Document:

Series 2 Common Stock Purchase Warrant

 Exhibit 10.3 
 QUEPASA CORPORATION 
 Common Stock Purchase Warrant 
 (Series 2) 
  

			
	 Warrant No.: MATT No. 2
	 	1,000,000 Shares of Common Stock

 Issued as of October 17, 2006 (the “Issue Date”)

 NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE, AND NEITHER THIS WARRANT NOR SUCH SHARES OF COMMON STOCK MAY BE SOLD, ENCUMBERED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, OR AN EXEMPTION THEREFROM, AND, IF AN EXEMPTION SHALL BE APPLICABLE, THE HOLDER SHALL HAVE DELIVERED AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH EXEMPTION APPLIES AND THAT REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT. 
 Expires and is void after 5:00 p.m. E.S.T. 
 October 17, 2016 (the “Expiration Date”). 
 Warrant for the Purchase of Common Stock, Par Value $.001 Per Share 
 QUEPASA
CORPORATION 
 FOR VALUE RECEIVED, QUEPASA CORPORATION, a Nevada corporation with its offices at 7550 E. Redfield Road, Suite A,
Scottsdale, AZ 85260 (the “Company”), hereby certifies that MEXICANS & AMERICANS TRADING TOGETHER, INC. a Delaware corporation, or its assigns (the “Holder”), is entitled to purchase upon
exercise of this warrant (the “Warrant”), subject to the provisions hereof, from the Company, at a price per share set forth in the Section 1 hereof (the “Exercise Price”), the number of
fully paid and non-assessable shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”) set forth above (the “Warrant Shares”), subject to adjustment as provided in
Section 8 hereof. Capitalized terms used herein but not defined shall have the meanings assigned them in that certain Securities Purchase Agreement, dated as of the date hereof, by and between the Company and Holder (the
“Securities Purchase Agreement”). 
 1. EXERCISE PRICE. The Exercise Price for any shares of Common Stock purchased
upon exercise of this Warrant shall be $15.00 per share, subject to adjustment as provided herein. 
 2. EXERCISE OF WARRANT. Subject to the
terms and conditions set forth herein, this Series 2 Warrant shall be exercisable (in whole or in part) during the term commencing on the 

 Issue Date hereof and ending at 5:00 p.m., Eastern Standard Time, on the Expiration Date set forth above (the
“Exercise Period”). At any time during the Exercise Period, this Warrant shall be exercisable (in whole or in part) by presentation and surrender hereof to the Company at its principal office at the address set forth in the
initial paragraph hereof (or at such other address as the Company may hereafter notify Holder of in writing), with the Purchase Form annexed hereto duly executed and accompanied by proper payment of the applicable Exercise Price in lawful money of
the United States of America in the form of cash or its equivalent, subject to adjustment as set forth herein, or any lesser number set forth in the Purchase Form. Upon receipt by the Company of this Warrant at its principal office, in proper form
for exercise, Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such
shares of Common Stock shall not be actually delivered to Holder at the time of such exercise. 
 3. ISSUANCE OF CERTIFICATE FOR WARRANT
SHARES. Subject to Section 3.1 of the Securities Purchase Agreement and Section 10 of this Warrant, as soon as practicable after the exercise of this Warrant, and in any event within ten
(10) days following such exercise, the Company at its expense will cause to be issued in the name of, and delivered to, Holder a certificate or certificates for the number of full shares of Common Stock to which such Holder shall be entitled
upon such exercise. Additionally, upon delivery of the certificate to Holder, the Company shall, in lieu of any fractional shares of Common Stock to which Holder would have otherwise herein been entitled upon the exercise of this Warrant, pay to
Holder cash in an amount to be determined by and in accordance with Section 5 hereof. If Holder chooses to exercise this Warrant in part, then, in addition to delivering to Holder a certificate or certificates for the number of full
Warrant Shares to which such Holder shall be entitled upon such exercise, the Company shall also deliver to Holder a new Warrant of like tenor and date exercisable for the remaining number of Warrant Shares. 
 4. SHARES FULLY PAID; RESERVATION OF SHARES. The Company represents to Holder that all Warrant Shares that may be issued upon the
exercise of this Warrant will, upon issuance in accordance with the terms of this Warrant and payment of the Exercise Price therefor, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any
stockholder and free of all taxes, liens and charges with respect to the issue thereof. The Company covenants and agrees that, during the Exercise Period, the Company will at all times have authorized and reserved, for the purpose of issuance upon
exercise of this Warrant, a sufficient number of shares of authorized but unissued shares of Common Stock, free from all preemptive rights therein, as shall be required to provide for the exercise of this Warrant. The Warrant Shares are subject to
the terms, rights and provisions set forth in the Company’s articles of incorporation, as amended and/or restated from time to time. 
 5.
FRACTIONAL SHARES. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called for upon any exercise hereof, the Company shall pay to
Holder an amount in cash equal to such fraction multiplied by the weighted average closing price of the Common Stock of the Company for the five days prior to the day of exercise. 
  

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 6. TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This Warrant may be assigned by Holder to
another person or entity in accordance with the transfer provisions hereof; provided that such assignment shall comply with the provisions of Section 3.1, of the Securities Purchase Agreement and Section 10 of this Warrant.
Upon satisfaction of such terms and conditions, and upon surrender of this Warrant to the Company accompanied by a duly executed assignment form, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named
in such instrument of assignment and this Warrant shall promptly be terminated and canceled. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) the delivery by the Holder to the Company of a reasonably satisfactory affidavit of loss and indemnity (but without any requirement to provide security or post a bond) by Holder, and upon surrender and cancellation of this Warrant, if
mutilated, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant is lost,
stolen, destroyed, or mutilated, and shall be at any time enforceable by anyone. 
 7. RIGHTS OF THE HOLDER. Holder shall not, by virtue of
this Warrant, be entitled to any of the rights of a stockholder in the Company, either at law or equity, and the rights of Holder are limited to those expressed in this Warrant, provided that Holder may be entitled to other rights as set forth in
other agreements and/or by virtue of being a stockholder in the Company. 
 8. ADJUSTMENT PROVISION. 
 8.1 The number of Warrant Shares issuable hereunder shall be proportionately adjusted upon the occurrence of any Adjustment Event (as hereinafter
defined) such that Holder hereof shall have the right to receive upon the basis and upon the terms and conditions specified in this Warrant and in lieu of the Warrant Shares immediately theretofore purchasable and receivable upon the exercise of
this Warrant, such securities, money or other property as would have been issued or delivered to Holder if Holder had exercised this Warrant and had received such Warrant Shares immediately prior to such Adjustment Event. Upon any adjustment of the
Warrant Shares pursuant to the preceding sentence, the Exercise Price shall be adjusted such that the new Exercise Price is equal to the result obtained by dividing (a) the product of (i) the number of Warrant Shares or other securities
issuable under this Warrant immediately prior to such adjustment, and (ii) the Exercise Price in effect immediately prior to such adjustment, by (b) the number of Warrant Shares or other securities issuable under this Warrant immediately
after such adjustment. As used herein “Adjustment Event” shall mean (a) any reclassification, capital reorganization, recapitalization, stock dividend, stock split or other capital reorganization or change of securities
of the class or series issuable upon the exercise of this Warrant, (b) any consolidation or merger of the Company with or into another corporation or other entity (other than a merger with a subsidiary in which merger the Company is the
continuing corporation and which does not result in any reclassification, capital reorganization or other change of securities of the class or series issuable upon exercise of this Warrant), (c) any sale, lease or conveyance to another person
or entity of all or substantially all the assets of the Company, or (d) an adjustment pursuant to Section 8.2 below. If any capital reorganization or reclassification of the capital stock of the Company, or consolidation or merger of the
Company with or into another corporation, or the sale of all or substantially all of its assets to another corporation shall be 
  

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 effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, cash or other
property with respect to or in exchange for Common Stock, then, as a condition of such reorganization, reclassification, consolidation, merger or sale, lawful and adequate provision shall be made whereby Holder shall have the right to acquire and
receive, upon exercise of this Warrant, such shares of stock, securities, cash or other property issuable or payable (as part of the reorganization, reclassification, consolidation, merger or sale) with respect to or in exchange for such number of
outstanding shares of the Common Stock as would have been received upon exercise of this Warrant at the Exercise Price then in effect. The Company will not effect any such consolidation, merger or sale, unless prior to the consummation thereof the
successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume by written instrument mailed or delivered to Holder at the last address of Holder appearing on the
books of the Company, the obligation to deliver to Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, Holder may be entitled to purchase. If a purchase, tender or exchange offer is made to and accepted
by the holders of more than 50% of the outstanding shares of Common Stock of the Company, the Company shall not effect any consolidation, merger or sale with the person having made such offer or with any Affiliate of such person, unless prior to the
consummation of such consolidation, merger or sale Holder shall have been given a reasonable opportunity to then elect to receive upon the exercise of this Warrant either the stock, securities or assets then issuable with respect to the Common Stock
or the stock, securities or assets, or the equivalent, issued to previous holders of the Common Stock in accordance with such offer. 
 8.2 Until the earlier of the Expiration Date or the date this Warrant is transferred, in whole or in part, by the original Holder hereof, the Exercise Price of this Warrant shall be subject to adjustment as follows: 
 (a) Pursuant to the terms of the Support Agreement dated as of the date hereof, between the Company and Holder, the Company is obligated to deliver
quarterly to the Holder a “Revenue Report” setting forth the “Investor-Related Revenue” (such Investor-Related Revenue, including any adjustment thereto pursuant to the terms of the Support Agreement, is referred to herein as the
“Holder Related Revenue”). The obligation to deliver such Revenue Report reporting the Investor-Related Revenue and all related dispute provisions relating thereto shall be deemed to be set forth herein. 
 (b) Upon the delivery to Holder of the Revenue Report, the Exercise Price shall be adjusted as follows (provided, that any adjustment shall first
be made to the exercise price of the Series 1 Common Stock Purchase Warrant issued to Holder by Company (the “Series 1 Warrant”, and Holder Related Revenue shall not adjust the Exercise Price of this Warrant to the extent
such Holder Related Revenue is applied to adjust the exercise price of the Series 1 Warrant): 
  

							
		  	AEP	  	=	  	 EP – ((HRR/WS) * 2)

				
	Where:	  	EP	  	=	  	 the then-current Exercise Price

				
		  	AEP	  	=	  	 the adjusted Exercise Price

				
		  	HRR	  	=	  	 Holder-Related Revenue for the period covered by the

		  		  		  	 Revenue Report

		  	WS	  	=	  	 the number of Warrant Shares issuable upon exercise of the

		  		  		  	 Warrant immediately prior to such adjustment

  

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 For example, if certified Holder-Related Revenue for the first fiscal quarter following the Issue Date
equals $500,000, and no portion of such Holder-Related Revenue is applied to adjust the Exercise Price of the Series 1 Warrant, then the Exercise Price hereunder would be adjusted as follows: 
  

							
		 	 AEP
	  	=	  	$15.00 – (($500,000/1,000,000) * 2)
		 		  	=	  	$15.00 - ($0.50 * 2)
		 		  	=	  	$15.00 - $1.00
		 		  	=	  	$14.00

 If certified Holder-Related Revenue for a subsequent fiscal quarter equals $750,000, then the
Exercise Price hereunder would be further adjusted as follows: 
  

							
		 	 AEP
	  	=	  	$14.00 – (($750,000/1,000,000) * 2)
		 		  	=	  	$14.00 - ($0.75 * 2)
		 		  	=	  	$14.00 - $1.50
		 		  	=	  	$12.50

 (c) Anything in this Section 8.2 to the contrary notwithstanding, (i) in
no event may the Exercise Price be adjusted pursuant to this Section 8.2 to less than $10.00 per Warrant Share (such number subject to adjustment pursuant to Section 8.1 above to the same extent as the Exercise Price) and if,
at any time the Exercise Price of this Warrant is equal to or less than $10.00 per Warrant Share (such number subject to adjustment pursuant to Section 8.1 above to the same extent as the Exercise Price), then no further adjustments
shall be made pursuant to this Section 8.2, and (ii) any adjustments pursuant to this Section 8.2 shall affect the Exercise Price only, and not the number of Warrant Shares issuable upon exercise of this Warrant.

 8.3 The foregoing provisions of this Section shall similarly apply to successive Adjustment Events. These provisions are not meant
to broaden or lessen any rights Holder has with respect to the underlying securities available for purchase pursuant to the terms of this Warrant. 
 9.
NOTICE TO HOLDERS. Subject to the notice provisions of Section 2 hereof, so long as this Warrant shall be outstanding: (a) if the Company shall pay any dividend or make any distribution upon its Common Stock; (b) if
the Company shall offer to the holders of its Common Stock for subscription or purchase by them any share of any class or any other rights; or (c) if any capital reorganization of the Company (including, without limitation, any
recapitalization, stock dividend, stock split or other capital reorganization), reclassification of the capital stock of the Company, consolidation or merger of the Company with or into another corporation or other entity, sale, lease or transfer of
all or substantially all of the property and assets of the Company to another person or entity, or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected, then in any such case, the Company shall cause to be
mailed by 
  

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 certified mail to Holder, at least ten (10) days prior to the date specified in (A) and (B) below, as the
case may be, a notice containing a brief description of the proposed action and stating the date on which (A) a record is to be taken for the purpose of such dividend, distribution or rights, or (B) such reclassification, reorganization,
consolidation, merger, conveyance, lease, dissolution, liquidation or winding up is to take place and the date, if any is to be fixed, as of which the holders of Common Stock or other securities shall receive cash or other property deliverable upon
such reclassification, reorganization, consolidation, merger, conveyance, dissolution, liquidation or winding up. Upon any adjustment of this Warrant as provided herein, then and in each such case the Company shall give prompt written notice
thereof, by first class mail, postage prepaid, addressed to Holder of this Warrant at its address registered on the books of the Company, which notice shall state (i) the increase or decrease, if any, in the Exercise Price resulting from such
adjustment, and (ii) the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise of this Warrant, and (iii) any change in the type of security issuable upon exercise hereof setting forth in
reasonable detail the method of calculation and the facts upon which such calculation is based. 
 10. TRANSFER TO COMPLY WITH THE SECURITIES ACT OF
1933. Holder acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities Act, and therefore agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any
Warrant Shares issued upon its exercise in the absence of (a) an effective registration statement under the Securities Act as to this Warrant or such Warrant Shares and registration or qualification of this Warrant or such Warrant Shares under
any applicable Blue Sky or state securities law then in effect, or (b) an exemption from any such registration and qualification (including the delivery of investment representation letters and legal opinions reasonable satisfactory to the
Company, if such are requested by the Company). Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant shall bear a legend substantially to the foregoing effect. 
 11. NO IMPAIRMENT. The Company will not, by amendment of its certificate of incorporation or bylaws 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 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 holder of this Warrant against impairment. 
 12. MAILING
OF NOTICES, ETC. All notices and other communications from the Company to Holder shall be mailed by first-class certified or registered mail, postage prepaid, to the address furnished to the Company in writing by Holder. All notices and
other communications from Holder or in connection herewith to the Company shall be mailed by first-class certified or registered mail, postage prepaid, to the Company at its principal office set forth on the signature page hereof. If the Company
should at any time change the location of its principal office to a place other than as set forth in the initial paragraph hereof, it shall give written notice to Holder and thereafter all references in this Warrant to the location of its principal
office at the particular time shall be as so specified in such notice. 
 13. CHANGE OR WAIVER. Any term of this Warrant may be changed or
waived only by an instrument in writing signed by the Company and Holder. 
  

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 14. 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. 
 15. GOVERNING LAW. This Warrant will be governed by and construed in
accordance with the laws of the State of Nevada, without giving effect to the conflicts of laws principles of that or any other state. 
 [Signatures on following page] 
  

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 IN WITNESS WHEREOF, this Common Stock Purchase Warrant is executed and dated as of the Issue Date
set forth above. 
  

			
	 QUEPASA CORPORATION
 7550 E. Redfield
Road, Suite A
 Scottsdale, AZ 85260
 Fax: (480)
951-0221
 Attn: Robert B. Stearns

		
	By:	 	 /s/ Robert B. Stearns

	Name:	 	Robert B. Stearns
	Title:	 	Chairman and Chief Executive Officer

 PURCHASE FORM 
 Dated:                     , 200    . 
 The undersigned, pursuant to the provisions set forth in the attached Warrant No. MATT No. 2, hereby irrevocably elects to purchase
             shares of the Common Stock covered by such Warrant for the Exercise Price per share as calculated pursuant to the terms of such Warrant and herewith makes payment of
$                                  representing the full purchase
price for such shares at the Exercise Price per share provided for in such Warrant. 
 INSTRUCTIONS FOR REGISTRATION OF STOCK

  

			
	Name	 	  

		 	(Please typewrite or print in block letters)
		
	Address:	 	  

		 	  

		
		 	  

		 	Signature

  

 2Registration Rights Agreement

 Exhibit 10.4 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of October 17, 2006, by and between QUEPASA CORPORATION, a Nevada
corporation (the “Company”), and MEXICANS & AMERICANS TRADING TOGETHER, INC., a Delaware corporation (the
“Holder”). 
 RECITAL: 
 The Company and Holder are parties to that certain Securities Purchase Agreement, dated as of the date hereof (the “Purchase
Agreement”), which provides, among other things, that Holder shall be issued 1,000,000 shares (the “Common Shares”) of common stock of the Company, par value $0.001 per share (the “Common
Stock”), and two series of warrants (the “Warrants”) to purchase an aggregate of 2,000,000 shares of Common Stock. Capitalized terms used but not defined in this Agreement have the meanings assigned to such terms
in the Purchase Agreement. As an inducement to Holder to enter into the Purchase Agreement, the Company agrees with Holder as follows: 
 AGREEMENT: 
 NOW, THEREFORE, the parties hereby agree as
follows: 
 1. Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings:

 1.1 Affiliates. “Affiliate” shall mean any person that, directly or indirectly, through one or more
intermediaries, controls or is controlled by, or is under common control with, any party specified in this Agreement. 
 1.2
Commission. “Commission” shall mean the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 1.3 Common Shares. “Common Shares” shall mean the shares of Common Stock acquired by Holder pursuant to the Purchase
Agreement. 
 1.4 Effectiveness Deadline Date. “Effectiveness Deadline Date” means the 90th calendar day following the Trigger Date; provided, that, if the Commission reviews and has comments to a filed Shelf
Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Deadline Date shall be the 120th calendar day following the Trigger Date. 
 1.5
Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from
time to time. 

 1.6 Person. “Person” shall mean any individual, partnership, limited
liability company, corporation, trust or other entity. 
 1.7 Register; Registered; Registration. “Register,”
“registered” and “registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such
registration statement by the Commission. 
 1.8 Registrable Securities. “Registrable Securities” shall mean
(i) the Common Shares, (ii) the Warrant Shares, and (iii) all securities issued as a dividend on, or other distribution with respect to, or in exchange or in replacement of, the Common Shares or the Warrant Shares; provided,
however, that any such securities shall cease to be Registrable Securities when they (a) have been registered pursuant to an effective registration statement under the Securities Act and sold in a manner contemplated by the Shelf
Registration Statement, (b) have been transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto), (c) are transferable pursuant to paragraph (k) of such Rule 144 (or any successor provision
thereto) and the Company shall have issued certificates with respect to such securities not bearing a restrictive legend and shall have removed any stop transfer order with respect to such securities, or (d) have otherwise been transferred and
new securities not subject to transfer restrictions under the Securities Act have been delivered by or on behalf of the Company. 
 1.9
Registration Expenses. “Registration Expenses” shall mean all expenses incurred by the Company in complying with Section 2, including all registration and filing fees, exchange listing fees, printing expenses,
fees and disbursements of counsel for the Company and reasonable fees and expenses for counsel for Holder, state securities’ law fees and expenses, the expense of any special consents and advice or similar audit services of independent auditors
incident to or required by any such registration. 
 1.10 Securities Act. “Securities Act” shall mean the
Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time. 
 1.11 Warrant Shares. “Warrant Shares” shall mean the shares of Common Stock issuable at any time to Holder pursuant to the
exercise of any and all of the Warrants. 
 2. Registration Rights. 
 2.1 Shelf Registration. 
 (a) The Company shall prepare and file with the Commission as soon as practicable, but in no event later than 30 days after the date of closing of the purchase and sale of the Common Shares pursuant to the Purchase Agreement (the
“Trigger Date”), a registration statement or a post-effective amendment to any existing registration statement (the “Initial Shelf Registration Statement,” which, together with any Subsequent Shelf
Registration Statement (as defined below), including, in each case, the prospectus, amendments and supplements to such registration statements, and including post-effective amendments, all exhibits, and all materials incorporated by reference or
deemed to be incorporated by reference in such registration 
  

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 statements, are herein collectively referred to as the “Shelf Registration Statement”) for an
offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act (the “Shelf Registration”) registering the resale from time to time by Holder of all of the Registrable Securities. The Initial
Shelf Registration Statement shall be on Form S-3, Form SB-2 or other appropriate form under the Securities Act permitting registration of such Registrable Securities for resale by Holder from time to time as set forth in the Initial Shelf
Registration Statement. The Company shall use its best efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act as promptly as is practicable, and in any event not later than the Effectiveness
Deadline Date, and to keep the Initial Shelf Registration Statement (or any Subsequent Shelf Registration Statement) continuously effective under the Securities Act to permit the prospectus included therein to be lawfully delivered by Holder, for a
period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant thereto or when all such securities cease to be Registrable Securities (such period, the “Effectiveness
Period”). 
 (b) If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be
effective for any reason at any time during the Effectiveness Period (other than because all Registrable Securities registered thereunder have been resold pursuant thereto or have otherwise ceased to be Registrable Securities), the Company shall use
its best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of such cessation of effectiveness amend such Shelf Registration Statement in a manner reasonably
expected to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the securities that as of the date of such filing are Registrable Securities (a
“Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall use its best efforts to cause the Subsequent Shelf Registration Statement to become effective as promptly as
is practicable after such filing and to keep such Subsequent Shelf Registration Statement continuously effective until the end of the Effectiveness Period. 
 (c) The Company shall supplement and amend the Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf
Registration Statement, if required by the Securities Act. 
 (d) Notwithstanding any other provisions of this Agreement to the
contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all
material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 2.2 Registration Procedures. In connection with the Shelf Registration contemplated by Section 2.1 hereof, the following provisions shall apply: 
 (a) The Company shall furnish to Holder, prior to the filing thereof with the Commission, a copy of any Shelf Registration Statement and each
amendment thereof 
  

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 and each supplement, if any, to the prospectus included therein, which documents will be subject to the review and
comment of Holder and its counsel, and the Company shall make such changes to the Shelf Registration Statement, when so filed with the Commission, as are reasonably requested by Holder or counsel. 
 (b) The Company shall give written notice to Holder (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by
an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the Shelf Registration
Statement or any amendment thereto has been filed with the Commission and when the Shelf Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements to the Shelf Registration Statement or the prospectus included therein or for
additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Shelf
Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company or its legal
counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the Company to file a post-effective amendment to the Shelf Registration Statement or a
supplement to the prospectus or a current report on Form 8-K under the Exchange Act in order that the Shelf Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to
be stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 
 (c) The Company shall make every reasonable effort to obtain the withdrawal, at the earliest possible time, of any order suspending the effectiveness of the Shelf Registration Statement or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale. 
 (d) The Company shall furnish to Holder, without charge, as many conformed copies as Holder may reasonably request of the Shelf Registration
Statement and any post-effective amendment thereto, including financial statements and schedules, if applicable, and, if Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). 
 (e) The Company shall, during the Effectiveness Period, deliver to Holder, without charge, as many copies of the prospectus (including each
preliminary prospectus, if any) included in the Shelf Registration Statement and any amendment or 
  

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 supplement thereto as Holder may reasonably request. The Company consents, subject to the provisions of this Agreement,
to the use of the prospectus or any amendment or supplement thereto by Holder in connection with the offering and sale of the Registrable Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf
Registration Statement. 
 (f) Prior to any public offering of the Registrable Securities pursuant to any Shelf Registration
Statement, the Company shall register or qualify or cooperate with Holder and its counsel in connection with the registration or qualification of the Registrable Securities for offer and sale under the securities or “blue sky” laws of such
states of the United States as Holder reasonably requests in writing and do any and all other acts or things reasonably necessary or advisable to enable the offer and sale in such jurisdictions of the Registrable Securities covered by such Shelf
Registration Statement; provided, however, that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (f), be required to be so
qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction. 
 (g) The Company shall cooperate with Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold pursuant to any Shelf Registration Statement not bearing any restrictive
legends and in such denominations and registered in such names as Holder may request a reasonable period of time prior to sales of the Registrable Securities pursuant to such Shelf Registration Statement. 
 (h) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 2.2(b) above during the
Effectiveness Period, the Company shall promptly prepare and file a post-effective amendment to the Shelf Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holder or
purchasers of Registrable Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Company notifies Holder in accordance with paragraphs (ii) through (v) of Section 2.2(b) above to suspend the use of the prospectus until the requisite changes to the
prospectus have been made, then Holder shall suspend use of such prospectus and, if so directed by the Company, destroy or deliver to the Company all copies then in Holder’s possession of the prospectus covering such Registrable Securities that
was in effect at the time of such notice (such period during which the availability of the Shelf Registration Statement and any related prospectus is suspended being a “Deferral Period”). The Company will use its best efforts
to ensure that the use of the prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 2.2(h) to suspend the availability of the Shelf Registration Statement or any
prospectus for one or more periods not to exceed 30 days in any 3 month period and not to exceed, in the aggregate, 90 days in any 12 month period, provided however that any Deferral Period will be for the minimum period reasonably required for the
Company to prepare and file the necessary documents; and provided further that the Company agrees that it shall not suspend trading under the prospectus due to the occurrence of an event contemplated by Section 2.2(b)(v) unless the
Company shall black-out trading for all of its officers and members of its board of directors for the same period of time. 
  

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 (i) The Company shall prepare and file with the Commission such amendments and post-effective
amendments to each Shelf Registration Statement as may be necessary to keep such Shelf Registration Statement continuously effective for the Effectiveness Period and shall cause the related prospectus to be supplemented by any required prospectus
supplement to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 
 (j) The Company
may require Holder to furnish to the Company, as a condition to registering the Registrable Securities, such information regarding Holder and the distribution of the Registrable Securities as is required under the Securities Act for inclusion
therein, as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement. 
 (k) The
Company shall use its best efforts to take all other steps necessary to effect the registration of the Registrable Securities covered by a Shelf Registration Statement contemplated hereby in accordance with the terms hereof. 
 (l) The Company shall as promptly as practicable (if reasonably requested by Holder) incorporate in a prospectus supplement or post-effective
amendment to the Shelf Registration Statement such information as Holder shall, on the basis of an opinion of counsel experienced in such matters, determine to be required to be included therein and make any required filings of such prospectus
supplement or such post-effective amendment; provided that the Company shall not be required to take any actions under this Section 2.2(l) that are not, in the reasonable opinion of counsel for the Company, in compliance with
applicable law and acceptable to the Company in its reasonable discretion. 
 2.3 Expenses of Registration. The Company
shall pay all Registration Expenses incurred in connection with the performance of the Company’s obligations under this Agreement. 
 3. Indemnification. 
 3.1 Indemnification by the Company. Except as limited by
Section 3.3, the Company agrees to indemnify and hold harmless Holder and its Affiliates, and each person, if any, who controls Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act, against all claims, losses, damages and liabilities, joint or several (or actions in respect thereof, and including, but not limited to, any claims, losses, damages, liabilities or actions relating to purchases and sales of the Registrable
Securities), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, to which any of them may become subject under the Securities Act, the Exchange Act or other federal or state law, arising out of or based
on the following: 
 (a) any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration
Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
  

 6 

 (b) any violation by the Company of any federal, state or common law rule or regulation
applicable to the Company in connection with the Shelf Registration; and 
 (c) any legal and any other expenses reasonably incurred
in connection with (i) investigating or defending any such claim, loss, damage, liability or action, as incurred related to the foregoing; or (ii) successfully enforcing the rights granted by this Section 3.1. 
 3.2 Indemnification by Holder. Holder shall indemnify the Company and its Affiliates, including its directors, its officers who sign
such Shelf Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against all claims, losses, damages and liabilities, joint
or several (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, to which they may become subject under the Securities Act or other federal or state law, arising out of or
based on: 
 (a) any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration Statement, or
any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission is made in the Shelf Registration Statement in reliance upon and in conformity with written information furnished to the Company by an
instrument duly executed by Holder and stated to be specifically for use therein; 
 (b) Holder’s failure to comply with the
prospectus delivery requirements of the Securities Act at any time when the Company does not meet the conditions for use of Rule 172 under the Securities Act, has advised Holder in writing that the Company does not meet such conditions and that
therefore Holder is required to deliver a prospectus in connection with any sale or other disposition of Registrable Securities and has provided such Holder with a current prospectus for such use; 
 (c) the use by Holder of an outdated or defective prospectus after the Company has notified Holder that such prospectus is outdated or defective
and the use of a corrected or updated prospectus would have avoided such claims, losses, damages, liabilities or expenses; and 
 (d)
any legal and other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, as incurred related to the foregoing. 
 3.3 Limitation on the Indemnification Obligation. 
 (a) No party required to provide indemnification under this Section 3 (the “Indemnifying Party”) shall be liable, nor shall it have any indemnification obligation 

 

 7 

 hereunder, for any amounts paid in settlement by any party entitled to indemnification hereunder (the
“Indemnified Party”) of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Indemnifying Party (which consent shall not be unreasonably withheld). 
 (b) The Company shall not be liable under Section 3.1 hereof for any such claim, loss, damage, liability or expense to the extent it
arises out of or is based on any of the matters described in Section 3.2(a)-(d) above. 
 (c) Holder shall not be liable
under Section 3.2 hereof for any amount in excess of the proceeds received by Holder for the sale of the Registrable Securities covered by the Shelf Registration Statement. 
 3.4 Indemnification Procedure. Each Indemnified Party shall give notice to the Indemnifying Party promptly after such Indemnified
Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided the Indemnifying Party acknowledges its
obligations to indemnify the Indemnified Party with respect to the claim and provided further that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose
approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense, and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations under this Section 3 except to the extent that the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action and provided further, that
the Indemnifying Party shall not assume the defense for matters as to which there is a conflict of interest or the Indemnified Party and the Indemnifying Party can reasonably argue separate and different defenses; however, in such event, the
Indemnifying Party shall still bear the expense of the Indemnified Party’s defense. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. If the
Indemnifying Party does not assume the defense of any claim or proceeding resulting therefrom, the Indemnified Party may defend against such claim or proceeding as the Indemnified Party may deem appropriate and may settle such claim or proceeding in
such manner as the Indemnified Party may deem appropriate with the Indemnifying Party’s consent which shall not be unreasonably withheld, all without prejudice to its right to indemnification hereunder. 
 3.5 Contribution, Allocation, etc. If the indemnification provided for in this Section 3 is held by a court of competent
jurisdiction to be unavailable or insufficient to hold harmless an Indemnified Party in respect of any losses, claims, damages or liabilities or actions in respect thereof referred to therein, then each Indemnifying Party shall in lieu of
indemnifying such Indemnified Party contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or actions in such proportion as appropriate to reflect the relative fault of the
Company, on the one hand, and Holder, on the other, in connection with the statements, omissions or actions which resulted in such losses, claims, 
  

 8 

 damages, liabilities or actions as well as any other relevant equitable considerations, including the failure to give any
notice under Section 3.4. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact relates to information supplied by the Company, on the one hand, or
Holder, on the other, and to the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and Holder agree that it would not be just and equitable if contributions
pursuant to this paragraph where determined by pro rata allocation or by any other method of allocation which did not take account of the equitable considerations referred to above in this paragraph. The amount paid or payable by an Indemnified
Party as a result of the losses, claims, damages, liabilities or action in respect thereof, referred to above in this paragraph, shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this paragraph, Holder shall not be required to contribute any amount in excess of the lesser of (i) the proceeds received by Holder for the sale of the
Registrable Securities covered by the Shelf Registration Statement and (ii) the amount of any damages which it would have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission. No person guilty of
fraudulent misrepresentation shall be entitled to contribution from any person who is not guilty of such fraudulent misrepresentation. 
 4. Miscellaneous Provisions. 
 4.1 Transfer of Registration Rights. The registration rights
granted under this Agreement may be assigned or otherwise conveyed by Holder, without the consent of the Company and without the need for an express assignment, to any Person in connection with the transfer of Registrable Securities to such Person;
provided, however, that the Company is given written notice of such transfer stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which such registration rights are being transferred
or assigned. 
 4.2 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of Nevada, without giving effect to conflict of laws or any other rules or principles which may require the application of the laws of any other jurisdiction. 
 4.3 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to Holder, upon any breach or default
by the Company under this Agreement, shall impair any such right, power or remedy of Holder 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 thereunder
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 Holder or any
breach or default under this Agreement, or any waiver on the part of Holder of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement, or by law or otherwise afforded to Holder or the Company shall be cumulative and not alternative. 
  

 9 

 4.4 Rule 144. The Company shall use its best efforts to file the reports required to
be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time, the Company is not required to file such reports, it will, upon the request of Holder, make publicly available other information so long as
necessary to permit sales of their securities to be made pursuant to Rule 144 under the Securities Act. The Company covenants that it will take such further action as Holder may reasonably request, all to the extent required from time to time, to
enable Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of Holder, the Company shall deliver to Holder a written statement as to
whether it has complied with such filing requirements. 
 4.5 Remedies. Each of the parties hereto acknowledges and
agrees that any failure by a party to perform its obligations hereunder or otherwise breach this Agreement would cause irreparable injury for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, a party may obtain such relief as may be required to specifically enforce the other party’s obligations hereunder. The parties further agree to waive the defense in any action for specific
performance that a remedy at law would be adequate. 
 4.6 No Inconsistent Agreements; Most Favored Nation. The Company
will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to Holder in this Agreement or otherwise conflicts with the provisions hereof. The Company
represents and warrants that the rights granted to Holder hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of securities of the Company under any agreement in effect on the date hereof. To the
extent that the Company extends any registration rights to Richard L. Scott, F. Stephen Allen or any of their respective Affiliates, successors or assigns, then the Company, if and to the extent the Holder holds Registrable Securities, shall extend
the same rights to Holder. The preceding sentence shall be solely for the purpose of expanding Holder’s rights under this Agreement and in no way shall such sentence limit Holder’s rights under this Agreement. 
 4.7 Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof, and supersedes all prior agreements, correspondence, arrangements and understandings relating to the subject matter hereof. 
 4.8 Binding Effect. All of the terms, provisions and conditions hereof shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto, and their respective heirs, personal
representatives, successors and assigns. 
 4.9 Headings; Construction. The headings contained herein are for the
purposes of convenience only, and will not be deemed to constitute a part of this Agreement or to affect the meaning or interpretation of this Agreement in any way. Unless the context clearly states otherwise, the use of the singular or plural in
this Agreement shall include the other and the use of any gender shall include all others. The parties have participated jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent or interpretation arises, no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references herein to Sections shall refer to this Agreement unless the context clearly otherwise
requires. 
  

 10 

 4.10 Notices. All notices and other communications hereunder shall be in writing and
shall be deemed given upon (a) transmitter’s confirmation of receipt of a facsimile transmission, if during business hours of a business day, otherwise on the next business day, (b) confirmed delivery by a standard overnight carrier
or when delivered by hand or (c) the expiration of five (5) business days (or seven (7) business days where the addressee is not in the United States) after the day when mailed by certified or registered mail, postage prepaid, to the
addresses set forth in the Purchase Agreement or to such other address as any party may, from time to time, designate in a written notice given in a like manner. 
 4.11 Severability of Provisions. If a court in any proceeding holds any provision of this Agreement or its application to any person or circumstance invalid, illegal or unenforceable, the
remainder of this Agreement, or the application of such provision to persons or circumstances other than those to which it was held to be invalid, illegal or unenforceable, shall not be affected, and shall be valid, legal and enforceable to the
fullest extent permitted by law, but only if and to the extent such enforcement would not materially and adversely frustrate the parties’ essential objectives as expressed in this Agreement. Furthermore, in lieu of any such invalid or
unenforceable term or provision, the parties intend that the court add to this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be valid and enforceable, so as to effect the original intent of the parties
to the greatest extent possible. 
 4.12 Third Party Beneficiaries. Except as set forth in Sections 3.1 and 3.2 hereof,
this Agreement does not create, and will not be construed as creating, any rights enforceable by any person not a party to this Agreement. 
 4.13 Amendment. This Agreement may be amended, modified, superseded, or canceled only by a written instrument signed by all of the parties hereto and any of the terms, provisions and conditions hereof may be waived,
only by a written instrument signed by the waiving party. 
 4.14 Counterparts; Facsimile Signatures. This Agreement may
be executed in any number of counterparts and each such counterpart shall for al purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Facsimile signatures on this Agreement shall
be deemed to be original signatures for all purposes. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties have
entered into this Agreement as of the date first written above. 
  

			
	 QUEPASA CORPORATION
 7550 E. Redfield
Road, Suite A
 Scottsdale, AZ 85260
 Fax:
                                
 Attn: Robert B. Stearns

		
	By:	 	 /s/ Robert B. Stearns

	Name:	 	Robert B. Stearns
	Title:	 	Chairman and Chief Executive Officer
	
	 MEXICANS & AMERICANS TRADING
 TOGETHER, INC.

	 7550 IH 10 West, Suite 630
 San Antonio, TX
78229

	Fax:
                                
	Attn: Andres Gonzalez Saravia
		
	By:	 	 /s/ Andres Gonzalez Saravia

	Name:	 	Andres Gonzalez Saravia
	Title:	 	President

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