Document:

<PAGE>

                                                                     EXHIBIT 4.3
                                                                  EXECUTION COPY

================================================================================

                               GUARANTEE AGREEMENT

                                     between

                              MATRIX BANCORP, INC.,
                                  as Guarantor,

                                       and

                              THE BANK OF NEW YORK,
                              as Guarantee Trustee

                            Dated as of July 25, 2002

                         MATRIX BANCORP CAPITAL TRUST V

================================================================================

<PAGE>

     Guarantee Agreement, dated as of July 25, 2002, executed and delivered by
Matrix Bancorp, Inc., a Colorado corporation (the "Guarantor") having its
principal office at 1380 Lawrence Street, Suite 1300, Denver, Colorado 80204,
and The Bank of New York, a New York banking corporation, as trustee (in such
capacity, the "Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of
Matrix Bancorp Capital Trust V, a Delaware business trust (the "Issuer").

                              W i t n e s s e t h :

     Whereas, pursuant to an Amended and Restated Trust Agreement, dated as of
July 25, 2002 (the "Trust Agreement"), among the Guarantor, as Depositor, the
Property Trustee, the Delaware Trustee and the Administrative Trustees named
therein and the holders from time to time of the Preferred Securities (as
hereinafter defined), the Issuer is issuing $5,000,000.00 aggregate Liquidation
Amount (as defined in the Trust Agreement) of its Floating Rate Preferred
Securities (Liquidation Amount $1,000 per preferred security) (the "Preferred
Securities") representing preferred undivided beneficial interests in the assets
of the Issuer and having the terms set forth in the Trust Agreement;

     Whereas, the Preferred Securities will be issued by the Issuer and the
proceeds thereof, together with the proceeds from the issuance of the Issuer's
Common Securities (as defined below), will be used to purchase the Notes (as
defined in the Trust Agreement) of the Guarantor; and

     Whereas, as incentive for the Holders to purchase Preferred Securities the
Guarantor desires irrevocably and unconditionally to agree, to the extent set
forth herein, to pay to the Holders of the Preferred Securities the Guarantee
Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein.

     Now, Therefore, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to
provide as follows for the benefit of the Holders from time to time of the
Preferred Securities:

<PAGE>

                                    ARTICLE I

                         Interpretation and Definitions

     SECTION 1.1. Interpretation.

     In this Guarantee Agreement, unless the context otherwise requires:

          (a)  capitalized terms used in this Guarantee Agreement but not
     defined in the preamble hereto have the respective meanings assigned to
     them in Section 1.2;

          (b)  the words "include", "includes" and "including" shall be deemed
     to be followed by the phrase "without limitation";

          (c)  all references to "the Guarantee Agreement" or "this Guarantee
     Agreement" are to this Guarantee Agreement as modified, supplemented or
     amended from time to time;

          (d)  all references in this Guarantee Agreement to Articles and
     Sections are to Articles and Sections of this Guarantee Agreement unless
     otherwise specified;

          (e)  the words "hereby", "herein", "hereof" and "hereunder" and other
     words of similar import refer to this Guarantee Agreement as a whole and
     not to any particular Article, Section or other subdivision;

          (f)  a reference to the singular includes the plural and vice versa;
     and

          (g)  the masculine, feminine or neuter genders used herein shall
     include the masculine, feminine and neuter genders.

     SECTION 1.2. Definitions.

     As used in this Guarantee Agreement, the terms set forth below shall,
unless the context otherwise requires, have the following meanings:

          "Affiliate" of any specified Person means any other Person directly or
     indirectly controlling or controlled by or under direct or indirect common
     control with such specified Person; provided, that the Issuer shall not be
     deemed to be an Affiliate of the Guarantor. For the purposes of this
     definition, "control" when used with respect to any specified Person means
     the power to direct the management and policies of such Person, directly or
     indirectly, whether through the ownership of voting securities, by contract
     or otherwise; and the terms "controlling" and "controlled" have meanings
     correlative to the foregoing.

          "Beneficiaries" means any Person to whom the Issuer is or hereafter
     becomes indebted or liable.

                                        2

<PAGE>

          "Board of Directors" means either the board of directors of the
     Guarantor or any duly authorized committee of that board.

          "Common Securities" means the securities representing common undivided
     beneficial interests in the assets of the Issuer.

          "Debt" means with respect to any Person, whether recourse is to all or
     a portion of the assets of such Person, whether currently existing or
     hereafter incurred, and whether or not contingent and without duplication,
     (i) every obligation of such Person for money borrowed; (ii) every
     obligation of such Person evidenced by bonds, debentures, notes or other
     similar instruments, including obligations incurred in connection with the
     acquisition of property, assets or businesses; (iii) every reimbursement
     obligation of such Person with respect to letters of credit, bankers'
     acceptances or similar facilities issued for the account of such Person;
     (iv) every obligation of such Person issued or assumed as the deferred
     purchase price of property or services (but excluding trade accounts
     payable arising in the ordinary course of business); (v) every capital
     lease obligation of such Person; (vi) all indebtedness of such Person,
     whether incurred on or prior to the date of this Guarantee Agreement or
     thereafter incurred, for claims in respect of derivative products,
     including interest rate, foreign exchange rate and commodity forward
     contracts, options, swaps and similar arrangements; (vii) every obligation
     of the type referred to in clauses (i) through (vi) of another Person and
     all dividends of another Person the payment of which, in either case, such
     Person has guaranteed or is responsible or liable for, directly or
     indirectly, as obligor or otherwise; and (viii) any renewals, extensions,
     refundings, amendments or modifications of any obligation of the type
     referred to in clauses (i) through (vii).

          "Event of Default" means a default by the Guarantor on any of its
     payment or other obligations under this Guarantee Agreement; provided, that
     except with respect to a default in payment of any Guarantee Payments, the
     Guarantor shall have received notice of default from the Guarantee Trustee
     and shall not have cured such default within thirty (30) days after receipt
     of such notice.

          "Guarantee Payments" means the following payments or distributions,
     without duplication, with respect to the Preferred Securities, to the
     extent not paid or made by or on behalf of the Issuer: (i) any accumulated
     and unpaid Distributions (as defined in the Trust Agreement) required to be
     paid on the Preferred Securities, to the extent the Issuer shall have funds
     on hand available therefor at such time, (ii) the Redemption Price with
     respect to any Preferred Securities to the extent the Issuer shall have
     funds on hand available therefor at such time, and (iii) upon a voluntary
     or involuntary termination, winding up or liquidation of the Issuer, unless
     Notes are distributed to the Holders, the lesser of (a) the aggregate of
     the Liquidation Amount of $1,000 per Preferred Security plus accumulated
     and unpaid Distributions on the Preferred Securities to the date of
     payment, to the extent that the Issuer shall have funds available therefor
     at such time and (b) the amount of assets of the Issuer remaining available
     for distribution to Holders in liquidation of the Issuer after satisfaction
     of liabilities to creditors of the Issuer in accordance with applicable law
     (in either case, the "Liquidation Distribution").

                                        3

<PAGE>

          "Guarantee Trustee" means The Bank of New York, until a Successor
     Guarantee Trustee, as defined below, has been appointed and has accepted
     such appointment pursuant to the terms of this Guarantee Agreement, and
     thereafter means each such Successor Guarantee Trustee.

          "Holder" means any holder, as registered on the books and records of
     the Issuer, of any Preferred Securities; provided, that, in determining
     whether the holders of the requisite percentage of Preferred Securities
     have given any request, notice, consent or waiver hereunder, "Holder" shall
     not include the Guarantor, the Guarantee Trustee or any Affiliate of the
     Guarantor or the Guarantee Trustee.

          "Indenture" means the Junior Subordinated Indenture, dated as of July
     25, 2002, as supplemented and amended, between the Guarantor and The Bank
     of New York, as trustee.

          "List of Holders" has the meaning specified in Section 2.1.

          "Majority in Liquidation Amount of the Preferred Securities" means a
     vote by the Holder(s), voting separately as a class, of more than fifty
     percent (50%) of the aggregate Liquidation Amount of all then outstanding
     Preferred Securities issued by the Issuer.

          "Obligations" means any costs, expenses or liabilities (but not
     including liabilities related to taxes) of the Issuer, other than
     obligations of the Issuer to pay to holders of any Trust Securities the
     amounts due such holders pursuant to the terms of the Trust Securities.

          "Officers' Certificate" means, with respect to any Person, a
     certificate signed by the Chief Executive Officer, Chief Financial Officer,
     President or a Vice President of such Person, and by the Treasurer, an
     Assistant Treasurer, the Secretary or an Assistant Secretary of such
     Person, and delivered to the Guarantee Trustee. Any Officers' Certificate
     delivered with respect to compliance with a condition or covenant provided
     for in this Guarantee Agreement (other than the certificate provided
     pursuant to Section 2.4) shall include:

          (a)  a statement that each officer signing the Officers' Certificate
     has read the covenant or condition and the definitions relating thereto;

          (b)  a brief statement of the nature and scope of the examination or
     investigation undertaken by each officer in rendering the Officers'
     Certificate;

          (c)  a statement that each officer has made such examination or
     investigation as, in such officer's opinion, is necessary to enable such
     officer to express an informed opinion as to whether or not such covenant
     or condition has been complied with; and

          (d)  a statement as to whether, in the opinion of each officer, such
     condition or covenant has been complied with.

                                        4

<PAGE>

          "Person" means a legal person, including any individual, corporation,
     estate, partnership, joint venture, association, joint stock company,
     limited liability company, trust, unincorporated association, government or
     any agency or political subdivision thereof or any other entity of whatever
     nature.

          "Responsible Officer" means, with respect to the Guarantee Trustee,
     any Senior Vice President, any Vice President, any Assistant Vice
     President, the Secretary, any Assistant Secretary, the Treasurer, any
     Assistant Treasurer, any Trust Officer or Assistant Trust Officer or any
     other officer of the Corporate Trust Department of the Guarantee Trustee
     and also means, with respect to a particular corporate trust matter, any
     other officer to whom such matter is referred because of that officer's
     knowledge of and familiarity with the particular subject.

          "Senior Debt" means the principal of and any premium and interest on
     (including interest accruing on or after the filing of any petition in
     bankruptcy or for reorganization relating to the Guarantor whether or not
     such claim for post-petition interest is allowed in such proceeding) all
     Debt of the Guarantor, whether incurred on or prior to the date of the
     Indenture or thereafter incurred, unless it is provided in the instrument
     creating or evidencing the same or pursuant to which the same is
     outstanding, that such obligations are not superior in right of payment to
     the Preferred Securities; provided, however, that if the Guarantor is
     subject to the regulation and supervision of an "appropriate Federal
     banking agency" within the meaning of 12 U.S.C. 1813(q), the Guarantor
     shall have received the approval of such appropriate Federal banking agency
     prior to issuing any such obligation.

          "Trust Indenture Act" means the Trust Indenture Act of 1939, as
     amended and as in effect on the date of this Guarantee Agreement.

          "Successor Guarantee Trustee" means a successor Guarantee Trustee
     possessing the qualifications to act as Guarantee Trustee under Section
     4.1.

Capitalized or otherwise defined terms used but not otherwise defined herein
shall have the meanings assigned to such terms in the Trust Agreement as in
effect on the date hereof.

                                   ARTICLE II

                                     Reports

     SECTION 2.1. List of Holders.

     The Guarantor shall furnish or cause to be furnished to the Guarantee
Trustee at such times as the Guarantee Trustee may request in writing, within
thirty (30) days after the receipt by the Guarantor of any such request, a list,
in such form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders (the "List of Holders") as of a date not more than
fifteen (15) days prior to the time such list is furnished, in each case to the
extent such information is in the possession or control of the Guarantor and is
not identical to a previously

                                        5

<PAGE>

supplied list of Holders or has not otherwise been received by the Guarantee
Trustee in its capacity as such. The Guarantee Trustee may destroy any List of
Holders previously given to it on receipt of a new List of Holders.

     SECTION 2.2. Periodic Reports to the Guarantee Trustee.

     The Guarantor shall deliver to the Guarantee Trustee, within one hundred
and twenty (120) days after the end of each fiscal year of the Guarantor ending
after the date of this Guarantee Agreement, an Officers' Certificate covering
the preceding fiscal year, stating whether or not to the knowledge of the
signers thereof the Guarantor is in default in the performance or observance of
any of the terms, provisions and conditions of this Guarantee Agreement (without
regard to any period of grace or requirement of notice provided hereunder) and,
if the Guarantor shall be in default, specifying all such defaults and the
nature and status thereof of which they have knowledge.

     SECTION 2.3. Event of Default; Waiver.

     The Holders of a Majority in Liquidation Amount of the Preferred Securities
may, on behalf of the Holders, waive any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Guarantee Agreement, but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right
consequent therefrom.

     SECTION 2.4. Event of Default; Notice.

     (a)  The Guarantee Trustee shall, within ninety (90) days after the
occurrence of a default, transmit to the Holders notices of all defaults
actually known to the Guarantee Trustee, unless such defaults have been cured or
waived before the giving of such notice, provided, that, except in the case of a
default in the payment of a Guarantee Payment, the Guarantee Trustee shall be
protected in withholding such notice if and so long as the Board of Directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Guarantee Trustee in good faith determine that the withholding
of such notice is in the interests of the Holders. For the purpose of this
Section 2.4, the term "default" means any event that is, or after notice or
lapse of time or both would become, an Event of Default.

     (b)  The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written
notice, or a Responsible Officer charged with the administration of this
Guarantee Agreement shall have obtained written notice, of such Event of Default
from the Guarantor or a Holder.

                                        6

<PAGE>

                                   ARTICLE III

               Powers, Duties and Rights of the Guarantee Trustee

     SECTION 3.1. Powers and Duties of the Guarantee Trustee.

     (a)  This Guarantee Agreement shall be held by the Guarantee Trustee for
the benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee Agreement to any Person except a Holder exercising its rights pursuant
to Section 5.4(d) or to a Successor Guarantee Trustee upon acceptance by such
Successor Guarantee Trustee of its appointment to act as Successor Guarantee
Trustee. The right, title and interest of the Guarantee Trustee shall
automatically vest in any Successor Guarantee Trustee, upon acceptance by such
Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have
been executed and delivered pursuant to the appointment of such Successor
Guarantee Trustee.

     (b)  The rights, immunities, duties and responsibilities of the Guarantee
Trustee shall be as provided by this Guarantee Agreement and there shall be no
other duties or obligations, express or implied, of the Guarantee Trustee.
Notwithstanding the foregoing, no provisions of this Guarantee Agreement shall
require the Guarantee Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. Whether or not herein
expressly so provided, every provision of this Guarantee Agreement relating to
the conduct or affecting the liability of or affording protection to the
Guarantee Trustee shall be subject to the provisions of this Section 3.1. To the
extent that, at law or in equity, the Guarantee Trustee has duties and
liabilities relating to the Guarantor or the Holders, the Guarantee Trustee
shall not be liable to any Holder for the Guarantee Trustee's good faith
reliance on the provisions of this Guarantee Agreement. The provisions of this
Guarantee Agreement, to the extent that they restrict the duties and liabilities
of the Guarantee Trustee otherwise existing at law or in equity, are agreed by
the Guarantor and the Holders to replace such other duties and liabilities of
the Guarantee Trustee.

     (c)  No provision of this Guarantee Agreement shall be construed to relieve
the Guarantee Trustee from liability for its own negligent action, negligent
failure to act or own willful misconduct, except that:

          (i)   the Guarantee Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer of the Guarantee
     Trustee, unless it shall be proved that the Guarantee Trustee was negligent
     in ascertaining the pertinent facts upon which such judgment was made; and

          (ii)  the Guarantee Trustee shall not be liable with respect to any
     action taken or omitted to be taken by it in good faith in accordance with
     the direction of the Holders of not less than a Majority in Liquidation
     Amount of the Preferred Securities relating to the time, method and place
     of conducting any proceeding for any remedy available to the

                                        7

<PAGE>

     Guarantee Trustee, or exercising any trust or power conferred upon the
     Guarantee Trustee under this Guarantee Agreement.

     SECTION 3.2. Certain Rights of the Guarantee Trustee.

     (a)  Subject to the provisions of Section 3.1:

          (i)    the Guarantee Trustee may conclusively rely and shall be fully
     protected in acting or refraining from acting in good faith and in
     accordance with the terms hereof upon any resolution, certificate,
     statement, instrument, opinion, report, notice, request, direction,
     consent, order, bond, debenture, note, other evidence of indebtedness or
     other paper or document reasonably believed by it to be genuine and to have
     been signed, sent or presented by the proper party or parties;

          (ii)   any direction or act of the Guarantor contemplated by this
     Guarantee Agreement shall be sufficiently evidenced by an Officers'
     Certificate unless otherwise prescribed herein;

          (iii)  the Guarantee Trustee may consult with counsel, and the advice
     of such counsel shall be full and complete authorization and protection in
     respect of any action taken, suffered or omitted to be taken by it
     hereunder in good faith and in reliance thereon and in accordance with such
     advice. Such counsel may be counsel to the Guarantee Trustee, the Guarantor
     or any of its Affiliates and may be one of its employees. The Guarantee
     Trustee shall have the right at any time to seek instructions concerning
     the administration of this Guarantee Agreement from any court of competent
     jurisdiction;

          (iv)   the Guarantee Trustee shall be under no obligation to exercise
     any of the rights or powers vested in it by this Guarantee Agreement at the
     request or direction of any Holder, unless such Holder shall have provided
     to the Guarantee Trustee reasonable security or indemnity against the
     costs, expenses (including reasonable attorneys' fees and expenses) and
     liabilities that might be incurred by it in complying with such request or
     direction, including such reasonable advances as may be requested by the
     Guarantee Trustee; provided, that, nothing contained in this Section
     3.2(a)(iv) shall be taken to relieve the Guarantee Trustee, upon the
     occurrence of an Event of Default, of its obligation to exercise the rights
     and powers vested in it by this Guarantee Agreement;

          (v)    the Guarantee Trustee shall not be bound to make any
     investigation into the facts or matters stated in any resolution,
     certificate, statement, instrument, opinion, report, notice, request,
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document, but the Guarantee Trustee, in its
     discretion, may make such further inquiry or investigation into such facts
     or matters as it may see fit, and if the Guarantee Trustee shall determine
     to make such inquiry or investigation, it shall be entitled to examine the
     books, records and premises of the Guarantor, personally or by agent or
     attorney;

          (vi)   the Guarantee Trustee may execute any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or through
     its agents, attorneys,

                                        8

<PAGE>

     custodians or nominees and the Guarantee Trustee shall not be responsible
     for any misconduct or negligence on the part of any such agent, attorney,
     custodian or nominee appointed with due care by it hereunder;

          (vii)   whenever in the administration of this Guarantee Agreement the
     Guarantee Trustee shall deem it desirable to receive instructions with
     respect to enforcing any remedy or right hereunder, the Guarantee Trustee
     (A) may request instructions from the Holders of a Majority in Liquidation
     Amount of the Preferred Securities, (B) may refrain from enforcing such
     remedy or right or taking such other action until such instructions are
     received and (C) shall be protected in acting in accordance with such
     instructions;

          (viii)  except as otherwise expressly provided by this Guarantee
     Agreement, the Guarantee Trustee shall not be under any obligation to take
     any action that is discretionary under the provisions of this Guarantee
     Agreement; and

          (ix)    whenever, in the administration of this Guarantee Agreement,
     the Guarantee Trustee shall deem it desirable that a matter be proved or
     established before taking, suffering or omitting to take any action
     hereunder, the Guarantee Trustee (unless other evidence is herein
     specifically prescribed) may, in the absence of bad faith on its part,
     request and rely upon an Officers' Certificate which, upon receipt of such
     request from the Guarantee Trustee, shall be promptly delivered by the
     Guarantor.

     (b)  No provision of this Guarantee Agreement shall be deemed to impose any
duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty to act in accordance with such power and
authority.

     SECTION 3.3. Compensation.

     The Guarantor agrees to pay to the Guarantee Trustee from time to time
reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provisions of law in regard to the
compensation of a trustee of an express trust) and to reimburse the Guarantee
Trustee upon request for all reasonable expenses, disbursements and advances
(including the reasonable fees and expenses of its attorneys and agents)
incurred or made by the Guarantee Trustee in accordance with any provisions of
this Guarantee Agreement.

     SECTION 3.4. Indemnity.

     The Guarantor agrees to indemnify and hold harmless the Guarantee Trustee
and any of its Affiliates and any of their officers, directors, shareholders,
employees, representatives or agents from and against any loss, damage,
liability, tax (other than income, franchise or other taxes imposed on amounts
paid pursuant to Section 3.3), penalty, expense or claim of any kind or nature
whatsoever incurred without negligence, bad faith or willful misconduct on its
part, arising out of or in connection with the acceptance or administration of
this Guarantee

                                        9

<PAGE>

Agreement, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder. The Guarantee Trustee will not claim or exact any
lien or charge on any Guarantee Payments as a result of any amount due to it
under this Guarantee Agreement. This indemnity shall survive the termination of
this Agreement or the resignation or removal of the Guarantee Trustee.

     In no event shall the Guarantee Trustee be liable for any indirect,
special, punitive or consequential loss or damage of any kind whatsoever,
including, but not limited to, lost profits, even if the Guarantee Trustee has
been advised of the likelihood of such loss or damage and regardless of the form
of action.

     In no event shall the Guarantee Trustee be liable for any failure or delay
in the performance of its obligations hereunder because of circumstances beyond
its control, including, but not limited to, acts of God, flood, war (declared or
undeclared), terrorism, fire, riot, embargo, government action, including any
laws, ordinances, regulations, governmental action or the like which delay,
restrict or prohibit the providing of the services contemplated by this
Guarantee Agreement.

     SECTION 3.5. Securities.

     The Guarantee Trustee or any other agent of the Guarantee Trustee, in its
individual or any other capacity, may become the owner or pledgee of Common or
Preferred Securities.

                                   ARTICLE IV

                                Guarantee Trustee

     SECTION 4.1. Guarantee Trustee; Eligibility.

     (a)  There shall at all times be a Guarantee Trustee which shall:

          (i)   not be an Affiliate of the Guarantor; and

          (ii)  be a corporation organized and doing business under the laws of
     the United States or of any State thereof, authorized to exercise corporate
     trust powers, having a combined capital and surplus of at least fifty
     million dollars ($50,000,000), subject to supervision or examination by
     Federal or State authority and having an office within the United States.
     If such corporation publishes reports of condition at least annually,
     pursuant to law or to the requirements of such supervising or examining
     authority, then, for the purposes of this Section 4.1, the combined capital
     and surplus of such corporation shall be deemed to be its combined capital
     and surplus as set forth in its most recent report of condition so
     published.

     (b)  If at any time the Guarantee Trustee shall cease to be eligible to so
act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the
manner and with the effect set out in Section 4.2(c).

                                       10

<PAGE>

     (c)  If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee shall either eliminate such interest or resign in the manner
and with the effect set out in Section 4.2(c).

     SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee.

     (a)  Subject to Section 4.2(b), the Guarantee Trustee may be appointed or
removed without cause at any time by the Guarantor, except during an Event of
Default.

     (b)  The Guarantee Trustee shall not be removed until a Successor Guarantee
Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Guarantee Trustee and delivered to the
Guarantor.

     (c)  The Guarantee Trustee appointed hereunder shall hold office until a
Successor Guarantee Trustee shall have been appointed or until its removal or
resignation. The Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee
Trustee.

     (d)  If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within thirty (30) days
after delivery to the Guarantor of an instrument of resignation, the resigning
Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Guarantee Trustee.

                                    ARTICLE V

                                    Guarantee

     SECTION 5.1. Guarantee.

     (a)  The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by or on behalf of the Issuer), as and when due, regardless of any defense
(except for the defense of payment by the Issuer), right of set-off or
counterclaim which the Issuer may have or assert. The Guarantor's obligation to
make a Guarantee Payment may be satisfied by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Issuer to pay such
amounts to the Holders. The Guarantor shall give prompt written notice to the
Guarantee Trustee in the event it makes any direct payment to the Holders
hereunder.

     (b)  The Guarantor hereby also agrees to assume any and all Obligations of
the Issuer, and, in the event any such Obligation is not so assumed, subject to
the terms and conditions hereof, the Guarantor hereby irrevocably and
unconditionally guarantees to each Beneficiary the

                                       11

<PAGE>

full payment, when and as due, of any and all Obligations to such Beneficiaries.
This Guarantee is intended to be for the Beneficiaries who have received notice
hereof.

     SECTION 5.2. Waiver of Notice and Demand.

     The Guarantor hereby waives notice of acceptance of the Guarantee Agreement
and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Guarantee Trustee,
Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

     SECTION 5.3. Obligations Not Affected.

     The obligations, covenants, agreements and duties of the Guarantor under
this Guarantee Agreement shall in no way be affected or impaired by reason of
the happening from time to time of any of the following:

          (a)  the release or waiver, by operation of law or otherwise, of the
     performance or observance by the Issuer of any express or implied
     agreement, covenant, term or condition relating to the Preferred Securities
     to be performed or observed by the Issuer;

          (b)  the extension of time for the payment by the Issuer of all or any
     portion of the Distributions (other than an extension of time for payment
     of Distributions that results from the extension of any interest payment
     period on the Notes as provided in the Indenture), Redemption Price,
     Liquidation Distribution or any other sums payable under the terms of the
     Preferred Securities or the extension of time for the performance of any
     other obligation under, arising out of, or in connection with, the
     Preferred Securities;

          (c)  any failure, omission, delay or lack of diligence on the part of
     the Holders to enforce, assert or exercise any right, privilege, power or
     remedy conferred on the Holders pursuant to the terms of the Preferred
     Securities, or any action on the part of the Issuer granting indulgence or
     extension of any kind;

          (d)  the voluntary or involuntary liquidation, dissolution, sale of
     any collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Issuer
     or any of the assets of the Issuer;

          (e)  any invalidity of, or defect or deficiency in, the Preferred
     Securities;

          (f)  the settlement or compromise of any obligation guaranteed hereby
     or hereby incurred; or

          (g)  any other circumstance whatsoever that might otherwise constitute
     a legal or equitable discharge or defense of a guarantor, it being the
     intent of this Section 5.3 that the obligations of the Guarantor hereunder
     shall be absolute and unconditional under any and all circumstances.

                                       12

<PAGE>

There shall be no obligation of the Holders to give notice to, or obtain the
consent of, the Guarantor with respect to the happening of any of the foregoing.

     SECTION 5.4. Rights of Holders.

     The Guarantor expressly acknowledges that: (a) this Guarantee Agreement
will be deposited with the Guarantee Trustee to be held for the benefit of the
Holders; (b) the Guarantee Trustee has the right to enforce this Guarantee
Agreement on behalf of the Holders; (c) the Holders of a Majority in Liquidation
Amount of the Preferred Securities have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Guarantee
Trustee in respect of this Guarantee Agreement or exercising any trust or power
conferred upon the Guarantee Trustee under this Guarantee Agreement; and (d) any
Holder may institute a legal proceeding directly against the Guarantor to
enforce its rights under this Guarantee Agreement, without first instituting a
legal proceeding against the Guarantee Trustee, the Issuer or any other Person.

     SECTION 5.5. Guarantee of Payment.

     This Guarantee Agreement creates a guarantee of payment and not of
collection. This Guarantee Agreement will not be discharged except by payment of
the Guarantee Payments in full (without duplication of amounts theretofore paid
by the Issuer) or upon distribution of Notes to Holders as provided in the Trust
Agreement.

     SECTION 5.6. Subrogation.

     The Guarantor shall be subrogated to all (if any) rights of the Holders
against the Issuer in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement and shall have the right to waive
payment by the Issuer pursuant to Section 5.1; provided, that, the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights it may acquire by way of subrogation
or any indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Guarantee Agreement, if, at the time of any such payment, any
amounts are due and unpaid under this Guarantee Agreement. If any amount shall
be paid to the Guarantor in violation of the preceding sentence, the Guarantor
agrees to hold such amount in trust for the Holders and to pay over such amount
to the Holders.

     SECTION 5.7. Independent Obligations.

     The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Issuer with respect to the Preferred Securities and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee Agreement
notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3.

     SECTION 5.8. Enforcement.

     A Beneficiary may enforce the Obligations of the Guarantor contained in
Section 5.1(b) directly against the Guarantor, and the Guarantor waives any
right or remedy to require that any

                                       13

<PAGE>

action be brought against the Issuer or any other person or entity before
proceeding against the Guarantor.

                                   ARTICLE VI

                           Covenants and Subordination

     SECTION 6.1. Dividends, Distributions and Payments.

     So long as any Preferred Securities remain outstanding, if there shall have
occurred and be continuing an Event of Default or the Guarantor shall have
entered into an Extension Period as provided for in the Indenture and such
period, or any extension thereof, shall have commenced and be continuing, then
the Guarantor may not (a) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make liquidation payment with respect to, any of
the Guarantor's capital stock or (b) make any payment of principal of or any
interest or premium on or repay, repurchase or redeem any debt securities of the
Guarantor that rank pari passu in all respects with or junior in interest to the
Preferred Securities (other than (i) repurchases, redemptions or other
acquisitions of shares of capital stock of the Guarantor in connection with any
employment contract, benefit plan or other similar arrangement with or for the
benefit of any one of more employees, officers, directors or consultants, in
connection with a dividend reinvestment or stockholder stock purchase plan or in
connection with the issuance of capital stock of the Guarantor (or securities
convertible into or exercisable for such capital stock) as consideration in an
acquisition transaction entered into prior to the occurrence of such Event of
Default or the applicable Extension Period, (ii) as a result of an exchange or
conversion of any class or series of the Guarantor's capital stock (or any
capital stock of a subsidiary of the Guarantor) for any class or series of the
Guarantor's capital stock or any class of series of the Guarantor's indebtedness
for any class or series of the Guarantor's capital stock, (iii) the purchase of
fractional interests in shares of the Guarantor's capital stock pursuant to the
conversions or exchange provisions of such capital stock or the security being
converted or exchanged, (iv) any declaration of a dividend in connection with
any rights plan, the issuance of rights, stock or other property under any
rights plan or the redemption or repurchase of rights pursuant thereto, or (v)
any dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock).

     SECTION 6.2. Subordination.

     The obligations of the Guarantor under this Guarantee Agreement will
constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Debt of the Guarantor.

                                       14

<PAGE>

     SECTION 6.3. Pari Passu Guarantees.

     (a)  The obligations of the Guarantor under this Guarantee Agreement shall
rank pari passu with the obligations of the Guarantor under any similar
guarantee agreements issued by the Guarantor on behalf of the Holders.

     (b)  The right of the Guarantor to participate in any distribution of
assets of any of its subsidiaries upon any such subsidiary's liquidation or
reorganization or otherwise is subject to the prior claims of creditors of that
subsidiary, except to the extent the Guarantor may itself be recognized as a
creditor of that subsidiary. Accordingly, the Guarantor's obligations under this
Guarantee will be effectively subordinated to all existing and future
liabilities of the Guarantor's subsidiaries, and claimants should look only to
the assets of the Guarantor for payments thereunder. This Guarantee does not
limit the incurrence or issuance of other secured or unsecured debt of the
Guarantor, including Senior Debt of the Guarantor, under any indenture or
agreement that the Guarantor may enter into in the future or otherwise.

                                   ARTICLE VII

                                   Termination

     SECTION 7.1. Termination.

     This Guarantee Agreement shall terminate and be of no further force and
effect upon (a) full payment of the Redemption Price of all Preferred
Securities, (b) the distribution of Notes to the Holders in exchange for all of
the Preferred Securities or (c) full payment of the amounts payable in
accordance with the Trust Agreement upon liquidation of the Issuer.
Notwithstanding the foregoing, this Guarantee Agreement will continue to be
effective or will be reinstated, as the case may be, if at any time any Holder
must restore payment of any sums paid with respect to Preferred Securities or
this Guarantee Agreement. The obligations of the Guarantor under Sections 3.3
and 3.4 shall survive any such termination or the resignation and removal of the
Guarantee Trustee.

                                  ARTICLE VIII

                                  Miscellaneous

     SECTION 8.1. Successors and Assigns.

     All guarantees and agreements contained in this Guarantee Agreement shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Preferred
Securities then outstanding. Except in connection with a consolidation, merger
or sale involving the Guarantor that is permitted under Article VIII of the
Indenture and pursuant to which the successor or assignee agrees in writing to
perform the Guarantor's obligations hereunder, the Guarantor shall not assign
its rights or delegate its

                                       15

<PAGE>

obligations hereunder without the prior approval of the Holders of a Majority in
Liquidation Amount of the Preferred Securities.

     SECTION 8.2. Amendments.

     Except with respect to any changes that do not adversely affect the rights
of the Holders in any material respect (in which case no consent of the Holders
will be required), this Guarantee Agreement may only be amended with the prior
approval of the Guarantor, the Guarantee Trustee and the Holders of not less
than a Majority in Liquidation Amount of the Preferred Securities. The
provisions of Article VI of the Trust Agreement concerning meetings or consents
of the Holders shall apply to the giving of such approval.

     SECTION 8.3. Notices.

     Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, duly signed by the party giving such
notice, and delivered, telecopied or mailed by first class mail as follows:

          (a)  if given to the Guarantor, to the address or facsimile number set
     forth below or such other address, facsimile number or to the attention of
     such other Person as the Guarantor may give notice to the Guarantee Trustee
     and the Holders:

               Matrix Bancorp, Inc.
               1380 Lawrence Street
               Suite 1300
               Denver, Colorado 80204
               Facsimile No.: (303) 390-0952
               Attention: T. Allen McConnell & David W. Kloos

          (b)  if given to the Issuer, at the Issuer's address or facsimile
     number set forth below or such other address, facsimile number or to the
     attention of such other Person as the Issuer may give notice to the
     Guarantee Trustee and the Holders:

               Matrix Bancorp Capital Trust V
               1380 Lawrence Street
               Suite 1300
               Denver, Colorado 80204
               Facsimile No.: (303) 390-0952
               Attention: T. Allen McConnell & David W. Kloos

          (c)  if given to the Guarantee Trustee, at the address or facsimile
     number set forth below or such other address, facsimile number or to the
     attention of such other Person as the Guarantee Trustee may give notice to
     the Guarantor and the Holders:

               The Bank of New York
               101 Barclay Street

                                       16

<PAGE>

               New York, New York 10286
               Facsimile No.: (212) 896-7299
               Attention: Corporate Trust Administration

          (d)  if given to any Holder, at the address set forth on the books and
     records of the Issuer.

     All notices hereunder shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

     SECTION 8.4. Benefit.

     This Guarantee Agreement is solely for the benefit of the Holders and is
not separately transferable from the Preferred Securities.

     SECTION 8.5. Governing Law.

     This Guarantee Agreement and the rights and obligations of each party
hereto, shall be construed and enforced in accordance with and governed by the
laws of the State of New York without reference to its conflict of laws
provisions (other than Section 5-1401 of the General Obligations Law).

     SECTION 8.6. Submission to Jurisdiction.

     ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH
RESPECT TO OR ARISING OUT OF THIS GUARANTEE AGREEMENT MAY BE BROUGHT IN OR
REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW
YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK
(IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF
THIS GUARANTEE AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID
COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR
IN CONNECTION WITH THIS GUARANTEE AGREEMENT.

     SECTION 8.7. Counterparts.

     This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                      [THE NEXT PAGE IS THE SIGNATURE PAGE]

                                       17

<PAGE>

     In Witness Whereof, the undersigned have executed this Guarantee Agreement
as of the date first above written.

                                 MATRIX BANCORP, INC.

                                 By:__________________________________
                                   Name:  T. Allen McConnell
                                   Title: Senior Vice President

                                 THE BANK OF NEW YORK, not in its individual
                                 capacity, but solely as Guarantee Trustee

                                 By:__________________________________
                                   Name:
                                   Title:

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                          <C>
ARTICLE I     INTERPRETATION AND DEFINITIONS ..............................................   2

     Section 1.1.   Interpretation ........................................................   2

     Section 1.2.   Definitions ...........................................................   2

ARTICLE II    REPORTS .....................................................................   5

     Section 2.1.   List of Holders .......................................................   5

     Section 2.2.   Periodic Reports to the Guarantee Trustee .............................   6

     Section 2.3.   Event of Default; Waiver ..............................................   6

     Section 2.4.   Event of Default; Notice ..............................................   6

ARTICLE III   POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE ..........................   7

     Section 3.1.   Powers and Duties of the Guarantee Trustee ............................   7

     Section 3.2.   Certain Rights of the Guarantee Trustee ...............................   8

     Section 3.3.   Compensation ..........................................................   9

     Section 3.4.   Indemnity .............................................................   9

     Section 3.5.   Securities ............................................................  10

ARTICLE IV    GUARANTEE TRUSTEE ...........................................................  10

     Section 4.1.   Guarantee Trustee; Eligibility ........................................  10

     Section 4.2.   Appointment, Removal and Resignation of the Guarantee Trustee .........  11

ARTICLE V     GUARANTEE ...................................................................  11

     Section 5.1.   Guarantee .............................................................  11

     Section 5.2.   Waiver of Notice and Demand ...........................................  12

     Section 5.3.   Obligations Not Affected ..............................................  12

     Section 5.4.   Rights of Holders .....................................................  13

     Section 5.5.   Guarantee of Payment ..................................................  13

     Section 5.6.   Subrogation ...........................................................  13

     Section 5.7.   Independent Obligations ...............................................  13

     Section 5.8.   Enforcement ...........................................................  13

ARTICLE VI    COVENANTS AND SUBORDINATION .................................................  14

     Section 6.1.   Dividends, Distributions and Payments .................................  14

     Section 6.2.   Subordination .........................................................  14

     Section 6.3.   Pari Passu Guarantees .................................................  14
</TABLE>

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                          <C>
ARTICLE VII   TERMINATION .................................................................  15

     Section 7.1.   Termination ...........................................................  15

ARTICLE VIII  MISCELLANEOUS ...............................................................  15

     Section 8.1.   Successors and Assigns ................................................  15

     Section 8.2.   Amendments ............................................................  15

     Section 8.3.   Notices ...............................................................  16

     Section 8.4.   Benefit ...............................................................  17

     Section 8.5.   Governing Law .........................................................  17

     Section 8.6.   Submission to Jurisdiction ............................................  17

     Section 8.7.   Counterparts ..........................................................  17
</TABLE>

                                       iiDefinitive Share Exchange Agreement

 Exhibit 10.1 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 AGREEMENT 
  
 CONCERNING THE EXCHANGE OF SECURITIES 
  
 BY AND AMONG 
  
 quepasa.com, inc. 
  
 AND 
  
 VAYALA CORPORATION 
  

  
 TABLE OF CONTENTS 
  
 
	  	  	  	  	 Page
 

	 ARTICLE I – Exchange of Securities
 	  	 1
 
	         1.1
 	  	 Issuance of Securities
 	  	 1
 
	         1.2
 	  	 Earn-Out Provisions
 	  	 1
 
	         1.3
 	  	 Exemption from Registration
 	  	 2
 
	 
	 ARTICLE II – Representations and Warranties of Vayala
 	  	 2
 
	         2.1
 	  	 Organization
 	  	 2
 
	         2.2
 	  	 Capital
 	  	 2
 
	         2.3
 	  	 Subsidiaries
 	  	  
	         2.4
 	  	 Directors and Officers
 	  	 3
 
	         2.5
 	  	 Financial Statements
 	  	 3
 
	         2.6
 	  	 Absence of Changes
 	  	 3
 
	         2.7
 	  	 Absence of Undisclosed Liabilities
 	  	 3
 
	         2.8
 	  	 Tax Returns
 	  	 3
 
	         2.9
 	  	 Investigation of Financial Condition
 	  	 3
 
	         2.10
 	  	 Proprietary Rights
 	  	 3
 
	         2.11
 	  	 Compliance with Laws
 	  	 3
 
	         2.12
 	  	 Litigation
 	  	 4
 
	         2.13
 	  	 Authority
 	  	 4
 
	         2.14
 	  	 Ability to Carry Out Obligations
 	  	 4
 
	         2.15
 	  	 Full Disclosure
 	  	 4
 
	         2.16
 	  	 Assets
 	  	 4
 
	         2.17
 	  	 Material Contracts
 	  	 4
 
	         2.18
 	  	 Indemnification
 	  	 4
 
	         2.19
 	  	 Criminal or Civil Acts
 	  	 5
 
	         2.20
 	  	 Restricted Securities
 	  	 5
 
	         2.21
 	  	 Conflict Waiver
 	  	 5
 
	 
	 ARTICLE III – Representations and Warranties of quepasa
 	  	 5
 
	         3.1
 	  	 Organization
 	  	 5
 
	         3.2
 	  	 Capital
 	  	 5
 
	         3.3
 	  	 Subsidiaries
 	  	 5
 
	         3.4
 	  	 Directors and Officers
 	  	 5
 
	         3.5
 	  	 Financial Statements
 	  	 6
 
	         3.6
 	  	 Absence of Changes
 	  	 6
 
	         3.7
 	  	 Absence of Undisclosed Liabilities
 	  	 6
 
	         3.8
 	  	 Tax Returns
 	  	 6
 
	         3.9
 	  	 Investigation of Financial Condition
 	  	 6
 
	         3.10
 	  	 Proprietary Rights
 	  	 6
 
	         3.11
 	  	 Compliance with Laws
 	  	 6
 

 

 
 i 

  
 
	         3.12
 	  	 Litigation
 	  	 6
 
	         3.13
 	  	 Authority
 	  	 6
 
	         3.14
 	  	 Ability to Carry Out Obligations
 	  	 7
 
	         3.15
 	  	 Full Disclosure
 	  	 7
 
	         3.16
 	  	 Assets
 	  	 7
 
	         3.17
 	  	 Material Contracts
 	  	 7
 
	         3.18
 	  	 Indemnification
 	  	 7
 
	         3.19
 	  	 Criminal or Civil Acts
 	  	 7
 
	         3.20
 	  	 Conflict Waiver
 	  	 7
 
	 
	 ARTICLE IV – Covenants Prior to the Closing Date
 	  	 8
 
	         4.1
 	  	 Investigative Rights
 	  	 8
 
	         4.2
 	  	 Conduct of Business
 	  	 8
 
	 
	 ARTICLE V – Conditions Precedent to quepasa’s Performance
 	  	 8
 
	         5.1
 	  	 Conditions
 	  	 8
 
	         5.2
 	  	 Accuracy of Representations
 	  	 8
 
	         5.3
 	  	 Performance
 	  	 8
 
	         5.4
 	  	 Absence of Litigation
 	  	 9
 
	         5.5
 	  	 Officer’s Certificate
 	  	 9
 
	         5.6
 	  	 Corporate Action
 	  	 9
 
	         5.7
 	  	 Fairness Opinion
 	  	 9
 
	 
	 ARTICLE VI – Conditions Precedent to Vayala’s Performance
 	  	 9
 
	         6.1
 	  	 Conditions
 	  	 9
 
	         6.2
 	  	 Accuracy of Representations
 	  	 9
 
	         6.3
 	  	 Performance
 	  	 9
 
	         6.4
 	  	 Absence of Litigation
 	  	 9
 
	         6.5
 	  	 Officer’s Certificate
 	  	 10
 
	         6.6
 	  	 Directors of Vayala
 	  	 10
 
	         6.7
 	  	 Officers of Vayala
 	  	 10
 
	 
	 ARTICLE VII – Closing
 	  	 10
 
	         7.1
 	  	 Closing
 	  	 10
 
	 
	 ARTICLE VIII – Miscellaneous
 	  	 10
 
	         8.1
 	  	 Captions and Headings
 	  	 10
 
	         8.2
 	  	 No Oral Change
 	  	 11
 
	         8.3
 	  	 Non-Waiver
 	  	 11
 
	         8.4
 	  	 Time of Essence
 	  	 11
 
	         8.5
 	  	 Entire Agreement
 	  	 11
 
	         8.6
 	  	 Choice of Law
 	  	 11
 
	         8.7
 	  	 Counterparts
 	  	 11
 

 

 
 ii 

  
 
	         8.8
 	  	 Notices
 	  	 11
 
	         8.9
 	  	 Binding Effect
 	  	 11
 
	         8.10
 	  	 Mutual Cooperation
 	  	 12
 
	         8.11
 	  	 Finders’ Fees
 	  	 12
 
	         8.12
 	  	 Announcements
 	  	 12
 
	         8.13
 	  	 Expenses
 	  	 12
 
	         8.14
 	  	 Survival of Representations and Warranties
 	  	 12
 
	         8.15
 	  	 Exhibits
 	  	 12
 

 
  
 EXHIBITS 
  
 
	                 Allocation of
Securities
 	  	 Exhibit 1.1
 
	                 Subscription
Agreement
 	  	 Exhibit 1.3
 
	                 Financial Statements of
Vayala
 	  	 Exhibit 2.5
 
	                 Financial Statements of
quepasa
 	  	 Exhibit 3.5
 

 
  

 
 iii 

  
 AGREEMENT CONCERNING 
 THE EXCHANGE OF SECURITIES 
  
 THIS AGREEMENT CONCERNING THE
EXCHANGE OF SECURITIES (“Agreement”) is made this              day of September, 2002, by and between quepasa.com, inc., a Nevada corporation (“quepasa”),
Vayala Corporation, a Delaware corporation (“Vayala”), and the security holders of Vayala (the “Vayala Security Holders”) who are listed on Exhibit 1.1 hereto and have executed Subscription Agreements in the form attached
in Exhibit 1.2, hereto. 
  
 WHEREAS, quepasa desires to acquire all of the issued and outstanding securities of
Vayala from the Vayala Security Holders in exchange for newly issued unregistered securities of quepasa; 
  
 WHEREAS,
Vayala desires to assist quepasa in acquiring all of the issued and outstanding common stock of Vayala pursuant to the terms of this Agreement; and 
  
 WHEREAS, all of the Vayala Security Holders, by execution of Exhibit 1.2 hereto, agree to exchange all 4,768,962 common shares of Vayala for 10,000,000 common shares of quepasa at the initial rate of
2.0968923 quepasa shares for each Vayala share and subject to the additional earn-out provisions set forth in Section 1.2. 
  
 NOW, THEREFORE, in consideration of the mutual promises, covenants and representations contained herein, THE PARTIES HERETO AGREE AS FOLLOWS: 
  
 ARTICLE I 
  
 Exchange of Securities 
  
 1.1    Issuance of Securities.    Subject to the terms and conditions of this Agreement,
quepasa agrees to issue and exchange 10,000,000 fully paid and non-assessable unregistered shares of quepasa’s $.001 par value common stock for all 4,768,962 issued and outstanding shares of the $.0001 par value common stock of Vayala (the
“Vayala Shares”) held by the Vayala Security Holders. The quepasa shares will be issued directly to the Vayala Security Holders at the rate of one share of quepasa for each 2.0968923 shares of Vayala on the Closing Date, pursuant to the
schedule set forth in Exhibit 1.1. 
  
 1.2    Earn-Out
Provisions.    If, within 12 months from the Closing Date, Vayala meets certain performance milestones as described below, quepasa shall issue (i) up to an additional 22,000,000 shares of its common stock and (ii) stock
options (the “Stock Options”) to purchase up to an additional 65,000,000 quepasa shares at $.00001 per share exercisable within 30 days from the date such Stock Options are issued. The quepasa shares and quepasa Stock Options are
collectively referred to as the “quepasa Securities.” All quepasa Securities will be issued on a pro rata basis to the Vayala Security Holders based upon their ownership of Vayala Shares as set forth in Exhibit 1.1. quepasa warrants that
it will promptly seek its shareholders’ approval to authorize any shares of common stock required to be issued under this Agreement to the extent such shares are otherwise not available for issuance. The Vayala milestones and quepasa Securities
to be issued in accordance with those milestones are separate transactions, such that if 

 

 any one obligation to issue quepasa shares for a particular milestone is determined not to be enforceable for any reason, all other issuances
under milestones will remain in force. The milestones are as follows: 
  

	 	(a)
	 
	In the event (i) Vayala’s search and e-mail products have been brought fully online, (ii) Vayala’s search database has grown to at least 200 million
documents, (iii) Vayala’s e-mail database has grown to at least 25,000 users, and (iv) Vayala’s search and e-mail services have been independently tested and found to offer the performance benchmarks described in Exhibit 1.2, then quepasa
shall issue an additional 10,000,000 shares of its common stock and 15,000,000 Stock Options to the Vayala Security Holders. 
 

  

	 	(b)
	 
	In the event Vayala generates (i) $25,000 of revenue from its e-mail services and (ii) $250,000 of revenue from resales of its search technology, then quepasa
shall issued an additional 12,000,000 shares of its common stock and 50,000,000 Stock Options to the Vayala Security Holders. 
 

  

	 	(c)
	 
	If quepasa’s last reported common stock sales price on the Electronic Bulletin Board is less than $.03 per share on the Closing Date (or on the issuance
dates for shares issuable under the milestones), then the number of such quepasa shares to be issued shall be increased by 25%. However, shares issued in prior issuances will not be increased. 
 

  
 1.3    Exemption from Registration.    The parties hereto intend that the quepasa
Securities shall be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), pursuant to Section 4(2) of the Act and the rules and regulations promulgated thereunder. In furtherance thereof, the
Vayala Security Holders will execute and deliver to quepasa on the Closing Date a copy of the Subscription Agreement set forth in Exhibit 1.3 hereto. 
  
 ARTICLE II 
  
 Representations and Warranties of Vayala

  
 Vayala hereby represents and warrants to quepasa that: 
  
 2.1    Organization.    Vayala is a corporation duly organized, validly existing and in
good standing under the laws of Delaware, has all necessary corporate powers to own its properties and to carry on its business as now owned and operated by it, and is duly qualified to carry on its business as operated by it. 

 
 2.2    Capital.    The authorized capital stock of Vayala consists of 50,000,000
authorized shares of $.0001 par value common stock, of which 4,768,962 shares of common stock are outstanding and 5,000,000 shares of preferred stock, $.0001 par value, none of which are outstanding. All of the outstanding securities of Vayala are
duly and validly issued, fully paid and non-assessable. There are no outstanding subscriptions, options, rights, warrants, debentures, 

 
 2 

 instruments, convertible securities or other agreements or commitments obligating Vayala to issue or to transfer from treasury any additional
shares of its capital stock of any class. 
  
 2.3    Subsidiaries.    Vayala has no subsidiaries. 
  
 2.4    Directors and Officers.    The names and titles of the directors and officers of Vayala as of the date of this Agreement are as follows: Jeffrey S. Peterson, Chairman of the Board
of Directors and Chief Executive Officer; David S. Hansen, Chief Technology Officer and Director; Albert Chen, Executive Vice President and Director; and Brian Lu, Director. 
  
 2.5    Financial Statements.    Exhibit 2.5 hereto consists of the unaudited financial statements of Vayala for the year
ended December 31, 2002 and the seven months ended July 31, 2002 (the “Vayala Financial Statements”). The Vayala Financial Statements have been prepared in accordance with generally accepted accounting principles and practices consistently
followed by Vayala throughout the periods indicated, and fairly present the financial position of Vayala as of the date of the balance sheets included in the Vayala Financial Statements and the results of operations for the periods then ended.

  
 2.6    Absence of Changes.    Since July 31, 2002, there has not
been any material change in the financial condition or operations of Vayala, other than changes in the ordinary course of business, which changes have not in the aggregate been materially adverse. 
  
 2.7    Absence of Undisclosed Liabilities.    As of July 31, 2002, Vayala did not have any
material debt, liability or obligation known to its management of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due, that is not reflected in the Vayala Financial Statements. 
  
 2.8    Tax Returns.    Vayala has paid all material tax obligations in connection with its
federal, state and local tax returns. 
  
 2.9    Investigation of Financial
Condition.    Without in any manner reducing or otherwise mitigating the representations contained herein, quepasa, its legal counsel and accountants shall have the opportunity to meet with Vayala’s accountants and
attorneys to discuss the financial condition of Vayala. Vayala shall make available to quepasa all books and records of Vayala. 
  
 2.10    Proprietary Rights.    Vayala owns and holds all proprietary rights, trademarks, trade names and licenses necessary to conduct its business. 
  
 2.11    Compliance with Laws.    Vayala has complied with, and is not in violation of,
applicable federal, state or local statutes, laws and regulations, including federal and state securities laws. 

 
 3 

 2.12    Litigation.    Vayala is not a defendant in any material suit,
action, arbitration or legal, administrative or other proceeding, or governmental investigation which is pending or, to the best knowledge of Vayala, threatened against or affecting Vayala or its business, assets or financial condition. Vayala is
not in default with respect to any order, writ, injunction or decree of any federal, state, local or foreign court, department, agency or instrumentality applicable to it. Vayala is not engaged in any material litigation to recover monies due to it.

  
 2.13    Authority.    The Board of Directors of Vayala has
authorized the execution of this Agreement and the consummation of the transactions contemplated herein, and Vayala has full power and authority to execute, deliver and perform this Agreement, and this Agreement is a legal, valid and binding
obligation of Vayala and is enforceable in accordance with its terms and conditions. By execution of Exhibit 1.2, all of the Vayala Security Holders have agreed to and have approved the terms of this Agreement. 
  
 2.14    Ability to Carry Out Obligations.    The execution and delivery of this Agreement
by Vayala and the performance by Vayala of its obligations hereunder in the time and manner contemplated will not cause, constitute or conflict with or result in (a) any breach or violation of any of the provisions of or constitute a default under
any license, indenture, mortgage, instrument, article of incorporation, bylaw, or other agreement or instrument to which Vayala is a party, or by which it may be bound, nor will any consents or authorizations of any party other than those hereto be
required, (b) an event that would permit any party to any agreement or instrument to terminate it or to accelerate the maturity of any indebtedness or other obligation of Vayala, or (c) an event that would result in the creation or imposition of any
lien, charge or encumbrance on any asset of Vayala. 
  
 2.15    Full
Disclosure.    None of the representations and warranties made by Vayala herein or in any exhibit, certificate or memorandum furnished or to be furnished by Vayala, or on its behalf, contains or will contain any untrue
statement of material fact or omit any material fact the omission of which would be misleading. 
  
 2.16    Assets.    Vayala has good and marketable title to all of its assets, free and clear of all liens, claims and encumbrances, except as otherwise indicated in Exhibit 2.5.

  
 2.17    Material Contracts.    Vayala has not entered into any
material contracts except for its contract with Level 3 Communications, Inc. under which Vayala pays $50,000 per year for Internet data center services. 
  
 2.18    Indemnification.    Vayala agrees to indemnify, defend and hold quepasa harmless against and in respect of any and all claims, demands, losses,
costs, expenses, obligations, liabilities, damages, recoveries and deficiencies, including interest, penalties and reasonable attorney fees, that it shall incur or suffer, which arise out of, or result from (i) any breach by Vayala in performing any
of its covenants or agreements under this Agreement or in any schedule, certificate, exhibit or other instrument furnished or to be furnished by Vayala under this Agreement or (ii) any untrue statement made by Vayala in this Agreement. 

 
 4 

 2.19    Criminal or Civil Acts.    For the period of five years prior to
the execution of this Agreement, no executive officer, director or principal stockholder of Vayala has been convicted of a felony crime, filed for personal bankruptcy, been the subject of a Commission judgment or decree, or is currently the subject
to any investigation in connection with a felony crime or Commission proceeding. 
  
 2.20    Restricted Securities.    Vayala and the Vayala Security Holders, by execution of this Agreement and of Exhibit 1.2, acknowledge that all of the quepasa Securities issued by
quepasa are restricted securities and none of such securities may be sold or publicly traded except in accordance with the provisions of the Act. 
  
 2.21    Conflict Waiver.    Gary A. Agron of The Law Office of Gary A. Agron has previously provided legal services to both Vayala and quepasa. Vayala and
quepasa have elected to use Mr. Agron to prepare this Agreement. Vayala and quepasa waive any conflict of interest or potential for conflict of interest on the part of Mr. Agron that might otherwise develop in connection with Mr. Agron’s
preparation of this Agreement and all other legal services to be provided by Mr. Agron through the Closing Date. 
  
 ARTICLE
III 
  
 Representations and Warranties of quepasa 
  
 quepasa represents and warrants to Vayala that: 
  
 3.1    Organization.    quepasa is a corporation duly organized, validly existing and in good standing under the laws of Nevada, has all necessary corporate powers to carry on its
business, and is duly qualified to carry on its business as operated by it. 
  
 3.2    Capital.    The authorized capital stock of quepasa consists of (i) 50,000,000 shares of $.001 par value common stock, of which 19,513,291 shares of common stock are issued and
outstanding as of October 1, 2002, and (ii) 5,000,000 shares of $.001 par value preferred stock, none of which are issued and outstanding. All of the outstanding securities are duly and validly issued, fully paid and non-assessable. There are no
other outstanding subscriptions, options, rights, warrants, debentures, instruments, convertible securities or other agreements or commitments obligating quepasa to issue or to transfer from treasury any additional shares of its capital stock of any
class except shares issuable under this Agreement. 
  
 3.3    Subsidiaries.    quepasa has two non-operating subsidiaries, neither of which has a material amount of assets or liabilities. quepasa is also in the process of establishing a
Mexican subsidiary. 
  
 3.4    Directors and Officers.    The names
and titles of the directors and officers of quepasa are as follows: Jeffrey S. Peterson, Chairman of the Board of Directors, Chief Executive Officer and Chief Financial Officer; James Dixon, Vice President; Michael Silberman, Director; and Brian Lu,
Director. 

 
 5 

 3.5    Financial Statements.    Exhibit 3.5 hereto consists of the audited
financial statements of quepasa for the year ended December 31, 2001 and unaudited financial statements for the three months ended June 30, 2002 (the “quepasa Financial Statements”). The quepasa Financial Statements have been prepared in
accordance with generally accepted accounting principles and practices consistently followed by quepasa throughout the period indicated, and fairly present the financial position of quepasa as of the dates of the balance sheet included in the
quepasa Financial Statements and the results of operations for the period indicated. 
  
 3.6    Absence of Changes.    Since June 30, 2002, there has not been any material change in the financial condition or operations of quepasa, except as contemplated by this Agreement.

  
 3.7    Absence of Undisclosed Liabilities.    As of June 30, 2002,
quepasa did not have any material debt, liability or obligation known to its management of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due, that is not reflected in the quepasa Financial Statements.

  
 3.8    Tax Returns.    quepasa has paid all material tax
obligations in connection with its federal, state and local tax returns. 
  
 3.9    Investigation of Financial Condition.    Without in any manner reducing or otherwise mitigating the representations contained herein, Vayala, its legal counsel and accountants
shall have the opportunity to meet with quepasa’s accountants and attorneys to discuss the financial condition of quepasa. quepasa shall make available to Vayala all books and records of quepasa. 
  
 3.10    Proprietary Rights.    quepasa holds all proprietary rights, trademarks and trade
names necessary to conduct its business. 
  
 3.11    Compliance with
Laws.    quepasa has complied with, and is not in violation of, applicable federal, state or local statutes, laws or regulations including federal and state securities laws. 
  
 3.12    Litigation.    quepasa is not a defendant in any material suit, action,
arbitration, or legal, administrative or other proceeding, or governmental investigation which is pending or, to the best knowledge of quepasa, threatened against or affecting quepasa or its business, assets or financial condition. quepasa is not in
default with respect to any order, writ, injunction or decree of any federal, state, local or foreign court, department, agency or instrumentality applicable to it. quepasa is not engaged in any material litigation to recover monies due to it.

  
 3.13    Authority.    The Board of Directors of quepasa has
authorized the execution of this Agreement and the transactions contemplated herein, and quepasa has full power and authority to execute, deliver and perform this Agreement, and this Agreement is the legal, valid and binding obligation of quepasa,
and is enforceable in accordance with its terms and conditions. 

 
 6 

 3.14    Ability to Carry Out Obligations.    The execution and delivery of
this Agreement by quepasa and the performance by quepasa of its obligations hereunder will not cause, constitute or conflict with or result in (a) any breach or violation of any of the provisions of or constitute a default under any license,
indenture, mortgage, instrument, article of incorporation, bylaw or other agreement or instrument to which quepasa is a party, or by which it may be bound, nor will any consents or authorization of any party other than those hereto be required, (b)
an event that would permit any party to any agreement or instrument to terminate it or to accelerate the maturity of any indebtedness or other obligation of quepasa, or (c) an event that would result in the creation or imposition of any lien, charge
or encumbrance on any asset of quepasa. 
  
 3.15    Full
Disclosure.    None of the representations and warranties made by quepasa herein, or in any exhibit, certificate or memorandum furnished or to be furnished by quepasa or on its behalf, contains or will contain any untrue
statement of material fact or omit any material fact the omission of which would be misleading. 
  
 3.16    Assets.    quepasa has good and marketable title to all of its assets, free and clear of all liens, claims and encumbrances except as otherwise indicated in Exhibit 3.5.

  
 3.17    Material Contracts.    quepasa has no material contracts
except those described in its regulatory filings made with the Securities and Exchange Commission. 
  
 3.18    Indemnification.    quepasa agrees to indemnify, defend and hold Vayala harmless against and in respect of any and all claims, demands, losses, costs, expenses, obligations,
liabilities, damages, recoveries and deficiencies, including interest, penalties, and reasonable attorney fees, that it shall incur or suffer, which arise out of, or result from (i) any breach by quepasa in performing any of its covenants or
agreements in this Agreement or in any schedule, certificate, exhibit or other instrument furnished or to be furnished by quepasa under this Agreement, or (ii) any untrue statement made by quepasa in this Agreement. 
  
 3.19    Criminal or Civil Acts.    For a period of five years prior to the execution of
this Agreement, no executive officer, director or principal stockholder of quepasa has been convicted of a felony crime, filed for personal bankruptcy, been the subject of a Commission judgment or decree, or is currently the subject to an
investigation in connection with any felony crime or Commission proceeding. 
  
 3.20    Conflict Waiver.    Gary A. Agron of The Law Offices of Gary A. Agron has previously provided legal services to both Vayala and quepasa. Vayala and quepasa have elected to use
Mr. Agron to represent them in connection with the transaction contemplated by this Agreement. quepasa waives any conflict of interest or potential for conflict of interest on the part of Mr. Agron that might otherwise develop in connection with the
transaction contemplated by this Agreement. 

 
 7 

  
 ARTICLE IV 
  
 Covenants Prior to the Closing Date 
  
 4.1    Investigative Rights.    Prior to the Closing Date, each party shall provide to the other party, and such other party’s counsel, accountants, auditors and other authorized
representatives, full access during normal business hours and upon reasonable advance written notice to all of each party’s properties, books, contracts, commitments and records for the purpose of examining the same. Each party shall furnish
the other party with all information concerning each party’s affairs as the other party may reasonably request. 
  
 4.2    Conduct of Business.    Prior to the Closing Date, each party shall conduct its business in the normal course and shall not sell, pledge or assign any assets without the prior
written approval of the other party, except in the normal course of business. Neither party shall amend its Articles of Incorporation or Bylaws (except as may be described in this Agreement), declare dividends, redeem or sell stock or other
securities, incur additional or newly-funded liabilities, acquire or dispose of fixed assets, change employment terms, enter into any material or long-term contract, guarantee obligations of any third party, settle or discharge any balance sheet
receivable for less than its stated amount, pay more on any liability than its stated amount, or enter into any other transaction other than in the normal course of business. Neither party shall enter into negotiations with any third party or
complete any transaction with a third party involving the sale of any of its assets or the exchange of any of its common stock. 
  
 ARTICLE V 
  
 Conditions Precedent to quepasa’s Performance 
  
 5.1    Conditions.    quepasa’s obligations hereunder shall be subject to the
satisfaction at or before the Closing of all the conditions set forth in this Article V. quepasa may waive any or all of these conditions in whole or in part without prior notice; provided, however, that no such waiver of a condition shall
constitute a waiver by quepasa of any other condition of or any of quepasa’s other rights or remedies, at law or in equity, if Vayala shall be in default of any of its representations, warranties or covenants under this Agreement. 

 
 5.2    Accuracy of Representations.    Except as otherwise permitted by this
Agreement, all representations and warranties by Vayala in this Agreement or in any written statement that shall be delivered to quepasa by Vayala under this Agreement shall be true and accurate on and as of the Closing Date as though made at that
time. 
  
 5.3    Performance.    Vayala shall have performed,
satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed or complied with by it on or before the Closing Date. 

 
 8 

  
 5.4    Absence of
Litigation.    No action, suit, or proceeding before any court or any governmental body or authority, pertaining to the transaction contemplated by this Agreement or to its consummation, shall have been instituted or
threatened against Vayala on or before the Closing Date. 
  
 5.5    Officer’s
Certificate.    Vayala shall have delivered to quepasa a certificate dated the Closing Date signed by the Chief Executive Officer of Vayala certifying that each of the conditions specified in this Article has been fulfilled
and that all of the representations set forth in Article II are true and correct as of the Closing Date. 
  
 5.6    Corporate Action.    Vayala shall have obtained the approval of the Vayala Security Holders for the transaction contemplated by this Agreement as evidenced by execution by all of
the Vayala Security Holders of Exhibit 1.2. 
  
 5.7    Fairness
Opinion.    The parties shall have received an opinion from an independent, non-affiliated securities or business brokerage firm stating that the transaction proposed by this Agreement and the terms of this Agreement are fair
and reasonable to both parties. 
  
 ARTICLE VI 
  
 Conditions Precedent to Vayala’s Performance 
  
 6.1    Conditions.    Vayala obligations hereunder shall be subject to the satisfaction at or before the Closing of all the conditions set forth in this Article VI. Vayala may
waive any or all of these conditions in whole or in part without prior notice; provided, however, that no such waiver of a condition shall constitute a waiver by Vayala of any other condition of or any of Vayala’s rights or remedies, at law or
in equity, if quepasa shall be in default of any of its representations, warranties or covenants under this Agreement. 
  
 6.2    Accuracy of Representations.    Except as otherwise permitted by this Agreement, all representations and warranties by quepasa in this Agreement or in any written statement that
shall be delivered to Vayala by quepasa under this Agreement shall be true and accurate on and as of the Closing Date as though made at that time. 
  
 6.3    Performance.    quepasa shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be
performed or complied with by it on or before the Closing Date. 
  
 6.4    Absence of
Litigation.    No material action, suit or proceeding before any court or any governmental body or authority, pertaining to the transaction contemplated by this Agreement or to its consummation, shall have been instituted or
threatened against quepasa on or before the Closing Date. 

 
 9 

  
 6.5    Officer’s
Certificate     quepasa shall have delivered to Vayala a certificate dated the Closing Date signed by the Chief Executive Officer of quepasa certifying that each of the conditions specified in this Article has been fulfilled
and that all of the representations set forth in Article III are true and correct as of the Closing Date. 
  
 6.6    Directors of Vayala.    On the Closing Date, the current directors of Vayala shall resign after electing the current directors of quepasa to be the directors of Vayala.

  
 6.7    Officers of Vayala.    On the Closing Date, the newly
constituted Board of Directors of Vayala shall elect such officers of Vayala as they shall determine. 
  
 ARTICLE VII

  
 Closing 
  
 7.1    Closing.    The Closing of this Agreement shall be held at the Law Office of Gary A. Agron, at any mutually agreeable time and date (the
“Closing Date”) prior to October 15, 2002, unless extended by mutual agreement. At the Closing: 
  

	 	(a)
	 
	Vayala shall deliver to quepasa copies of Exhibit 1.2 executed by all of the Vayala Security Holders together with certificates representing all outstanding
Vayala securities duly endorsed to quepasa; 
 

  

	 	(b)
	 
	quepasa shall deliver to the Vayala Security Holders 10,000,000 shares of quepasa’s common stock, for which the Vayala Shares have been exchanged pursuant
to the computations set forth in Exhibit 1.1 hereto and an undertaking to issue additional shares and warrants pursuant to the provisions of Section 1.2; 
 

  

	 	(c)
	 
	quepasa shall deliver (i) the officer’s certificate described in Section 6.5 and (ii) a signed consent and/or minutes of its directors approving this
Agreement and each matter to be approved under this Agreement, including quepasa’s obligation to issue additional shares to the Vayala Security Holders pursuant to the earn-out provisions of Section 1.2; 
 

 

	 	(d)
	 
	Vayala shall deliver (i) the officer’s certificate described in Section 5.5 and (ii) a signed consent and/or minutes of its directors approving this
Agreement and each matter to be approved under this Agreement. 
 

  
 ARTICLE VIII 
  
 Miscellaneous 
  
 8.1    Captions and Headings.    The article and Section headings throughout this Agreement are for convenience and reference only and shall not define, limit or add to the
meaning of any provision of this Agreement. 

 
 10 

  
 8.2    No Oral Change.    This
Agreement and any provision hereof may not be waived, changed, modified or discharged orally, but only by an agreement in writing signed by the party against whom enforcement of any such waiver, change, modification or discharge is sought.

  
 8.3    Non-Waiver.    The failure of any party to insist in any
one or more cases upon the performance of any of the provisions, covenants or conditions of this Agreement or to exercise any option herein contained shall not be construed as a waiver or relinquishment for the future of any such provisions,
covenants or conditions. No waiver by any party of one breach by another party shall be construed as a waiver with respect to any other subsequent breach. 
  
 8.4    Time of Essence.    Time is of the essence of this Agreement and of each and every provision hereof. 
  
 8.5    Entire Agreement.    This Agreement contains the entire Agreement and understanding
between the parties hereto and supersedes all prior agreements and understandings. 
  
 8.6    Choice of Law.    This Agreement and its application shall be governed by the laws of the state of Arizona. 
  
 8.7    Counterparts.    This Agreement may be executed simultaneously in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
  
 8.8    Notices.    All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service if
served personally on the party to whom notice is to be given, or on the third day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed as follows:

  
 quepasa: 
  
 quepasa.com, inc. 
 410 N. 44th Street, Suite 450 
 Phoenix, AZ 85008 
 Attn: Jeffrey S. Peterson, Chief Executive Officer 
  
 Vayala:

  
 Vayala Corporation 
 5510 North
16th Street, Suite B-145 
 Phoenix, AZ 85016 
 Attn: Albert Chen, Executive Vice President 
  
 8.9    Binding Effect.    This Agreement shall inure to and be binding upon the heirs, executors, personal representatives,
successors and assigns of each of the parties to this Agreement. 

 
 11 

  
 8.10    Mutual Cooperation.    The
parties hereto shall cooperate with each other to achieve the purpose of this Agreement and shall execute such other and further documents and take such other and further actions as may be necessary or convenient to effect the transaction described
herein. 
  
 8.11    Finders’ Fees.    There are no finders’
fees payable in connection with this Agreement. 
  
 8.12    Announcements.    The parties will consult and cooperate with each other as to the timing and content of any public announcements regarding this Agreement. 

 
 8.13    Expenses.    Each party will bear their own expenses incurred in
connection with this Agreement. 
  
 8.14    Survival of Representations and
Warranties.    The representations, warranties, covenants and agreements of the parties set forth in this Agreement or in any instrument, certificate, opinion or other writing providing for in it, shall survive the Closing,
including but not limited to the covenants set forth in Article VIII, above, and this Article IX. 
  
 8.15    Exhibits.    As of the execution hereof, the parties have provided each other with the Exhibits described herein. Any material changes to the Exhibits shall be immediately
disclosed to the other party. 
  
 In witness whereof, the parties have executed this Agreement on the date indicated
above. 
  
 
	 quepasa.com, inc.
 	 	  	 	 Vayala Corporation
 
	 
	 By:
 	 	 /s/    Jeffrey S. Peterson
 	 	  	 	 By:
 	 	 /s/    Albert Chen
 
	  	 	 
	 	  	 	  	 	 

	  	 	 Jeffrey S. Peterson
 Chief Executive Officer
 	 	  	 	  	 	 Albert Chen
 Executive Vice President
 

 

 
 12 

 EXHIBIT 1.1 
  
 SCHEDULE OF VAYALA COMMON STOCKHOLDERS 
 AND 
 ALLOCATION OF quepasa COMMON SHARES 
  
 
	 Name of Vayala
Stockholder
 	  	 Number of Vayala
Shares Exchanged
 	  	 Number of quepasa
Common Shares To
Be Issued
 
	 
	 Jeffrey S. Peterson
 	  	 1,850,000    
 	  	 3,879,255            
 
	 
	 Michael D. Silberman
 	  	 466,200    
 	  	 977,571            
 
	 
	 David Hansen
 	  	 418,904    
 	  	 878,397            
 
	 
	 Albert Chen
 	  	 200,000    
 	  	 19,378            
 
	 
	 Brian Lu
 	  	 298,443    
 	  	 625,803            
 
	 
	 Kevin Dieball
 	  	 398,443    
 	  	 835,492            
 
	 
	 Michael Marriott
 	  	 84,000    
 	  	 176,139            
 
	 
	 Ross C. Brown
 	  	 37,500    
 	  	 78,633            
 
	 
	 Karen L. Dickson
 	  	 12,500    
 	  	 26,211            
 
	 
	 Dwain & Kristen Durham
 	  	 6,250    
 	  	 13,106            
 
	 
	 Patrick & Samantha Potter
 	  	 18,750    
 	  	 39,317            
 
	 
	 Sandra K. Anderson
 	  	 31,250    
 	  	 65,528            
 
	 
	 Hazel R. Belt
 	  	 31,250    
 	  	 65,528            
 
	 
	 Nathan Call
 	  	 18,750    
 	  	 39,317            
 
	 
	 J. Steve & Kristy Beck
 	  	 25,000    
 	  	 52,422            
 
	 
	 Kenton J. Donahoo
 	  	 12,500    
 	  	 26,211            
 
	 
	 Harvey & JoAnn Mickelson
 	  	 12,500    
 	  	 26,211            
 
	 
	 Timothy L. & Joan Hintz
 	  	 50,000    
 	  	 104,845            
 
	 
	 Steven Horton
 	  	 18,750    
 	  	 39,317            
 

 

 

 
	 
	 Philip B. Marriott (Trustee)
 	  	 125,000    
 	  	 262,112            
 
	 
	 Philip B. & Cheryl V. Marriott
 	  	 62,500    
 	  	 131,056            
 
	 
	 Mitchell & Carol Pullman
 	  	 125,000    
 	  	 262,112            
 
	 
	 Unifi Group Cheng
 	  	 15,000    
 	  	 31,453            
 
	 
	 Ralph & Linda Eyre
 	  	 10,500    
 	  	 22,017            
 
	 
	 Anthony & Jason Hill
 	  	 10,500    
 	  	 22,017            
 
	 
	 Dennis Hong
 	  	 10,500    
 	  	 22,017            
 
	 
	 James Lee
 	  	 35,000    
 	  	 73,391            
 
	 
	 Paul E. Loven
 	  	 10,500    
 	  	 22,017            
 
	 
	 Hong & Lucy Lu
 	  	 10,500    
 	  	 22,017            
 
	 
	 Paul Mazursky
 	  	 35,000    
 	  	 73,391            
 
	 
	 Servando & Blanca Rojas
 	  	 17,507    
 	  	 36,710            
 
	 
	 Kevin & Kelly Lin Tam
 	  	 10,500    
 	  	 22,017            
 
	 
	 Victor R. & DeAnna Tom
 	  	 10,500    
 	  	 22,017            
 
	 
	 Peter Wang
 	  	 35,000    
 	  	 73,391            
 
	 
	 Barry Fuller (IRA)
 	  	 34,965    
 	  	 73,318            
 
	 
	 Li Wai Hang
 	  	 63,000    
 	  	 132,104            
 
	 
	 Dr. Thomas T.S. Liang
 	  	 20,000    
 	  	 41,938            
 
	 
	 Kyle Ozaki
 	  	 10,500    
 	  	 22,017            
 
	 
	 Li Kin Shing
 	  	 70,000    
 	  	 146,782            
 
	 
	 Albert Tung
 	  	 10,500    
 	  	 22,017            
 
	 
	 William Wier
 	  	 10,500    
 	  	 22,017            
 
	 
	 Ying Wu
 	  	 35,000    
 	  	 73,391            
 
	 
	 Totals
 	  	 4,768,962    
 	  	 10,000,000            
 

 
  

 

  
 EXHIBIT 1.3 
  
 SUBSCRIPTION AGREEMENT 
  
 In connection
with my exchange of $.0001 par value common stock of Vayala Corporation (“Vayala”), for the $.001 par value common stock (the “quepasa Securities”) of quepasa.com, inc. (“quepasa”), I acknowledge the matters set forth
below and promise that the statements made herein are true. I understand that quepasa is relying on my truthfulness in issuing its securities to me. 
  
 I hereby represent and warrant to quepasa that I have the full power and authority to execute, deliver and perform this Subscription Agreement and to consummate the transactions contemplated hereby.
This Subscription Agreement is a legal, valid and binding obligation of mine, enforceable against me in accordance with its terms. I own the securities in Vayala that I am exchanging for securities of quepasa free and clear of all pledges, liens,
encumbrances, security interests, equities, claims, options, preemptive rights, rights of first refusal, or any other limitation on my ability to vote such securities or to transfer such securities to quepasa. I have full right, title and interest
in and to the Vayala securities that I am exchanging. 
  
 I understand that the quepasa Securities are being issued
to me in a private transaction in exchange for my securities in Vayala and in reliance upon the exemption provided in section 4(2) of the Securities Act of 1933, as amended (the “Act”) for non-public offerings and pursuant to the Agreement
Concerning the Exchange of Securities between quepasa and Vayala (“Agreement”). I understand that the quepasa Securities are “restricted” under applicable securities laws and may not be sold by me except in a registered offering
(which may not ever occur) or in a private transaction like this one. I know this is an illiquid investment and that therefore I may be required to hold the quepasa Securities for an indefinite period of time, but under no circumstances less than
one year from the date of its issuance. 
  
 I am acquiring the quepasa Securities solely for my own account, for
long-term investment purposes only and not with a view to sale or other distribution. I agree not to dispose of any quepasa Securities unless and until counsel for quepasa shall have determined that the intended disposition is permissible and does
not violate the Act, any applicable state securities laws or rules and regulations promulgated thereunder. 
  
 All
information, financial and otherwise, or documentation pertaining to all aspects of my acquisition of the quepasa Securities and the activities and financial information of quepasa has been made available to me and my representatives, if any, and I
have had ample opportunity to meet with and ask questions of senior officers of quepasa, and I have received satisfactory answers to any questions I asked. 
  
 In acquiring the quepasa Securities, I have reviewed the Agreement and have made such independent investigations of quepasa as I deemed appropriate. I am an experienced investor, have made speculative
investments in the past and am capable of analyzing the merits of an investment in the quepasa Securities. 
  

  
 I understand that the quepasa Securities are highly speculative, involves a great
degree of risk and should only be acquired by individuals who can afford to lose their entire investment. Nevertheless, I consider this a suitable investment for me because I have adequate financial resources and income to maintain my current
standard of living even after my acquisition of the quepasa Securities. I understand that the market price of quepasa’s publicly traded securities can fluctuate dramatically from time to time, and that although I could lose my entire
investment, I am acquiring the quepasa Securities because I believe the potential rewards are commensurate with the risk. Even if the quepasa Securities became worthless, I could still maintain my standard of living without significant hardship on
me or my family. 
  
 I understand that quepasa and Vayala have substantially the same officers and directors.
Accordingly, the Agreement was not negotiated at “arm’s length” and may be more favorable to one company that it is to the other. However, I understand that the parties have agreed that they shall have received a fairness opinion on
or before the Closing Date of the Agreement. I am satisfied with the terms of the transaction and by signing this Subscription Agreement, I confirm that I accept and agree to abide by the terms and conditions of the Agreement as if I had executed
the Agreement itself. 
  
 Dated as of this          day of
                                , 2002. 
  
                                      
                                        
                                        
                           
 Signature 
  
                                      
                                        
                                        
                           
 Name, Please Print 
  
                                      
                                        
                                        
                           
 Residence Address 
  
                                      
                                        
                                        
                           
 City, State and Zip Code 
  
                                      
                                        
                                        
                           
 Area Code and Telephone Number 
  
                                      
                                        
                                        
                           
 Social Security Number 
  
                                      
                                        
                                        
                           
 Number of Vayala shares exchanged

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]