Document:

EXECUTION
COPY

    

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

    

    
      
        	
                No.
      2007-8

              	
                $_____________

              

      

    

    

    GLOBETEL
COMMUNICATIONS CORP.

    

    7%
Convertible Note

    

    Due
February __, 2009

    

    FOR VALUE
RECEIVED, GLOBETEL COMMUNICATIONS CORP., a Delaware corporation (hereinafter
called the “Borrower” or
the “Company”), hereby
promises to pay to _______________________________________  (the
“Holder”) or order,
without demand, the sum of __________________________________________________
Dollars ($___________________),
with simple interest accruing at the rate described below, on February __, 2011 (the "Maturity Date").

    

    This Note
has been entered into pursuant to the terms of a subscription agreement between
the Borrower and the Holder, dated of even date herewith (the “Subscription Agreement”), and
shall be governed by the terms of such Subscription Agreement. Unless otherwise
separately defined herein, all capitalized terms used in this Note shall have
the same meaning as is set forth in the Subscription Agreement. The following
terms shall apply to this Note:

    

    ARTICLE
I

    GENERAL
PROVISIONS

    

    1.1           Payments. The entire
unpaid principal amount due under this Note (the “Principal”) shall be due and
payable on the Maturity Date. Interest on the Notes (the “Interest”) will be payable
semi-annually commencing on the date that shall be six (6) months from the date
hereof (each such date, a “Semi-Annual Payment Date”) as
further described on the payment schedule attached hereto as Exhibit
A (the “Payment
Schedule”). Interest shall be payable in cash or, at the Company's
option, in shares of the Company’s common stock, par value $0.00001 per share
(the "Common Stock").
Any payment made on a Semi-Annual Payment Date is referred to herein as a “Semi-Annual
Payment.”

    

    Upon any conversion in part by the
Holder in accordance with Article II, the Holder and the Borrower shall in good
faith recalculate the outstanding principal balance and the amounts of the
Semi-Annual Payments. Upon any full conversion by the Holder in accordance with
Article II of all of the Semi-Annual Payments and the Principal due hereunder,
all of the Borrower's payment obligations shall terminate. All payments in
respect of the indebtedness evidenced hereby shall be applied in the following
order: to accrued Interest, Principal, and charges and expenses owing under or
in connection with this Note.

    

    If any payment of interest is paid in
Common Stock, the number of shares issuable will be determined utilizing the
conversion ratio as set forth in Article II. Notwithstanding the foregoing, the
Company’s right to pay the Notes, including any Interest due thereunder, in
shares of Common Stock on each Semi-Annual Payment Date is subject to the
condition that: (i) the Common Stock is trading on the Pink Sheets, OTC Bulletin
Board, American Stock Exchange or Nasdaq; and (ii) there is an effective
Registration Statement on such Semi-Annual Payment Date or the shares are
otherwise eligible for resale pursuant to Rule 144.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    In the event a Holder converts any
portion of the principal amount of its Note into shares of Common Stock prior to
the date of the next Semi-Annual Payment, such Semi-Annual Payment shall be
reduced by the principal amount so converted.  In addition, if a
Holder converts any portion of its Note into shares of Common Stock prior to the
date of the next Semi-Annual Payment in an amount that is greater than the
amount of such Semi-Annual Payment and any accrued interest, the excess over
such Semi-Annual Payment will be credited against future Semi-Annual
Payments.

    

    1.2           Interest.  Interest
shall accrue on the outstanding principal balance hereof at an annual rate equal
to seven percent (7%) from the date  Principal was advanced in
connection with this Note.  Interest shall be calculated on the basis
of a 360-day year and the actual number of days elapsed,  to the
extent permitted by applicable  law.  Interest hereunder
will be paid to the Holder or its assignee in whose name this Note is registered
on the records of the Borrower regarding registration and transfers of
Notes  (the “Note
Register”).  In the event the Holder has elected to convert
Interest due hereunder into shares of Common Stock or the Company has elected to
make an Interest payment  hereunder  in shares of Common
Stock, the number of shares of such Common Stock to be issued will be calculated
using a value of the  Common Stock that shall be its last sale price
on the date immediately preceding the Semi-Annual Payment Date.  A
number of shares of Common Stock with a value equal to the amount
of  Interest  due shall be issued to the Holder within five
(5) days of the Semi-Annual Payment Date. No fractional shares will be issued;
therefore, in the event that the value of the Common Stock per share does not
equal the total  Interest due, the Company shall round up the number
of shares of Common Stock due.

    

    1.3           Payment Grace Period.
From and after the 10th day
after an Event of Default under Section 3.1, the Interest Rate applicable to any
unpaid amounts owed hereunder shall be increased to sixteen percent (16%) per
annum.

    

    1.4           Conversion
Privileges. The conversion privileges set forth in Article II shall
remain in full force and effect immediately from the date hereof and until the
Note is paid in full regardless of the occurrence of an Event of Default. The
Note shall be payable in full on the Maturity Date, unless previously converted
into Common Stock in accordance with Article II hereof; provided, that if an
Event of Default has occurred, the Holder may elect to extend the Maturity Date
by the amount of days of the pendency of the Event of Default.

    

    1.5           Corporate
Existence.  So long as any of the Notes remains outstanding,
the Company shall not directly or indirectly consummate any merger,
reorganization, restructuring, reverse stock split, consolidation, sale of all
or substantially all of the Company's assets or any similar transaction or
related transactions (each such transaction, a “Fundamental Change”) unless,
prior to the consummation a Fundamental Change, the Company obtains the written
consent of each of the Holders.  In any such case, the Company will
(i) make appropriate provision with respect to such holders' rights and
interests to ensure that the provisions of this Section 1.5 will thereafter be
applicable to the Notes, (ii) grant the Holders the right to put the Notes to
the Company at 115% of the then outstanding Principal plus any unpaid and
accrued Interest and (iii) take any other action required under Section 2.1(c)
hereof.

    

    This Note
is subject to the following additional provisions:

    

    ARTICLE
II

    CONVERSION
RIGHTS AND REDEMPTION RIGHTS

    

    The
Holder shall have the right to convert the principal and accrued and unpaid
interest due under this Note into Shares of the Borrower's Common Stock as set
forth below.

    
      
         

      

      
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    2.1           Conversion into the
Borrower's Common Stock.

     

    (a)           The
Holder shall have the right from and after the date of the issuance of this Note
and then at any time until this Note is fully paid, to convert any outstanding
and unpaid principal portion of this Note, and accrued Interest, at the election
of the Holder (the date of giving of such notice of conversion being a "Conversion Date") into fully
paid and non-assessable shares of Common Stock as such stock exists on the date
of issuance of this Note (such shares, the “Conversion Shares”), or any
shares of capital stock of Borrower into which such Common Stock shall hereafter
be changed or reclassified (the “Other Securities”), at the
conversion price as defined in Section 2.1(b) hereof (the "Conversion Price"), determined
as provided herein. Upon delivery to the Borrower of a completed Notice of
Conversion, a form of which is attached hereto as Exhibit
B, Borrower shall issue and deliver to the Holder within three (3)
business days from the Conversion Date (such third day being the “Delivery Date”) that number of
Conversion Shares for the portion of the Note converted in accordance with the
foregoing. At the election of the Holder, the Borrower will deliver accrued but
unpaid interest on the principal amount of the Note being converted in the
manner provided in Section 1.1 through the Conversion Date directly to the
Holder on or before the Delivery Date. The number of Conversion Shares to be
issued upon each conversion of this Note shall be determined by dividing that
portion of the principal of the Note and accrued interest to be converted, by
the Conversion Price.

    

    (b)           Subject
to adjustment as provided in Section 2.1(c) hereof, the Conversion Price per
share shall be $.105.
However, if after 90 days from the date hereof the market price of the
Company’s common shares during the 90 day period has not closed at a bid price
at or above $.12 per share for 3 or more consecutive trading days. In such
instance then the Investors’s price per share shall be equal to the average
closing bid price for the last 30 trading days immediately prior to the 90th day
after the date of this addendum. Should the price of the common shares be $.105
or higher on the 90th day
after the date of this addendum, then the purchase price per share shall remain
at $.105 per share.  Should the Market Price of the shares be $.105 or
higher on the 90th day
after the date of this addendum, but less than $.125, then the Investor shall be
entitled to an amount of additional shares equal to 10% of the number of shares
to which the Investor is otherwise entitled.

    

    (c)           
The Conversion Price and number and kind of shares or other securities to be
issued upon conversion determined pursuant to Section 2.1(a), shall be subject
to adjustment from time to time upon the happening of certain events while this
conversion right remains outstanding, as follows:

    

    A.           Reorganization,
Consolidation, Merger, etc.; Reclassification.  In case at any
time or from time to time, the Company shall, subject to Section 1.5 hereof,
effect a Fundamental Change, then, in each such case, as a condition to the
consummation of such a transaction, proper and adequate provision shall be made
by the Company whereby the Holder of this Note, on the conversion hereof as
provided in Article II, at any time after the consummation of such Fundamental
Change, shall receive, in lieu of the Conversion Shares (or Other Securities)
issuable on such conversion prior to such consummation or such effective date,
the stock and other securities and property (including cash) to which such
Holder would have been entitled upon such consummation of a Fundamental Change
if such Holder had so converted this Note, immediately prior thereto, all
subject to further adjustment thereafter as provided in Section
2.1(c)(E).

    

    If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes that may be issued or
outstanding, this Note, as to the unpaid principal portion thereof and accrued
interest thereon, shall thereafter be deemed to evidence the right to purchase
an adjusted number of such securities and kind of securities as would have been
issuable as the result of such change with respect to the Common Stock
immediately prior to such reclassification or other change.

    

    B.           Dissolution. In the
event of any dissolution of the Company following the transfer of all or
substantially all of its properties or assets, the Company, prior to such
dissolution, shall at its expense deliver or cause to be delivered the stock and
other securities and property (including cash, where applicable) receivable by
the Holder of the Notes after the effective date of such dissolution pursuant to
this Article II to a bank or trust company (a “Trustee”) having its principal
office in New York, NY, as trustee for the Holder of the Notes.

    

    C.           Continuation of
Terms. Upon any Fundamental Change or transfer (and any dissolution
following any transfer) referred to in this Article II, this Note shall continue
in full force and effect and the terms hereof shall be applicable to the Other
Securities and property receivable on the conversion of this Note after the
consummation of such Fundamental Change or transfer or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any other securities, including, in the case of any
such transfer, the person acquiring all or substantially all of the properties
or assets of the Company, whether or not such person shall have expressly
assumed the terms of this Note as provided in Section 2.1(c)(E). In the event
this Note does not continue in full force and effect after the consummation of
the transaction described in this Article II, then only in such event will the
Company's securities and property (including cash, where applicable) receivable
by the Holder of the Notes be delivered to the Trustee as contemplated by
Section 2.1(c)(B).

    
      
         

      

      
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    D.           Share
Issuance.  If at any time Notes or the Warrants are outstanding
the Company shall offer, issue or agree to issue any common stock or securities
convertible into or exercisable for shares of common stock (or modify any of the
foregoing which may be outstanding) to any person or entity at a price per share
or conversion or exercise price per share which shall be less than the
Conversion Price in respect of the Shares, without the consent of each
Subscriber holding Notes and/or other Securities, then the Company shall issue,
for each such occasion, additional shares of Common Stock to each Subscriber so
that the average per share purchase price of the shares of Common Stock issued
to the Subscriber (of only the Conversion Shares or Warrant Shares still owned
by the Subscriber) is equal to such other lower price per share and the
Conversion Price shall automatically be reduced to such other lower price per
share.  The average Conversion Price of the Conversion Shares and
average Warrant Exercise Price in relation to the Warrant Shares shall be
calculated separately for the Conversion Shares and Warrant
Shares.  The foregoing calculation and issuance shall be made
separately for Conversion Shares received upon conversion and separately for
Warrant Shares.  The delivery to the Subscriber of the additional
shares of Common Stock shall be not later than the closing date of the
transaction giving rise to the requirement to issue additional shares of Common
Stock.  The Subscriber is granted the registration rights described in
Section 11 of the Subscription Agreement in relation to such additional shares
of Common Stock except that the Filing Date and Effective Date with respect to
such additional shares of Common Stock shall be, respectively, the sixtieth
(60th) and one hundred and twentieth (120th) date after the closing date giving
rise to the requirement to issue the additional shares of Common
Stock.  For purposes of the issuance and adjustment described in this
paragraph, the issuance of any security of the Company carrying the right to
convert such security into shares of Common Stock or of any warrant, right or
option to purchase Common Stock shall result in the issuance of the additional
shares of Common Stock upon the issuance of such convertible security, warrant,
right or option and again at any time upon any subsequent issuances of shares of
Common Stock upon exercise of such conversion or purchase rights if such
issuance is at a price lower than the Conversion Price in effect upon such
issuance.  The rights of the Subscriber set forth in this Section 2.1
(c)(D) are in addition to any other rights the Subscriber has pursuant to this
Note, the Subscription Agreement, any Transaction Document and any other
agreement referred to or entered into in connection herewith.

    

    E.           Extraordinary Events
Regarding Common Stock. In the event that the Company shall (a) issue
additional shares of the Common Stock as a dividend or other distribution on
outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock,
or (c) subject to Section 1.5 hereof, combine its outstanding shares of the
Common Stock into a smaller number of shares of the Common Stock, then, in each
such event, the Conversion Price shall, simultaneously with the happening of
such event, be adjusted by multiplying the then Conversion Price by a fraction,
the numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Conversion Price then in effect. The
Conversion Price, as so adjusted, shall be readjusted in the same manner upon
the happening of any successive event or events described herein in this Section
2.1(c)(E). The number of Conversion Shares that the Holder of this Note shall
thereafter, on the conversion hereof as provided in Article II, be entitled to
receive shall be adjusted to a number determined by multiplying the number of
Conversion Shares that would otherwise (but for the provisions of this Section
2.1(c)(E)) be issuable on such conversion by a fraction of which (a) the
numerator is the Conversion Price that would otherwise (but for the provisions
of this Section 2.1(c)(E)) be in effect, and (b) the denominator is the
Conversion Price in effect on the date of such conversion.

    

    F.           Certificate as to
Adjustments. In each case of any adjustment or readjustment in the shares
of Common Stock (or Other Securities) issuable on the conversion of the Notes,
the Company at its expense will promptly cause its Chief Financial Officer or
other appropriate designee to compute such adjustment or readjustment in
accordance with the terms of the Note and prepare a certificate setting forth
such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based, including a statement of (a) the
consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities) issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and (c) the Conversion Price and the
number of Conversion Shares to be received upon conversion of this Note, in
effect immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Note. The Company will forthwith mail a copy of
each such certificate to the Holder of the Note and any transfer agent of the
Company.

    
      
         

      

      
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    2.2           Method of Conversion.
This Note may be converted by the Holder in whole or in part as described in
Section 2.1(a) hereof and the Subscription Agreement. Upon partial conversion of
this Note, a new Note containing the same date and provisions of this Note
shall, at the request of the Holder, be issued by the Borrower to the Holder for
the principal balance of this Note and interest which shall not have been
converted or paid.

    

    2.3           Intentionally
Left Blank

    

    2.4           Mandatory
Conversion.  Commencing after the Effective Date, the Borrower
will have the option by written notice to the Holder (“Notice of Mandatory
Conversion”) of compelling the Holder to convert the outstanding and
unpaid principal amount, and accrued interest, of this Note into Common Stock at
the Conversion Price then in affect (“Mandatory Conversion”). The
Notice of Mandatory Conversion must be given, if at all, within thirty (30) days
following any consecutive ten (10) day trading period (the “Lookback Period”) during which
the closing bid price or last sale price, as the case may be, for the Borrower’s
Common Stock as reported by Bloomberg, LP for the principal market on which the
shares of Common Stock are then traded (the “Principal Market”) is more
than 150% of the Conversion Price each day during the Lookback Period and there
is not less than reported average daily trading of 1,000,000 shares of Common
Stock during the Lookback Period.  The date the Notice of Mandatory
Conversion is given is the “Mandatory Conversion Date.”
The Notice of Mandatory Conversion shall specify the aggregate principal amount
of the Note which is subject to Mandatory Conversion.  Mandatory
Conversion Notices must be given proportionately to all Holders of Notes who
hold Notes similar in terms and tenure as this Note.  A Notice of
Mandatory Conversion may not be given unless the Registration Statement has been
effective for the unrestricted public resale of the Registrable Securities each
day during the Lookback Period and for the three trading days
thereafter.  Notices of Mandatory Conversion may not be given in
connection with the aggregate amount of Common Stock that would exceed 25% of
the aggregate volume of Common Stock traded on the Principal Market as reported
by Bloomberg L.P. for the fifteen (15) trading days preceding the Mandatory
Conversion Date, or 20% of the initial principal amount of this
Note.  The amount of Note principal included in a Mandatory Conversion
Notice shall be further reduced to an amount that would not cause the Holder to
exceed the limitation described in Section 2.3 of this Note.  A
further Mandatory Conversion Notice may not be given until thirty (30) trading
days have elapsed from the preceding Mandatory Conversion Date.  Each
Mandatory Conversion Date shall be a Deemed Conversion Date (as hereinafter
defined) and the Borrower will be required to deliver the Common Stock issuable
pursuant to a Mandatory Conversion Notice in the same manner and time period as
described in Section 2.1 above.  In the event the Borrower fails to
deliver the Common Stock in the same manner and time period as described in
Section 2.1 above, then such Notice of Conversion will be null and
void.  A Notice of Conversion must be given to all Holders of Notes
similar to this Note, in proportion to the amount of Note Principal held by all
Holders of such Notes.  Except as described in this Section 2.4, the
Note may not be paid prior to the Maturity Date without the consent of the
Holder.

    

    2.5           Conversion of
Note.

    

    (a)           Upon
the conversion of a Note or part thereof, the Company shall, at its own cost and
expense, take all necessary action, including obtaining and delivering, an
opinion of counsel to assure that the Company's transfer agent shall issue stock
certificates in the name of Subscriber (or its nominee) or such other persons as
designated by Subscriber and in such denominations to be specified at conversion
representing the number of Conversion Shares issuable upon such conversion. The
Company warrants that no instructions other than these instructions have been or
will be given to the transfer agent of the Company's Common Stock and that,
unless waived by the Subscriber, the Conversion Shares will be free-trading, and
freely transferable, and will not contain a legend restricting the resale or
transferability of the Conversion Shares provided the Conversion Shares are
being sold pursuant to an effective registration statement covering the
Conversion Shares or are otherwise exempt from registration.

    
      
         

      

      
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    (b)           Subscriber
will give notice of its decision to exercise its right to convert the Note or
part thereof by telecopying an executed and completed Notice of Conversion (a
form of which is attached as Exhibit
B to the Note) to the Company via confirmed telecopier transmission and
overnight courier or otherwise pursuant to Section 4.2 of this Note. The
Subscriber will not be required to surrender the Note until the Note has been
fully converted or satisfied, with each date on which a Notice of Conversion is
telecopied to the Company in accordance with the provisions hereof shall be
deemed a Conversion Date (as defined above). The Company will itself or cause
the Company’s transfer agent to transmit the Company's Common Stock certificates
representing the Conversion Shares issuable upon conversion of the Note to the
Subscriber via express courier for receipt by such Subscriber on or before the
Delivery Date (as defined above). In the event the Conversion Shares are
electronically transferable, then delivery of the Conversion Shares must be made
by electronic transfer provided request for such electronic transfer has been
made by the Subscriber and the Subscriber has complied with all applicable
securities laws in connection with the sale of the Common Stock, including,
without limitation, the prospectus delivery requirements.  A Note
representing the balance of the Note not so converted will be provided by the
Company to the Subscriber if requested by Subscriber, provided the Subscriber
delivers the original Note to the Company.

    

    (c)           The
Company understands and agrees that a delay in the delivery of the Conversion
Shares in the form required pursuant to Section 2.5(a) hereof, or the Mandatory
Redemption Amount described in Section 2.8 hereof, respectively after the
Delivery Date or the Mandatory Redemption Payment Date (as hereinafter defined)
could result in economic loss to the Subscriber. As compensation to the
Subscriber for such loss, the Company agrees to pay (as liquidated damages and
not as a penalty) to the Subscriber for late issuance of Conversion Shares upon
Conversion of the Note in the amount of $20 per business day after the Delivery
Date for each $10,000 of Note principal amount being converted of the
corresponding Conversion Shares which are not timely delivered. The Company
shall pay any payments incurred under this Section in immediately available
funds upon demand. Furthermore, in addition to any other remedies which may be
available to the Subscriber, in the event that the Company fails for any reason
to effect delivery of the Conversion Shares by the Delivery Date or make payment
by the Mandatory Redemption Payment Date, the Subscriber will be entitled to
revoke all or part of the relevant Notice of Conversion or rescind all or part
of the notice of Mandatory Redemption by delivery of a notice to such effect to
the Company whereupon the Company and the Subscriber shall each be restored to
their respective positions immediately prior to the delivery of such notice,
except that the liquidated damages described above shall be payable through the
date notice of revocation or rescission is given to the Company.

    

    (d)           Nothing
contained herein or in any document referred to herein or delivered in
connection herewith shall be deemed to establish or require the payment of a
rate of interest or other charges in excess of the maximum permitted by
applicable law. In the event that the rate of interest or dividends required to
be paid or other charges hereunder exceed the maximum permitted by such law, any
payments in excess of such maximum shall be credited against amounts owed by the
Company to the Subscriber and thus refunded to the Company.

    

    2.6           Injunction Posting of
Bond. In the event a Subscriber shall elect to convert a Note or part
thereof in whole or in part, the Company may not refuse conversion based on any
claim that such Subscriber or any one associated or affiliated with such
Subscriber has been engaged in any violation of law, or for any other reason,
unless an injunction from a court, on notice, restraining and or enjoining
conversion of all or part of such Note shall have been sought and obtained by
the Company and the Company has posted a surety bond for the benefit of such
Subscriber in the amount of 120% of the amount of the Note, which bond shall
remain in effect until the completion of arbitration/litigation of the dispute
and the proceeds of which shall be payable to such Subscriber to the extent
Subscriber obtains judgment.

    
      
         

      

      
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    2.7           Optional
Redemption.

    

    (a)           Provided
that the Company has a number of authorized but unissued shares of Common Stock
sufficient for the issuance of all Conversion Shares underlying the remaining
principal amount of this Note, such Common Stock is listed or quoted (and is not
suspended from trading) on the Principal Market and such shares of Common Stock
are approved for listing on such Principal Market upon issuance if applicable,
such Common Stock is registered for resale under the Registration Statement and
the prospectus under such Registration Statement is available for the sale of
all Registrable Securities held by the Subscriber, such issuance would be
permitted in full without violating Section 2.3 herein or the rules or
regulations of any trading market on which such Common Stock may be listed or
quoted, and both immediately before and after giving effect thereto, no Event of
Default under the Subscription Agreement or this Note shall or would exist, the
Borrower will have the option of prepaying the outstanding principal amount of
this Note ("Optional
Redemption"), in whole or in part, together with interest accrued
thereon, by paying to the Holder a sum of money equal to one hundred twenty-five
percent (125%) of the principal amount to be redeemed, together with accrued but
unpaid interest thereon and interest that will accrue until the actual repayment
date and any and all other sums due, accrued or payable to the Holder arising
under the Note, the Subscription Agreement or any Transaction Document (the
"Redemption Amount") on
the day written notice of redemption (the "Notice of Redemption") is
given to the Holder. The Notice of Redemption shall specify the date for such
Optional Redemption (the "Redemption Payment Date"),
which date shall be not less than five (5) business days after the date of the
Notice of Redemption (the "Redemption Period"). The
Borrower may provide a Notice of Redemption prior to the Effective Date only in
connection with up to 20% the principal amount of this Note then outstanding
together with interest accrued thereon. A Notice of Redemption shall not be
effective with respect to any portion of the Note for which the Holder has a
pending election to convert, or for Conversion Notices given by the Holder prior
to the Redemption Payment Date. During a Redemption Period occurring after the
Actual Effective Date, the Holder may deliver Notices of Conversion for up to
20% of the initial principal amount of the Note and accrued
interest.  On the Redemption Payment Date, the Redemption Amount shall
be paid in good funds to the Holder. In the event the Borrower fails to pay the
Redemption Amount on the Redemption Payment Date as set forth herein, then (i)
such Notice of Redemption will be null and void, (ii) Borrower will have no
further right to deliver another Notice of Redemption, and (iii) Borrower’s
failure may be deemed by Holder to be a non-curable Event of
Default.

    

    (b)           A
Notice of Redemption must be given proportionately to all Holders of Notes
bearing similar terms to this Note issued on the date of this Note.

    

    2.8           Mandatory Redemption at
Subscriber’s Election.  In the event the Company is prohibited
from issuing Conversion Shares, or fails to timely deliver Shares on a Delivery
Date, or upon the occurrence of any other Event of Default (as defined in this
Note or in the Subscription Agreement) or for any reason other than pursuant to
the limitations set forth in Section 2.3 hereof, then at the Subscriber's
election, the Company must pay to the Subscriber ten (10) business days after
request by the Subscriber, at the Subscriber's election, a sum of money in
immediately available terms equal to the greater of (i) the product of the
outstanding principal amount of the Note designated by the Subscriber multiplied
by 120%, or (ii) the product of the number of Conversion Shares otherwise
deliverable upon conversion of an amount of Note principal and/or interest
designated by the Subscriber (with the date of giving of such designation being
a “Deemed Conversion
Date”) at the then Conversion Price that would be in effect on the Deemed
Conversion Date multiplied by the average of the closing bid prices for the
Common Stock for the five consecutive trading days preceding either: (1) the
date the Company becomes obligated to pay the Mandatory Redemption Payment, or
(2) the date on which the Mandatory Redemption Payment is made in full,
whichever is greater, together with accrued but unpaid interest thereon and any
liquidated damages then payable (“Mandatory Redemption
Payment”).  The Mandatory Redemption Payment must be received
by the Subscriber on the same date as the Company Shares otherwise deliverable
or within ten (10) business days after request, whichever is sooner (“Mandatory Redemption Payment
Date”).  Upon receipt of the Mandatory Redemption Payment, the
corresponding Note principal and interest will be deemed paid and no longer
outstanding.  Liquidated damages calculated pursuant to Section 2.5(c)
hereof, that have been paid or accrued for the twenty (20) day period prior to
the actual receipt of the Mandatory Redemption Payment by the Subscriber shall
be credited against the Mandatory Redemption Payment.

    

    2.9           Buy-In.  In
addition to any other rights available to the Subscriber, if the Company fails
to deliver to the Subscriber the Conversion Shares issuable upon conversion of a
Note by the Delivery Date and if after five (5) business days after the Delivery
Date the Subscriber purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by such Subscriber
of the Common Stock which the Subscriber was entitled to receive upon such
conversion (a “Buy-In”),
then the Company shall pay in cash to the Subscriber (in addition to any
remedies available to or elected by the Subscriber) the amount by which (A) the
Subscriber's total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (B) the aggregate principal
and/or interest amount of the Note for which such conversion was not timely
honored, together with interest thereon at a rate of 15% per annum, accruing
until such amount and any accrued interest thereon is paid in full (which amount
shall be paid as liquidated damages and not as a penalty).  For
example, if the Subscriber purchases shares of Common Stock having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted
conversion of $10,000 of note principal and/or interest, the Company shall be
required to pay the Subscriber $1,000, plus interest.  The Subscriber
shall provide the Company written notice indicating the amounts payable to the
Subscriber in respect of the Buy-In.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    2.10           Reservation. During
the period the conversion right exists, Borrower will reserve from its
authorized and unissued Common Stock a number of shares of Common Stock equal to
150% of the amount of Common Stock issuable upon the full conversion of this
Note. Borrower represents that upon issuance, such shares will be duly and
validly issued, fully paid and non-assessable. Borrower agrees that its issuance
of this Note shall constitute full authority to its officers, agents, and
transfer agents who are charged with the duty of executing and issuing stock
certificates to execute and issue the necessary certificates for shares of
Common Stock upon the conversion of this Note.

    

    ARTICLE
III

    EVENTS
OF DEFAULT

    

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

    

    3.1           Failure to Pay Principal or
Interest. The Borrower fails to pay any installment of Principal,
Interest or other sum due under this Note when due.

    

    3.2           Breach of Covenant.
The Borrower breaches any other covenant or other term or condition of the
Subscription Agreement or this Note in any material respect and such breach, if
subject to cure, continues for a period of ten (10) business days after written
notice to the Borrower from the Holder.

    

    3.3           Breach of Representations
and Warranties. Any representation or warranty of the Borrower made
herein, in the Subscription Agreement, or in any agreement, statement or
certificate given in writing pursuant hereto or in connection therewith shall be
false or misleading in any material respect as of the date made and the Closing
Date.

    

    3.4           Receiver or Trustee.
The Borrower shall make an assignment for the benefit of creditors, or apply for
or consent to the appointment of a receiver or trustee for it or for a
substantial part of its property or business; or such a receiver or trustee
shall otherwise be appointed.

    

    3.5           Judgments. Any money
judgment, writ or similar final process shall be entered or filed against
Borrower or any of its property or other assets for more than $100,000, and
shall remain unvacated, unbonded or unstayed for a period of thirty (30)
days.

    

    3.6           Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other
proceedings or relief under any bankruptcy law or any law, or the issuance of
any notice in relation to such event, for the relief of debtors shall be
instituted by or against the Borrower and if instituted against Borrower are not
dismissed within thirty (30) days of initiation.

    

    3.7           Non-Payment.  A
default by the Borrower under any one or more obligations in an aggregate
monetary amount in excess of $50,000 for more than twenty (20) days after the
due date.

    

    3.8           Stop Trade. An SEC or
judicial stop trade order or Principal Market trading suspension that lasts for
five or more consecutive trading days.

    

    3.9           Failure to Deliver Common
Stock or Replacement Note. Borrower's failure to timely deliver Common
Stock to the Holder pursuant to and in the time required by this Note and
Sections 9 and 11 of the Subscription Agreement, or, if required, a replacement
Note.

    

    3.10         Non-Registration
Event. The occurrence of a Non-Registration Event as described in Section
11.4 of the Subscription Agreement.

    

    3.11         Reverse
Splits.  The Borrower effectuates a reverse split of its Common
Stock without the prior written consent of each Holder.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    3.12         Reservation
Default.  Failure by the Borrower to have reserve for issuance
upon conversion of the Note the amount of Common stock as set forth in the
Subscription Agreement.

    

    3.13         Cross Default. A
default by the Borrower of a material term, covenant, warranty or undertaking of
any other agreement to which the Borrower and Holder are parties, or the
occurrence of a material event of default under any such other agreement which
is not cured after any required notice and/or cure period.

    

    3.14         Change in Control. A
change in control of the Company without the written consent of each Holder. A
change in control shall mean that more than 30% of the shares of common stock
are consolidated in one person or entity so that the person or entity may
control the election of the board of directors or the passage of a proposal that
would normally require a shareholder vote without such shareholder vote and that
such person or entity was not a holder of shares of the Company at the date of
execution hereof.

    

    3.15         Asset
Sales.  Any instance, undertaken without the written consent of
each Holder, whereby the Company or any of its subsidiaries, sells, transfers,
leases or otherwise disposes (including pursuant to a merger) of substantially
all of the Company’s assets, including any asset constituting an equity interest
in any other person, except sales, transfers, leases and other dispositions of
inventory, used, obsolete or surplus equipment or other property, in each case
in the ordinary course of the Company’s business and consistent with past
practice.

    

    3.16         Delisting.  Delisting
of the Common Stock from the American Stock Exchange or such other Principal
Market, including the Over-the-Counter Bulletin Board, on which the Common Stock
is then listed or quoted for trading.

    

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

    

    ARTICLE
IV

    MISCELLANEOUS

    

    4.1           Failure or Indulgence Not
Waiver. No failure or delay on the part of Holder hereof in the exercise
of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or
privilege. All rights and remedies existing hereunder are cumulative to, and not
exclusive of, any rights or remedies otherwise available.

    

    4.2           Notices. All notices,
demands, requests, consents, approvals, and other communications required or
permitted hereunder shall be in writing and, unless otherwise specified herein,
shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by
reputable air courier service with charges prepaid, or (iv) transmitted by hand
delivery, telegram, or facsimile, addressed as set forth below or to such other
address as such party shall have specified most recently by written notice. Any
notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by facsimile, with
accurate confirmation generated by the transmitting facsimile machine, at the
address or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day
following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be: (i)
if to the Borrower to: Sanswire Corp., 101 NE 3rd Ave.,
Suite 1500, Fort Lauderdale, FL 33301, Attn: Jonathan Leinwand, CEO, telecopier
number: (954) 252-4265, and (ii) if to the Holder, to the name, address and
telecopy number set forth on the front page of this Note.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    4.3           Amendment Provision.
The term "Note" and all reference thereto, as used throughout this instrument,
shall mean this instrument as originally executed, or if later amended or
supplemented, then as so amended or supplemented.

    

    4.4           Assignability. This
Note shall be binding upon the Borrower and its successors and assigns, and
shall inure to the benefit of the Holder and its successors and
assigns.

    

    4.5           Cost of Collection.
If default is made in the payment of this Note, Borrower shall pay the Holder
hereof reasonable costs of collection, including reasonable attorneys'
fees.

    

    4.6           Governing Law. This
Note shall be governed by and construed in accordance with the laws of the State
of New York. Any action brought by either party against the other concerning the
transactions contemplated by this Agreement shall be brought only in the state
courts of Florida or in the federal courts located in the state of New Florida
located in Broward County, Florida. Both parties and the individual signing this
Agreement on behalf of the Borrower agree to submit to the jurisdiction of such
courts. The prevailing party shall be entitled to recover from the other party
its reasonable attorney's fees and costs.

    

    4.7           Maximum Payments.
Nothing contained herein shall be deemed to establish or require the payment of
a rate of interest or other charges in excess of the maximum permitted by
applicable law. In the event that the rate of interest required to be paid or
other charges hereunder exceed the maximum permitted by such law, any payments
in excess of such maximum shall be credited against amounts owed by the Borrower
to the Holder and thus refunded to the Borrower.

    

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

    

    4.9           Redemption. This Note
may not be redeemed or paid without the consent of the Holder except as
described in this Note or in the Subscription Agreement.

    

    4.10         Shareholder Status.
The Holder shall not have rights as a shareholder of the Borrower with respect
to unconverted portions of this Note. However, the Holder will have all the
rights of a shareholder of the Borrower with respect to the shares of Common
Stock to be received by Holder after delivery by the Holder of a Conversion
Notice to the Borrower.

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, Borrower
has caused this Note to be signed in its name by an authorized officer as of the
_______th day of
____________, 2009.

    

    
      
        	 
      	 	
                SANSWIRE
      CORP.

              
	 
      	 	 
      	 
      
	 
      	 	
                By:

              	 
      
	 
      	 	 
      	
                Name:
      Jonathan Leinwand

              
	 
      	 	 
      	
                Title:
      CEO

              
	 
      	 	 
      	 
      
	
                WITNESS:

              	 	 
      	 
      
	 
      	 	 
      	 
      
	 
      	 	 
      	 
      

      

    

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Exhibit
A

    

    PAYMENT
SCHEDULE

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Exhibit
B

    

    NOTICE OF
CONVERSION

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

    

    TO:

    

    The
undersigned hereby irrevocably elects to convert $_________________ of
the  principal  amount of the
above  Note  into  Shares of
Common  Stock of Sanswire Corp.,  according to the
conditions  stated therein,  as of the Conversion Date
written below.

    

    
      
        
          	
                  Conversion
      Date:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Applicable
      Conversion Price:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Signature:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Name:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Address:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Amount
      to be converted:

                	
                  $_____________________________________

                
	 
      	 
      
	
                  Amount
      of Note unconverted:

                	
                  $_____________________________________

                
	 
      	 
      
	
                  Conversion
      Price per share:

                	
                  $_____________________________________

                
	 
      	 
      
	
                  Number
      of  shares to be issued:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Amount
      of Interest Converted:

                	
                  $_____________________________________

                
	 
      	 
      
	
                  Conversion
      Price per share:

                	
                  $_____________________________________

                
	 
      	 
      
	
                  Number
      of  shares of to be issued:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Please  issue  the  shares  of  to:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Issue
      to:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Authorized
      Signature:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Name:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Title:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Phone
      Number:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Broker
      DTC Participant Code:

                	
                  ______________________________________

                
	 
      	 
      
	
                  Account
      Number:

                	
                  ______________________________________

                

        

      

    

     

    
      
         

      

      
        13THIS WARRANT AND THE COMMON SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT AND THE COMMON SHARES ISSUABLE
UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO SANSWIRE CORP. THAT SUCH
REGISTRATION IS NOT REQUIRED.

    

    
      
        	 
      	
                Right
      to Purchase ________ shares of Common Stock of Sanswire Corp. (subject to
      adjustment as provided
herein)

              

      

    

    

    CLASS
A COMMON STOCK PURCHASE WARRANT

     

    
      
        	
                No. 2009-A-

              	
                Issue
      Date: _____________ ___,
      2009                

              

      

    

    

    SANSWIRE
CORP., a corporation organized under the laws of the State of Delaware (the
“Company”), hereby certifies that, for value received, _______________________
or its assigns (the “Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company at any time after the Issue Date until 5:00
p.m., E.S.T on the date three years from the closing date (the “Expiration
Date”), up to ___________ fully paid and nonassessable shares of the common
stock of the Company (the “Common Stock”), $.00001 par value per share at a per
share purchase price of $.21.  The aforedescribed purchase price per
share, as adjusted from time to time as herein provided, is referred to herein
as the "Purchase Price."  The number and character of such shares of
Common Stock and the Purchase Price are subject to adjustment as provided
herein.  The Company may reduce the Purchase Price without the consent
of the Holder.  Capitalized terms used and not otherwise defined
herein shall have the meanings set forth in that certain Subscription Agreement
(the “Securities Purachase
Agreement”), dated June ___, 2009, entered into by the Company and
Holder’s of the Class A Warrants.

    

    As used
herein the following terms, unless the context otherwise requires, have the
following respective meanings:

     

    (a)           The
term “Company” shall include Sanswire Corp. and any corporation which shall
succeed or assume the obligations of Sanswire Corp. hereunder.

     

    (b)           The
term “Common Stock” includes (a) the Company's Common Stock, $.00001 par
value per share, as authorized on the date of the Subscription Agreement, and
(b) any other securities into which or for which any of the securities described
in (a) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or
otherwise.

     

    (c)           The
term “Other Securities” refers to any stock (other than Common Stock) and other
securities of the Company or any other person (corporate or otherwise) which the
holder of the Warrant at any time shall be entitled to receive, or shall have
received, on the exercise of the Warrant, in lieu of or in addition to Common
Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to
Section 4 or otherwise.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    1.           Exercise of
Warrant.

     

    1.1.         Number of Shares Issuable
upon Exercise.  From and after the Issue Date through and
including the Expiration Date, the Holder hereof shall be entitled to receive,
upon exercise of this Warrant in whole in accordance with the terms of
subsection 1.2 or upon exercise of this Warrant in part in accordance with
subsection 1.3, shares of Common Stock of the Company, subject to
adjustment pursuant to Section 4.

     

    1.2.         Full
Exercise.  This Warrant may be exercised in full by the Holder
hereof by delivery of an original or facsimile copy of the form of subscription
attached as Exhibit A hereto (the “Subscription Form") duly executed by
such Holder and surrender of the original Warrant within three (3) days of
exercise, to the Company at its principal office or at the office of its Warrant
Agent (as provided hereinafter), accompanied by payment, in cash, wire transfer
or by certified or official bank check payable to the order of the Company, in
the amount obtained by multiplying the number of shares of Common Stock for
which this Warrant is then exercisable by the Purchase Price then in
effect.

     

    1.3.         Partial
Exercise.  This Warrant may be exercised in part (but not for a
fractional share) by surrender of this Warrant in the manner and at the place
provided in subsection 1.2 except that the amount payable by the Holder on
such partial exercise shall be the amount obtained by multiplying (a) the
number of whole shares of Common Stock designated by the Holder in the
Subscription Form by (b) the Purchase Price then in effect.  On
any such partial exercise, the Company, at its expense, will forthwith issue and
deliver to or upon the order of the Holder hereof a new Warrant of like tenor,
in the name of the Holder hereof or as such Holder (upon payment by such Holder
of any applicable transfer taxes) may request, the whole number of shares of
Common Stock for which such Warrant may still be exercised.

     

    1.4.         Fair Market Value.
Fair Market Value of a share of Common Stock as of a particular date (the
"Determination Date") shall mean:

     

    (a)           If
the Company's Common Stock is traded on an exchange or is quoted on the National
Association of Securities Dealers, Inc. Automated Quotation ("NASDAQ"), National
Market System, the NASDAQ SmallCap Market or the American Stock Exchange, LLC,
then the closing or last sale price, respectively, reported for the last
business day immediately preceding the Determination Date;

     

    (b)           If
the Company's Common Stock is not traded on an exchange or on the NASDAQ
National Market System, the NASDAQ SmallCap Market or the American Stock
Exchange, Inc., but is traded in the over-the-counter market, then the average
of the closing bid and ask prices reported for the last business day immediately
preceding the Determination Date;

     

    (c)           Except
as provided in clause (d) below, if the Company's Common Stock is not
publicly traded, then as the Holder and the Company agree, or in the absence of
such an agreement, by arbitration in accordance with the rules then standing of
the American Arbitration Association, before a single arbitrator to be chosen
from a panel of persons qualified by education and training to pass on the
matter to be decided; or

     

    (d)           If
the Determination Date is the date of a liquidation, dissolution or winding up,
or any event deemed to be a liquidation, dissolution or winding up pursuant to
the Company's charter, then all amounts to be payable per share to holders of
the Common Stock pursuant to the charter in the event of such liquidation,
dissolution or winding up, plus all other amounts to be payable per share in
respect of the Common Stock in liquidation under the charter, assuming for the
purposes of this clause (d) that all of the shares of Common Stock then
issuable upon exercise of all of the Warrants are outstanding at the
Determination Date.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    1.5.         Company
Acknowledgment. The Company will, at the time of the exercise of the
Warrant, upon the request of the Holder hereof acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder
shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford
to such Holder any such rights.

     

    1.6.         Trustee for Warrant
Holders. In the event that a bank or trust company shall have been
appointed as trustee for the Holder of the Warrants pursuant to
Subsection 3.2, such bank or trust company shall have all the powers and
duties of a warrant agent (as hereinafter described) and shall accept, in its
own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

     

    1.7         Delivery of Stock
Certificates, etc. on Exercise. The Company agrees that the shares of
Common Stock purchased upon exercise of this Warrant shall be deemed to be
issued to the Holder hereof as the record owner of such shares as of the close
of business on the date on which this Warrant shall have been surrendered and
payment made for such shares as aforesaid. As soon as practicable after the
exercise of this Warrant in full or in part, and in any event within three (3)
business days thereafter, the Company at its expense (including the payment by
it of any applicable issue taxes) will cause to be issued in the name of and
delivered to the Holder hereof, or as such Holder (upon payment by such Holder
of any applicable transfer taxes) may direct in compliance with applicable
securities laws, a certificate or certificates for the number of duly and
validly issued, fully paid and nonassessable shares of Common Stock (or Other
Securities) to which such Holder shall be entitled on such exercise, plus, in
lieu of any fractional share to which such Holder would otherwise be entitled,
cash equal to such fraction multiplied by the then Fair Market Value of one full
share of Common Stock, together with any other stock or other securities and
property (including cash, where applicable) to which such Holder is entitled
upon such exercise pursuant to Section 1 or otherwise.

     

     2.          Cashless
Exercise.

     

    (a)         If
a Registration Statement (as defined in the Subscription Agreement)
(“Registration Statement”) is effective and the Holder may sell its shares of
Common Stock upon exercise hereof pursuant to the Registration Statement, this
Warrant may be exercisable in whole or in part for cash only as set forth in
Section 1 above.  If no such Registration Statement is available
during the time that such Registration Statement is required to be effective
pursuant to the terms of the Subscription Agreement, then payment upon exercise
may be made at the option of the Holder either in (i) cash, wire transfer
or by certified or official bank check payable to the order of the Company equal
to the applicable aggregate Purchase Price, (ii) by delivery of Common Stock
issuable upon exercise of the Warrants in accordance with
Section (b) below or (iii) by a combination of any of the
foregoing methods, for the number of Common Stock specified in such form (as
such exercise number shall be adjusted to reflect any adjustment in the total
number of shares of Common Stock issuable to the holder per the terms of this
Warrant) and the holder shall thereupon be entitled to receive the number of
duly authorized, validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities) determined as provided herein.

     

    (b)         If
the Fair Market Value of one share of Common Stock is greater than the Purchase
Price (at the date of calculation as set forth below), in lieu of exercising
this Warrant for cash, the holder may elect to receive shares equal to the value
(as determined below) of this Warrant (or the portion thereof being cancelled)
by surrender of this Warrant at the principal office of the Company together
with the properly endorsed Subscription Form in which event the Company shall
issue to the holder a number of shares of Common Stock computed using the
following formula:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    X=Y (A-B)

              A

    

    
      	
              Where   

            	
              X=

            	
              the
      number of shares of Common Stock to be issued to the
  holder

            

    

    

    
      	
               
      

            	
              Y=

            	
              the
      number of shares of Common Stock purchasable under the Warrant or, if only
      a portion of the Warrant is being exercised, the portion of the Warrant
      being exercised (at the date of such
  calculation)

            

    

     

    
      	
               
      

            	
              A=

            	
              the
      Fair Market Value of one share of the Company’s Common Stock (at the date
      of such calculation)

            

    

     

    
      	
               
      

            	
              B=

            	
              Purchase
      Price (as adjusted to the date of such
  calculation)

            

    

     

    (c)          The
Holder may employ the cashless exercise feature described in Section (b) above
only during the pendency of a Non-Registration Event as described in Section
7(e) of the Registration Rights Agreement.

     

    For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood
and acknowledged that the Warrant Shares issued in a cashless exercise
transaction shall be deemed to have been acquired by the Holder, and the holding
period for the Warrant Shares shall be deemed to have commenced, on the date
this Warrant was originally issued pursuant to the Subscription
Agreement.

     

    3.           Adjustment for
Reorganization, Consolidation, Merger, etc.

     

    3.1.           Reorganization,
Consolidation, Merger, etc.  In case at any time or from time
to time, the Company shall (a) effect a reorganization,
(b) consolidate with or merge into any other person or (c) transfer
all or substantially all of its properties or assets to any other person under
any plan or arrangement contemplating the dissolution of the Company, then, in
each such case, as a condition to the consummation of such a transaction, proper
and adequate provision shall be made by the Company whereby the Holder of this
Warrant, on the exercise hereof as provided in Section 1, at any time after
the consummation of such reorganization, consolidation or merger or the
effective date of such dissolution, as the case may be, shall receive, in lieu
of the Common Stock (or Other Securities) issuable on such exercise prior to
such consummation or such effective date, the stock and other securities and
property (including cash) to which such Holder would have been entitled upon
such consummation or in connection with such dissolution, as the case may be, if
such Holder had so exercised this Warrant, immediately prior thereto, all
subject to further adjustment thereafter as provided in
Section 4.

     

    3.2.           Dissolution.  In
the event of any dissolution of the Company following the transfer of all or
substantially all of its properties or assets, the Company, prior to such
dissolution, shall at its expense deliver or cause to be delivered the stock and
other securities and property (including cash, where applicable) receivable by
the Holder of the Warrants after the effective date of such dissolution pursuant
to this Section 3 to a bank or trust company (a "Trustee") having its
principal office in New York, NY, as trustee for the Holder of the
Warrants.

     

    3.3.           Continuation of
Terms.  Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this
Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the Other Securities and property receivable
on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be, and shall be binding upon the issuer of any Other
Securities, including, in the case of any such transfer, the person acquiring
all or substantially all of the properties or assets of the Company, whether or
not such person shall have expressly assumed the terms of this Warrant as
provided in Section 4.  In the event this Warrant does not
continue in full force and effect after the consummation of the transaction
described in this Section 3, then only in such event will the Company's
securities and property (including cash, where applicable) receivable by the
Holder of the Warrants be delivered to the Trustee as contemplated by
Section 3.2.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    3.4           Share
Issuance.  Until the Expiration Date, if the Company shall
issue any Common Stock except for the Excepted Issuances (as defined in the
Subscription Agreement), prior to the complete exercise of this Warrant for a
consideration less than the Purchase Price that would be in effect at the time
of such issue, then, and thereafter successively upon each such issue, the
Purchase Price shall automatically and with no action required by the Company or
Holder, be reduced to such other lower issue price.  For purposes of
this adjustment, the issuance of any security or debt instrument of the Company
carrying the right to convert such security or debt instrument into Common Stock
or of any warrant, right or option to purchase Common Stock shall result in an
adjustment to the Purchase Price upon the issuance of the above-described
security, debt instrument, warrant, right, or option and again at any time upon
any subsequent issuances of shares of Common Stock upon exercise of such
conversion or purchase rights if such issuance is at a price lower than the
Purchase Price in effect upon such issuance.  The reduction of the
Purchase Price described in this Section 3.4 is in addition to the other rights
of the Holder described in the Subscription Agreement.

     

    4.           Extraordinary Events
Regarding Common Stock.  In the event that the Company shall
(a) issue additional shares of the Common Stock as a dividend or other
distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Purchase Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Purchase Price then in effect. The
Purchase Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this
Section 4. The number of shares of Common Stock that the Holder of this
Warrant shall thereafter, on the exercise hereof as provided in Section 1,
be entitled to receive shall be adjusted to a number determined by multiplying
the number of shares of Common Stock that would otherwise (but for the
provisions of this Section 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Purchase Price that would otherwise (but for
the provisions of this Section 4) be in effect, and (b) the
denominator is the Purchase Price in effect on the date of such
exercise.

     

    5.           Certificate as to
Adjustments.  In each case of any adjustment or readjustment in
the shares of Common Stock (or Other Securities) issuable on the exercise of the
Warrants, the Company at its expense will promptly cause its Chief Financial
Officer or other appropriate designee to compute such adjustment or readjustment
in accordance with the terms of the Warrant and prepare a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based, including a statement of (a) the
consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities) issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and (c) the Purchase Price and the
number of shares of Common Stock to be received upon exercise of this Warrant,
in effect immediately prior to such adjustment or readjustment and as adjusted
or readjusted as provided in this Warrant. The Company will forthwith mail a
copy of each such certificate to the Holder of the Warrant and any Warrant Agent
of the Company (appointed pursuant to Section 11 hereof).

     

    6.           Reservation of Stock, etc.
Issuable on Exercise of Warrant; Financial
Statements.   The Company will at all times reserve and
keep available, solely for issuance and delivery on the exercise of the
Warrants, all shares of Common Stock (or Other Securities) from time to time
issuable on the exercise of the Warrant.  This Warrant entitles the
Holder hereof to receive copies of all financial and other information
distributed or required to be distributed to the holders of the Company's Common
Stock.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    7.           Assignment; Exchange of
Warrant.  Subject to compliance with applicable securities
laws, this Warrant, and the rights evidenced hereby, may be transferred by any
registered holder hereof (a "Transferor"). On the surrender for exchange of this
Warrant, with the Transferor's endorsement in the form of Exhibit B
attached hereto (the “Transferor Endorsement Form") and together with an opinion
of counsel reasonably satisfactory to the Company that the transfer of this
Warrant will be in compliance with applicable securities laws, the Company at
its expense, twice, only, but with payment by the Transferor of any applicable
transfer taxes, will issue and deliver to or on the order of the Transferor
thereof a new Warrant or Warrants of like tenor, in the name of the Transferor
and/or the transferee(s) specified in such Transferor Endorsement Form (each a
"Transferee"), 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
so surrendered by the Transferor.  No such transfers shall result in a
public distribution of the Warrant.

     

    8.           Replacement of
Warrant.  On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of any such loss, theft or destruction of this Warrant, on delivery of
an indemnity agreement or security reasonably satisfactory in form and amount to
the Company or, in the case of any such mutilation, on surrender and
cancellation of this Warrant, the Company at its expense, twice only, will
execute and deliver, in lieu thereof, a new Warrant of like tenor.

     

    9.           Registration
Rights.  The Holder of this Warrant has been granted certain
registration rights by the Company.  These registration rights are set
forth in the Registration Rights Agreement.  The terms of the
Registration Rights Agreement are incorporated herein by this
reference.   Upon the occurrence of a Non-Registration Event, or
in the event the Company is unable to issue Common Stock upon exercise of this
Warrant that has been registered in a Registration Statement described
REgistration Rights Agreement, within the time periods described in such
Agreement, which Registration Statement must be effective for the periods set
forth in the Agreement, then upon written demand made by the Holder, the Company
will pay to the Holder of this Warrant, in lieu of delivering Common Stock, a
sum equal to the closing price of the Company's Common Stock on the principal
market or exchange upon which the Common Stock is listed for trading on the
trading date immediately preceding the date notice is given by the Holder, less
the Purchase Price, for each share of Common Stock designated in such notice
from the Holder.

     

    10.           Maximum
Exercise.  The Holder shall not be entitled to exercise this
Warrant on an exercise date, in connection with that number of shares of Common
Stock which would be in excess of the sum of (i) the number of shares of
Common Stock beneficially owned by the Holder and its affiliates on an exercise
date, and (ii) the number of shares of Common Stock issuable upon the
exercise of this Warrant with respect to which the determination of this
limitation is being made on an exercise date, which would result in beneficial
ownership by the Holder and its affiliates of more than 4.99% of the outstanding
shares of Common Stock on such date.  For the purposes of the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934,
as amended, and Regulation 13d-3 thereunder.  Subject to the
foregoing, the Holder shall not be limited to aggregate exercises which would
result in the issuance of more than 4.99%.  The restriction described
in this paragraph may be revoked upon sixty-one (61) days prior notice from
the Holder to the Company.  The Holder may allocate which of the
equity of the Company deemed beneficially owned by the Subscriber shall be
included in the 4.99% amount described above and which shall be allocated to the
excess above 4.99%.

     

    11.           Warrant
Agent.  The Company may, by written notice to the Holder of the
Warrant, appoint an agent (a “Warrant Agent”) for the purpose of issuing Common
Stock (or Other Securities) on the exercise of this Warrant pursuant to
Section 1, exchanging this Warrant pursuant to Section 7, and
replacing this Warrant pursuant to Section 8, or any of the foregoing, and
thereafter any such issuance, exchange or replacement, as the case may be, shall
be made at such office by such Warrant Agent.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    12.           Transfer on the Company's
Books.  Until this Warrant is transferred on the books of the
Company, the Company may treat the registered holder hereof as the absolute
owner hereof for all purposes, notwithstanding any notice to the
contrary.

     

    13.           Notices.   All
notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) deposited in the mail,
registered or certified, return receipt requested, postage prepaid, (iii)
delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, or facsimile, addressed as set forth
below or to such other address as such party shall have specified most recently
by written notice.  Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur.  The
addresses for such communications shall be: (i) if to the Company to: Sanswire
Corp., 101 NE 3rd Ave.,
Suite 1500, Fort Lauderdale, FL 33301, Attn: Jonathan Leinwand, CEO, telecopier
number: (954) 252-4265, and (ii) if to the Holder, to the address and telecopier
number listed on the first paragraph of this Warrant, with a copy by telecopier
only to: ________________________

    _____________________________________________________.

     

    14.           Miscellaneous.  This
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought. This Warrant shall
be construed and enforced in accordance with and governed by the laws of
Florida.  Any dispute relating to this Warrant shall be adjudicated in
Broward County in the State of Florida.  The headings in this Warrant
are for purposes of reference only, and shall not limit or otherwise affect any
of the terms hereof.  The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any
other provision.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first
written above.

     

    
      
        
          	 
      	
                  SANSWIRE
      CORP.

                
	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	
                  Jonathan
      Leinwand

                
	 
      	
                  CEO

                

        

      

    

    

    
      
        
          	
                  Witness:

                	 
      
	 	 
	 
      	 
      

        

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Exhibit A

    

    FORM OF
SUBSCRIPTION

    (to be
signed only on exercise of Warrant)

     

    TO:  SANSWIRE
CORP.

     

    The
undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable
box):

    

    ___           ________
shares of the Common Stock covered by such Warrant; or

     

    ___           the
maximum number of shares of Common Stock covered by such Warrant pursuant to the
cashless exercise procedure set forth in Section 2.

    

    The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant, which is
$___________.  Such payment takes the form of (check applicable box or
boxes):

    

    ___           $__________
in lawful money of the United States; and/or

     

    ___           the
cancellation of such portion of the attached Warrant as is exercisable for a
total of _______ shares of Common Stock (using a Fair Market Value of $_______
per share for purposes of this calculation); and/or

    

    ___           the
cancellation of such number of shares of Common Stock as is necessary, in
accordance with the formula set forth in Section 2, to exercise this
Warrant with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in
Section 2.

    

    The
undersigned requests that the certificates for such shares be issued in the name
of, and delivered to _____________________________________________________ whose
address is
__________________________________________________________________________________________________________________________________________________________________________

    __________________________________________________________________________________________________________________________________________________________________________

    

    Number of Shares of Common Stock Beneficially Owned on
the date of exercise: Less than five percent (5%) of the outstanding Common
Stock of Sanswire Corp..

    

    The
undersigned represents and warrants that all offers and sales by the undersigned
of the securities issuable upon exercise of the within Warrant shall be made
pursuant to registration of the Common Stock under the Securities Act of 1933,
as amended (the "Securities Act"), or pursuant to an exemption from registration
under the Securities Act.

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Dated: ______________

                              	 
      	 
      
	 
      	 
      	
                                (Signature
      must conform to name of holder as specified on the face of the
      Warrant)

                              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                 (Address)

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Exhibit B

     

    FORM OF
TRANSFEROR ENDORSEMENT

    (To be
signed only on transfer of Warrant)

     

    For value
received, the undersigned hereby sells, assigns, and transfers unto the
person(s) named below under the heading "Transferees" the right represented by
the within Warrant to purchase the percentage and number of shares of Common
Stock of SANSWIRE CORP. to which the within Warrant relates specified under the
headings "Percentage Transferred" and "Number Transferred," respectively,
opposite the name(s) of such person(s) and appoints each such person Attorney to
transfer its respective right on the books of SANSWIRE CORP. with full power of
substitution in the premises.

     

    
      
        
          
            
              
                
                  	
                          Transferees

                        	 	
                          Percentage Transferred

                        	 	
                          Number Transferred

                        
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      Dated:  ______________,
      ___________

                                    	 
      	 
      
	 
      	 
      	
                                      (Signature
      must conform to name of holder as specified on the face of the
      warrant)

                                    
	 
      	 
      	 
      
	
                                      Signed
      in the presence of:

                                    	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                      (Name)

                                    	 
      	 
      
	 
      	 
      	
                                      (address)

                                    
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                      ACCEPTED
      AND AGREED:

                                    	 
      	 
      
	
                                      [TRANSFEREE]

                                    	 
      	
                                       

                                    
	 
      	 
      	

                                      (address) 

                                    
	 
      	 
      	 
      
	
                                      (Name)

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