Document:

Form of Warrant for Purchasers

 

THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED 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 AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

Warrant certificate No. W-____

 

Mission NewEnergy Limited

 

Warrant to acquire Ordinary Shares

 

(Void after May 1, 2014)

 

This certifies that [NAME OF PURCHASER],
or assigns (the “Holder”), for value received, is entitled to acquire from Mission NewEnergy Limited, an Australian
corporation (the “Company”), [              ]
fully paid ordinary shares of the Company by way of an issue of those shares (“Shares”) for cash at a price
of thirty Australian cents (A$0.30) per Share (the “Exercise Price”). This Warrant is issued in connection with
issuance of [              ] Units (each Unit comprising
one ordinary share and one warrant) of the Company pursuant to a Subscription Agreement between the Company and the Holder.

 

This Warrant may be exercised at any time
and from time to time up to and including 5:00 p.m. (Perth, Australia time) on May 1, 2014 (or such earlier date as may be provided
pursuant to Section 5 of this Warrant, the “Expiration Date”), upon surrender to the Company at its principal
office at Tempo Offices, Unit B9, 431 Roberts Road, Subiaco, WA 6008, Australia, Attention: Company Secretary (or at such other
location as the Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached
hereto duly filled in and signed and upon payment via wire transfer or in cash or by check of the aggregate Exercise Price for
the number of Shares for which this Warrant is being exercised. The Exercise Price and the number of Shares purchasable hereunder
are subject to further adjustment as provided in Section 4 of this Warrant.

 

This Warrant is subject to the following
terms and conditions:

 

    	 

    	 

    

 

1.          Exercise;
Payment for Shares. This Warrant shall be exercisable at the option of the Holder, at any time or from time to time, on or
before the Expiration Date for all or any portion of the Shares (but not for a fraction of a share) that may be acquired hereunder
for the Exercise Price multiplied by the number of Shares to be issued. The Company agrees that the Shares purchased under this
Warrant shall be and are 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 the Form of Subscription shall have been delivered and payment made for such Shares. Subject to the provisions
of Section 2, Shares so issued shall be shall be registered in the name of such Holder or such other name as shall be designated
by such Holder, subject to the limitations contained in Section 2, by the Company within a reasonable time after the rights represented
by this Warrant have been so exercised. In case of an issue of less than all the Shares that may be acquired under this Warrant,
the Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the Shares
which may be acquired under this Warrant surrendered upon such issue to the Holder hereof within a reasonable time.

 

2.          Limitation
on Transfer.

 

(a)        This
Warrant and the Shares shall not be transferable except upon the conditions specified in this Section 2, which conditions are intended
to insure compliance with the provisions of the Securities Act. Each holder of this Warrant or the Shares issuable hereunder will
cause any proposed transferee of the Warrant or Shares to agree to take and hold such securities subject to the provisions and
upon the conditions specified in this Section 2. Subject to the provisions of this Section 2, Holder may freely transfer all or
part of this Warrant or the Shares issuable upon exercise of this Warrant at any time to any transferee by giving the Company notice
of the portion of the Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee
and surrendering this Warrant to the Company for reissuance to the transferees(s) (and Holder, if applicable).

 

(b)        Each
certificate representing this Warrant and any replacement Warrant shall (unless otherwise permitted by the provisions of this Section
2 or unless such securities have been registered under the Securities Act) be stamped or otherwise imprinted with a legend substantially
in the following form (in addition to any legend required under applicable state securities laws):

 

THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED 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 AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

    	2

    	 

    

 

(c)        The
Holder of this Warrant, and each person to whom this Warrant is subsequently transferred, represents and warrants to the Company
(by acceptance of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration
statement under the Securities Act was in effect with respect to such securities at the time of issuance thereof) except pursuant
to (i) an effective registration statement under the Securities Act or (ii) 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, as evidenced
by a legal opinion of counsel, reasonably satisfactory to counsel for the Company, to such effect.

 

3.          Shares
to be Fully Paid; ASX quotation.

 

(a)        The
Company covenants and agrees that all Shares which may be issued upon the exercise of the rights represented by this Warrant will,
upon issuance, be duly authorized, validly issued, fully paid and free from all preemptive rights of any shareholder and free of
all taxes, liens and charges with respect to the issue thereof.

 

(b)        Shares
issued upon the exercise of the rights represented by this Warrant shall rank equally in all respects with Shares on issue on the
date the relevant Shares are issued, save that they shall not rank for or be entitled to the benefit of any dividend or other distribution
or right declared, paid, made or granted prior to (or by reference to a record date falling before) the date on which the relevant
Shares are issued.

 

(c)        The
Company shall, in accordance with the listing rules (the "Listing Rules") of the Australian Securities Exchange
("ASX"), make application to have Shares which are issued pursuant to an exercise of Warrants quoted on ASX (or
any other primary market on which the Company's shares are quoted) within the time limit prescribed by the Listing Rules.

 

(d)        The
Company will take all such action as may be necessary to assure that such Shares may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of any securities exchange upon which the Shares may be listed or quoted.

 

4.          Adjustment
of Exercise Price and Number of Shares. The Exercise Price and the number of shares purchasable upon the exercise of this Warrant
shall be subject to adjustment from time to time in accordance with the Listing Rules upon the occurrence of certain events described
in this Section 4 or, if the Listing Rules are amended after the date of issue of the Warrants, in accordance with the Company's
obligations under the Listing Rules to the extent those obligations are modified by the amendment.

 

4.1        Subdivision
or Combination of Shares.

 

(a)        In
a consolidation of capital – the number of Shares to be issued upon exercise of this Warrant ("Warrant Shares")
must be consolidated in the same ratio as the ordinary capital and the Exercise Price must be amended in inverse proportion to
that ratio.

 

(b)        In
a sub-division of capital – the number of Warrant Shares must be sub-divided in the same ratio as the ordinary capital and
the Exercise Price must be amended in inverse proportion to that ratio.

 

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(c)        In
a return of capital – the number of Warrant Shares must remain the same, and the Exercise Price of each Warrant Shares must
be reduced by the same amount as the amount of cash or value of shares, securities, or other property returned in relation to each
ordinary share.

 

(d)        In
a reduction of capital by a cancellation of paid up capital that is lost or not represented by available assets where no securities
are cancelled – the number of Warrant Shares and the Exercise Price of each Warrant Shares must remain unaltered.

 

(e)        In
a pro rata cancellation of capital – the number of Warrant Shares must be reduced in the same ratio as the ordinary capital
and the Exercise Price of each Warrant Shares must be amended in inverse proportion to that ratio.

 

(f)        In
any other case – the number of Warrant Shares or the Exercise Price, or both, must be reorganized so that the holder of the
Warrant will not receive a benefit that holders of ordinary securities do not receive.

 

4.2       Bonus
Shares and stock dividends. If there is a pro-rata bonus issue, or a pro-rata dividend to be paid only in Shares, to the holders
of issued Shares, the number of Warrant Shares upon exercise will be increased by the number of Shares which the holder of the
Warrant would have received if the Warrant had been exercised before the record date for the bonus issue or dividend.

 

4.4       Notice
of Adjustment. Upon any adjustment of the Exercise Price, and/or any increase or decrease in the number of Shares issuable
upon the exercise of this Warrant, the Company shall give written notice thereof, by first class mail, postage prepaid, addressed
to the registered holder of this Warrant at the address of such holder as shown on the books of the Company. The notice, which
may be substantially in the form of Exhibit “A” attached hereto, shall be signed by the Company’s chief financial
officer or a director of the Company and shall state the Exercise Price resulting from such adjustment and the increase or decrease,
if any, in the number of Shares issuable at such price upon the exercise of this Warrant, setting forth in reasonable detail the
method of calculation and the facts upon which such calculation is based.

 

4.5       Other
Notices. If at any time:

 

(a)      the
Company shall declare any cash dividend upon its Shares;

 

(b)      the
Company shall declare any dividend upon its Shares payable in shares or make any special dividend or other distribution to the
holders of its Shares;

 

(c)      there
shall be any capital reorganization or reclassification of the capital of the Company, or consolidation or merger of the Company
with, or sale of all or substantially all of its assets to, another entity;

 

(d)      there
shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or

 

    	4

    	 

    

 

(e)          the
Company shall take or propose to take any other action, notice of which is actually provided to holders of the Shares;

 

then, in any one or more of said cases,
the Company shall give, by first class mail, postage prepaid, addressed to the Holder of this Warrant at the address of such Holder
as shown on the books of the Company, (i) at least 10 days’ prior written notice of the date on which the books of the Company
shall close or a record shall be taken for such dividend, distribution or subscription rights or for determining rights to vote
in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or
other action and (ii) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation
or winding-up, or other action, at least 10 days’ written notice of the date when the same shall take place. Any notice given
in accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription
rights, the date on which the holders of Shares shall be entitled thereto. Any notice given in accordance with the foregoing clause
(ii) shall also specify the date on which the holders of Shares shall be entitled to exchange their Shares for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up,
or other action as the case may be.

 

5.          Call
for Early Exercise. If at any time on or after May 1, 2012 the immediately preceding 20-trading day volume weighted average
price (as published by or derived from the Australian Securities Exchange) is at least A$1.00 (as may be adjusted in accordance
with the principles set forth in Section 4 of this Warrant), the Company may give written notice to each Holder that if such Holder
does not exercise its Warrants within 30 days from the day of such notice, then such Warrants shall expire on that 30th
day.

 

6.          No
Voting or Dividend Rights; Limitation of Liability. Nothing contained in this Warrant shall be construed as conferring upon
the Holder hereof the right to vote or to consent as a shareholder in respect of meetings of shareholders for the election of directors
of the Company or any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be
payable or accrued in respect of this Warrant or the Shares issuable hereunder until, and only to the extent that, this Warrant
shall have been exercised and the Shares issued. No provisions hereof, in the absence of affirmative action by the Holder to acquire
Shares, and no mere enumeration herein of the rights or privileges of the Holder hereof, shall give rise to any liability of such
Holder for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by its creditors.

 

7.          Modification
and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

 

8.          Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder hereof or the Company shall
be deemed to have been given (i) upon receipt if delivered personally or by courier to each such Holder at its address as shown
on the books of the Company or to the Company at the address indicated therefor in the first paragraph of this Warrant or (ii)
upon confirmation of receipt if by facsimile or email.

 

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9.          Binding
Effect on Successors. All of the obligations of the Company relating to the Shares issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant. The Company will, at the time of the exercise of this Warrant, in whole
or in part, upon request of the Holder hereof but at the Company’s expense, acknowledge in writing its continuing obligation
to the Holder hereof in respect of any rights to which the holder hereof shall continue to be entitled after such exercise in accordance
with this Warrant; provided, that the failure of the Holder to make any such request shall not affect the continuing obligation
of the Company to the Holder hereof in respect of such rights.

 

10.         Descriptive
Headings and Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the laws of the State of Western Australia and the federal laws of Australia.

 

11.         Lost
Warrants. The Company represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction, or mutilation of any Warrant and, in the case of any such loss, theft or destruction,
upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation
of such Warrant, the Company at its expense will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed
or mutilated Warrant.

 

12.         Fractional
Shares. No fractional shares shall be issued upon exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Exercise
Price.

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed by its officers, thereunto duly authorized this 1st day of May, 2009.

 

	 	MISSION NEWENERGY LIMITED
	 	 
	 	 
	 	Name:
	 	Title:

 

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FORM OF SUBSCRIPTION

 

(To be signed only upon exercise of Warrant)

 

To:     _____________________________

 

 ̈      The
undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the right represented by such Warrant for,
and to subscribe for thereunder, ________________ (_____)1 ordinary shares (the “Shares”) of Mission NewEnergy
Limited and herewith makes payment of _____________ Australian Dollars (A$________) therefor, and requests that such shares be
issued in the name of ______________________.

 

	 	Dated	 
	 	 	 
	 	Holder:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	(Address)
	 	 
	 	 
	 	 
	 	 

 

 

		1	Insert here the number of shares called for on the face of the Warrant (or, in the case of a
partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment
for additional Shares pursuant to the adjustment provisions of the Warrant.

 

    	7

    	 

    

 

EXHIBIT “A”

 

[On letterhead of the Company]

 

Reference is hereby made to that certain
Warrant dated ______ __, 2009, issued by Mission NewEnergy Limited, an Australian corporation (the "Company"), to ____________________________,
a _______________ (the "Holder").

 

[IF APPLICABLE] The Warrant provides that
the actual number of shares of the Company's capital stock issuable upon exercise of the Warrant and the initial exercise price
per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant. Such
events or conditions have now occurred or lapsed, and the Company wishes to confirm the actual number of shares issuable and the
initial exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall
control the interpretation and exercise of the Warrant.

 

[IF APPLICABLE] Notice is hereby given pursuant
to Section 4 of the Warrant that the following adjustment(s) have been made to the Warrant: [describe adjustments, setting forth
details regarding method of calculation and facts upon which calculation is based].

 

This certifies that the Holder is entitled
to acquire from the Company __________________________ (____________) fully paid ordinary shares of the Company at a price of _________________________
Australian Dollars (A$__________) per share (the "Exercise Price"). The Exercise Price and the number of shares issuable
under the Warrant remain subject to adjustment as provided in Section 4 of the Warrant.

 

Executed this ___ day of ________________,
20___.

 

	 	MISSION NEWENERGY LIMITED
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	8MANAGEMENT AND CONSULTING SERVICES AGREEMENT

 

between

 

NET ELEMENT INTERNATIONAL INC.

 

and

 

BOND STREET MANAGEMENT LLC

 

Dated as of October 24, 2012

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS  

	 	 	Page
	 	 	 
	 	 	 
	SECTION 1.	DEFINITIONS	1
	SECTION 2.	SERVICES TO BE PROVIDED BY BSM	2
	SECTION 3.	DEVOTION OF TIME; ADDITIONAL ACTIVITIES	5
	SECTION 4.	[INTENTIONALLY OMITTED]	6
	SECTION 5.	[INTENTIONALLY OMITTED]	6
	SECTION 6.	RECORDS	6
	SECTION 7.	[INTENTIONALLY OMITTED]	6
	SECTION 8.	COMPENSATION	6
	SECTION 9.	EXPENSES OF THE COMPANY AND SUBSIDIARIES; REIMBURSEMENT OF EXPENSES	6
	SECTION 10.	CALCULATIONS OF EXPENSES	8
	SECTION 11.	LIMITS OF SERVICE PROVIDER RESPONSIBILITY; INDEMNIFICATION	8
	SECTION 12.	NO JOINT VENTURE	9
	SECTION 13.	TERM; TERMINATION	9
	SECTION 14.	ASSIGNMENT	9
	SECTION 15.	TERMINATION FOR CAUSE	10
	SECTION 16.	ACTION UPON TERMINATION	10
	SECTION 17.	REPRESENTATIONS AND WARRANTIES	10
	SECTION 18.	NOTICES	12
	SECTION 19.	BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS	13
	SECTION 20.	ENTIRE AGREEMENT; AMENDMENTS	13
	SECTION 21.	GOVERNING LAW	13
	SECTION 22.	ARBITRATION	13
	SECTION 23.	NO WAIVER; CUMULATIVE REMEDIES	13
	SECTION 24.	HEADINGS	13
	SECTION 25.	COUNTERPARTS; FACSIMILE SIGNATURES	14
	SECTION 26.	SEVERABILITY	14
	SECTION 27.	GENDER	14

 

    	 

    	 

    

MANAGEMENT AND CONSULTING SERVICES AGREEMENT

 

THIS MANAGEMENT AND
CONSULTING SERVICES AGREEMENT is made as of October 24, 2012 with an effective date of October 3, 2012 by and among Net Element
International Inc., a corporation incorporated under the laws of the State of Delaware (the “Company”), and
on behalf of each of the subsidiaries set forth from time to time on Annex I hereto that has become a signatory hereto (each
a “Subsidiary” and, collectively, the “Subsidiaries”), and Bond Street Management LLC, a
limited liability company organized under the laws of the Commonwealth of Puerto Rico (together with its permitted assignees, the
“Service Provider” or “BSM”).

 

WHEREAS, the Company
and the Subsidiaries desire to retain BSM to provide management and consulting services as well as other services to the Company
and the Subsidiaries on the terms and conditions hereinafter set forth; and

 

WHEREAS, BSM is dedicated,
among other business activities, to export management, consulting and related services to persons located outside of the Commonwealth
of Puerto Rico, and BSM wishes to be retained to provide and export such services from the Commonwealth of Puerto Rico to the Company
and the Subsidiaries.

 

NOW THEREFORE, in consideration
of the mutual agreements herein set forth, the parties hereto agree as follows:

 

SECTION
1.              
DEFINITIONS. The following terms have the meanings assigned them:

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such
Person. For purposes of this definition, the terms “controlling,” “controlled by” or “under common
control with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, or the power to elect at
least 50% of the directors, managers, general partners, trustees or Persons exercising similar authority with respect to such Person.

 

“Agreement”
means this Management and Consulting Services Agreement, as it may be amended, supplemented or restated from time to time.

 

“Assets”
means the assets, investments and operating business of the Company and the Subsidiaries.

 

“Board of
Directors” means the Board of Directors of the Company.

 

“Change of
Control” means the occurrence of any of the following:

 

(i)the sale, lease
or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Company, taken as a whole,
to any Person other than an Affiliate of the Company; or

 

(ii)the acquisition
by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act), other than an Affiliate of the Company, in a single transaction or in a related series of transactions,
by way of merger, consolidation or other business combination or acquisition of beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting power or the voting equity interests
of the Company;

 

    	1

    	 

    
  

provided, however,
that any transaction or related series of transactions, business reorganization or similar event (“Reorganization Event”)
that results in the voting securities of the Company being held by a Person that is not an Affiliate will not be deemed to be a
Change of Control if after the Reorganization Event more than 50% of the total voting power or the voting equity interests of such
Person is held directly or indirectly by the same Persons who held more than 50% of the voting power or voting equity interest
of the Company before the Reorganization Event.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended and in effect from time to time.

 

“Common Share”
means a share of the Company representing an undivided interest in any property owned by the Company now or hereafter authorized
as an ordinary voting share of the Company.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended and the applicable rules and regulations promulgated
thereunder.

 

“Governing
Instruments” means, with regard to any entity, the articles or certificate of incorporation and bylaws in the case of
a corporation, certificate of limited or general partnership (if applicable) and the partnership agreement in the case of a general
or limited partnership, the certificate of formation and the limited liability company agreement in the case of a limited liability
company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time.

 

“Independent
Directors” means the members of the Board of Directors who are deemed to be independent in accordance with the standards
set forth in the Exchange Act and by the NASDAQ Capital Market.

 

“Investment
Company Act” means the U.S. Investment Company Act of 1940, as amended.

 

“Person”
means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.

 

SECTION
2.              
SERVICES TO BE PROVIDED BY BSM.

 

(a)               
The Company and each Subsidiary hereby appoints and engages BSM to provide management and consulting services, subject
to the further terms and conditions set forth in this Agreement, and BSM hereby agrees to use its commercially reasonable and good
faith efforts to perform each of the duties set forth herein.. BSM shall provide management and consulting services to the Company
and general advice relating to the day-to-day operations of the Company and each Subsidiary. BSM is hereby authorized to provide
such services and activities relating to the Assets and operations of the Company and each of the Subsidiaries, and to the extent
requested by the Company, as are set forth below and such other services and activities as BSM and the Company agree in writing:

 

    	2

    	 

    
  

(i)              
serving as consultant to the Company and each Subsidiary with respect to the Company’s acquisitions, borrowings
and operations;

 

(ii)            
investigating, analyzing and selecting possible investment and acquisition opportunities;

 

(iii)           
providing access to BSM’s personnel and assisting in developing criteria for acquisitions and/or investments,
divestments and/or capital raising opportunities;

 

(iv)          
providing investment banking and other financial advice and such other services as may be required relating to the
Company and/or the Assets;

 

(v)            
if requested in writing by the Company, communicating with the holders of any equity or debt securities of the Company
and each Subsidiary as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading
markets and to maintain effective relations with those holders;

 

(vi)          
counseling the Company in connection with policy decisions to be made by the Board of Directors;

 

(vii)         
evaluating and recommending to the Company and each Subsidiary modifications to the hedging strategies in effect
and engaging in overall hedging strategies and activities on behalf of the Company and each Subsidiary;

 

(viii)       
counseling the Company and each Subsidiary in complying with all regulatory requirements applicable to it in respect
of its business activities, including where applicable, regarding the maintenance of its exclusions or exemptions from the Investment
Company Act and monitoring compliance with the requirements for maintaining such exclusions or exemptions;

 

(ix)          
assisting the Company in developing criteria that are specifically tailored to the Company’s acquisition and
operational objectives;

 

(x)            
advising the Company and each Subsidiary as to its capital structure and capital raising;

 

(xi)          
assisting the Company and each Subsidiary in retaining qualified accountants and legal counsel, as applicable, to
assist in developing appropriate accounting procedures, compliance procedures;

 

(xii)         
assisting the Company and each Subsidiary in qualifying to do business in all applicable jurisdictions and to obtain
and maintain all appropriate licenses;

 

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(xiii)       
assisting the Company with all regulatory and compliance requirements applicable to the Company in respect of the
Company’s and each Subsidiary’s business activities, including assisting the Company and each Subsidiary in preparing
or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports
and documents; and providing support and assistance to the chief executive officer and chief financial officer of the Company to
enable such persons to make the certifications required pursuant to the Exchange Act and Sarbanes-Oxley Act of 2002, as amended,
to the extent applicable;

 

(xiv)       
advising in connection with claims, disputes or controversies (including litigation, arbitration, settlement or other
proceedings or negotiations) in which the Company and the Subsidiaries may be involved or to which the Company and the Subsidiaries
may be subject, subject to such limitations or parameters as may be imposed from time to time by the Company;

 

(xv)        
advising the Company with a view to causing expenses incurred by or on behalf of the Company and the Subsidiaries
to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Company
from time to time; and

 

(xvi)       
performing such other services as may be reasonably requested in writing from time to time for the management and
other activities relating to the Assets and the businesses and operations of the Company and its Subsidiaries as the Board of Directors
shall reasonably request or BSM shall deem appropriate under the particular circumstances.

 

(b)              
BSM may enter into agreements, with other Persons, including its Affiliates, for the purpose of engaging one or more
parties for and on behalf, and at the sole cost and expense, of the Company or the relevant Subsidiaries to provide services to
the Company or one or more of the Subsidiaries as BSM deems necessary or advisable, in its good-faith judgment, pursuant to agreement(s)
with terms that are then customary for agreements regarding the provision of services to companies that have assets similar in
type, quality and value to the Assets; provided that any such agreements entered into with Affiliates of BSM shall be on
terms no more favorable to such Affiliate than would be obtained from a third Person on an arm’s-length basis.

 

(c)               
BSM may retain, for and on behalf, and at the sole cost and expense, of the Company and each Subsidiary, such services
of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, financial
advisors, banks and other lenders and others as BSM deems necessary or advisable, in its good-faith judgment, in connection with
the management and operations of the Company and each Subsidiary. Notwithstanding anything contained herein to the contrary, BSM
shall have the right to cause any such services to be rendered by its employees or Affiliates. The Company and each relevant Subsidiary
shall pay or reimburse BSM or its Affiliates performing such services for the cost thereof; provided that such costs and
reimbursements are no greater than those that would be payable to outside professionals or consultants engaged to perform such
services pursuant to agreements negotiated on an arm’s-length basis.

 

(d)              
As frequently as BSM may deem necessary or advisable, in its good-faith judgment, or at the direction of the Board
of Directors, BSM shall, at the sole cost and expense of the Company and any affected Subsidiary, prepare, or cause to be prepared,
with respect to any Asset, reports and other information with respect to such Asset as may be reasonably requested by the Company
and any affected Subsidiary.

 

    	4

    	 

    
  

(e)              
BSM shall prepare regular reports for the Board of Directors, upon the Board of Directors’ reasonable request,
to enable the Board of Directors to review the Company’s operations.

 

(f)                
In performing the services under this Section 2, BSM shall be entitled to rely reasonably on qualified experts
and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by
BSM at the sole cost and expense of the Company and the Subsidiaries.

 

(g)               
In performing the services under this Section 2, BSM shall comply in full with all applicable laws and regulations,
including, but not limited to, laws, rules, and regulations governing anti-money laundering, the United States Foreign Corrupt
Practices Act and the United States Patriot Act. BSM warrants and represents to the Company and each Subsidiary that it is generally
knowledgeable about and experienced in complying with all applicable legal requirements with respect to such laws and regulations.

 

SECTION
3.              
DEVOTION OF TIME; ADDITIONAL ACTIVITIES.

 

(a)               
BSM and/or its Affiliates will provide the Company with qualified personnel to serve as Chief Executive Officer and
Chief Operating Officer, which Persons shall devote such of their time to the management of the Company and such Subsidiaries as
the Company reasonably deems necessary and appropriate, commensurate with the level of activity of the Company from time to time.
BSM may, from time to time, provide the Company with other senior officers and/or personnel to perform such other duties and functions
for the Company and its Subsidiaries subject to the terms and conditions mutually agreed in writing by the parties hereto.

 

(b)              
BSM, the Company and each Subsidiary hereby agree and acknowledge, as the case may be, that BSM and its Affiliates
manage, sponsor and invest in other entities and some of the directors and officers of the Company and the Subsidiaries also serve
as directors and officers of these other entities. This may lead to conflicts of interest. BSM owes no fiduciary duty to the Company
and/or the Company’s shareholders; provided, however, that the Persons appointed as the Chief Executive Officer and Chief
Operating Officer shall have such duties and responsibilities to the Company and the applicable Subsidiaries and the shareholders
of the Company as proscribed by applicable law.

 

(c)               
Subject to Sections 2(a) and 3(b), nothing herein shall prevent BSM or any of its Affiliates or any
of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind
to any other person or entity, including investment in, or advisory services to others investing in, any type of asset, including
assets that meet the principal business objectives of the Company and the Subsidiaries.

 

    	5

    	 

    
  

(d)              
Managers, members, partners, officers, employees and agents of BSM or Affiliates of BSM may serve as directors, officers,
employees, agents, nominees or signatories for the Company and the Subsidiaries, to the extent permitted by their Governing Instruments
or by any resolutions duly adopted by the Board of Directors pursuant to the Company’s Governing Instruments. When executing
documents or otherwise acting in such capacities for the Company and the Subsidiaries, such Persons shall use their respective
titles in the Company and the Subsidiaries, as the case may be.

 

SECTION
4.              
[INTENTIONALLY OMITTED].

 

SECTION
5.              
[INTENTIONALLY OMITTED].

 

SECTION
6.              
RECORDS. BSM shall maintain appropriate books of accounts and records relating to services performed by it
under this Agreement, and such books of accounts and records shall be accessible for inspection by representatives of the Company
or any Subsidiary at any time during normal business hours upon three (3) business days’ advance written notice. BSM shall
keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not
use or disclose any such information to nonaffiliated third parties who are not bound by confidentiality requirements or agreements
except: (a) in furtherance, in its reasonable good -faith judgment, of the business of the Company or any Subsidiary; (b) in a
manner not detrimental, in its reasonable good -faith judgment, to the interests of the Company and its Subsidiaries; (c) with
the consent of the Board of Directors; or (d) as required by law or to governmental officials having jurisdiction over the Company
or any Subsidiary. The foregoing shall not apply to information that has previously become publicly available other than as a result
of BSM’s violation of this Section 6. The provisions of this Section 6 shall survive the expiration or earlier
termination of this Agreement for a period of one year.

 

SECTION
7.              
[INTENTIONALLY OMITTED]

 

SECTION
8.              
COMPENSATION.

 

(a)               
Subject to Section 8(b) below, during the term of this Agreement, the Company shall pay BSM a monthly fee
of $50,000 (the “Service Fee”), which shall be paid in advance on the first day of each month;

 

(b)              
The parties hereto shall apply their best efforts to renegotiate by December 31, 2012 an adjusted Service Fee which
shall reflect, among other factors, the actual services being provided by BSM and the expected services to be provided by BSM during
the calendar year 2013 and on a going forward basis;

 

(c)               
The Management Fee shall be calculated for any partial month, except the first month of the agreement, on a prorated
basis; and

 

(d)              
BSM shall be eligible for a discretionary performance based fee (the “Performance Fee”), for each
whole or partial calendar year of the Agreement, including the first year of the Agreement. The Performance Fee shall be payable
in cash or in a non-cash equitable compensation at the sole and absolute discretion of theIndependent Directors or, in the event
the Chief Executive Officer is not an employee, officer or Affiliate of BSM, the Company generally no later than the first calendar
quarter of the preceding year.

 

    	6

    	 

    
  

SECTION
9.              
EXPENSES OF THE COMPANY AND SUBSIDIARIES; REIMBURSEMENT OF EXPENSES.

 

(a)               
The Company and/or the Subsidiaries, as applicable, shall reimburse BSM for documented expenses of any of the foregoing
including any incurred by BSM on behalf of any of the foregoing (collectively, the “Expenses”). The term Expenses
shall include all costs and expenses that are expressly designated in this Agreement as being payable by the Company and its Subsidiaries,
together with the following:

 

(i)              
all costs and expenses relating to their business and Assets, such as brokerage commissions, custodial fees, bank
service fees, interest expenses and expenses related to any proposed acquisition of assets that is not consummated;

 

(ii)            
expenses of their directors and officers and meetings thereof;

 

(iii)           
travel and other out-of-pocket expenses associated with or incurred in connection with the services contemplated
hereunder, including, relating to the purchase, offering and sale of Assets by them;

 

(iv)          
travel and other out-of-pocket expenses incurred by officers, employees and agents of BSM and its Affiliates in connection
with the purchase, financing, hedging, refinancing, sale or other disposition of Assets and proposed Assets;

 

(v)            
legal expenses;

 

(vi)          
professional fees (including, without limitation, expenses of consultants and experts);

 

(vii)         
costs and expenses of rendering financial assistance to or arranging for financing for any Assets;

 

(viii)       
communications and information technology expenses associated with or incurred in connection with the services contemplated
hereunder,

 

(ix)          
other expense categories approved by the Board of Directors; and

 

(x)            
all other expenses actually incurred by BSM and its Affiliates that are reasonably necessary for the performance
by BSM of its services, functions, duties and obligations under this Agreement.

 

Without regard to the amount of compensation
received under this Agreement by BSM, BSM shall be responsible for the wages and salaries of BSM’s officers and employees,
including the BSM employees appointed as officers of the Company and/or a Subsidiary pursuant to Section 3(a).

 

(b)              
The Company acknowledges and agrees that BSM and its Affiliates may perform accounting, operating and other administrative
services on behalf of the Company and the Subsidiaries internally. To the extent that such services are provided to them by BSM
and/or its Affiliates, the Company and the Subsidiaries shall bear (i) all costs and expenses of BSM and/or its Affiliates that
are directly attributable to the salaries, bonuses and fringe benefits payable to accounting and operations employees of BSM and/or
its Affiliates performing accounting and operational services, and information systems, software and hardware utilized solely by
the Company in connection with accounting and operations, provided, that the terms of such salaries, bonuses and fringe benefits
are approved by the Independent Directors or, in the event the Chief Executive Officer is not an employee, officer or Affiliate
of BSM, the Company generally, and (ii) the Company’s allocable share of the costs and expenses of accounting and operations
professionals and systems, which are directly attributable to salaries, bonuses and fringe benefits payable to the accounting and
operations professionals of Affiliates of BSM whose services are provided to the Company and to investment funds or accounts managed
by BSM and/or its Affiliates and information systems, software and hardware utilized by the Company and investment funds or accounts
managed by BSM and/or its Affiliates in connection with accounting and operations, such allocable share to be based on the relative
time which the applicable employees providing such accounting and operational services devote, on an estimated basis, to us and
the investment funds or accounts managed by BSM and/or its Affiliates. To the extent that expenses to be borne by the Company are
paid by BSM, the Company will reimburse BSM for such expenses In order to facilitate and rationalize the expense management, the
Company may issue Credit and/or Debit Cards to officers and employees of BSM which perform services to the Company and/or its Subsidiaries.

 

    	7

    	 

    
  

(c)               
The provisions of this Section 9 shall survive the expiration or earlier termination of this Agreement to
the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination.

 

SECTION
10.           CALCULATIONS
OF EXPENSES. BSM shall prepare a statement documenting the Expenses of the Company and the Subsidiaries incurred by BSM and
its Affiliates on behalf thereof during each month, and shall deliver such statement to the Company within ten (10) business days
after the end of each such month. Expenses incurred by BSM and its Affiliates on behalf of the foregoing shall be reimbursed monthly
to BSM within five (5) business days following the date of delivery of such statement. Payment of all invoices and reimbursement
requests shall be made by check or electronic funds transmission in U.S. Dollars, without any offset or deduction of any nature
whatsoever. Invoices unpaid as of the date that is thirty (30) days after receipt by the Company shall accrue interest at an annual
rate of 12%. All payments shall be made to BSM at the account designated by BSM. The provisions of this Section 10 shall
survive the expiration or earlier termination of this Agreement.

 

SECTION
11.           LIMITS
OF MANAGER RESPONSIBILITY; INDEMNIFICATION.

 

(a)               
BSM assumes no responsibility under this Agreement other than to render the services called for under this Agreement
in good faith and shall not be responsible for any action of the Board of Directors or similar governing body or authority of any
Subsidiary in following or declining to follow any advice or recommendations of BSM. BSM assumes no responsibility for the actions
of officers, directors or employees of the Company or the Subsidiaries. BSM and its Affiliates will not be liable to the Company,
any Subsidiary or any shareholder of the Company for any acts or omissions by BSM or any of its Affiliates or their respective
directors, managers, officers, employees, advisors, agents, trustees and/or representatives arising from, or in connection with,
the provision of services by BSM and its Affiliates, or on behalf of BSM and its Affiliates, under this Agreement, except for breaches
of this Agreement by BSM or by reason of acts or omissions constituting bad faith, willful misconduct, gross negligence or reckless
disregard of BSM’s duties or obligations under this Agreement. The respective directors, managers, officers, employees, advisors,
agents, trustees and/or representatives of BSM and its Affiliates will not be liable for any of the foregoing. The Company and
the Subsidiaries shall, to the full extent permitted by law, reimburse, indemnify, defend and hold BSM and any of its Affiliates
and their respective directors, managers, members, officers, employees, advisors, agents, trustees and/or representatives (each,
an “Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges
and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts or omissions of such
Indemnified Party arising from, or in connection with, the execution delivery and performance of this Agreement, provision of services
by BSM and its Affiliates (including, without limitation, its directors, managers, officers, employees, advisors, agents, trustees
and/or representatives), or on behalf of BSM, under this Agreement, except for breaches of this Agreement by BSM or by reason of
acts or omissions constituting such Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard
of BSM’s duties under this Agreement.

 

    	8

    	 

    

 

(b)              
BSM and/or its Affiliates may, in the performance of its duties under this Agreement and at the sole cost and expense
of BSM, consult with legal counsel and accountants, and any act or omission by BSM on behalf of the Company or any Subsidiary in
furtherance of the interests thereof in good faith in reliance upon, and in accordance with, the advice of such legal counsel or
accountants will be full justification for any such act or omission, and BSM will be fully protected for such acts and omissions;
provided that such legal counsel or accountants were selected with reasonable care.

 

(c)               
BSM shall, to the full extent lawful, reimburse, indemnify and hold the Company, its shareholders, directors, officers
and employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”),
harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including
attorneys’ fees) in respect of or arising from BSM’s breach of this Agreement, bad faith, willful misconduct, gross
negligence or reckless disregard of its duties under this Agreement.

 

SECTION
12.           NO
JOINT VENTURE. Nothing in this Agreement shall be construed to make the Company or any Subsidiary and BSM partners or joint
ventures or impose any liability as such on either of them.

 

SECTION
13.           TERM;
TERMINATION.

 

(a)               
Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until December
31, 2013, and shall be automatically renewed for a one year term each anniversary date thereafter (a “Renewal Term”)
unless the Agreement is otherwise terminated by the Company or BSM at any time on ninety (90) days’ prior written notice.

 

(b)              
If this Agreement is terminated pursuant to this Section 13, such termination shall be without any further
liability or obligation of either party to the others, except as provided in Section 9, Section 10, Section 11,
and Section 16 of this Agreement.

 

    	9

    	 

    
  

SECTION
14.           ASSIGNMENT.

 

(a)               
Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the
event of its assignment (as such term is used in the Investment Company Act and the rules thereunder), in whole or in part, by
BSM, unless such assignment is consented to by the Company. Any assignment or delegation not requiring consent pursuant to the
preceding sentence or as to which such consent has been obtained shall bind the assignee under this Agreement in the same manner
as BSM is bound, and BSM shall be liable to any party for all acts or omissions of the assignee under this Agreement following
any such assignment. Each entity and individual providing services to BSM under any such delegation of duties shall be indemnified
and reimbursed by the Company and the Subsidiaries to the same extent as a Person acting as manager or a trustee, director, manager,
officer, employee, member, advisor or agent of BSM would be indemnified pursuant to Section 11 of this Agreement. In addition,
the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as a Manager. This Agreement
shall not be assigned by the Company or any Subsidiary without the prior written consent of BSM, except in the case of assignment
by any such party to another organization which is a successor (by merger, exchange, consolidation or purchase of substantially
all assets) to such entity, in which case such successor organization shall be bound under this Agreement and by the terms of such
assignment in the same manner as such entity is bound under this Agreement.

 

(b)              
Notwithstanding any provision of this Agreement, but subject to Section 2 and Section 3, BSM may subcontract
any or all the services under this Agreement to any of its Affiliates and the Company hereby consents to any such subcontracting;
provided, that, BSM shall not be relieved of any of its responsibilities under this Agreement and shall remain directly and primarily
liable with such subcontractee for the performance, compliance and fulfillment of all of the terms of this Agreement.

 

SECTION
15.           TERMINATION
FOR CAUSE.

 

(a)               
The Company, acting on behalf of itself and its Subsidiaries, may terminate this Agreement effective immediately
(subject to sub-clause (iii) below) upon written notice of termination to BSM in the event of (i) any act of fraud, misappropriation
of funds or embezzlement by BSM against the Company or any Subsidiary, (ii) any willful misconduct, bad faith or gross negligence
on the part of BSM in connection with its duties under this Agreement, (iii) any material breach of any provision of this Agreement
by BSM where such breach continues for a period of 45 days after written notice thereof specifying such breach and requesting that
the same be remedied in such 45-day period, (iv) a commencement of any proceeding relating to BSM’s bankruptcy or insolvency
or BSM, or (v) a dissolution of BSM. BSM agrees that if any of the events specified above occur, it will give prompt written notice
thereof to the Company immediately following the occurrence of such event.

 

(b)              
BSM may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company
in the event that the Company or any Subsidiary shall default in the performance or observance of any material term, condition
or covenant contained in this Agreement and such default shall continue for a period of 45 days after written notice thereof specifying
such default and requesting that the same be remedied in such 45 day period.

 

SECTION
16.           ACTION
UPON TERMINATION.

 

From and after the
effective date of termination of this Agreement, pursuant to Sections 13, 14 or 15 of this Agreement, BSM
shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to
the date of termination.

 

    	10

    	 

    
  

SECTION
17.           REPRESENTATIONS
AND WARRANTIES.

 

(a)               
The Company and each Subsidiary hereby represents and warrants to BSM as follows:

 

(i)              
It is duly organized, validly existing and in good standing under the laws of the state of its jurisdiction, has
the corporate, partnership, limited liability company or other power to own its assets and to transact the business in which it
is now engaged and is duly qualified as a foreign corporation, partnership, limited liability company or other entity and in good
standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such
qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse
effect on its business operations, assets or financial condition.

 

(ii)            
It has the corporate, partnership, limited liability company or other power and authority to execute, deliver and
perform this Agreement and all obligations required hereunder and has taken all necessary corporate, partnership or limited liability
company action, as applicable, to authorize this Agreement on the terms and conditions hereof and the execution, delivery and performance
of this Agreement and all obligations required hereunder. No consent of any other person including, without limitation, its members
or creditors, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing
or declaration with, any governmental authority is required by it in connection with this Agreement or the execution, delivery
or performance of this Agreement and all obligations required hereunder. This Agreement has been executed and delivered by a duly
authorized officer, and this Agreement constitutes the valid and binding obligation enforceable against it in accordance with its
terms.

 

(iii)           
The execution, delivery and performance of this Agreement will not violate any provision of any existing law or regulation
binding on it, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on it, or the
certificate of formation or limited liability company agreement of, or any securities issued by, it or of any mortgage, indenture,
lease, contract or other agreement, instrument or undertaking to which it is a party or by which it or any of its assets may be
bound, the violation of which would have a material adverse effect on its business operations, assets or financial condition, and
will not result in, or require, the creation or imposition of any lien on any of its property, assets or revenues pursuant to the
provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking.

 

(b)              
BSM hereby represents and warrants to the Company and each Subsidiary as follows:

 

(i)              
BSM is duly incorporated, validly existing and in good standing under the laws of the Commonwealth of Puerto Rico,
has the power to own its assets and to transact the business in which it is now engaged and is duly qualified to do business and
is in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business
requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have
a material adverse effect on the business operations, assets or financial condition of BSM.

 

    	11

    	 

    
  

(ii)            
BSM has the power and authority to execute, deliver and perform this Agreement and all obligations required hereunder
and has taken all necessary limited liability company action to authorize this Agreement on the terms and conditions hereof and
the execution, delivery and performance of this Agreement and all obligations required hereunder. Other than those consents, permits,
approvals, authorizations, exemptions, reports, filings, declarations, or orders which have already been made or obtained by BSM,
no consent of any other person including, without limitation, members or creditors of BSM, and no license, permit, approval or
authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is
required by BSM in connection with this Agreement or the execution, delivery or performance of this Agreement and all obligations
required hereunder. This Agreement has been executed and delivered by a duly authorized agent of BSM, and this Agreement constitutes
the valid and binding obligation of BSM enforceable against BSM in accordance with its terms.

 

(iii)           
The execution, delivery and performance of this Agreement will not violate any provision of any existing law or regulation
binding on BSM or any of its Affiliates, or any order, judgment, award or decree of any court, arbitrator or governmental authority
binding on BSM or any of its Affiliates, or the certificate of formation or limited liability company agreement of, or any securities
issued by, BSM or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which BSM or any
of its Affiliates is a party or by which BSM or any of its Affiliates or any of their respective assets may be bound, the violation
of which would have a material adverse effect on the business operations, assets or financial condition of BSM and its Affiliates,
taken as a whole, and will not result in, or require, the creation or imposition of any lien on any of its property, assets or
revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking.

 

SECTION
18.           NOTICES.
Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted
under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against
receipt or upon actual receipt of (a) personal delivery, (b) delivery by reputable overnight courier, (c) delivery by facsimile
transmission with telephonic confirmation or (d) delivery by registered or certified mail, postage prepaid, return receipt requested,
addressed as set forth below:

 

(i)If
to the Company or any Subsidiary:

 

1450 S. Miami Avenue, Miami, FL

Facsimile: +1-305-358-7876

Attention: President

 

(ii)If
to BSM:

 

City View Plaza II

Suite # 6000

Carr. 165 Km 1.2

Guaynabo, Puerto Rico 00968

Facsimile: +1-787-993-9651

Attention: Legal

 

    	12

    	 

    
  

Any party may alter
the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the
provisions of this Section 18 for the giving of notice.

 

SECTION
19.           BINDING
NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement.

 

SECTION
20.           ENTIRE
AGREEMENT; AMENDMENTS. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement.
The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing signed
by the parties hereto, provided that in the case of the Company, any modification or amendment to this Agreement shall only require
the consent of the Board of Directors.

 

SECTION
21.           GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE COMMONWEALTH OF PUERTO RICO (WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES).

 

SECTION
22.           ARBITRATION.
Any dispute, controversy or claim arising out of or relating to this Agreement, including any question regarding its existence,
validity, interpretation, breach or termination, shall be finally resolved by arbitration under the International Arbitration Rules
of the International Centre for Dispute Resolution of the American Arbitration Association, which Rules are deemed to be incorporated
by reference into this clause. The tribunal shall consist of three arbitrators. The seat of the arbitration shall be San Juan,
Puerto Rico. Any award of the tribunal shall be binding from the day it is made, and the parties hereby waive any right to refer
any question of law and any right of appeal on the law and/or merits to any court. Nothing in these dispute resolution provisions
shall be construed as preventing either party from seeking conservatory or similar interim relief in any court of competent jurisdiction.

 

SECTION
23.           NO
WAIVER; CUMULATIVE REMEDIES. No failure to exercise and no delay in exercising, on the part of any party hereto, any right,
remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law. No waiver of any provision hereto shall be effective unless it is in writing and
is signed by the party asserted to have granted such waiver.

 

SECTION
24.           HEADINGS.
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part
of this Agreement.

 

    	13

    	 

    
  

SECTION
25.           COUNTERPARTS;
FACSIMILE SIGNATURES. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear
the signatures of all of the parties reflected hereon as the signatories. Facsimile signatures and electronic copies in portable
document format (PDF) may be relied upon as originals.

 

SECTION
26.           SEVERABILITY.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION
27.           GENDER.
Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

 

[Signature Page Follows]

 

    	14

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed this Management and Consulting Services Agreement as of the date first written above.

 

NET ELEMENT INTERNATIONAL INC.

 

 

 

By:______________________________________

Name: Dmitry Kozko

Title: President

 

BOND STREET MANAGEMENT LLC

 

By: ______________________________________

Name: Jorge Rodriguez

Title: Partner

 

 

 

    	15

    	 

    

ANNEX I

 

List of
Company’s Subsidiaries

 

		1.	Net Element Russia, OOO

 

		2.	TOT Money, OOO

 

		3.	Music 1 Russia, OOO

 

		4.	Motorsport, LLC

 

 

    	16

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