Price:	 
	 	 
	Number of Shares
    to be Issued:	 

 

Holder:

 

	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 14

    	 

    

 

EXHIBIT
B

 

CERTIFIED
SHARE REGISTER

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 15

    	 

    

 

EXHIBIT C

 

PRIOR
SECURED CLAIMS

 

		1.	SBOP
                                                                                                                                                                                                                   Term
                                                                                                                                                                                                                   Loan
                                                                                                                                                                                                                   Credit
                                                                                                                                                                                                                   Facility
                                                                                                                                                                                                                   -
                                                                                                                                                                                                                   –
                                                                                                                                                                                                                   Rs.
                                                                                                                                                                                                                   28.36
                                                                                                                                                                                                                   Cr.

		2.	IFCI
                                                                                                                                                                                                                   Venture
                                                                                                                                                                                                                   Debentures
                                                                                                                                                                                                                   –
                                                                                                                                                                                                                   Rs.
                                                                                                                                                                                                                   3
                                                                                                                                                                                                                   Cr.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 16

    	 

    

 

EXHIBIT D

 

USE
OF PROCEEDS

 

The Company shall use the proceeds
of the Debenture to pay that certain State Bank of Patiala (“SBOP”) loan restructuring fee to enable the Company
to reduce the interest on the SBOP Term Loan Credit Facility from 13% (thirteen percent) to 11% (eleven percent); to extend the
amortization terms on the SBOP Term Loan Credit Facility; and to increase the permitted borrowing limit under the SBOP Term Loan
Credit Facility to Rs. 28.36 Cr. Upon return of such fee (via the increase in the permitted borrowing limit of the restructured
SBOP Term Loan Credit Facility, the Company shall apply these funds towards completion its construction of the Project.

 

    	15% CONVERTIBLE DEBENTURE -- RYEL’s Initials: ______	Page 17EXHIBIT 10.3

 

STOCKHOLDERS
AGREEMENT

 

by and among

 

REGENCY
YAMUNA ENERGY LIMITED

(“RYEL”
or the “Company”)

 

Mr.
ARUN SHARMA

(the
“Promoter”)

 

The
RYEL Stockholders

(the
“Stockholders”)

 

AND

 

PAN
ASIA INFRATECH CORP.

(The “Investor”)

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE I DEFINITIONS	 	1
	 	 	 
	Section 1.01 Definitions.	 	1
	 	 	 
	ARTICLE II MANAGEMENT	 	8
	 	 	 
	Section 2.01 Board Composition.	 	8
	 	 	 
	Section 2.02 Removal; Resignation; Vacancies.	 	9
	 	 	 
	Section 2.03 Meetings of the Board of Directors.	 	10
	 	 	 
	Section 2.04 Compensation; No Employment.		10
	 	 	 
	Section 2.05 Committees.	 	11
	 	 	 
	ARTICLE III PRE-EMPTIVE RIGHTS	 	11
	 	 	 
	Section 3.01 Pre-emptive Right.	 	11
	 	 	 
	ARTICLE IV TRANSFER	 	13
	 	 	 
	Section 4.01 General Restrictions on Transfer.	 	13
	 	 	 
	Section 4.02 Permitted Transfers.	 	14
	 	 	 
	Section 4.03 Right of First Refusal.	 	15
	 	 	 
	Section 4.04 Tag-along Right.	 	19
	 	 	 
	ARTICLE V COVENANTS	 	22
	 	 	 
	Section 5.01 Financial Statements.	 	23
	 	 	 
	Section 5.02 Inspection Rights.	 	24
	 	 	 
	Section 5.03 Termination.	 	25
	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	 	24
	 	 	 
	Section 6.01 Representations and Warranties
    of the Stockholders.	 	25
	 	 	 
	Section 6.02 Representations and Warranties
    of the Investor.	 	26
	 	 	 
	Section 6.03 Representations and Warranties
    of the Company.	 	27
	 	 	 
	ARTICLE VII MISCELLANEOUS	 	27
	 	 	 
	Section 7.01 Expenses.	 	28
	 	 	 
	Section 7.02 Further Assurances.	 	28

 

    	i

    	 

    

 

	Section 7.03 Notices.	 	29
	 	 	 
	Section 7.04 Headings.	 	29
	 	 	 
	Section 7.05 Severability.	 	29
	 	 	 
	Section 7.06 Entire Agreement.	 	29
	 	 	 
	Section 7.07 Successors and Assigns; Assignment.	 	30
	 	 	 
	Section 7.08 No Third-party Beneficiaries.	 	30
	 	 	 
	Section 7.09 Amendment.	 	30
	 	 	 
	Section 7.10 Waiver.	 	30
	 	 	 
	Section 7.11 Governing Law.	 	30
	 	 	 
	Section 7.12 Waiver of Jury Trial.	 	30
	 	 	 
	Section 7.13 Equitable Remedies.	 	31
	 	 	 
	Section 7.14 Attorneys’ Fees.	 	31
	 	 	 
	Section 7.15 Remedies Cumulative.	 	31
	 	 	 
	Section 7.16 Counterparts.	 	31
	 	 	 
	Section 7.17 Legend.	 	31

 

    	ii

    	 

    

 

STOCKHOLDERS
AGREEMENT

 

This Stockholders
Agreement (as executed and as it may be amended, modified, supplemented or restated from time to time, as provided herein, this
“Agreement”), dated as of the Effective Date, , is entered into among
REGENCY YAMUNA ENERGY LTD., an India corporation (the “RYEL”
or the “Company”), PAN ASIA INFRATECH, CORP., a Nevada corporation (the “Pan Asia”
or the “Investor”), Mr. Arun Sharma (the “Promoter”), and each of the remaining stockholders
of the Company (each and collectively with the Promoter, the “Stockholder” or the “Stockholders”),
and each other Person who after the date hereof acquires securities of the Company and agrees to become a party to, and bound
by, this Agreement by executing a Joinder Agreement.

 

RECITALS

 

WHEREAS,
the Investor has entered into that certain Stock Purchase Agreement (the “Purchase Agreement”)
with the Company, the Promoter and the remaining Stockholders pursuant to which the Investor intends to invest an aggregate of
Rs. 38.75 Cr. in the Company to enable the Company to restructure certain outstanding indebtedness, to fund the completion of
the Project, and to purchase 100% of the outstanding equity of the Company, subject to the terms and conditions set forth in the
Purchase Agreement.

 

WHEREAS,
the Company, Investor and the Stockholders desire to enter into this Agreement to set forth their understanding and agreement
as to the Common Shares of the Company held or to be held by the Investor and the Stockholders, including the voting, tender and
transfer of such shares under the circumstances set forth herein.

 

WHEREAS,
the execution and delivery of this Agreement is a condition to the parties’ obligations under the Purchase Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

Definitions

 

Section
1.01 Definitions. When used in this
Agreement with initial capital letters, the following terms have the meanings specified or referred to in this Section 1.01.
Terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement: 

 

    	Stockholders Agreement	Page 1

    	 

    

 

“Affiliate”
means, with respect to any Person, any other Person who, directly or indirectly (including through one or more intermediaries),
controls, is controlled by, or is under common control with, such Person, including any partner, member, stockholder or other
equity holder of such Person or manager, director, officer or employee of such Person. For purposes of this definition, “control,”
when used with respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the direction of
the management and policies of such Person, whether through ownership of voting securities or partnership or other ownership interests,
by contract or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings.

 

“Agreement”
shall mean this Agreement.

 

“Applicable
Law” means all applicable provisions of (a) constitutions, treaties, statutes, laws (including the common law),
rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority; (b) any consents
or approvals of any Governmental Authority; and (c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments,
awards, decrees of, or agreements with, any Governmental Authority.

 

“Award
Agreements” means a written agreement, contract, certificate or other instrument or document evidencing the terms
and conditions of any individual grant of Stock Options under the Stock Option Plan.

 

“Board”
has the meaning set forth in Section 2.01(a)(i).

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in the City of New Delhi,
India are authorized or required to close.

 

“Capital
Stock” means the authorized series of capital stock or other equity securities of the Company, whether issued
as of or after the date hereof.

 

“Change
of Control” means: (a) the sale of all or substantially all of the consolidated assets of the Company and the
Company Subsidiaries to a Third Party Purchaser; (b) a sale resulting in no less than a majority of the Capital Stock on a Fully
Diluted Basis being held by a Third Party Purchaser; or (c) a merger, consolidation, recapitalization or reorganization of the
Company with or into a Third Party Purchaser that results in the inability of the Stockholders to designate or elect a majority
of the board of directors (or its equivalent) of the resulting entity or its parent company.

 

“Companies
Act” means the Companies Act of 1956, as amended, promulgated by the government of India.

 

    	Stockholders Agreement	Page 2

    	 

    

 

“Company”
has the meaning set forth in the Preamble.

 

“Company
Option Period” has the meaning set forth in Section 4.03(d)(ii).

 

“Company
ROFR Exercise Notice” has the meaning set forth in Section 4.03(d)(ii).

 

“Company
Subsidiary” means a Subsidiary of the Company.

 

“Director”
has the meaning set forth in Section 2.01(a)(i).

 

“Excluded
Issuance” means an issuance or sale of any Capital Stock or Stock Equivalents in connection with: (a) a grant
to any existing or prospective Directors, officers or other employees of the Company or any Company Subsidiary pursuant to the
Stock Option Plan or similar equity-based plans or other compensation agreement; (b) the conversion or exchange of any securities
of the Company into Capital Stock, or the exercise of any warrants or other rights to acquire Capital Stock; (c) any acquisition
by the Company or any Company Subsidiary of any equity interests, assets, properties or business of any Person; (d) any merger,
consolidation or other business combination involving the Company or any Company Subsidiary; (e) the commencement of any Public
Offering or any transaction or series of related transactions involving a Change of Control; (f) any subdivision of Capital Stock
(by a split of Capital Stock or otherwise), payment of stock dividend, reclassification, reorganization or any similar recapitalization;
(g) any private placement of warrants to purchase Capital Stock to lenders or other institutional investors (excluding the Stockholders)
in any arm’s length transaction in which such lenders or investors provide debt financing to the Company or any Company
Subsidiary; (h) a joint venture, strategic alliance or other commercial relationship with any Person (including Persons that are
customers, suppliers and strategic partners of the Company or any Company Subsidiary) relating to the operation of the Company’s
or any Company Subsidiary’s business and not for the primary purpose of raising equity capital; or (i) any office lease
or equipment lease or similar equipment financing transaction in which the Company or any Company Subsidiary obtains from a lessor
or vendor the use of such office space or equipment for its business.

 

“Fair
Market Value” of any asset as of any date means the purchase price that a willing buyer having all relevant knowledge
would pay a willing seller for such asset in an arm’s length transaction, as determined in good faith by the Board based
on such factors as the Board, in the exercise of its reasonable business judgment, considers relevant.

 

“Family
Members” has the meaning set forth in Section 4.02(b).

 

    	Stockholders Agreement	Page 3

    	 

    

 

“Fiscal
Year” means the calendar year, unless the Company is required to have a taxable year other than the calendar
year, in which case Fiscal Year shall be the period that conforms to its taxable year.

 

“Fully
Diluted Basis” means, as of any date of determination: (a) with respect to all Capital Stock, all issued and
outstanding Capital Stock of the Company and all Capital Stock issuable upon the exercise or conversion of any outstanding Stock
Equivalents as of such date, whether or not such Stock Equivalent is at the time exercisable or convertible; or (b) with respect
to any specified type, class or series of Capital Stock, all issued and outstanding shares of Capital Stock designated as such
type, class or series and all such designated shares of Capital Stock issuable upon the conversion or exercise of any outstanding
Stock Equivalents as of such date, whether or not such Stock Equivalent is at the time exercisable or convertible.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency
or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or
with any Governmental Authority.

 

“Investor
Director” has the meaning set forth in Section 2.01(a)(ii).

 

“Issuance
Notice” has the meaning set forth in Section 3.01(b).

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected
to become, individually or in the aggregate, materially adverse to the business, results of operations, condition (financial or
otherwise) or assets of the Company, provided, however, that “Material Adverse Effect” shall not include any
event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i) general economic
or political conditions; (ii) conditions generally affecting the industries in which the Company operates; (iii) any changes in
financial or securities markets in general; (iv) acts of war (whether or not declared), armed hostilities or terrorism, or the
escalation or worsening thereof; (v) any action required or permitted by this Agreement, (vi) any changes in applicable Laws or
accounting rules, including Section 3(c) of Section 211 of the Companies Act ; or (vii) the public announcement, pendency or completion
of the transactions contemplated by this Agreement; provided further, however, that any event, occurrence, fact, condition
or change referred to in clauses (i) through (iv) immediately above shall be taken into account in determining whether a Material
Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition
or change has a disproportionate effect on the Company compared to other participants in the industries in which the Company conducts
its businesses.

 

    	Stockholders Agreement	Page 4

    	 

    

 

“New
Securities” means any authorized but unissued Shares or any Stock Equivalents.

 

“Offered
Stock” has the meaning set forth in Section 4.03(a).

 

“Offering
Stockholder” has the meaning set forth in Section 4.03(a).

 

“Operational
Budget” means financial projections estimating the Company’s revenues, expenses, balances sheet and cash flows,
prepared in GAAP format.

 

“Permitted
Transfer” means a Transfer of Capital Stock or Stock Equivalents carried out pursuant to Section 4.02.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.

 

“Pre-emptive
Acceptance Notice” has the meaning set forth in Section 3.01(c).

 

“Pre-emptive
Exercise Period” has the meaning set forth in Section 3.01(c).

 

“Pre-emptive
Pro Rata Portion” means, for any Stockholder as of any particular time, a fraction determined by dividing (a)
the number of shares of Class A Common Stock on a Fully Diluted Basis owned by such Stockholder immediately prior to such time
by (b) the aggregate number of shares of Class A Common Stock on a Fully Diluted Basis owned by all of the Stockholders immediately
prior to such time.

 

“Pre-emptive
Stockholder” has the meaning set forth in Section 3.01(a).

 

“Project”
means the 5.7 MW (4.9 MW allotted) Small Hydro Project at Badyar, India having a valuation of Rs. 67.11 Cr. (the “Project”);

 

“Prospective
Purchaser” has the meaning set forth in Section 3.01(b).

 

“Prospective
Transferee” has the meaning set forth in Section 4.03(a).

 

    	Stockholders Agreement	Page 5

    	 

    

 

“Public
Offering” means any public offering of Capital Stock pursuant to the rules and regulations of the applicable
Governmental Authority.

 

“Qualified
Stockholder” has the meaning set forth in Section 5.01.

 

“Related
Agreements” has the meaning set forth in Section 7.06.

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

“ROFR
Notice” has the meaning set forth in Section 4.03(c).

 

“ROFR
Pro Rata Portion” means, for any Applicable ROFR Rightholder and for any particular class or series of Offered
Stock as of any particular time, a fraction determined by dividing (a) the number of Shares (or applicable Stock Equivalents)
on a Fully Diluted Basis of the applicable class or series of Offered Stock owned by such Applicable ROFR Rightholder immediately
prior to such time by (b) the aggregate number of Shares (or applicable Stock Equivalents) on a Fully Diluted Basis of the applicable
class or series of Offered Stock owned by all of the Applicable ROFR Rightholders immediately prior to such time.

 

“ROFR
Rightholders” has the meaning set forth in Section 4.03(a).

 

“Selling
Stockholder” has the meaning set forth in Section 4.04(a).

 

“Shares”
means shares of (a) Common Stock; (b) Preferred Stock; and (c) any other Capital Stock, in each case together with any Stock Equivalents
thereon, purchased, owned or otherwise acquired by a Stockholder as of or after the date hereof, and any securities issued in
respect of any of the foregoing, or in substitution therefor, in connection with any stock split, dividend or combination, or
any reclassification, recapitalization, merger, consolidation, exchange or similar reorganization.

 

“Stock
Equivalents” means any Stock Option and any other security or obligation that is by its terms, directly or indirectly,
convertible into or exchangeable or exercisable for Shares, and any option, warrant or other right to subscribe for, purchase
or acquire Shares or Stock Equivalents (disregarding any restrictions or limitations on the exercise of such rights).

 

“Subsidiary”
means, with respect to any Person, any other Person of which a majority of the outstanding shares or other equity interests having
the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

“Subsidiary
Board” has the meaning set forth in Section 2.01(b).

 

    	Stockholders Agreement	Page 6

    	 

    

 

“Tag-along
Exercise Notice” has the meaning set forth in Section 4.04(d)(i).

 

“Tag-along
Exercise Period” has the meaning set forth in Section 4.04(d)(i).

 

“Tag-along
Notice” has the meaning set forth in Section 4.04(c).

 

“Tag-along
Pro Rata Portion” means, for any Selling Stockholder or Tag-along Stockholder and for any particular class or
series of Tag-along Stock as of any particular time, a fraction determined by dividing (a) the number of Shares (or applicable
Stock Equivalents) on a Fully Diluted Basis of the applicable class or series of Tag-along Stock owned by such Stockholder immediately
prior to such time by (b) the aggregate number of Shares (or applicable Stock Equivalents) on a Fully Diluted Basis of the applicable
class or series of Tag-along Stock owned by the Selling Stockholder and all of the Tag-along Stockholders timely electing to participate
in the applicable Tag-along Sale pursuant to Section 4.04(d)(i) immediately prior to such time.

 

“Tag-along
Sale” has the meaning set forth in Section 4.04(a).

 

“Tag-along
Stock” has the meaning set forth in Section 4.04(a).

 

“Tag-along
Stockholder” has the meaning set forth in Section 4.04(a).

 

“Third
Party Purchaser” means any Person who, immediately prior to the contemplated transaction: (a) does not directly
or indirectly own or have the right to acquire any outstanding Capital Stock (or applicable Stock Equivalents); or (b) is not
a Permitted Transferee of any Person who directly or indirectly owns or has the right to acquire any Capital Stock (or applicable
Stock Equivalents).

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, by operation of law or otherwise, or to enter into any contract, option or other arrangement or understanding
with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any shares of Capital
Stock or Stock Equivalents owned by a Person or any interest (including a beneficial interest) in any Capital Stock or Stock Equivalents
owned by a Person. “Transfer”, when used as a noun, shall have a correlative
meaning.

 

“Transfer
Offer” has the meaning set forth in Section 4.03(a).

 

“Transferee”
means a recipient of, or proposed recipient of, a Transfer, including a Permitted Transferee or a Prospective Transferee.

 

    	Stockholders Agreement	Page 7

    	 

    

 

Article
II

Management

 

Section
2.01 Board Composition.

 

(a) Board
Composition. Each Stockholder shall vote all voting securities (including all voting Shares) owned by such Stockholder or
over which such Stockholder has voting control, and shall take all other necessary or desirable actions within his, her or its
control (including in his, her or its capacity as a stockholder, director, member of a board committee, officer of the Company
or otherwise), and the Company shall take all necessary or desirable actions within its control, to ensure that:

 

(i) the
number of directors constituting the board of directors of the Company (each a “Director”
and, collectively, the “Board”) is fixed and remains at all times at
four (4) Directors; and

 

(ii) the
following individuals are elected and continue to serve as Directors of the Board:

 

(A) one
(1) individual designated by the Investor (each, an “Investor Director”),
upon the completion of the First Closing or upon the Investor holding not less than 9.7% of the outstanding shares of Capital
Stock of the Company;

 

(B) one
(1) additional Investor Director upon the completion of the Second Closing or upon the Investor owning not less than 33.0% of
the outstanding shares of Capital Stock of the Company; and

 

(C) two
(2) additional Investor Directors, one upon the commencement of the Third Closing and the other upon the completion of the Third
Closing, one of whom shall be the Chief Executive Officer of the Company and shall serve the executive director of the Board (the
“Executive Director”).

 

(iii) 
Upon the addition of each Investor Director, an existing director of the Board shall resign, effective
immediately.

 

(iv) Notwithstanding
the foregoing, in the event the Investor does not purchase 100% of the outstanding Capital Stock of the Company, the Promoter
shall have the right to designate one (1) individual to serve as a Director on the Board, or no less than 25% of the total seats
on the Board.

 

(b) Subsidiary
Board Composition. At all times, the composition of any board of directors of any Company Subsidiary (each, a “Subsidiary
Board”) shall be the same as that of the Board.

 

    	Stockholders Agreement	Page 8

    	 

    

 

Section
2.02 Removal; Resignation; Vacancies.

 

(a) Removal.

 

(i) An
Investor Director may be removed at any time as a Director on the Board (with or without cause) upon, and only upon, the written
request of the Investor. Each other Stockholder shall vote all voting securities (including all voting Shares) owned by such Stockholder
or over which such Stockholder has voting control, and shall take all other necessary or desirable actions within his, her or
its control (including in his, her or its capacity as a stockholder, director, member of a board committee, officer of the Company
or otherwise), and the Company shall take all necessary or desirable actions within its control, to remove or replace from the
Board such Investor Director upon, and only upon, such written request. Except as provided in the preceding sentence, unless the
Investor shall otherwise consent in writing, no other Stockholder shall take any action to cause the removal of an Investor Director.

 

(ii) The
Executive Director shall be removed automatically, without any action by the Board or Stockholders, as a Director on the Board
immediately upon, and only upon, such person’s removal (with or without cause) as the Chief Executive Officer of the Company
in the same manner as the removal of any other officer of the Company, in accordance with the Company’s by-laws or other
applicable organizational documents.

 

(b) Resignation.
A Director may resign at any time from the Board by delivering his written resignation to the Board. Any such resignation
shall be effective upon receipt thereof unless it is specified to be effective at some other time or upon the occurrence of some
other event. The Board’s acceptance of a resignation shall not be necessary to make it effective.

 

(c) Vacancies.

 

(i) In
the event that a vacancy is created on the Board at any time due to the death, disability, retirement, resignation or removal
of an Investor Director, then the Investor shall have the right to designate an individual to fill such vacancy and the Company
and each Stockholder (whether in his, her or its capacity as a stockholder, director, member of a board committee, officer of
the Company or otherwise) hereby agree to take such actions as may be necessary or desirable within his, her or its control (including,
in the case of a Stockholder, by voting all voting securities (including all voting Shares) owned by such Stockholder or over
which such Stockholder has voting control) to ensure the election or appointment of such designee to fill such vacancy on the
Board. In the event that the Investor shall fail to designate in writing a representative to fill a vacant Investor Director position
on the Board, and such failure shall continue for more than thirty (30) days after notice from the Company to the Investor with
respect to such failure, then the vacant position shall be filled by an individual designated by the Investor Directors then in
office; provided, that such individual shall be removed from such position if the Investor so directs and simultaneously
designates a new Investor Director.

 

(ii) If
the Chief Executive Officer of the Company is removed or resigns or is otherwise replaced as an officer of the Company, such person
shall automatically, and without any action by the Board or Stockholders, cease to be a Director, and the Company’s successor
Chief Executive Officer appointed pursuant to the Company’s by-laws or other applicable organizational documents shall automatically
become the Executive Director pursuant to Section 2.01(a).

 

    	Stockholders Agreement	Page 9

    	 

    

 

Section
2.03 Meetings of the Board of Directors.

 

(a) Generally.
The Board shall meet at such time and at such place as the Board may designate. Meetings of the Board may be held either in
person or by means of telephone or video conference or other communications device that permits all Directors participating in
the meeting to hear each other, at the offices of the Company or such other place (either within or outside the State of Delaware)
as may be determined from time to time by the Board. Written notice of each meeting of the Board shall be given to each Director
at least 48 hours prior to each such meeting.

 

(b) Special
Meetings. Special meetings of the Board shall be held on the call of any five Directors upon at least five Business Days’
written notice if the meeting is to be held in person or two Business Day’s written notice if the meeting is to be held
by telephone communications or video conference to the Directors, or upon such shorter notice as may be approved by all the Directors.
Any Director may waive such notice as to himself or herself.

 

(c) Quorum
Requirements. The presence of a majority of Directors, including at least one Investor Director, then in office shall constitute
a quorum. If a quorum is not achieved at any duly called meeting, such meeting may be postponed to a time no earlier than 48 hours
after written notice of such postponement has been given to the Directors.

 

Section
2.04 Compensation; No Employment.

 

(a) Compensation
of Directors. The Company and each Stockholder acknowledges and agrees that:

 

(i) each
Director shall be reimbursed by the Company for his or her reasonable travel and out-of-pocket expenses incurred in the performance
of his or her duties as a Director, including attendance in person at meetings of the Board or the board of any Company Subsidiary
(or any committees thereof), pursuant to such policies as from time to time established by the Board.

 

(ii) Nothing
contained in this Section 2.04 shall be construed to preclude any Director from serving the Company or any Company Subsidiary
in any other capacity and receiving reasonable compensation for such services.

 

(b) No
Right of Employment Conferred. This Agreement does not, and is not intended to, confer upon any Director any rights with respect
to continued employment by the Company, and nothing herein should be construed to have created any employment agreement with any
Director.

 

    	Stockholders Agreement	Page 10

    	 

    

 

Section
2.05 Committees. The Company and each
Stockholder acknowledges and agrees that the Board may, by resolution, designate from among the Directors one or more committees,
each of which shall be comprised of one or more Directors and include one or more Investor Directors. Any such committee, to the
extent provided in the resolution forming such committee, shall have and may exercise the authority of the Board, subject to the
limitations set forth in the Companies Act. The Board may dissolve any committee or remove any member of a committee at any time.

 

Article
III

Pre-emptive
Rights

 

Section
3.01 Pre-emptive Right.

 

(a) Issuance
of New Securities. The Company hereby grants to the Investor (a “Pre-emptive Stockholder”)
a separate right to purchase its Pre-emptive Pro Rata Portion of any New Securities that the Company may from time to time propose
to issue or sell to any party; provided, that the provisions of this Section 3.01 shall not apply to any Excluded
Issuance.

 

(b) Additional
Issuance Notices. The Company shall give written notice (an “Issuance Notice”)
of any proposed issuance or sale of New Securities described in Section 3.01(a) to the Pre-emptive Stockholders within
five (5) Business Days following any meeting of the Board at which any such issuance or sale is approved. The Issuance Notice
shall, if applicable, be accompanied by a written offer from any prospective purchaser seeking to purchase the applicable New
Securities (a “Prospective Purchaser”) and shall set forth the material
terms and conditions of the proposed issuance or sale, including:

 

(i) the
number and description of New Securities proposed to be issued;

 

(ii) the
proposed issuance date, which shall be at least twenty (20) Business Days from the date of the Issuance Notice;

 

(iii) the
proposed purchase price per share of New Securities and all other material terms of the offer or sale; and

 

(iv) if
the consideration to be paid by the Prospective Purchaser includes non-cash consideration, the Fair Market Value thereof.

 

The Issuance Notice shall also
be accompanied by a current copy of a capitalization table or other stockholders ledger of the Company indicating the Pre-emptive
Stockholder’s holdings of Capital Stock in a manner that enables each Pre-emptive Stockholder to calculate its Pre-emptive
Pro Rata Portion of any New Securities.

 

    	Stockholders Agreement	Page 11

    	 

    

 

(c) Exercise
of Pre-emptive Rights. The Pre-emptive Stockholder shall for a period of ten (10) Business Days following the receipt of an
Issuance Notice (the “Pre-emptive Exercise Period”) have the right to
elect irrevocably to purchase all or any portion of its Pre-emptive Pro Rata Portion of any New Securities on the terms and conditions,
including the purchase price, set forth in the Issuance Notice by delivering a written notice to the Company (a “Pre-emptive
Acceptance Notice”) specifying the number of New Securities it desires to purchase up to its Pre-emptive Pro
Rata Portion. The delivery of a Pre-emptive Acceptance Notice by a Pre-emptive Stockholder shall be a binding and irrevocable
offer by such Stockholder to purchase the New Securities described therein. The failure of a Pre-emptive Stockholder to deliver
a Pre-emptive Acceptance Notice by the end of the Pre-emptive Exercise Period shall constitute a waiver of its rights under this
Section 3.01(c) with respect to the purchase of such New Securities, but shall not affect its rights with respect to any
future issuances or sales of New Securities.

 

(d) Sales
to the Prospective Purchaser. Following the expiration of the Pre-emptive Exercise Period and, if applicable, the Company
shall be free to complete the proposed issuance or sale of New Securities described in the Issuance Notice with respect to which
Pre-emptive Stockholders declined to exercise the pre-emptive right set forth in this Section 3.01 on terms no less favorable
to the Company than those set forth in the Issuance Notice (except that the amount of New Securities to be issued or sold by the
Company may be reduced); provided, that: (i) such issuance or sale is closed within twenty (20) Business Day after the
expiration of the Pre-emptive Exercise Period (subject to the extension of such twenty (20) Business Day period for a reasonable
time not to exceed forty (40) Business Days to the extent reasonably necessary to obtain any third-party approvals); and (ii)
for the avoidance of doubt, the price at which the New Securities are sold to the Prospective Purchaser is at least equal to or
higher than the purchase price described in the Issuance Notice. In the event the Company has not sold such New Securities within
such time period, the Company shall not thereafter issue or sell any New Securities without first again offering such securities
to the Pre-emptive Stockholders in accordance with the procedures set forth in this Section 3.01.

 

(e) Closing
of the Issuance. The closing of any purchase by the Pre-emptive Stockholder shall be consummated concurrently with the consummation
of the issuance or sale described in the Issuance Notice. Upon the issuance or sale of any New Securities in accordance with this
Section 3.01, the Company shall deliver the New Securities in certificated form, free and clear of any liens (other than
those arising hereunder and those attributable to the actions of the purchasers thereof), and the Company shall so represent and
warrant to the purchasers thereof, and further represent and warrant to such purchasers that such New Securities shall be, upon
issuance thereof to such purchasers and after payment therefor, duly authorized, validly issued, fully paid and non-assessable.
The Pre-emptive Stockholder shall deliver to the Company the purchase price for the New Securities purchased by it by certified
or bank check or wire transfer of immediately available funds. Each party to the purchase and sale of New Securities shall take
all such other actions as may be reasonably necessary to consummate the purchase and sale including, without limitation, entering
into such additional agreements as may be necessary or appropriate.

 

    	Stockholders Agreement	Page 12

    	 

    

 

Article
IV

Transfer

 

Section
4.01 General Restrictions on Transfer.

 

(a)
Stockholders. Each Stockholder acknowledges and agrees that such Stockholder (or any Permitted Transferee of such Stockholder)
shall not Transfer:

 

(i)
any Capital Stock or related Stock Equivalents without the prior written consent of the Board, except:

 

		(A)	pursuant
                                                                                                                                                                                                                                                                              to
                                                                                                                                                                                                                                                                              Section
                                                                                                                                                                                                                                                                              4.02;
                                                                                                                                                                                                                                                                              
	 	 	 
		(B)	pursuant
                                                                                                                                                                                                                                                    to
                                                                                                                                                                                                                                                    a
                                                                                                                                                                                                                                                    Public
                                                                                                                                                                                                                                                    Offering;
                                                                                                                                                                                                                                                    or
	 	 	 
		(C)	as
                                                                                                                                                                                                                                                    otherwise
                                                                                                                                                                                                                                                    set
                                                                                                                                                                                                                                                    forth
                                                                                                                                                                                                                                                    in
                                                                                                                                                                                                                                                    the
                                                                                                                                                                                                                                                    Incentive
                                                                                                                                                                                                                                                    Plan
                                                                                                                                                                                                                                                    or
                                                                                                                                                                                                                                                    applicable
                                                                                                                                                                                                                                                    Award
                                                                                                                                                                                                                                                    Agreement;
                                                                                                                                                                                                                                                    and

 

In
the event consent is provided by the Board pursuant to this Section 4.01(a) and, in the case of the securities covered
by Section 4.01(a)(i)(C) above, any such Transfer by a Stockholder shall be made only either as permitted pursuant to Section
4.02 or in strict accordance with the restrictions, conditions and procedures described in the other provisions of this Section
4.01 and Section 4.03, as applicable.

 

(b)
Investor Transfer Restrictions. The Investor acknowledges and agrees that the Investor (or any Permitted Transferee of
the Investor) shall not Transfer any Capital Stock or Stock Equivalents except: 

 

(i)
pursuant to a Public Offering; 

 

(ii)
as permitted pursuant to Section 4.02; or

 

(iii)
in strict accordance with the restrictions, conditions and procedures described in the other provisions of this Section 4.01
and Section 4.03, Section 4.04, as applicable.

 

(c)
Other Transfer Restrictions. Notwithstanding any other provision of this Agreement (including Section 4.02), prior
to the consummation of a Public offering, each Stockholder agrees that it will not, directly or indirectly, Transfer any of its
Capital Stock or Stock Equivalents, and the Company agrees that it shall not issue any Capital Stock or Stock Equivalents except
as permitted under the applicable securities laws and then, with respect to a Transfer of Capital Stock or Stock Equivalents,
if requested by the Company, only upon delivery to the Company of a written opinion of counsel in form and substance satisfactory
to the Company.

 

    	Stockholders Agreement	Page 13

    	 

    

 

(d)
Joinder Agreement. Except with respect to any Transfer pursuant to a Public Sale or a Drag-along Sale, no Transfer of Capital
Stock or Stock Equivalents pursuant to any provision of this Agreement shall be deemed completed until the Transferee shall have
entered into a Joinder Agreement.

 

(e)
Transfers in Violation of this Agreement. Any Transfer or attempted Transfer of any Capital Stock or Stock Equivalents
in violation of this Agreement, including any failure of a Transferee, as applicable, to enter into a Joinder Agreement pursuant
to Section 4.01(d) above, shall be null and void, no such Transfer shall be recorded on the Company’s books and the
purported Transferee in any such Transfer shall not be treated (and the Stockholder proposing to make any such Transfer shall
continue be treated) as the owner of such Capital Stock or Stock Equivalents for all purposes of this Agreement.

 

Section
4.02 Permitted Transfers. Subject to Section 4.01 above, including the requirement to enter into a Joinder Agreement
pursuant to Section 4.01(d) above, the provisions of Section 4.03 and Section 4.04 shall not apply to any
of the following Transfers by any Stockholder of any of its Capital Stock or Stock Equivalents:

 

(a)
With respect to the Investor, to any Affiliate of the Investor;

 

(b)
With respect to any Stockholder, to: 

 

(i)
such Stockholder’s spouse, parent, siblings, descendants (including adoptive relationships and stepchildren) and the spouses
of each such natural persons (collectively, “Family Members”);

 

(ii)
a trust under which the distribution of Capital Stock may be made only to such Stockholder and/or any Family Members of such Stockholder;

 

(iii)
a charitable remainder trust, the income from which will be paid only to such Stockholder during his life;

 

(iv)
a corporation, partnership or limited liability company, the stockholders, partners or members of which are only such Stockholder
and/or Family Members of such Stockholder; or

 

(v)
for bona fide estate planning purposes, either by will or by the laws of intestate succession, to such Stockholder’s executors,
administrators, testamentary trustees, legatees or beneficiaries.

 

    	Stockholders Agreement	Page 14

    	 

    

 

Section
4.03 Right of First Refusal.

 

(a)
Offered Stock. At any time prior to the consummation of a Public offering, and subject to the terms and conditions specified
in Section 4.01, Section 4.02, this Section 4.03 and Section 4.04, the Company, first, and
the Investor and each Stockholder holding Capital Stock (collectively with the Investor, the “ROFR
Rightholders”), second, shall have a right of first refusal if any other Stockholder (the “Offering
Stockholder”) receives a bona fide offer from any Person (a “Prospective
Transferee”) that the Offering Stockholder desires to accept (a “Transfer
Offer”) to Transfer all or any portion of any Shares (or applicable Stock Equivalents) it owns (the “Offered
Stock”). Each time an Offering Stockholder receives a Transfer Offer for any Offered Stock from a Prospective
Transferee, the Offering Stockholder shall first make an offering of the Offered Stock to the Company, first, and each
ROFR Rightholder other than the Offering Stockholder (the “Applicable ROFR Rightholders”),
second, all in accordance with the following provisions of this Section 4.03, prior to Transferring such Offered
Stock to the Prospective Transferee. For any particular Transfer Offer, this right of first refusal and the terms and conditions
set forth in this Section 4.03 shall be applied separately on a class-by-class and series-by-series basis for each class
or series of Offered Stock, as applicable (including for purposes of calculating the respective ROFR pro rata portions in Section
4.03(d)) 

 

(b)
Offered Stock Transfer Exceptions. Notwithstanding anything herein to the contrary, the right of first refusal in Section
4.03(a) shall not apply to any Transfer Offer or Transfer of Shares (or applicable Stock Equivalents) that are: 

 

(i)
permitted by and made in accordance with Section 4.02;

 

(ii)
are made by a Tag-along Stockholder upon the exercise of its tag-along right pursuant to Section 4.04 after the Company
and Applicable ROFR Rightholders have declined to exercise their rights in full under this Section 4.03; or

 

(iii)
made pursuant to a Public Offering.

 

(c)
Offer Notice.

 

(i)
The Offering Stockholder shall, within five (5) Business Days of receipt of the Transfer Offer, give written notice (a “ROFR
Notice”) to the Company and each Applicable ROFR Rightholder stating that it has received a Transfer Offer for
the Offered Stock and specifying:

 

		(A)	the
                                                                                                                                                                                                                                                                                                                     class(es)
                                                                                                                                                                                                                                                                                                                     or
                                                                                                                                                                                                                                                                                                                     series
                                                                                                                                                                                                                                                                                                                     and
                                                                                                                                                                                                                                                                                                                     the
                                                                                                                                                                                                                                                                                                                     applicable
                                                                                                                                                                                                                                                                                                                     aggregate
                                                                                                                                                                                                                                                                                                                     number
                                                                                                                                                                                                                                                                                                                     of
                                                                                                                                                                                                                                                                                                                     shares
                                                                                                                                                                                                                                                                                                                     of
                                                                                                                                                                                                                                                                                                                     Offered
                                                                                                                                                                                                                                                                                                                     Stock
                                                                                                                                                                                                                                                                                                                     to
                                                                                                                                                                                                                                                                                                                     be
                                                                                                                                                                                                                                                                                                                     Transferred
                                                                                                                                                                                                                                                                                                                     by
                                                                                                                                                                                                                                                                                                                     the
                                                                                                                                                                                                                                                                                                                     Offering
                                                                                                                                                                                                                                                                                                                     Stockholder;
	 	 	 
		(B)	the
                                                                                                                                                                                                                                                                                           proposed
                                                                                                                                                                                                                                                                                           date,
                                                                                                                                                                                                                                                                                           time
                                                                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                                                                           location
                                                                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           closing
                                                                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           Transfer,
                                                                                                                                                                                                                                                                                           which
                                                                                                                                                                                                                                                                                           shall
                                                                                                                                                                                                                                                                                           not
                                                                                                                                                                                                                                                                                           be
                                                                                                                                                                                                                                                                                           less
                                                                                                                                                                                                                                                                                           than
                                                                                                                                                                                                                                                                                           60
                                                                                                                                                                                                                                                                                           (sixty)
                                                                                                                                                                                                                                                                                           days
                                                                                                                                                                                                                                                                                           from
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           date
                                                                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           ROFR
                                                                                                                                                                                                                                                                                           Notice;
	 	 	 
		(C)	the
                                                                                                                                                                                                                                                                                           purchase
                                                                                                                                                                                                                                                                                           price
                                                                                                                                                                                                                                                                                           per
                                                                                                                                                                                                                                                                                           share
                                                                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                                                                           each
                                                                                                                                                                                                                                                                                           applicable
                                                                                                                                                                                                                                                                                           class
                                                                                                                                                                                                                                                                                           or
                                                                                                                                                                                                                                                                                           series
                                                                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                                                                           Offered
                                                                                                                                                                                                                                                                                           Stock
                                                                                                                                                                                                                                                                                           (which
                                                                                                                                                                                                                                                                                           shall
                                                                                                                                                                                                                                                                                           be
                                                                                                                                                                                                                                                                                           payable
                                                                                                                                                                                                                                                                                           solely
                                                                                                                                                                                                                                                                                           in
                                                                                                                                                                                                                                                                                           cash)
                                                                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           other
                                                                                                                                                                                                                                                                                           material
                                                                                                                                                                                                                                                                                           terms
                                                                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                                                                           conditions
                                                                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           Transfer
                                                                                                                                                                                                                                                                                           Offer;
                                                                                                                                                                                                                                                                                           and
	 	 	 
		(D)	the
                                                                                                                                                                                                                                                                                           name
                                                                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                                                                           Prospective
                                                                                                                                                                                                                                                                                           Transferee
                                                                                                                                                                                                                                                                                           who
                                                                                                                                                                                                                                                                                           has
                                                                                                                                                                                                                                                                                           offered
                                                                                                                                                                                                                                                                                           to
                                                                                                                                                                                                                                                                                           purchase
                                                                                                                                                                                                                                                                                           such
                                                                                                                                                                                                                                                                                           Offered
                                                                                                                                                                                                                                                                                           Stock.

 

    	Stockholders Agreement	Page 15

    	 

    

 

For
the avoidance of doubt, in the event of a Transfer Offer involving more than one class or series of Offered Stock, the Offering
Stockholder may deliver a single ROFR Notice to the Company and each Applicable ROFR Rightholder.

 

(ii)
The ROFR Notice shall constitute the Offering Stockholder’s offer to Transfer all of the Offered Stock to the Company and
the Applicable ROFR Rightholders in accordance with the provisions of this Section 4.03, which offer shall be irrevocable
until the end of the Applicable ROFR Rightholder Option Period described in Section 4.03(d)(iii).

 

(iii)
By delivering the ROFR Notice, the Offering Stockholder represents and warrants to the Company and each Applicable ROFR Rightholder
that:

 

		(A)	the
                                                                                                                                                                                                                                                                              Offering
                                                                                                                                                                                                                                                                              Stockholder
                                                                                                                                                                                                                                                                              has
                                                                                                                                                                                                                                                                              full
                                                                                                                                                                                                                                                                              right,
                                                                                                                                                                                                                                                                              title
                                                                                                                                                                                                                                                                              and
                                                                                                                                                                                                                                                                              interest
                                                                                                                                                                                                                                                                              in
                                                                                                                                                                                                                                                                              and
                                                                                                                                                                                                                                                                              to
                                                                                                                                                                                                                                                                              the
                                                                                                                                                                                                                                                                              Offered
                                                                                                                                                                                                                                                                              Stock
                                                                                                                                                                                                                                                                              described
                                                                                                                                                                                                                                                                              in
                                                                                                                                                                                                                                                                              the
                                                                                                                                                                                                                                                                              ROFR
                                                                                                                                                                                                                                                                              Notice;
	 	 	 
		(B)	the
                                                                                                                                                                                                                                                    Offering
                                                                                                                                                                                                                                                    Stockholder
                                                                                                                                                                                                                                                    has
                                                                                                                                                                                                                                                    all
                                                                                                                                                                                                                                                    the
                                                                                                                                                                                                                                                    necessary
                                                                                                                                                                                                                                                    power
                                                                                                                                                                                                                                                    and
                                                                                                                                                                                                                                                    authority
                                                                                                                                                                                                                                                    and
                                                                                                                                                                                                                                                    has
                                                                                                                                                                                                                                                    taken
                                                                                                                                                                                                                                                    all
                                                                                                                                                                                                                                                    necessary
                                                                                                                                                                                                                                                    action
                                                                                                                                                                                                                                                    to
                                                                                                                                                                                                                                                    Transfer
                                                                                                                                                                                                                                                    the
                                                                                                                                                                                                                                                    Offered
                                                                                                                                                                                                                                                    Stock
                                                                                                                                                                                                                                                    described
                                                                                                                                                                                                                                                    in
                                                                                                                                                                                                                                                    the
                                                                                                                                                                                                                                                    ROFR
                                                                                                                                                                                                                                                    Notice
                                                                                                                                                                                                                                                    as
                                                                                                                                                                                                                                                    contemplated
                                                                                                                                                                                                                                                    by
                                                                                                                                                                                                                                                    this
                                                                                                                                                                                                                                                    Section
                                                                                                                                                                                                                                                    4.03;
                                                                                                                                                                                                                                                    and
	 	 	 
		(C)	the
                                                                                                                                                                                                                                                    Offered
                                                                                                                                                                                                                                                    Stock
                                                                                                                                                                                                                                                    described
                                                                                                                                                                                                                                                    in
                                                                                                                                                                                                                                                    the
                                                                                                                                                                                                                                                    ROFR
                                                                                                                                                                                                                                                    Notice
                                                                                                                                                                                                                                                    is
                                                                                                                                                                                                                                                    free
                                                                                                                                                                                                                                                    and
                                                                                                                                                                                                                                                    clear
                                                                                                                                                                                                                                                    of
                                                                                                                                                                                                                                                    any
                                                                                                                                                                                                                                                    and
                                                                                                                                                                                                                                                    all
                                                                                                                                                                                                                                                    liens
                                                                                                                                                                                                                                                    other
                                                                                                                                                                                                                                                    than
                                                                                                                                                                                                                                                    those
                                                                                                                                                                                                                                                    arising
                                                                                                                                                                                                                                                    as
                                                                                                                                                                                                                                                    a
                                                                                                                                                                                                                                                    result
                                                                                                                                                                                                                                                    of
                                                                                                                                                                                                                                                    or
                                                                                                                                                                                                                                                    under
                                                                                                                                                                                                                                                    the
                                                                                                                                                                                                                                                    terms
                                                                                                                                                                                                                                                    of
                                                                                                                                                                                                                                                    this
                                                                                                                                                                                                                                                    Agreement.

 

(d)
Exercise of Right of First Refusal; Over-Allotment Option.

 

(i)
Upon receipt of the ROFR Notice, the Company and each Applicable ROFR Rightholder shall have the right to purchase the Offered
Stock on the terms and purchase price(s) set forth in the ROFR Notice in the following order of priority: first, the Company
shall have the right to purchase all or any portion of each class or series of Offered Stock in accordance with the procedures
set forth in Section 4.03(d)(ii), and thereafter, the Applicable ROFR Rightholders shall have the right to purchase
all (but not less than all) of their respective ROFR Pro Rata Portions of each class or series of the remaining Offered Stock,
in accordance with the procedures set forth in Section 4.03(d)(iii), to the extent the Company does not exercise its right
in full. Notwithstanding the foregoing, the Company and the Applicable ROFR Rightholders may only exercise their right to purchase
the Offered Stock if, after giving effect to all elections made under this Section 4.03(d), no less than all of each class
or series of Offered Stock will be purchased by the Company and/or the Applicable ROFR Rightholders.

 

(ii)
The initial right of the Company to purchase any Offered Stock shall be exercisable with the delivery of a written notice (the
“Company ROFR Exercise Notice”) by the Company to the Offering Stockholder
and the Applicable ROFR Rightholders within twenty (20) Business Day of receipt of the ROFR Notice (the “Company
Option Period”), stating the applicable number(s) (including where such number is zero) and type(s) of Offered
Stock the Company elects to purchase on the terms and purchase price(s) set forth in the ROFR Notice. The Company ROFR Exercise
Notice shall be binding upon delivery and irrevocable by the Company.

 

    	Stockholders Agreement	Page 16

    	 

    

 

(iii)
If the Company does not elect to purchase all of the Offered Stock, the Applicable ROFR Rightholders shall have the right to purchase
the remaining Offered Stock not elected to be purchased by the Company. For a period of ten (10) Business Days following the receipt
of a Company ROFR Exercise Notice in which the Company has elected to purchase less than all the Offered Stock (such period, the
“Applicable ROFR Rightholder Option Period”), each Applicable ROFR Rightholder
shall have the right to elect to purchase all (but not less than all) of its ROFR Pro Rata Portion of each class or series of
remaining Offered Stock by delivering a written notice to the Company and the Offering Stockholder (an “Applicable
ROFR Rightholder Exercise Notice”) specifying its desire to purchase its ROFR Pro Rata Portion of each class
or series of remaining Offered Stock, on the terms and applicable purchase price(s) set forth in the ROFR Notice. The Applicable
ROFR Rightholder Exercise Notice shall be binding upon delivery and irrevocable by the Applicable ROFR Rightholder.

 

(iv)
If the Applicable ROFR Rightholders pursuant to Section 4.03(d)(iii) do not, in the aggregate, elect to purchase all of
the remaining Offered Stock not purchased by the Company, each Applicable ROFR Rightholder electing pursuant to Section 4.03(d)(iii)
to purchase its entire ROFR Pro Rata Portion of each class or series of remaining Offered Stock (each, an “Exercising
Applicable ROFR Rightholder”) shall have the right to purchase all or any portion of any class or series of remaining
Offered Stock not elected to be purchased by the Company and the Applicable ROFR Rightholders. As promptly as practicable following
the Applicable ROFR Rightholder Exercise Period, the Offering Stockholder shall deliver a written notice to each Exercising Applicable
ROFR Rightholders (an “Exercising Applicable ROFR Rightholder Notice”)
stating the number(s) and type(s) of remaining Offered Stock available for purchase following the Applicable ROFR Rightholder
Exercise Period. For a period of ten (10) Business Days following the receipt of an Exercising Applicable ROFR Rightholder Notice
(such period, the “Exercising Applicable ROFR Rightholder Option Period”),
each Exercising Applicable ROFR Rightholder shall have the right to elect to purchase all or any portion of each class or series
of remaining Offered Stock by delivering a written notice to the Company and the Offering Stockholder (an “Exercising
Applicable ROFR Rightholder Exercise Notice”) specifying the number(s) and type(s) of additional remaining Offered
Stock it desires to purchase on the terms and applicable purchase price(s) set forth in the ROFR Notice. The Exercising Applicable
ROFR Rightholder Exercise Notice shall be binding upon delivery and irrevocable by the Exercising Applicable ROFR Rightholder.

 

(v)
The failure of the Company or any Applicable ROFR Rightholder to deliver a Company ROFR Exercise Notice or an Applicable ROFR
Rightholder Exercise Notice, respectively, by the end of the Company Option Period or the Applicable ROFR Rightholder Option Period,
respectively, shall constitute a waiver of the applicable rights of first refusal under this Section 4.03 with respect
to the Transfer of the Offered Stock, but shall not affect their respective rights with respect to any future Transfers.

 

    	Stockholders Agreement	Page 17

    	 

    

 

(e)
Allocation of Offered Stock. Upon the expiration of the Applicable ROFR Rightholder Option Period or, if applicable, the
expiration of the Exercising Applicable ROFR Rightholder Option Period, each class or series of remaining Offered Stock not selected
for purchase in its entirety by the Company pursuant to Section 4.03(d)(ii) shall be allocated for purchase among the Exercising
Applicable ROFR Rightholders, as follows:

 

(i)
First, to each Exercising Applicable ROFR Rightholder having elected pursuant to Section 4.03(d)(iii) to purchase its entire
ROFR Pro Rata Portion of each class or series of remaining Offered Stock, such Applicable ROFR Rightholder’s ROFR Pro Rata
Portion of each class or series of such remaining Offered Stock; and

 

(ii)
Second, the balance, if any, not allocated under clause (i) above (and not purchased by the Company pursuant to Section 4.03(d)(ii)),
shall be allocated to those Exercising Applicable ROFR Rightholders electing pursuant to Section 4.03(d)(iv) to purchase
a number of remaining Offered Stock exceeding their respective ROFR Pro Rata Portions, in an amount, with respect to each such
Exercising Applicable ROFR Rightholder, that is equal to the lesser of:

 

(A)
the number of such class or series of remaining Offered Stock that such Exercising Applicable ROFR Rightholder elected to purchase
in excess of its applicable ROFR Pro Rata Portion; and

 

(B)
the product of (1) the number of each class or series of remaining Offered Stock not allocated under Section 4.03(e)(i)
(and not purchased by the Company pursuant to Section 4.03(d)(ii)), multiplied by (2) a fraction, the numerator of which
is the number of such class or series of remaining Offered Stock that such Exercising Applicable ROFR Rightholder was permitted
to purchase pursuant to Section 4.03(e)(i), and the denominator of which is the aggregate number of such class or series
of remaining Offered Stock that all Exercising Applicable ROFR Rightholders were permitted to purchase pursuant to Section
4.03(e)(i);

 

provided,
that if following the allocation under this Section 4.03(e)(ii) there are any remaining unallocated shares of and class
or series of remaining Offered Stock, those shares shall be allocated to those Exercising Applicable ROFR Rightholders who have
not yet been allocated their full share election of such class or series made pursuant to Section 4.03(d)(iv) pro rata
based on the number of remaining shares of such class or series elected to be purchased by those Exercising Applicable ROFR Rightholders
until either no Offered Stock of such class or series remain or until such time as all Exercising Applicable ROFR Rightholders
have been permitted to purchase all Offered Stock of such class or series that they elected to purchase.

 

    	Stockholders Agreement	Page 18

    	 

    

 

(f)
Consummation of Sale to the Company and/or Applicable ROFR Rightholders. In the event that the Company and/or the Applicable
ROFR Rightholders shall have, in the aggregate, exercised their respective rights to purchase all and not less than all of the
Offered Stock, then the Offering Stockholder shall sell such Offered Stock to the Company and/or the Applicable ROFR Rightholders,
and the Company and/or the Applicable ROFR Rightholders, as the case may be, shall purchase such Offered Stock, within sixty (60)
days following the expiration of the Applicable ROFR Rightholder Option Period or, if applicable, the Exercising Applicable ROFR
Rightholder Option Period (either of which period may be extended for a reasonable time not to exceed ninety (90) days to the
extent reasonably necessary to obtain required approvals or consents from any Governmental Authority). Each Stockholder shall
take all actions as may be reasonably necessary to consummate the sale contemplated by this Section 4.03(f), including,
without limitation, entering into agreements and delivering certificates and instruments and consents as may be deemed necessary
or appropriate. At the closing of any sale and purchase pursuant to this Section 4.03(f), the Offering Stockholder shall
deliver to the Company and/or the participating Applicable ROFR Rightholders certificates (if any) representing the Offered Stock
to be sold, free and clear of any liens or encumbrances (other than those contained in this Agreement), accompanied by evidence
of transfer and all necessary transfer taxes paid and stamps affixed, if necessary, against receipt of the purchase price therefor
from the Company and/or such Applicable ROFR Rightholders by certified or official bank check or by wire transfer of immediately
available funds.

 

(g)
Sale to Proposed Purchaser. In the event that the Company and/or the Applicable ROFR Rightholders shall not have collectively
elected to purchase all of the Offered Stock, then, provided the Offering Stockholder has also complied with the provisions of
Section 4.04 and Section 4.01, to the extent applicable, the Offering Stockholder may Transfer all of such Offered
Stock, at a price per share for each applicable class or series of Offered Stock not less than that specified in the ROFR Notice
and on other terms and conditions which are not materially more favorable in the aggregate to the Prospective Transferee than
those specified in the ROFR Notice, but only to the extent that such Transfer occurs within ninety (90) days after expiration
of the Applicable ROFR Rightholder Option Period or, if applicable, the Exercising Applicable ROFR Rightholder Option Period.
Any Offered Stock not Transferred within such 90-day period will be subject to the provisions of this Section 4.03 upon
subsequent Transfer.

 

(h)
Termination. This Section 4.03, and the covenants contained herein, shall terminate on the consummation of a Public
offering.

 

    	Stockholders Agreement	Page 19

    	 

    

 

Section
4.04 Tag-along Right.

 

(a)
Participation on Sale of Stock. At any time prior to the consummation of a Public Offering, and subject to the terms and
conditions specified in Section 4.01 and this Section 4.04, if any Stockholder (the “Selling
Stockholder”) proposes to Transfer any of its Shares (or Stock Equivalents) (collectively, the “Tag-along
Stock”) to any Person, each other Stockholder holding shares of Capital Stock (each, a “Tag-along
Stockholder”) shall be permitted to participate in such sale (a “Tag-along
Sale”) on the terms and conditions set forth in this Section 4.04. This participation right and the terms
and conditions set forth in this Section 4.04 shall be applied separately on a class-by-class and series-by-series basis
for each class or series of Tag-along Stock, as applicable.

 

(b)
Tag-along Sale Exceptions. Notwithstanding anything herein to the contrary, the provisions of this Section 4.04
shall not apply to any Transfer of Tag-along Stock that is:

 

(i)
permitted by and made in accordance with Section 4.02;

 

(ii)
made to either the Company or any Applicable ROFR Rightholder pursuant to the exercise of the rights set forth in Section 4.03;
or

 

(iii)
is made pursuant to a Public Offering.

 

(c)
Tag-along Notice. The Selling Stockholder shall deliver to the Company and each other Tag-along Stockholder a written notice
(a “Tag-along Notice”) of the proposed Tag-along Sale within (i) five
(5) Business Days following the expiration of the Applicable ROFR Rightholder Option Period or, if applicable, the Exercising
Applicable ROFR Rightholder Option Period, in the event that the Company and/or the Applicable ROFR Rightholders shall not have,
in the aggregate, exercised their respective rights to purchase all and not less than all of the Offered Stock pursuant to Section
4.03, or (ii) twenty (20) Business Days prior to the consummation of any Tag-along Sale which was not subject to Section
4.03.

 

The
Tag-along Notice shall make reference to the Tag-along Stockholders’ rights hereunder and shall describe in reasonable detail:

(i)
The class(es) or series and applicable aggregate number of Tag-along Stock the Selling Stockholder proposes to Transfer;

 

(ii)
The identity of the prospective Transferee(s);

 

(iii)
The proposed date, time and location of the closing of the Tag-along Sale, which shall not be less than 60 (sixty) days from the
date of the Tag-along Notice;

 

(iv)
The purchase price per share for each applicable class or series of Tag-along Stock (which shall be payable solely in cash) and
the other material terms and conditions of the Transfer; and

 

(v)
A copy of any form of agreement proposed to be executed in connection therewith.

 

    	Stockholders Agreement	Page 20

    	 

    

 

For
the avoidance of doubt, in the event of a Tag-along Sale involving more than one class or series of Tag-along Stock, the Selling
Stockholder may deliver a single Tag-along Notice to the Company and each Tag-along Stockholder.

 

(d)
Exercise of Tag-along Right.

 

(i)
Each Tag-along Stockholder may exercise its right to participate in the Tag-along Sale on the terms described in the Tag-along
Notice by delivering to the Selling Stockholder a written notice (a “Tag-along Exercise
Notice”) stating its election to do so for each class or series of Tag-along Stock included in the Tag-along
Notice no later than ten (10) Business Days after receipt of the Tag-along Notice (the “Tag-along
Exercise Period”). The election of each Tag-along Stockholder set forth in a Tag-along Exercise Notice shall
be irrevocable, and, to the extent the offer in the Tag-along Notice is accepted, such Tag-along Stockholder shall be bound and
obligated to consummate the Transfer on the terms and conditions set forth in this Section 4.04. If one or more Tag-along
Stockholders elects pursuant to a Tag-along Exercise Notice and this Section 4.04(d)(i) to participate in the Tag-along
Sale, the number of each applicable class or series of Tag-along Stock that the Selling Stockholder may sell in the Tag-along
Sale shall be correspondingly reduced in accordance with Section 4.04(d)(ii).

 

(ii)
The Selling Stockholder and each Tag-along Stockholder timely electing to participate in the Tag-along Sale pursuant to Section
4.04(d)(i) shall have the right to Transfer in the Tag-along Sale the number of Shares (or applicable Stock Equivalents) of
each class or series of Tag-along Stock set out in the applicable Tag-along Notice, treated as separate classes for purposes of
this calculation, equal to the product of (A) the aggregate number of shares of the particular class or series of Tag-along Stock,
as the case may be, set out in the applicable Tag-along Notice and (B) such Stockholder’s Tag-along Pro Rata Portion for
the applicable class or series of Tag-along Stock. Any Tag-along Stockholder may elect to sell in the Tag-along Sale less than
the number of Shares (or Stock Equivalents) calculated pursuant to this Section 4.04(d)(ii) for any particular class or
series of Tag-along Stock, in which case the Selling Stockholder shall have the right/the Selling Stockholder and each Tag-along
Stockholder timely electing to sell its full Tag-along Pro Rata Portion of each applicable class or series of Tag-along Stock
in the Tag-along Sale pursuant to this Section 4.04(d)(ii) (each, a “Fully Electing
Tag-along Stockholder”) shall have the right to sell the applicable shares of Tag-along Stock not elected to
be sold by a Tag-along Stockholder.

 

(e)
Waiver. Each Tag-along Stockholder who does not deliver a Tag-along Exercise Notice in compliance with Section 4.04(d)(i)
shall be deemed to have waived all of such Tag-along Stockholder’s rights to participate in the Tag-along Sale with
respect to the Capital Stock (or applicable Stock Equivalents) owned by such Tag-along Stockholder, and the Selling Stockholder
shall (subject to the rights of any other participating Tag-along Stockholder thereafter be free to sell to the prospective Transferee
the Tag-along Stock identified in the Tag-along Notice at a per share price for each class or series of such Tag-along Stock that
is no greater than the applicable per share price set forth in the Tag-along Notice and on other terms and conditions which are
not materially more favorable to the Selling Stockholder than those set forth in the Tag-along Notice, without any further obligation
to the non-accepting Tag-along Stockholders Conditions of Sale.

 

    	Stockholders Agreement	Page 21

    	 

    

 

(i)
Each Stockholder participating in the Tag-along Sale shall receive the same consideration per class or series of Tag-along Stock,
after deduction of such Stockholder’s proportionate share of the related expenses in accordance with Section 4.04(g)
below. In addition, no Transfer of any Tag-along Stock by the Selling Stockholder in the Tag-along Sale shall occur unless
the prospective Transferee simultaneously purchases the Shares (or applicable Stock Equivalents) elected to be sold by the Tag-along
Stockholders pursuant to Section 4.04(d)(i) and if any such Transfer is in violation of this Section 4.04, it shall
be null and void in accordance with the provisions of Section 4.01(e) hereof.

 

(ii)
Each Tag-along Stockholder shall execute the applicable purchase agreement, if any, and shall make or provide the same representations,
warranties, covenants and indemnities as the Selling Stockholder makes or provides in connection with the Tag-along Sale; provided,
that each Tag-along Stockholder shall only be obligated to make representations and warranties that relate specifically to a Stockholder
(as opposed to the Company and its business) with respect to the Tag-along Stockholder’s title to and ownership of the applicable
Shares (or Stock Equivalents), authorization, execution and delivery of relevant documents, enforceability of such documents against
the Tag-along Stockholder, and other similar representations and warranties made by the Selling Stockholder, and shall not be
obligated to make any of the foregoing representations and warranties with respect to any other Stockholder or their Shares (or
Stock Equivalents); provided, further, that all indemnities and other obligations shall be made by the Selling Stockholder
and each Tag-along Stockholder severally and not jointly and severally (A) with respect to breaches of representations, warranties
and covenants made by the Selling Stockholder and the Tag-along Stockholders relating to the Company and its business, if any,
pro rata based on the aggregate consideration received by the Selling Stockholder and each Tag-along Stockholder in the Tag-along
Sale, and (B) in an amount not to exceed for the Selling Stockholder or any Tag-along Stockholder, the aggregate consideration
received by the Selling Stockholder and each such Tag-along Stockholder in connection with the Tag-along Sale, as applicable,
plus the amount of any consideration forfeited by the Selling Stockholder or such Tag-along Stockholder, as applicable,
to which it is entitled but has not yet received (including, without limitation, as a result of an escrow agreement, earn-out
or similar arrangement).

 

(f)
Cooperation. Subject to Section 4.04(e)(ii), each Tag-along Stockholder shall take all actions as may be reasonably
necessary to consummate the Tag-along Sale, including, without limitation, entering into agreements and delivering certificates
and instruments (including stock certificates evidencing the applicable Shares, duly endorsed in blank or accompanied by stock
powers or other instruments of transfer duly executed in blank), in each case, consistent with the agreements being entered into
and the certificates and instruments being delivered by the Selling Stockholder.

 

    	Stockholders Agreement	Page 22

    	 

    

 

(g)
Expenses. The fees and expenses of the Selling Stockholder incurred in connection with a Tag-along Sale and for the benefit
of all Tag-along Stockholders (it being understood that costs incurred by or on behalf of a Selling Stockholder for its sole benefit
will not be considered to be for the benefit of all Tag-along Stockholders), to the extent not paid or reimbursed by the Company
or the prospective Transferee, shall be shared by the Selling Stockholder and all the participating Tag-along Stockholders on
a pro rata basis, based on the aggregate consideration received by each such Stockholder; provided, that no Tag-along Stockholder
shall be obligated to make any out-of-pocket expenditure prior to the consummation of the Tag-along Sale.

 

(h)
Consummation of Sale. Subject to the requirements and conditions of this Section 4.04 and the other applicable provisions
of this Agreement, including Section 4.01 hereof, the Selling Stockholder shall have sixty (60) days following the expiration
of the Tag-along Exercise Period in which to consummate the Tag-along Sale, on terms not more favorable to the Selling Stockholder
than those set forth in the Tag-along Exercise Notice (which 60-day period may be extended for a reasonable time not to exceed
ninety (90) days to the extent reasonably necessary to obtain required approvals or consents from any Governmental Authority).
If at the end of such period the Selling Stockholder has not completed the Tag-along Sale, the Selling Stockholder may not then
effect a Transfer that is subject to this Section 4.04 without again fully complying with the provisions of this Section
4.04. At the closing of the Tag-along Sale, each of the Tag-along Stockholders timely electing to participate in the Tag-along
Sale pursuant to Section 4.04(d)(i) shall enter into the agreements and deliver the certificates and instruments, in each
case, required by Section 4.04(e) and Section 4.04(f) against payment therefor directly to the Tag-along Stockholder
of the portion of the aggregate consideration to which each such Tag-along Stockholder is entitled in the Tag-along Sale in accordance
with the provisions of this Section 4.04.

 

(i)
Termination. This Section 4.04, and the covenants contained herein, shall terminate on the consummation of a Public
Offering.

 

Article
V

Covenants

 

Section
5.01 Financial Statements. The Company shall furnish to each Stockholder holding 1% or more of the issued and outstanding
Capital Stock (each, a “Qualified Stockholder”) the following reports:

 

(a)
Annual Financial Statements. As soon as available, and in any event within one hundred twenty (120) days after the end
of each Fiscal Year, audited consolidated balance sheets of the Company and any Company Subsidiaries as at the end of each such
Fiscal Year and audited consolidated statements of income, cash flows and stockholders’ equity for such Fiscal Year, in
each case setting forth in comparative form the figures for the previous Fiscal Year and for the Budget for such Fiscal Year,
accompanied by the certification of independent certified public accountants of recognized national standing selected by the Board,
certifying to the effect that, except as set forth therein, such financial statements have been prepared in accordance with the
Companies Act, applied on a basis consistent with prior years, and fairly present in all material respects the financial condition
of the Company and Company Subsidiaries as of the dates thereof and the results of their operations and changes in their cash
flows and stockholders’ equity for the periods covered thereby.

 

    	Stockholders Agreement	Page 23

    	 

    

 

(b)
Quarterly Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of each
quarterly accounting period in each Fiscal Year (other than the last fiscal quarter of the Fiscal Year), unaudited consolidated
balance sheets of the Company and Company Subsidiaries as at the end of each such fiscal quarter and for the current Fiscal Year
to date and unaudited consolidated statements of income, cash flows and stockholders’ equity for such fiscal quarter and
for the current Fiscal Year to date, in each case setting forth in comparative form the figures for the corresponding periods
of the previous Fiscal Year and for the Budget for such Fiscal Year, all in reasonable detail and all prepared in accordance with
the Companies Act, consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto), and certified
by the principal financial or accounting officer of the Company.

 

(c)
Accountants’ Reports. As soon as available, and in any event within five (5) Business Days after receipt thereof
by the Company, copies of all audit reports, management letters and all other reports or written work product provided to the
Company by its independent certified public accountants in connection with any annual, interim or special audit of the books or
accounts, financial statements or financial or accounting systems or controls of the Company or any Company Subsidiary. 

 

Section
5.02 Inspection Rights. Upon reasonable notice from a Qualified Stockholder, the Company shall, and shall cause its directors,
officers and employees to, afford each Qualified Stockholder and its Representatives reasonable access during normal business
hours to (i) the Company’s and the Company Subsidiaries’ properties, offices, plants and other facilities, (ii) the
corporate, financial and similar records, reports and documents of the Company and the Company Subsidiaries, including, without
limitation, all books and records, minutes of proceedings, internal management documents, reports of operations, reports of adverse
developments, copies of any management letters and communications with stockholders, and to permit each Qualified Stockholder
and its Representatives to examine such documents and make copies thereof, and (iii) the Company’s and the Company Subsidiaries’
officers, senior employees and public accountants, and to afford each Qualified Stockholder and its Representatives the opportunity
to discuss and advise on the affairs, finances and accounts of the Company and the Company Subsidiaries with their officers, senior
employees and public accountants (and the Company hereby authorizes said accountants to discuss with such Qualified Stockholder
and its Representatives such affairs, finances and accounts).

 

    	Stockholders Agreement	Page 24

    	 

    

 

Section
5.03 Termination. The covenants contained in this Article V shall terminate on the consummation of a Public Offering.

 

Section
5.04 Operating, Capital Expenditure and Capital Budget (the “Operational Budget”) and Payment of Dividends. One
month prior to the COD and subsequently, one month prior to the beginning of any fiscal year, and following any extraordinary
event materially impacting the Company, the Company shall present an operating, capital expenditure and capital budget for the
following two fiscal years (or in the case of and extraordinary event materially impacting the Company, for the balance of the
then current fiscal year and the following fiscal year), which must be approved by the Investor , which approval shall not be
unreasonably withheld. Any dispute regarding such budgets shall be resolved by a meeting held between the Investor and the Promoter.
If any such dispute cannot be resolved by the Investor and Promoter, they shall appoint by mutual consent a third party engineering
consulting firm and other consultants as necessary to prepare a written opinion on the reasonableness of the disputed budget,
which opinion shall be binding on the Directors. Deviations of actual expenditures from budgeted expenditures greater than five
percent (5.0%) shall require the prior written consent of the Investor and the Promoter. The Company shall pay out as dividends
to stockholders its cash resources on a quarterly basis, subject to withholding of such amounts of cash resources as is required
for maintaining prudent working capital levels and meeting the debt and other obligations of the Company as determined under the
Company’s budget setting process.

 

Section
5.05 Business Scope. The Company may not engage in any business other than the operating the Project, nor lend any money or
invest in any other business, nor assume any debt or issue any share capital without the approval of the Investor and the Promoter.

 

Article
VI

Representations
and Warranties

 

Section
6.01 Representations and Warranties of Stockholders. The Promoter and each Stockholder, severally and not jointly, represents
and warrants to the Investor that:

 

(a)
Such Stockholder has full capacity and corporate power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement, the performance
of its obligations hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite
action of such Stockholder. Such Stockholder has duly executed and delivered this Agreement.

 

    	Stockholders Agreement	Page 25

    	 

    

 

(b)
This Agreement constitutes the legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in
accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement
is sought by proceedings in equity or at law). The execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby, require no action by or in respect of, or filing with, any Governmental Authority.

 

(c)
The execution, delivery and performance by such Stockholder of this Agreement and the consummation of the transactions contemplated
hereby do not (i) conflict with or result in any violation or breach of any provision of any agreement to which the Stockholder
is a party, (ii) conflict with or result in any violation or breach of any provision of any Applicable Law which would have a
Material Adverse Effect on the Company; or (iii) require any consent or other action by any Person under any provision of any
material agreement or other instrument to which the Stockholder is a party.

 

(d)
Except for this Agreement, such Stockholder has not entered into or agreed to be bound by any other agreements or arrangements
of any kind with any other party with respect to any Capital Stock or Stock Equivalents of the Company, including agreements or
arrangements with respect to the acquisition or disposition of any such Capital stock or Stock Equivalents or any interest therein
or the voting of any Capital Stock or Stock Equivalents (whether or not such agreements and arrangements are with the Company
or any other Stockholder).

 

(e)
Subject to the other provisions of this Agreement, the representations and warranties contained herein shall survive the date
of this Agreement and shall remain in full force and effect for the full period of all applicable statutes of limitations (giving
effect to any waiver, mitigation or extension thereof).

 

Section
6.02 Representations and Warranties of Investor. The Investor represents and warrants to the Company and Stockholders that:

 

(a)
It is a corporation duly incorporated in and in good standing in the State of Nevada.

 

(b)
It has full capacity and corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder
and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement, the performance of its obligations
hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite action of Investor.
Investor has duly executed and delivered this Agreement. 

 

    	Stockholders Agreement	Page 26

    	 

    

 

(c)
This Agreement constitutes the legal, valid and binding obligation of Investor, enforceable against such Stockholder in accordance
with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law). The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby, require no action by or in respect of, or filing with, any Governmental Authority.

 

(d)
The execution, delivery and performance by Investor of this Agreement and the consummation of the transactions contemplated hereby
do not (i) conflict with or result in any violation or breach of any provision of any agreement to which the Investor is a party,
(ii) conflict with or result in any violation or breach of any provision of any Applicable Law or (iii) require any consent or
other action by any Person under any provision of any material agreement or other instrument to which the Stockholder is a party.

 

(e)
Except for this Agreement, Investor has not entered into or agreed to be bound by any other agreements or arrangements of any
kind with any other party with respect to any Capital Stock or Stock Equivalents of the Company, including agreements or arrangements
with respect to the acquisition or disposition of any such Capital stock or Stock Equivalents or any interest therein or the voting
of any Capital Stock or Stock Equivalents (whether or not such agreements and arrangements are with the Company or any other Stockholder).

 

(f)
Subject to the other provisions of this Agreement, the representations and warranties contained herein shall survive the date
of this Agreement and shall remain in full force and effect for the full period of all applicable statutes of limitations (giving
effect to any waiver, mitigation or extension thereof).

 

Section
6.03 Representations and Warranties of Company. The Company represents and warrants to the Investor that: 

(a)
It is a corporation duly formed in and in good standing in India.

 

(b)
The Company has full capacity and corporate power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement, the performance
of its obligations hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite
action of the Company. The Company has duly executed and delivered this Agreement.

 

(c)
This Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against such Stockholder in accordance
with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law). The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby, require no action by or in respect of, or filing with, any Governmental Authority.

 

    	Stockholders Agreement	Page 27

    	 

    

 

(d)
The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated
hereby do not (i) conflict with or result in any violation or breach of any provision of any agreement to which the Company is
a party, (ii) conflict with or result in any violation or breach of any provision of any Applicable Law or (iii) require any consent
or other action by any Person under any provision of any material agreement or other instrument to which the Company is a party.

 

(e)
Except for this Agreement, the Company has not entered into or agreed to be bound by any other agreements or arrangements of any
kind with any other party with respect to any Capital Stock or Stock Equivalents of the Company, including agreements or arrangements
with respect to the acquisition or disposition of any such Capital stock or Stock Equivalents or any interest therein or the voting
of any Capital Stock or Stock Equivalents (whether or not such agreements and arrangements are with the Investor or any other
Stockholder).

 

(f)
Subject to the other provisions of this Agreement, the representations and warranties contained herein shall survive the date
of this Agreement and shall remain in full force and effect for the full period of all applicable statutes of limitations (giving
effect to any waiver, mitigation or extension thereof).

 

(g)
Subject to the other provisions of this Agreement, the representations and warranties contained herein shall survive the date
of this Agreement and shall remain in full force and effect for the full period of all applicable statutes of limitations (giving
effect to any waiver, mitigation or extension thereof).

 

Article
VII

Miscellaneous

 

Section
7.01 Expenses. Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of
counsel, financial advisors and accountants, incurred in connection with the preparation and execution of this Agreement, or any
amendment or waiver hereof, and the transactions contemplated hereby shall be paid by the investor incurring such costs and expenses.

 

Section
7.02 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, the Company, Investor
and each Stockholder hereby agrees, at the request of the Company, Investor or any other Stockholder, to execute and deliver such
additional documents, instruments, conveyances and assurances and to take such further actions as may be required to carry out
the provisions hereof and give effect to the transactions contemplated hereby.

 

    	Stockholders Agreement	Page 28

    	 

    

 

Section
7.03 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the address on
the stock ledger of the Company (or at such other address for a party as shall be specified in a notice given in accordance with
this Section 7.03).

 

Section
7.04 Headings. The headings in this Agreement are inserted for convenience or reference only and are in no way intended to
describe, interpret, define, or limit the scope, extent or intent of this Agreement or any provision of this Agreement.

 

Section
7.05 Severability. If any term or provision of this Agreement is held to be invalid, illegal or unenforceable under Applicable
Law in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this
Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that
any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that
the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. The parties shall
take all reasonable actions to promptly amend this Agreement to ensure that it complies with Applicable Law, including, but not
limited to, the Companies Act.

 

Section
7.06 Entire Agreement.

 

(a)
This Agreement and any Joinder Agreements executed after the date hereof (collectively, the “Related
Agreements”), constitutes the sole and entire agreement of the parties to this Agreement with respect to the
subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and
warranties, both written and oral, with respect to such subject matter.

 

(b)
In the event of an inconsistency or conflict between the provisions of this Agreement and any provisions of any Related Agreement
with respect to the subject matter herein, the terms of this Agreement shall control.

 

    	Stockholders Agreement	Page 29

    	 

    

 

Section
7.07 Successors and Assigns; Assignment. Subject to the rights and restrictions on Transfers set forth in this Agreement,
this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns. 

 

Section
7.08 No Third-party Beneficiaries. This Agreement is for the sole benefit of the parties hereto (and their respective heirs,
executors, administrators, successors and assigns) and nothing herein, express or implied, is intended to or shall confer upon
any other Person, including any creditor of the Company, any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

 

Section
7.09 Amendment. No provision of this Agreement may be amended or modified except by an instrument in writing executed by the
Company, Investor and Stockholders holding a majority of the issued and outstanding shares of Capital Stock. Any such written
amendment or modification will be binding upon the Company, Investor and each Stockholder.

 

Section
7.10 Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from
this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege. For the avoidance of doubt, nothing contained in this Section 7.10 shall diminish any of the explicit and
implicit waivers described in this Agreement, including in, Section 4.03(d)(v), Section 4.04(e) and Section 7.12
hereof.

 

Section
7.11 Governing Law. All issues and questions concerning the application, construction, validity, interpretation and enforcement
of this Agreement shall be governed by and construed in accordance with the internal laws of the Nevada, without giving effect
to any choice or conflict of law provision or rule (whether of the State of Nevada or any other jurisdiction).

 

Section
7.12 Waiver of Jury Trial. Each party hereto hereby acknowledges and agrees that any controversy which may arise under this
Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally
waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or
the transactions contemplated hereby.

 

    	Stockholders Agreement	Page 30

    	 

    

 

Section
7.13 Equitable Remedies. Each party hereto acknowledges that a breach or threatened breach by such party of any of its obligations
under this Agreement would give rise to irreparable harm to the other parties, for which monetary damages would not be an adequate
remedy, and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, each of
the other parties hereto shall, in addition to any and all other rights and remedies that may be available to them in respect
of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance
and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

 

Section
7.14 Attorneys’ Fees. In the event that any party hereto institutes any legal suit, action or proceeding, including
arbitration, against another party in respect of a matter arising out of or relating to this Agreement, the prevailing party in
the suit, action or proceeding shall be entitled to receive, in addition to all other damages to which it may be entitled, the
costs incurred by such party in conducting the suit, action or proceeding, including reasonable attorneys’ fees and expenses
and court costs.

 

Section
7.15 Remedies Cumulative. The rights and remedies under this Agreement are cumulative and are in addition to and not in substitution
for any other rights and remedies available at law or in equity or otherwise.

 

Section
7.16 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this
Agreement.

 

Section
7.17 Legend. In addition to any other legend required by Applicable Law, all certificates representing issued and outstanding
Capital Stock shall bear a legend substantially in the following form:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A STOCKHOLDERS AGREEMENT AMONG THE COMPANY AND ITS STOCKHOLDERS, A COPY
OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR
OTHER DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS
AGREEMENT.

 

[SIGNATURE
PAGE TO FOLLOW]

 

    	Stockholders Agreement	Page 31

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date written adjacent to their respective signatures.

 

	 	REGENCY
                                                                                                 YAMUNA ENERGY LIMITED

	 	 	 
	 	By	/s/
    Arun Sharma
	 	Name:	Arun
    Sharma
	 	Title:	Director
	 	 	 
	 	Date:	October
    18, 2013
	 	 	
	 	PAN
    ASIA INFRATECH CORP.
	 	 	
	 	By	/s/
    Bharat Vasandani
	 	Name:	Bharat
    Vasandani
	 	Title:	Chairman,
                                                                                     Chief Executive Officer, President,

                                                                                Secretary
                                                                                and Treasurer

	 	 	
	 	Date:	October
    28, 2013

 

	SELLING
    STOCKHOLDER:	 	SIGNATURE:	 	DATE:
	 	 	 	 	 
	 Arun
    Sharma (the “Promoter”)	 	/s/
    Arun Sharma 	 	October
    18, 2013
	 	 	 	 	 
	 Amitabh
    Sharma	 	/s/
    Amitabh Sharma	 	October
    18, 2013
	 	 	 	 	 
	 Sunita
    Sharma	 	/s/
    Sunita Sharma	 	October
    18, 2013
	 	 	 	 	 
	 Abhay
    Sharma	 	/s/
    Abhay Sharma	 	October
    18, 2013
	 	 	 	 	 
	 A.Power
    Himalayas Ltd	By:	/s/
                                                                                     Arun Sharma

        
	 	October
    18, 2013
	 	Title:	Director	 	 
	 	 	 	 	 
	 Charu
    Finvest Consultant Ltd	By:	/s/
                                                                                     Arun Sharma

        
	 	October
    18, 2013
	 	Title:	Director	 	 
	 	 	 	 	 
	 Regency
    Aquaelectro & Motel - Resorts Ltd.	By:	/s/
                                                                                     Arun Sharma

        
	 	October
    18, 2013
	 	Title:	Director	 	 
	 	 	 	 	 
	 Spoxy
    Vyapaar Pvt. Ltd.	By:	/s/
                                                                                     Tarun Sharma

        
	 	October
    18, 2013
	 	Title:	Director	 	 
	 	 	 	 	 
	 Sunrays
    Agencies Pvt. Ltd.	By:	/s/
                                                                                     Arun Sharma

        
	 	October
    18, 2013
	 	Title:	Director	 	 
	 	 	 	 	 
	 Indu
    Jindal	 	/s/
    Indu Jindal	 	October
    18, 2013
	 	 	 	 	 
	 Pavaljeet
    Singh Ruppal	 	/s/
    Pavaljeet Singh Ruppal	 	October
    18, 2013
	 	 	 	 	 
	 Pradeep
    Kaur	 	/s/
    Pradeep Kaur	 	October
    18, 2013
	 	 	 	 	 
	 Himanshu
    Leasefin Co. Pvt. Ltd.	By:	/s/
                                                                                     Sanjay Jindal

        
	 	October
    18, 2013
	 	Title:	Director	 	 
	 	 	 	 	 
	 Sanjay
    Kumar Jindal	 	/s/
    Sanjay Kumar Jindal	 	October
    18, 2013

 

    	Stockholders Agreement	Page 32

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00222-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00222-of-00352.parquet"}]]