Document:

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO
SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED. 

	Warrant No.
      «WarrantNo»  	Number of
      Shares: «NoOfShares»  
	Date of
      Issuance: December 9, 2009  	(subject to
      adjustment)  

MTI MICROFUEL CELLS
INC. 

COMMON STOCK PURCHASE
WARRANT 

     MTI
MicroFuel Cells Inc., a Delaware corporation (the “Company”) hereby certifies that
«Holder», or its registered assigns (the “Registered Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at any time
after December 8, 2010 and on or before the Expiration Date (as defined in
Section 7
below), up to «NoOfShares» shares of Common Stock of the Company, par value
$0.01 (“Common Stock”), at a purchase price of $0.070 per share. The shares
purchasable upon exercise of this Warrant and the purchase price per share, as
adjusted from time to time pursuant to the provisions of this Warrant, are
hereinafter referred to as the “Warrant
Stock” and the “Purchase Price,”
respectively. 

     1.
Exercise. 

          (a) Manner of Exercise.
This Warrant may be exercised by the
Registered Holder, in whole or in part, by surrendering this Warrant, with the
purchase/exercise form appended hereto as Exhibit A duly executed by such
Registered Holder or by such Registered Holder’s duly authorized attorney, at
the principal office of the Company, or at such other office or agency as the
Company may designate, accompanied by payment in full of the Purchase Price
payable in respect of the number of shares of Warrant Stock purchased upon such
exercise. The Purchase Price may be paid by cash, check, wire transfer or by the
surrender of promissory notes or other instruments representing indebtedness of
the Company to the Registered Holder. 

          (b) Effective Time of Exercise. Each exercise of this Warrant shall
be deemed to have been effected immediately prior to the close of business on
the day on which this Warrant shall have been surrendered to the Company as
provided in Section 1(a) above. At such time, the person or persons in whose name or
names any certificates for Warrant Stock shall be issuable upon such exercise as
provided in Section 1(d) below shall be deemed to have become the holder or holders of
record of the Warrant Stock represented by such certificates. 

          (c) Net Issue Exercise.

               (i) In lieu of exercising this Warrant in the manner
provided above in Section 1(a), the
Registered Holder may elect to receive shares equal to the value of this Warrant
(or the portion thereof being canceled) by surrender of this Warrant at the
principal office of the Company together with notice of such election on the
purchase/exercise form appended hereto as Exhibit A duly executed by such
Registered Holder or such Registered Holder’s duly authorized attorney, in which
event the Company shall issue to such Registered Holder a number of shares of
Warrant Stock computed using the following formula: 

	X	   =
        	     	Y (A - B)	 
	  			A	 

	Where	     	X	   =   	The number of shares of
      Warrant Stock to be issued to the Registered Holder. 
	  		  	  	  
	  
	  		Y	   =   	The number of shares of
      Warrant Stock purchasable under this Warrant (at
      the date of such calculation). 
	  		  	  	  
	  
	  		A	   =  	The fair market
      value of one share of Warrant Stock (at the date of such calculation). 
	  		  	  	  
	  
	  		B	   =  	The Purchase Price (as
      adjusted to the date of such
calculation). 

     For purposes of this Section 1(c), the fair
market value of Warrant Stock on the date of calculation shall mean with respect
to each share of Warrant Stock the fair market value of Warrant Stock shall be
at the highest price per share which the Company could obtain on the date of
calculation from a willing buyer (not a current employee or director) for shares
of Warrant Stock sold by the Company, from authorized but unissued shares, as
determined in good faith by the Board of Directors, unless the Company is at
such time subject to an acquisition as described in Section 7(b) below, in which case the
fair market value of Warrant Stock shall be deemed to be the value received by
the holders of such stock pursuant to such acquisition. 

          (d) Delivery to Registered Holder.
As soon as practicable after the exercise of
this Warrant in whole or in part, and in any event within twenty (20) days
thereafter, the Company at its expense will cause to be issued in the name of,
and delivered to, the Registered Holder, or as such Registered Holder (upon
payment by such Registered Holder of any applicable transfer taxes) may direct:

               (i) a certificate or certificates for the number of shares of Warrant Stock
to which such Registered Holder shall be entitled, and 

               (ii) in case such exercise is in part only, a new warrant or warrants (dated
the date hereof) of like tenor, calling in the aggregate on the face or faces
thereof for the number of shares of Warrant Stock equal (without giving effect
to any adjustment therein) to the number of such shares called for on the face
of this Warrant minus the number of such shares purchased by the Registered
Holder upon such exercise as provided in Section 1(a) or 1(c) above. 

2

     2. Adjustments. 

          (a) Stock Splits and Dividends.
If outstanding shares of the Company’s Common
Stock shall be subdivided into a greater number of shares or a dividend in
Common Stock shall be paid in respect of Common Stock, the Purchase Price in
effect immediately prior to such subdivision or at the record date of such
dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced.
If outstanding shares of Common Stock shall be combined into a smaller number of
shares, the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be
proportionately increased. When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Stock purchasable upon the
exercise of this Warrant shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, multiplied by the Purchase Price
in effect immediately prior to such adjustment, by (ii) the Purchase Price in
effect immediately after such adjustment. 

          (b) Reclassification, Etc.
In case there occurs any reclassification or
change of the outstanding securities of the Company or of any reorganization of
the Company (or any other corporation the stock or securities of which are at
the time receivable upon the exercise of this Warrant) or any similar corporate
reorganization on or after the date hereof,
then and in each such case the Registered
Holder, upon the exercise hereof at any time after the consummation of such
reclassification, change, or reorganization shall be entitled to receive, in lieu of the
stock or other securities and property receivable upon the exercise hereof prior
to such consummation, the stock or other securities or property to which such
Registered Holder would have been entitled upon such consummation if such
Registered Holder had exercised this Warrant immediately prior thereto, all
subject to further adjustment pursuant to the provisions of this
Section 2. 

          (c) Adjustment Certificate.
When any adjustment is required to be made in
the Warrant Stock or the Purchase Price pursuant to this Section 2, the
Company shall promptly mail to the Registered Holder a certificate setting forth
(i) a brief statement of the facts requiring such adjustment, (ii) the Purchase
Price after such adjustment and (iii) the kind and amount of stock or other
securities or property into which this Warrant shall be exercisable after such
adjustment. 

     3. Transfers. 

          (a) Unregistered Security. Each holder of this Warrant
acknowledges that this Warrant and the Warrant Stock have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and agrees not to
sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant, any Warrant Stock issued upon its exercise in the absence of (i) an
effective registration statement under the Securities Act as to this Warrant or
such Warrant Stock and registration or qualification of this Warrant or such
Warrant Stock under any applicable U.S. federal or state securities law then in
effect, or (ii) an opinion of counsel, satisfactory to the Company, that such
registration and qualification are not required. Each certificate or other
instrument for Warrant Stock issued upon the exercise of this Warrant shall bear
a legend substantially to the foregoing effect. 

3

          (b) Transferability.
Subject to the provisions of Sections 3(a) and
6 hereof,
this Warrant and all rights hereunder are transferable, in whole or in part,
upon surrender of the Warrant with a properly executed assignment (in the form
of Exhibit B hereto) at the principal office of the Company; provided, however, that this Warrant
may not be transferred in whole or in part without the prior written consent of
the Company. 

          (c) Warrant Register.
The Company will maintain a register
containing the names and addresses of the Registered Holders of this Warrant.
Until any transfer of this Warrant is made in the warrant register, the Company
may treat the Registered Holder of this Warrant as the absolute owner hereof for
all purposes; provided, however, that if this Warrant is properly assigned in blank, the
Company may (but shall not be required to) treat the bearer hereof as the
absolute owner hereof for all purposes, notwithstanding any notice to the
contrary. Any Registered Holder may change such Registered Holder’s address as
shown on the warrant register by written notice to the Company requesting such
change. 

     4. No
Impairment. The Company will not, by amendment of its charter or through
reorganization, consolidation, merger, dissolution, sale of assets or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will (subject to Section 14 below) at all times in good
faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the
Registered Holder against impairment. 

     5.
Representations and Warranties of the
Registered Holder. The Registered Holder hereby
represents and warrants to the Company that: 

          (a) Authorization. The Registered Holder has full power and authority to enter
into this Warrant. The Warrant, when executed and delivered by the Registered
Holder, will constitute a valid and legally binding obligation of the Registered
Holder, enforceable in accordance with its terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, and any other laws of general application affecting enforcement of
creditors’ rights generally, and as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

          (b) Purchase Entirely for Own Account. This Warrant is issued to the
Registered Holder in reliance upon the Registered Holder’s representation to the
Company, which by the Registered Holder’s acceptance of this Warrant, the
Registered Holder hereby confirms, that the Warrant to be acquired by the
Registered Holder and the Warrant Stock (collectively, the “Securities”) will be
acquired for investment for the Registered Holder’s own account, not as a
nominee or agent, and not with a view to the resale or distribution of any part
thereof, and that the Registered Holder has no present intention of selling,
granting any participation in, or otherwise distributing the same. By accepting
this Warrant, the Registered Holder further represents that the Registered
Holder does not presently have any contract, undertaking, agreement or
arrangement with any person to sell, transfer or grant participations to such
person or to any third person, with respect to any of the Securities. The
Registered Holder has not been formed for the specific purpose of acquiring the
Securities. 

4

          (c) Restricted Securities. The Registered Holder understands
that the Securities have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Registered
Holder’s representations as expressed herein. The Registered Holder understands
that the Securities are “restricted securities” under applicable U.S. federal
and state securities laws and that, pursuant to these laws, the Registered
Holder must hold the Securities indefinitely unless they are registered with the Securities
and Exchange Commission and qualified by state authorities, or an exemption from
such registration and qualification requirements is available. The Registered
Holder acknowledges that the Company has no obligation to register or qualify
the Securities for resale. The Registered Holder further acknowledges that if an
exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of
sale, the holding period for the Securities, and on requirements relating to the
Company which are outside of the Registered Holder’s control, and which the
Company is under no obligation and may not be able to satisfy. 

          (d) No Public Market. The Registered Holder understands
that no public market now exists for any of the securities issued by the
Company, and that the Company has made no assurances that a public market will
ever exist for the Securities. 

     6.
Lock-up Agreement. 

          (a) Lock-up Period; Agreement. In connection with the initial
public offering of the Company’s securities and upon request of the Company or
the underwriters managing such offering of the Company’s securities, the
Registered Holder agrees not to sell, make any short sale of, loan, grant any
option for the purchase of, or otherwise dispose of any securities of the
Company (other than those included in the registration) without the prior
written consent of the Company or such underwriters, as the case may be, for
such period of time (such period not to exceed one hundred eighty (180) days, or
such longer period, not to exceed thirty (30) days after the expiration of the
one hundred eighty (180) -day period, as the underwriters of the Company shall
request in order to facilitate compliance with FINRA Rule 5110) from the
effective date of such registration as may be requested by the Company or such
managing underwriters and to execute an agreement reflecting the foregoing as
may be requested by the underwriters at the time of the Company’s initial public
offering. 

          (b) Stop-Transfer Instructions.
In order to enforce the foregoing covenants,
the Company may impose stop-transfer instructions with respect to the securities
of the Registered Holder (and the securities of every other person subject to
the restrictions in Section
6(a)). 

          (c) Transferees Bound. The Registered Holder agrees
that prior
to the Company’s initial public offering it will not transfer securities of the
Company unless each transferee agrees in writing to be bound by all of the
provisions of this Section 6. 

5

     7.
Termination.

          (a) This Warrant (and the right to purchase securities upon exercise hereof)
shall terminate upon the earliest to occur of the following (the
“Expiration Date”): (a) December 8, 2016, (b) the sale, conveyance or disposal
of all or substantially all of the Company’s property or business or the
Company’s merger with or into or consolidation with any other corporation (other
than a wholly-owned subsidiary of the Company) or any other transaction or
series of related transactions in which more than fifty percent (50%) of the
voting power of the Company is disposed of (an “Acquisition”), provided that this
Section 7
shall not apply to a merger effected exclusively for the purpose of changing the
domicile of the Company or to an equity financing in which the Company is the
surviving corporation or to a bona
fide venture capital financing pursuant to
which the Company issues and sells its equity securities, or (c) the closing of
any public offering pursuant to a registration statement under the Securities
Act. 

          (b) Notwithstanding anything to the contrary herein, in the event the Company
consummates an Acquisition prior to the date that this Warrant becomes
exercisable that results in the termination of this Warrant pursuant to Section
7(a) above, the Holder shall be entitled to receive such stock and other
securities and property (including cash) to which such Holder would have been
entitled upon such consummation of an Acquisition if such Holder had so
exercised this Warrant, less the Purchase Price per share of Warrant Stock
hereunder. 

     8.
Notices of Certain
Transactions. In case: 

          (a) the Company shall take a record of the holders of its Common Stock (or
other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any right to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other
right, or 

          (b) of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, any consolidation or merger of the Company with or
into another corporation (other than a consolidation or merger in which the
Company is the surviving entity), or any transfer of all or substantially all of
the assets of the Company, or 

          (c) of the voluntary or involuntary dissolution, liquidation or winding-up of
the Company, or 

          (d) of any redemption of the Common Stock or mandatory conversion of the
Common Stock into Common Stock of the Company, 

then, and in each such case, the
Company will mail or cause to be mailed to the Registered Holder of this Warrant
a notice specifying, as the case may be, (i) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, and stating the
amount and character of such dividend, distribution or right, or (ii) the
effective date on which such reorganization, reclassification, consolidation,
merger, transfer, dissolution, liquidation, winding-up, redemption or conversion
is to take place, and the time, if any is to be fixed, as of which the holders
of record of Common Stock (or such other stock or securities at the time
deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation, winding-up, redemption or conversion) are to
be determined. Such notice shall be mailed at least five (5) days prior to the
record date or effective date for the event specified in such notice.

6

     9. Reservation of Stock.
The Company will at all times reserve and
keep available, solely for the issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant.

     10. Exchange of Warrants. Upon the surrender by the Registered
Holder of any Warrant or Warrants, properly endorsed, to the Company at the
principal office of the Company, the Company will, subject to the provisions of
Section 3
hereof, issue and deliver to or upon the order of such Registered Holder, at the
Company’s expense, a new Warrant or Warrants of like tenor, in the name of such
Registered Holder or as such Registered Holder (upon payment by such Registered
Holder of any applicable transfer taxes) may direct, calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the face or faces of the Warrant or Warrants so surrendered. 

     11. Replacement of Warrants.
Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor. 

     12. No Rights as Stockholder. Until the exercise of this Warrant,
the Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a stockholder of the Company. 

     13. No Fractional Shares.
No fractional shares of Common Stock will be
issued in connection with any exercise hereunder. In lieu of any fractional
shares which would otherwise be issuable, the Company shall pay cash equal to
the product of such fraction multiplied by the fair market value of one share of
Common Stock on the date of exercise, as determined in good faith by the
Company’s Board of Directors. 

     14. Amendment or Waiver.
Any term of this Warrant may be amended or
waived only by an instrument in writing signed by the party against which
enforcement of the amendment or waiver is sought. 

     15. Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant. 

     16. Governing Law. This Warrant shall be governed, construed and interpreted in
accordance with the laws of the State of New York, without giving effect to
principles of conflicts of law. 

     17. Survival. Unless otherwise set forth in this Warrant, the warranties,
representations and covenants of the Company and the Registered Holder or such
Registered Holder's authorized transferee contained in or made pursuant to this
Warrant shall survive the execution and delivery of this
Warrant.

7

     18. Transfer; Successors and Assigns. The terms and conditions of this
Warrant shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Warrant, express or
implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Warrant, except as expressly provided in
this Warrant. 

     19. Counterparts. This Warrant may be executed in two or more counterparts, each
of which shall be deemed an original and all of which together shall constitute
one instrument. 

     20. Attorney’s Fees. If any action at law or in equity
(including arbitration) is necessary to enforce or interpret the terms of any of
this Warrant, the prevailing party shall be entitled to reasonable attorney’s
fees, costs and necessary disbursements in addition to any other relief to which
such party may be entitled. 

     21. Severability. If one or more provisions of this Warrant are held to be
unenforceable under applicable law, the parties agree to renegotiate such
provision in good faith. In the event that the parties cannot reach a mutually
agreeable and enforceable replacement for such provision, then (a) such
provision shall be excluded from this Warrant, (b) the balance of this Warrant
shall be interpreted as if such provision were so excluded and (c) the balance
of this Warrant shall be enforceable in accordance with its terms. 

     22. Delays or Omissions. No delay or omission to exercise any
right, power or remedy accruing to any party under this Warrant, upon any breach
or default of any other party under this Warrant, shall impair any such right,
power or remedy of such non-breaching or non-defaulting party nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor
shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit,
consent or approval of any kind or character on the part of any party of any
breach or default under this Warrant, or any waiver on the part of any party of
any provisions or conditions of this Warrant, must be in writing and shall be
effective only to the extent specifically set forth in such writing. All
remedies, either under this Warrant or by law or otherwise afforded to any
party, shall be cumulative and not alternative. 

     23. Notices. Any notice required or permitted by this Warrant shall be in
writing and shall be deemed sufficient upon delivery, when delivered personally
or by overnight courier or sent by fax, or 48 hours after being deposited in the
U.S. mail, as certified or registered mail, with postage prepaid, addressed to
the party to be notified at such party’s address as set forth on the signature
page, or as subsequently modified by written notice given pursuant to this
Section 23.

     24. Entire Agreement. This Warrant, and the documents
referred to herein constitute the entire agreement between the parties hereto
pertaining to the subject matter hereof, and any and all other written or oral
agreements relating to the subject matter hereof existing between the parties
hereto are expressly canceled.

8

		THE COMPANY:
		   
		MTI MICROFUEL CELLS
  INC.
		  
		By:	 	 
		(Signature)	 
		Name:	 	 
		Title:	 	 
		  
		Address:
		431 New Karner Road
		Albany, NY 12205
		Fax:
  518-533-2201

	Accepted and
      Agreed:  
	 
	REGISTERED
      HOLDER:  
	 
	«HOLDER»  
	 
	«HolderSignatureBlock»  
	 
	Address:  
	«HolderAddress1»  
	«HolderAddress2»  
	Fax:
      «HolderFax»  

9

EXHIBIT A 

EXERCISE
FORM 

	To: 
      MTI MICROFUEL CELLS INC.	Dated:	 	 

     The
undersigned, pursuant to the provisions set forth in the attached Warrant No.
«WarrantNo», hereby irrevocably elects to (a) purchase ___________ shares of the
Common Stock covered by such Warrant and herewith makes payment of $_________,
representing the full purchase price for such shares at the price per share
provided for in such Warrant, or (b) exercise such Warrant for
___________ shares purchasable under the Warrant pursuant to the Net Issue
Exercise provisions of Section 1(c) of the Warrant. 

     The
undersigned acknowledges that it has reviewed the representations and warranties
contained in Section 5 of the Warrant and by its signature below hereby makes
such representations and warranties to the Company as of the date hereof.

		«HOLDER»
		 
		«HolderSignatureBlock»

EXHIBIT B 

ASSIGNMENT
FORM 

     FOR VALUE
RECEIVED, the undersigned transferor hereby sells, assigns and transfers all of
the rights of the undersigned under the attached Warrant with respect to the
number of shares of MTI MicroFuel Cells Inc. Common Stock covered thereby set
forth below, unto: 

	Name of Assignee	     
      	Address/Fax Number	     
      	No. of Shares

	Dated:	 	 	  
	  	TRANSFEROR: 
    
		 
	  	«HOLDER»  
		 
	  	«HolderSignatureBlock»LEASE DEED

THIS LEASE DEED (“Deed”) executed at Hyderabad this day of 10th
December, 2009 accordingly records the
intentions and understanding of M/s iLabs Hyderabad Technology Centre Pvt Ltd
and M/s.Intelligroup Asia India Pvt Ltd., [hereafter collectively referred to as
“the PARTIES”].

M/s. ILABS HYDERABAD TECHONOLOGY
CENTRE PRIVATE LIMITED., a company
incorporated under the Indian Companies Act, 1956, having its registered office
at No. 18, iLabs Centre, Bldg 3, Software Units Layout, Madhapur, Hyderabad
500081, represented by its S.Subbarao, Authorised Signatory hereinafter referred
to as the “LESSOR” (which term and expression shall unless repugnant to the
context or meaning thereof be deemed to include it successors, heirs, executors,
administrators and permitted assigns) OF THE ONE PART.

AND

M/s. INTELLIGROUP ASIA PVT
LTD a company incorporated in India under the
Companies Act, 1956, having its registered office at 5th Floor, ILABS Centre, Building 1, Software Units Layout,
Madhapur, Hyderabad – 500081, India represented by its Director, Mr.ALOK BAJPAI
hereinafter referred to as the “LESSEE” (which term and expression shall unless
repugnant to the context or meaning thereof be deemed to include its successors,
heirs, executors, administrators and permitted assigns) OF THE OTHER
PART.

WHEREAS the LESSOR declares and
confirms that they are the absolute owners of the land having acquired the same
by e way of Deed of Sale dated 15th
February, 2006 Sale Deed for the establishment of
Information Technology Park ilabs Centre as more particularly described in
Schedule-A hereunder.

WHEREAS the LESSOR has developed the
said ilabs Centre to be used as an Information Technology Park for the
activities as described in the Application Form.

Page 1 of 15

WHEREAS all the services to the open
spaces, common areas, common amenities, specialized and descriptive services
provided in the said ilabs Centre shall be controlled, maintained and managed by
the LESSOR and/ or a Operation & Maintenance Agency appointed by the LESSOR
and the LESSEE shall not interfere with the same. 

WHEREAS the LESSEE after examination of
the building plans, the Unit to be allotted for the lease, the legal rights of
the LESSOR and on being satisfied with the facts as stated aforesaid, has
applied for the lease allotment of the Unit in ilabs Centre Based on the
LESSEE’s representations in the application form and the bonafide intentions,
the LESSOR has decided to allot the Unit on lease basis.

WHEREAS the LESSEE has agreed to take
on lease the space in the Block C (Block 3) 6th Floor admeasuring 14,700 sft. (Super built up area), as
described in Schedule-B [hereinafter referred to as the “Demised Premises”].

WHEREAS the LESSOR has accepted to let
out the Demised Premises to the LESSEE on the terms, conditions and conveyance
set forth hereinafter and as per the Byelaws signed by the LESSEE and enclosed
herewith and any amendments thereto executed in writing by both parties, to form
an integral part and parcel of this Deed. The LESSEE shall use and occupy the
Demised Premises solely for use as represented in the Application for lease and
for no other purpose unless the LESSOR shall expressly approve of such use in
advance in writing. 

NOW THIS DEED WITNESSETH AS
FOLLOWS: 

ARTICLE.I-TERM 

	(a)	      	In consideration of the monthly
      rent and other terms and conditions agreed upon and hereinafter
      stipulated, the LESSOR hereby leases and the LESSEE hereby accepts from
      the LESSOR, lease of the Demised Premises for the term of 36 months
      commencing from 01-01-2010 to 31-12-2013 both days inclusive, subject to
      any extension as specified under Article I(b).
	 
	(b)		The lease shall be renewed for
      two (2) further terms of three (3) years each after the expiration of the
      term of the lease at the sole option of the LESSEE on the same terms and
      conditions as herein contained subject to an escalation to be agreed by
      both the parties at the time of renewal. There shall be no lock in period
      for the renewed terms. The LESSOR shall not refuse the request of the
      LESSEE for renewal of lease on expiration of the term and the renewal
      lease rent offered by LESSOR shall be consistent with the then current
      market conditions. The lease shall be automatically renewed on the issue
      of a notice to the LESSOR in writing of the LESSEE’s intention to renew
      the lease three (3) months prior to the expiry of the current period of
      lease. On renewal, the PARTIES shall execute a fresh Lease Deed and have
      it adequately stamped and registered.
	 
	(c)		There will be a lock-in period
      for the first sixty (36) months of the lease (“Lock-in Period”) during
      which time the LESSEE shall not terminate the Deed except in case of a
      breach of the Deed by the LESSOR, eminent domain or force majeure. The
      lease is terminable by the LESSEE only after the Lock-in Period with six
      (6) months prior written notice to the LESSOR. In the event the LESSEE
      terminates this lease during the lock-in period, for any reason other than
      breach by LESSOR or force majeure, the LESSEE shall pay and the LESSOR
      shall have the right to recover the rent from the LESSEE for the balance
      of the lock-in period, which remains unexpired. The lease shall be
      terminated at the end of lease period unless renewed in accordance with
      Article I (b).
	 
	(d)		The rent shall commence with
      effect from 01-01-2010.

ARTICLE.II-LEASE RENT 

	(a)	      	The LESSEE agrees to pay the
      lease rent for the warm shell of the Demised Premises at the rate of
      Rs. 34/-(Rupees Thirty Four) per Sq. Ft. per month, for the total area of
      14,700 Sq. Ft. taken on lease amounting to a total lease rent of
      Rs.499,800/- (Rupees Four Lakhs Ninety Nine Thousand and Eight Hundred) plus
      service tax/VAT as applicable subject to deduction of applicable taxes at
      source as required by law, and the same shall be paid in advance by cheque
      payable on or before the 7th day of each calendar month. This rental rate would include
      high-side A/C & Power, Air Handling Units, 100% power back up
      provisions, common area flooring, electric cables up to the Demised
      Premises. The rent is inclusive of all taxes, cesses, rates, levies,
      outgoings, charges, etc., payable by the LESSOR to any association or any
      other public authority and any other charges except those specifically
      agreed to be borne by the LESSEE as hereinafter provided. The LESSEE shall
      bear service tax / VAT as applicable charged on rent for commercial
      premises at the prevalent rates. All other future taxes, levied by any
      governmental/statutory authority in relation to the Lease of the Demised
      Premises and in relation to the maintenance of the common areas (excluding
      direct taxes on the income of the LESSOR or taxes related to or in
      connection with ownership of the Land/Unit by the LESSOR), shall be to the
      account of the LESSEE.

Page 2 of 15 

	(b)		The lease rent is
      subject to escalation of 15% on the last month rent beginning at every 3
      years of this lease agreement.
	 
	(c)		All rental payments
      shall be addressed to LESSOR at the address set forth on page one (1) of
      this Deed, or at such other place as LESSOR may from time to time
      designate by written notice to LESSEE. The terms and provision of this
      Paragraph shall survive the expiration or termination of the lease as to
      all sums accrued and unpaid during the term of the Deed.
	 
	(d)	      	The lease rent per sq.
      ft. for the super built-up area does not include charges viz electricity
      charges, interest on delayed payment, if any / charges for using
      facilities in commercial areas, payable and due by the LESSEE from time to
      time as agreed in writing between the PARTIES (look at clause 4c) or other
      charges specifically payable by the LESSEE under this Deed.
	 
	(e)		The LESSEE shall be
      charged for electricity consumed within the Demised Premises at ongoing
      state rates on basis of a separate meter fitted in the Demised
      Premises.

ARTICLE.III-SECURITY DEPOSIT

	(a)	      	The LESSEE shall
      deposit a refundable one time interest-free Security Deposit of
      Rs.19,99,200/- (Rupees Nineteen Lakhs Ninety Nine Thousand and Two Hundred
      only) equivalent to four (4) months rent in the form of a cheque at the
      time of signing the Deed. On the expiry or sooner determination of the
      Deed, the LESSOR shall refund the deposit simultaneously on the LESSEE
      vacating the Demised Premises and handing over the vacant peaceful
      possession of the Demised Premises. Simultaneous refund is allowed
      provided there are no damages to the Demised Premises, aside from normal
      wear and tear and there are no dues to the LESSOR for various
      services.
	 
	(b)		The Security Deposit
      shall be subject to escalation @15% once in every three
years.
	 
	(c)		The Security Deposit
      shall be held by the LESSOR for the duration of the lease and shall
      immediately upon the expiry or sooner termination of the lease as per the
      terms hereof, and simultaneously with the LESSEE re-delivering vacant
      possession of the said Demised Premises to the LESSOR, be refunded by the
      LESSOR, to the LESSEE with any unadjusted advance rent and any other
      amount due to the LESSEE from the LESSOR and after deduction of any
      accrued and arrears of rent or other charges payable under this
      Deed.
	 
	(d)		It is hereby expressly
      agreed that the LESSOR shall not be entitled to demand physical vacant
      possession of the Demised Premises, unless the LESSOR expresses its
      readiness and willingness to simultaneously refund in full in one
      installment the Security Deposit together with any unadjusted advance rent
      and any other amount due to the LESSEE from the LESSOR by demand
      draft.
	 
	(e)		If the LESSOR fails to
      refund to the LESSEE the Security Deposit, any unadjusted advance rent and
      any other amount due to the LESSEE as aforesaid, the LESSEE shall be
      entitled to remain in occupation and possession of the Demised Premises
      till such time as the Security Deposit is refunded with interest charges @
      15% per annum. Such staying over by
      the LESSEE in the Demised Premises shall not constitute a default by the
      LESSEE under the terms hereof. Notwithstanding the aforesaid, it is
      expressly recorded and mutually agreed that this clause or anything else
      to the contrary, does not and shall not be construed or deemed to extend
      the duration of lease.

ARTICLE.IV-OPERATION AND MAINTENANCE
SERVICES 

	(a)	      	LESSOR is under an
      obligation to maintain common areas and provide certain amenities,
      facilities and services in discharge of its obligation, more particularly
      described in the Byelaws (hereinafter collectively called the “Operation
      and Maintenance Services”) on the terms and conditions hereinafter
      contained:
	 
	(b)		LESSOR shall be
      entitled to engage any person and/or entity under contract from time to
      time in order to provide services to the
LESSEE.

Page 3 of 15 

	(c)	      	In addition to the
      lease rent and Security Deposit amounts payable by the LESSEE to the
      LESSOR as mentioned herein above, the LESSEE shall pay an estimated
      Operations and Maintenance Fee of Rs. 6.55/- per sq. ft of super built-up
      area per month for the total areas of 14,700/- sq. ft. taken on lease
      amounting to Rs.96,285/- [Rupees Ninety Six Thousand Two Hundred and
      Eighty Five Only], subject to income tax deduction at source at the
      applicable rates per month during the tenure of this Lease Term for
      Maintenance of the building, for services which will include Maintenance
      of common lobbies, landscaping, A/C MV machines higher side, Electrical
      higher side, Lifts, Security at gate and main entrance. O & M Charges
      are subject to increase from time to time in consultation with all tenants
      of the building. Power consumption charges for the lifts, common area
      lighting, external lighting and water consumption as per actuals are to be
      borne proportionately by the LESSEE. Service tax and VAT as applicable to
      be paid by the LESSEE in the future. All applicable taxes at the time of
      signing the Deed will be borne by the LESSOR.
	 
	(d)		The operations and
      maintenance fee shall become payable in advance every month within seven
      (7) days of each Gregorian calendar month towards proportionate share in
      the cost of all the development, usage, maintenance, administration and
      functioning of the ilabs Centre listed in the Byelaws and executed by the
      parties hereto.
	 
	(e)		In the event of
      failure by the LESSEE to make payment of the amounts as per this Deed,
      then the same will be considered as breach of this Deed and the
      consequences provided upon such breach shall
follow.

ARTICLE.V- OBLIGATIONS OF THE PARTIES

	(a)		The LESSEE shall
      regularly pay the rent reserved under this Deed and all the outgoings, and
      charges stipulated herein, within the time and in the manner, herein
      provided.
	 
	(b)		The LESSEE shall use
      the Demised Premises only for the business purpose and not for any other
      purposes whatsoever.
	 
	(c)	      	The LESSEE shall not
      make or carry out any additions and/or alterations of a structural nature
      in or to the Demised Premises without prior permission, in writing, of the
      LESSOR. The LESSEE shall however be at liberty to, at its own cost,
      install and remove at the time of handing over vacant charge of the
      Demised Premises to the LESSOR such office electric and communication
      appliances including in-house electricity generators, air conditioners,
      furnitures, fixtures and fittings and to carry out additional wiring, if
      necessary, and to install machines or equipment for office use and other
      such conveniences, as are reasonably required by the LESSEE and which will
      remain the property of the LESSEE and shall be removed by the LESSEE when
      vacating the Demised Premises on expiration or sooner determination of the
      lease. The LESSEE shall be permitted to install a Mini antenna on the
      terrace and/or roof of the Building. The LESSEE shall have the right to
      install conduit within the riser space of the Building for items
      including, but not limited to, cabling, wiring, fiber optics, electrical,
      , generator cabling etc. The LESSEE confirms that any telecommunication
      and fiber optic feed requirements that it may have shall be arranged by it
      at its own cost. The LESSOR shall provide to the LESSEE all necessary
      assistance for the above. On expiry of the term or earlier termination,
      the LESSEE has the right to remove all improvements installed by them and
      shall not be required to restore the Demised Premises to its original
      condition at the time of handover with reasonable wear and tear. While
      removing these improvements, if any damages are made to the Demised
      Premises, these shall be repaired by the LESSEE.
	 
	(d)		The LESSEE shall not
      store any hazardous or inflammable articles in the Demised Premises or in
      any proximity to the Demised Premises which could damage or harm persons
      or the LESSOR’s property.
	 
	(e)		The LESSOR, its
      authorized Agents and employees shall have the right to enter upon the
      Demised Premises for inspection and carrying out repairs at reasonable
      working hours in the day with prior written intimation to the LESSEE to
      enable the LESSEE or its representative to be present so as to afford such
      entry. A prior intimation of 48 hours shall suffice.
	 
	(f)		The LESSEE shall have
      unlimited access to the Demised Premises twenty four (24) hours per day
      and seven (7) days per week, three hundred and sixty five (365) days a
      year of operations and support services including electricity, water,
      power back up, security and lifts.

Page 4 of 15 

	(g)		The LESSOR will
      provide a Cafeteria as a part of the Support Services. The applicable
      charges as per the existing tariff shall be borne by the
  Lessee.
	 
	(h)	      	The LESSEE shall be
      responsible for the cost of electricity, telecommunication, AC consumption
      costs, and water consumption charges and other utilities consumed on its
      Demised Premises and maintenance charges as stated above. Taxes like
      Service tax and VAT (if applicable) to be paid by the LESSEE in the
      future. All applicable taxes at the time of signing the Deed will be borne
      by the LESSOR. In addition, the LESSOR shall be responsible for all
      present and future municipal taxes, building insurance, etc with regard to
      the Demised Premises.
	 
	(i)		The LESSEE shall be
      provided with a proportional amount of building directory board space for
      the identification of their business to the amount of space leased in the
      building at no additional cost. LESSEE shall have full control over its
      signage on full floors that LESSEE occupies.
	 
	(j)		The LESSOR shall
      undertake at its own cost to carry out any repairs to the Building and
      equipment installed by the LESSOR in the Building without causing
      inconvenience to the LESSEE’s quiet enjoyment of the Demised
      Premises.
	 
	(k)		The LESSOR agrees that
      the LESSEE shall have access to the building shafts and dedicated routes
      within those shafts for running its electrical cables, VSAT cables,
      telephone lines etc., at no additional cost. The shafts agreed to be
      provided to the LESSEE shall have dedicated fully enclosed steel trunking,
      accessible at each floor and with appropriate pull boxes throughout route
      from building supply points to the Demised Premises. The LESSOR shall
      provide additional rodent/ vermin protection as may be appropriate for
      eliminating migration between the floors or area
compartments.
	 
	(l)		The LESSOR confirms
      that it has complied with all the applicable laws in force pertaining to
      the construction of the Demised Premises and appurtenant land and has
      procured all licenses and permissions as required from time to time with
      respect to the Demised Premises. The LESSOR shall not do any act, matter
      or thing which would or might constitute a breach of any orders,
      regulations and Byelaws (statutory or otherwise) made by the Government or
      statutory authorities including the Municipal Corporation of Hyderabad
      from time to time and in the event the LESSEE incurs any direct loss or
      actual damage (not being indirect or business loss or damage)by reason of
      any failure on the part of the LESSOR to procure the necessary approval or
      to comply with any law for construction of the Demised Premises, the
      LESSOR shall indemnify and compensate the LESSEE for such loss or damage,
      as the case may be.
	 
	(m)		The LESSOR warrants
      and represents that it has good title and is the absolute owner of the
      Demised Premises and it has the full right, absolute power and authority
      to deal with the property and to grant a lease, upon receiving a written
      consent from State Bank of Hyderabad, State Bank of India and Indian
      Overseas Bank (erstwhile Bharat Overseas Bank) in respect of the Demised
      Premises upon such terms as it deems fit. The LESSOR has received the no
      objection letter dated 20 July 2006 from State Bank of Hyderabad and no
      objection letter dated 3 May 2005 from Indian Overseas Bank (erstwhile
      Bharat Overseas Bank Limited) and no objection letter dated
      4th May 2006 from State Bank of India and confirms, represents and
      warrants that the photocopies of the letters provided to the LESSEE are
      true copies of the original no objection letters dated 20 July 2006 and 3
      May 2005 received from State Bank of Hyderabad and Bharat Overseas Bank
      Limited respectively. The LESSOR also warrants and represents that the
      Demised Premises is free from all legal encumbrances except the
      encumbrance stated above and the LESSOR has not entered into any similar
      agreement or arrangement with any person/persons for providing use and
      occupation of the Demised Premises to which the LESSEE is entitled to
      under this Deed. The LESSOR shall indemnify and keep indemnified, the
      LESSEE, from and against all suits, proceedings, actions, claims, demands
      that may be made or filed against the LESSEE by any third party due to any
      representations or warranties provided herein. The LESSOR further
      indemnifies and agrees to keep indemnified the LESSEE from and against all
      consequences, taxes, costs, charges and expenses, if any, imposed on the
      Demised Premises by any authority and/ or the State Bank of Hyderabad and/
      or Bharat Overseas Bank Limited due to which the Demised Premises or any
      part thereof may be seized and if its use and occupation by the LESSEE may
      be jeopardized in any manner whatsoever. In the event of there being any
      defect or deficiency or inadequacy in the LESSOR’s right to execute this
      Deed, the LESSOR undertakes to indemnify the LESSEE against all
      consequences arising there from including damages, losses, costs or any
      other claims/ actions, or proceedings by others in respect of quiet and
      peaceful use, occupation and possession of the Demised
  Premises.
	 
	(n)		The Demised Premises
      will be offered ready for fit out on execution of this Deed as per
      mutually agreeable specifications which is included as Schedule C and
      called “Landlord’s Base Building Specifications” per the specifications
      discussed.

Page 5 of 15 

ARTICLE VI- INTEREST 

In the event of the LESSEE failing to
make payments, on or before the 7th day of each Gregorian calendar month, the LESSOR will issue a ten (10)
days notice up to 17th of the
respective month and thereafter the payments due shall be payable with 15%
interest per annum for any delay beyond the 18th day of the calendar month. In case the payment and the
interest due is not paid within 10 days from the date of notice, the LESSOR
shall be entitled to cease to provide all the services set out in the Byelaws.
LESSOR shall also be entitled to claim the dues with interest @15% p.a. in
addition to the right to disconnect all the amenities, facilities and services.
LESSOR agrees to pay LESSEE the interest @ 15% per annum on the Security Deposit
for the delay in refunding the Security Deposit beyond the time span mentioned
in Article III. 

ARTICLE.VII-PARKING CHARGES

	(a)		LESSOR has allotted as
      per the request of the LESSEE car parking facility within the ilabs Centre
      14 Car Parking Spaces at free of cost
	 
	 		In addition to the
      above, set out below are the Parking Charges for additional parking
      spaces:
	 
	 		Car Parking @ Rs.2430
      per month
	 		Two Wheeler Parking @
      Rs.180/- per month
	 
	(b)	      	The LESSEE shall be
      denied the privilege of using the parking facility in the event of
      non-payment of parking fees, if any. In addition to the car parking
      facility, there is ample two wheeler parking facility, on
      ‘first-come-first-served’ basis the LESSOR undertakes to maintain the said
      parking areas in a usable condition.

ARTICLE. VIII- OTHER CHARGES

The LESSEE will pay all sums that are
due and payable as usage charges directly related to its leased premises at
actual cost for consumption of electricity for use of air-conditioning,
lighting, computers etc., on actual basis to the LESSOR or designated agencies
and/or the service providers directly as intimated by LESSOR. 

ARTICLE. IX – FURNITURE AND FIXTURES

	(a)		With the exception of
      items of personal property to trade fixtures, improvements &
      installations which are removable by the LESSEE, all the property of the
      LESSEE and LESSOR embedded to earth; improvements and installations made
      therein shall become part of the Demised Premises on termination and/or
      expiration of this lease.
	 
	(b)	      	All the LESSEE’s
      personal property and trade fixtures such as Air conditioners, Diesel
      Generators, UPS Fire protection systems, Access Control, interior fit
      outs, electrical installations, etc., if any installed by LESSEE on the
      Demised Premises with the prior permission of the LESSOR shall remain the
      property of LESSEE. It shall be removable at the expiration or earlier
      termination of this lease, or any renewal or extension thereof, provided
      further that in the event of such removal, having repaired the damage
      caused by such removal. The LESSEE shall promptly restore the Demised
      Premises in good order and condition excepting only ordinary wear and
      tear.

ARTICLE. X – BYE – LAWS

	(a)	      	This lease grants
      LESSEE a leasehold estate in the Demised Premises for the lease term
      specified together with a license granting LESSEE, for such lease term,
      the rights to use the common area, common amenities, facilities and
      services of the ilabs Centre provided to the LESSEE and LESSEEs
      contractors, permitees, invitees, licensees, employees and agents shall
      exercise such license in accordance with the provisions of the
      Byelaws.
	 
	(b)		The LESSEE will abide
      by and keep any rules or Byelaws and any modifications made thereto
      executed by the parties and if any question shall arise as to the
      existence of any such rules or Byelaws or the meaning construction or
      breach of this covenant or any such rules or Byelaws the same shall be
      referred to the LESSOR whose decision shall be final and binding on the
      LESSEE.
	 
	(c)		The LESSEE’s tenancy
      and right to use and occupy the Demised Premises shall be in accordance
      with in all respect to the provisions of the Byelaws of the ilabs Centre
      and to such other rules and regulations of ilabs Centre as the LESSOR may
      from time to time promulgate regarding management of ilabs Centre and use
      of common facilities and executed by the
parties.

Page 6 of 15 

	(d)	      	In case the LESSOR wish to amend the
      Byelaws and other rules and regulations as indicated herein, LESSOR will
      give a ten (10) days written notice to all the Allottees for their
      consent. The Notice shall be served with acknowledgement due. In case no
      communication is received from the Allottees within ten (10) days of
      receipt of the notice, the amendment shall be deemed to be accepted. The
      amendment will come into force on acceptance/deemed acceptance by the
      Allottees. The right to propose and amend the Byelaws with the consent of
      the Allottees will solely remain with LESSOR.
	 
	(e)		Words used in this Deed will have
      the same meaning assigned to them in the Byelaws (“the said Byelaws”)
      unless the context thereof requires to the
contrary.

ARTICLE. XI – INSURANCE

	(a)	      	LESSOR shall at all
      times during the term and any extensions thereto shall keep in force, a
      comprehensive public liability and property damage insurance cover with
      insurance companies for ilabs Centre which would include the building,
      facilities and amenities provided therein and furnish a copy of the
      premium receipt to the LESSEE. Except as otherwise
      specifically provided herein, all insurance policies shall be written in
      the name of and for the benefit of the LESSOR as the interests so appear
      and shall not be invalidated by any act or neglect of LESSOR and/or the
      LESSEE. However, the LESSOR shall not be under any liability to compensate
      and/or incur any liability on behalf of the LESSEE for its properties and
      employees in the Demised Premises. It shall be the sole responsibility and
      liability of the LESSEE to keep in force a comprehensive insurance cover
      for its properties and employees, including comprehensive public liability
      & furnish a copy of the premium receipt to the LESSOR.
	 
	(b)		Anything in this lease
      to the contrary notwithstanding, LESSOR and LESSEE each hereby waives any
      and all rights of recovery, claim, action or cause of action against the
      officers, directors, shareholders, partners, joint ventures, employees,
      agents, customers, invitees, or business visitors of each other for any
      loss or damage arising from any cause covered by any insurance required to
      be carried by each of them pursuant to this lease or any other insurance
      actually carried by each of them.

ARTICLE.XII- DEFAULT 

	(a)		Each of the
      following shall constitute an Event of Default:
	 
	 	      	(i)	      	Failure to pay any
      rental, Security Deposit and operation and maintenance fee in advance
      within the seventh (7) days of every month they are due or failure to pay
      any third party payments for service and/or utilities under this Deed when
      they are due; or
	 
	 		(ii)		If LESSEE shall be
      adjudicated insolvent within the meaning of insolvency in either
      bankruptcy or equity proceedings, or if an involuntary petition in
      bankruptcy is filed against LESSEE which is not dismissed within one
      hundred and twenty (120) days or actual proceedings whichever earlier;
      or
	 
	 		(iii)		Failure to perform or
      observe any other agreement, covenant or condition on LESSEE’s part to be
      performed after notice of default from LESSOR if such default could cause
      the LESSOR to be subject to prosecution for violation of any law, rule or
      regulation would cause a default.
	 
	(b)		Under this
      Deed, Byelaws, or the agreements, etc., applicable to the Demised
      Premises.
	 
	 		(i)		Upon the occurrence of
      any event of default which is not cured within the notice period of thirty
      (30) days stipulated herein below, on terminating this lease, LESSOR may
      re-enter and take possession of the Demised Premises upon simultaneous
      refund of the Security Deposit as herein provided and the provisions of
      this paragraph shall operate as a notice to quit. If necessary, LESSOR may
      proceed to recover possession of the Demised Premises by such proceedings,
      including re-entry and possession, as may be applicable. If LESSOR
      terminates this lease, everything contained in this lease on the part of
      LESSOR to be done and performed shall cease except the obligation to
      refund the Security Deposit as herein provided subject, however, to the
      right of LESSOR to recover from LESSEE accrued arrears of lease rent,
      Security Deposits, operation and maintenance Fee and other sums payable
      under this Deed accrued up to the time of termination and recovery of
      possession by LESSOR.

Page 7 of 15 

		(ii)	      	All rights of remedies
      of LESSOR set forth herein are in addition to all other rights and
      remedies available to LESSOR at law. All rights and remedies available to
      LESSOR hereunder or at law are expressly declared to be cumulative. The
      exercise by LESSOR of any such right or remedy shall not prevent the
      concurrent or subsequent exercise of any such right or remedy. No delay in
      the enforcement or exercise of any such right or remedy shall constitute a
      waiver of any default by LESSEE hereunder or of any of LESSOR’s rights or
      remedies in connection therewith. LESSOR shall not be deemed to have
      waived any default by LESSEE hereunder unless such waiver is set forth in
      a written instrument signed by LESSOR. If the LESSOR waives in writing any
      default by LESSEE, such waiver shall not be construed as a waiver of any
      covenant, condition, or agreement set forth in this lease except as to the
      specific circumstances described in such written waiver.
		 
		(iii)		No custom or practice,
      which may develop between the parties in the administration of the terms
      of this lease, shall be construed to waive or lessen LESSOR’s right to
      insist upon strict performance of the terms of this lease.
		 
		(iv)		To display a “For
      Rent” sign at any time, after notice from either party of intention to
      terminate this lease, prospective lessees authorized by the LESSOR may
      inspect the Demised Premise at reasonable hours at any time provided that
      advance written appointment is given by the LESSEE.
		 
		(v)		The provisions of this
      Article. XII shall survive the expiration or termination of this
      Deed.

ARTICLE. XIII-TERMINATION

Without Prejudice to any other
provision of this Deed, the termination of the Deed will occur in the following
events: 

	(a)	      	In the event of either
      party committing breach of their respective obligations contained in the
      Deed, the aggrieved party shall give to the defaulting party a written
      notice of at least thirty (30) days to remedy the breach and in the event
      of the defaulting party failing to remedy the breach with in the aforesaid
      notice period then in such event the aggrieved party shall be entitled to
      terminate the Deed.
	 
	(b)		Subject to the
      Lock-in-Period, the Deed is terminable by the either parties by giving
      four (4) months prior written notice.
	 
	(c)		Upon expiration or
      termination of this lease, or any renewal thereof, by lapse of time or
      otherwise, the LESSEE agrees peaceably to remove its movable personal
      property and trade fixtures from the Demised Premises and to surrender the
      Demised Premises to LESSOR without further notice, in broom-clean
      condition, subject to ordinary wear and tear upon simultaneous refund of
      the Security Deposit as herein provided. Should LESSEE continue to hold
      the Demised Premises after the expiration or earlier termination of this
      lease and refund of the Security Deposit, such holding over, unless
      otherwise agreed to by LESSOR in writing, shall constitute and be
      construed as a tenancy at will at monthly installments of rent equal to
      one hundred fifty percent (150%) of the monthly portion of Rent in effect
      as of the date of expiration or earlier termination, and subject to all of
      the other terms, taxes, levies, charges and expenses, which would mean and
      include Security Deposit and operation and maintenance fee set forth
      herein, except any right to renew this lease.

ARTICLE.XIV-NOTICES

Any demand for payment or notice
required to be made or given by the parties to this lease shall be sufficiently
made or given if sent by that party to the other by Registered Post
Acknowledgement Due at the address mentioned herein below: 

FOR THE LESSOR:
ILabs Hyderabad Technology Centre Pvt Ltd.,
18, iLabs Centre, Bld No.3, Software Units Layout, Madhapur,
Hyderabad 500081 

FOR THE LESSEE:
Intelli Group Asia Pvt Ltd
5th Floor, ILabs Centre,
Building No.1
Software Units Layout, Madhapur
Hyderabad – 500081,
India.

Page 8 of 15 

ARTICLE XV-ENTIRE AGREEMENT

It is mutually acknowledged and
understood that this Deed together with the Schedule-A,B & C, Exhibit-I and
the Byelaws the amendment and/or modification, if any, all of which are hereby
incorporated herein by reference, constitutes the Entire Agreement of the
parties with respect to the Demised Premises and would supercede all oral and
written understanding and agreement with respect thereto and shall govern the
validity, interpretation, performance and enforcement of this Deed. 

ARTICLE.XVI-RELATIONSHIP OF PARTIES

Neither this lease nor any part thereof
is to be constructed as creating a joint enterprise, a partnership or any other
relationship except that of LESSOR and LESSEE. 

ARTICLE.XVII-ASSIGNMENT, SUBLETTING
AND PARTITION 

	(a)	      	The LESSEE is not
      permitted to assign, let, sub-let, grant leave and license or part with
      possession of the Demised Premises or any part thereof in any manner
      except to a sister concern/group company/qualified sub-lessees of LESSEE
      engaged in IT/ITES business with prior written permission of the LESSOR
      only after completing the initial 18 months of the lease by the Lessee. To
      maintain the homogeneity and efficiency of the ilabs Centre the LESSEE
      undertakes not to sub-divide and/or partition the allotted Unit in any
      manner.
	 
	(b)		LESSOR shall be
      entitled to transfer mortgage or dispose of its interest in the said
      Demised Premises in any manner, provided that the same does not affect or
      prejudice the rights created in favour of the LESSEE. The LESSEE
      acknowledges that it shall not be entitled to object to the same provided
      that the same does not affect or prejudice the rights created in favour of
      the LESSEE.

ARTICLE.XVIII-QUIET ENJOYMENT

The LESSEE upon paying the rent and all
other sums, as provided in this lease, and observing all covenants, warranties,
agreements and conditions of this lease, shall have quiet and peaceful enjoyment
of the Demised Premises during the term of this lease or any renewal thereof
without any hindrance or any disturbance by the LESSOR and/or any one claiming
under or through the LESSOR. 

ARTICLE.XIX-HEADINGS 

The headings of the paragraphs in this
Deed, are for convenience only, and shall not limit the scope or content of this
lease nor shall it be considered in any construction or interpretation of this
Deed. 

ARTICLE.XX-SEVERABILITY

It is agreed that if any of the
provision of this Deed are declared null and void and are of no force and effect
for any reason, such determination shall not affect the other provisions of this
Deed which shall remain in full force and effect. 

ARTICLE.XXI-FORCE MAJEURE

	(a)		Destruction
      or Damage.
	 
	 	      	(i)	      	In the event, the
      Demised Premises or a portion of the same necessary for the LESSEE’s use
      and enjoyment of the Demised Premises are damaged by fire, earthquake, act
      of God, the elements or other casualty, the LESSEE shall have the option
      to terminate and cancel the lease hereby granted forthwith or require the
      LESSOR to restore the Demised Premises. If the LESSEE chooses to require
      the LESSOR to restore the Demised Premises, the LESSOR shall forthwith
      repair the same, subject to the provisions of this Article. If the LESSEE
      elects not to terminate the Deed, this Deed shall remain in full force and
      effect except an abatement of rental and other charges shall be allowed to
      the LESSEE till the Demised Premises are restored to its original
      condition prior to the damage.

Page 9 of 15 

	 		(ii)		If the LESSEE elects
      to require the LESSOR to restore the Demised Premises, as soon as is
      reasonably possible following the occurrence of any damage, but not more
      than seven (7) days thereafter, LESSOR shall notify LESSEE of the estimate
      time required for the repair or restoration of the Demised Premises or the
      portion of the Building necessary for LESSEE’s occupancy. If the estimated
      time is in excess of the requirement of the LESSEE, the LESSEE may elect,
      to terminate this lease effective on the date such damage or
      destruction.
	 
	 		(iii)	      	In the event LESSOR
      commences repair or restoration in accordance with this Article and such
      repair or restoration is not fully completed within 90 days after such
      damage, LESSEE may elect, to terminate this lease effective on the date of
      such damage or destruction.
	 
	(b)		Eminent
      Domain
	 
	 	      	If all or
      any part of the Demised Premises shall be taken as a result of the
      exercise of the power of eminent domain, LESSEE shall have the right to
      terminate this lease with immediate effect. If LESSEE does not elect to
      terminate this lease , LESSOR will restore, rebuild and replace the
      balance of the Demised Premises (including, without limitation, the
      installation of demising walls and heating, ventilating and
      air-conditioning systems) so that the balance of the Demised Premises are
      as usable by LESSEE for LESSEE’s purposes as they were before such taking.
      In the event of a partial taking of the Demised Premises which does not
      result in a termination of this lease, the monthly rental thereafter to be
      paid shall be equitably reduced on a square footage basis and will be
      abated until the balance of the Demised Premises are restored, rebuilt and
      replaced according to this Article. For sake of clarity, LESSOR’s
      obligation to restore Demised Premises should include the repair or
      replacement of all electrical wiring, fixtures, components and systems as
      well as all telecommunications and data wring and
  components.

ARTICLE. XXII-ARBITRATION

	(a)	      	Any dispute or
      difference between the parties with regard to this Deed and all connected
      and related matters whatsoever shall be discussed and settled amicably. In
      the event of any failure to resolve the disputes or differences amicably
      within thirty (30) days, all such disputes or differences whatsoever,
      shall be referred to Arbitration. The Arbitration proceedings shall be
      conducted in English and in accordance with the provisions of the Indian
      Arbitration and Conciliation Act 1996 or any statutory modification or
      enactment thereof. The venue of Arbitration shall be
  Hyderabad.
	 
	(b)		The parties have
      agreed that the Sole Arbitrator will be appointed mutually by both the
      parties. If the parties fail to mutually decide the Sole Arbitrator within
      fifteen (15) days of the date of arising of the dispute, each party shall
      appoint one arbitrator and the two arbitrators will appoint a third
      arbitrator to form a panel for the arbitration proceedings within Forty
      Five (45) days of the date of arising of the dispute . The Arbitration
      proceedings will be on a fast track. Any of the parties going for
      arbitration will submit its claim petition and documents to the Arbitrator
      within one week of the reference being made to the Arbitrator, with a copy
      to the Opposite Party. The Opposite Party will submit its Counter and its
      documents to the Arbitrator after serving a copy to the party opting for
      arbitration, within one week thereafter. The parties can file their
      further replies or documents within one week thereafter. Immediately after
      the 3rd week, the Sole Arbitrator/panel of arbitrators will endeavour to
      commence the hearing on the 22nd day and will endeavour to go on with the
      hearing of the case from day to day without any adjournment, as far as
      possible. The Sole Arbitrator/panel of arbitrators will also endeavour to
      give his award as early as possible.
	 
	(c)		The Arbitrator
      proceedings will be completed as far as possible within forty (40) days
      from the date of reference. The decision of the Arbitrator/ panel of
      arbitrators will be final and binding on the parties.
			 
	ARTICLE. XXIII-JURISDICTION
    
			 
	Without
      affecting the validity of Arbitration clause hereinabove, all connected
      and related matters shall, in all respects, be subject to the exclusive
      jurisdiction of Hyderabad.

Page 10 of 15 

ARTICLE. XXIV-LITIGATION
EXPENSES

In the event any party is required to
resort to arbitration and/or litigation to enforce its rights herein under, the
parties agree that any judgement awarded to the successful party shall include
all litigation expenses including reasonable Attorney fees and court
costs.

Page 11 of 15

SCHEDULE - A

All the pieces and parcel of the land
and Building situated at Survey.No.64 (p) Madhapur, Serilingampally Mandal,
Rangareddy District comprised in ilabs Centre measuring a total extent of 5.56
Acres, and situate within the Sub-registration District of Moosapet and
Registration District of Rangareddy bounded on the North by Road, East by Road,
South by open land of Raidurg village boundary and West by LESSOR’S
property.

Page 12 of 15

SCHEDULE - B

DEMISED
PREMISES

The office area situated on the Block C
(Block 3) in 6th floor admeasuring
14700 (super built up area)), as shown in the exhibit annexed hereto as part and
parcel of this Deed.

Page 13 of 15

SCHEDULE – C 

BASE BUILDING
SPECIFICATIONS

	1.		Air conditioning
      chillers and piping up to the AHU including AHU up to the Demised
      Premises.
	 
	2.		Electrical transformer
      and HT panels, energy meters and cabling up to the demised
    premises.
	 
	3.		Toilets including
      fixtures like Wash Basins, WC etc.
	 
	4.		Lifts.
	 
	5.		Common Areas - tiling
      and lighting.
	 
	6.		Fire Fighting wet
      riser up to the tapping point in the respective floors.
	 
	7.		External landscaping
      and lighting.
	 
	8.	      	1.0-1.1 KVA for every
      100 sq.ft.

Page 14 of 15 

IN WITNESS WHEREOF, the LESSOR and the LESSEE hereto have caused this Deed to be
executed on the date first above written by their duly authorized
representatives pursuant to a Resolution passed at their respective Board
Meeting, a certified true copy of which is enclosed herein for
reference.

SIGNED SEALED AND
DELIVERED by the withinnamed LESSOR, M/s. iLabs
Hyderabad Technology Centre Pvt Ltd through its Authorised Signatory
____________, in the presence of:

WITNESSES: 

1. 

2. 

SIGNED SEALED AND
DELIVERED by the withinnamed LESSEE, M/s.Intelligroup
Asia Pvt Ltd., through its Director, Mr.ALOK BAJPAI in the presence of.

WITNESSES: 

1. 

2. 

Page 15 of 15

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