Document:

EX-10.2

EXHIBIT 10.2

VALUEVISION MEDIA, INC.

OMNIBUS STOCK PLAN

FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT

	 	 	 	 	 
	Full Name of Optionee: John D. Buck
	No. of Shares Covered: 1,000,000

	 	 
	 	Date of Grant: 08/25/2008
	Exercise Price Per Share: $2. 36,

$6.00 and $7.00 as noted below

	 	

 
	 	

Expiration Date: 08/25/2018

Exercise Schedule:

	 	 	 	 	 	 	 	 	 
	
 
	 	Exercise
	 	No. of Shares As to Which Option

	Vesting Date

	 	Price
	 	Becomes Exercisable as of Such Date

	 

	 	 	 	 	 	 	 	 
	8/25/2009

	 	$	2.36	 	 	 	250,000	 
	25th day of each

month from

September 2009

through July 2011

	 	

$2.36
	 	

239,614 in 23 equal installments of 10,418

	8/25/2011

	 	$	2.36	 	 	 	10,386	 
	8/25/2009

	 	$	6.00	 	 	 	125,000	 
	25th day of each

month from

September 2009

through July 2011

	 	

$6.00
	 	

119,830 in 23 equal installments of 5,210

	8/25/2011

	 	$	6.00	 	 	 	5,170	 
	8/25/2009

	 	$	7.00	 	 	 	125,000	 
	25th day of each

month from

September 2009

through July 2011

	 	

$7.00
	 	

119,830 in 23 equal installments of 5,210

	8/25/2011

	 	$	7.00	 	 	 	5,170	 

This is a NON-QUALIFIED STOCK OPTION AGREEMENT (“Agreement”) between ValueVision Media, Inc.,
a Minnesota corporation (the “Company”), and the Optionee identified above (the “Optionee”),
effective as of the date of grant specified above.

RECITALS

A. The Company maintains the ValueVision Media, Inc. 2001 and 2004 Omnibus Stock Plan (the
“Plan”).

B.  The Company has appointed a committee (the “Committee”) with the authority to determine
the awards to be granted under the Plan, and the Board has maintained the authority to exercise the
powers and duties of the Committee at its discretion.

C. The Company and the Employee have entered into a letter agreement dated August 25, 2008
(the “Letter Agreement”), and the Letter Agreement provides for the granting of certain stock
options to Optionee under the Plan.

D.  The Committee or its designee has determined that the Optionee is eligible to receive an
award under the Plan in the form of a Stock Option (the “Option”), covering shares of Company
Common Stock (“Shares”) as provided in the Letter Agreement and has set the terms and conditions
thereof.

E. Any capitalized term used herein which is defined in the Plan has the same meaning as set
forth therein.

This Option is issued to the Optionee under the terms and conditions set by the Committee as
follows:

TERMS AND CONDITIONS

1. Grant. The Optionee is granted this Option to purchase the number of Shares
specified at the beginning of this Agreement on the terms and conditions set forth herein.

2. Exercise Price. The price to the Optionee of each Share subject to this Option
shall be the Exercise Price specified on the first page of this Agreement.

3. Non-Qualified Stock Option. This Option is intended to be a non-qualified stock
option and not an “incentive stock option” within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”) or any successor provision.

4. Exercise Schedule. Except as provided in Section 8, this Option may be exercised
in accordance with the Exercise Schedule set forth on the first page of this Agreement. The
Exercise Schedule is cumulative – that is, if this Option has not expired prior thereto, the
Optionee may at any time purchase all or any portion of the Shares then available under the
Exercise Schedule to the extent not previously purchased; provided, that Shares will continue to
vest under the Exercise Schedule only if the Optionee continues to be an employee of the Company or
an Affiliate. This Option may be exercised on an accelerated basis (notwithstanding the Exercise
Schedule) under the circumstances described in Section 8 of this Agreement if it has not expired
prior thereto.

5. Expiration. The right to exercise this Option with respect to the shares covered
hereunder shall expire at 4:00 p.m. Central Time on the earliest of:

(a) The expiration date specified at the beginning of this Agreement for the applicable
portion of the covered shares;

(b) The last day of the period as of or following the termination of Optionee as an
employee of the Company or an Affiliate and as a director of the Company (a “Director”),
during which this Option can be exercised (as specified in Section 7 hereof); or

(c) The date (if any) fixed for cancellation pursuant to Section 8 of this Agreement.

In no event may anyone exercise this Option, in whole or in part, after it has expired,
notwithstanding any other provision of this Agreement.

6. Procedure to Exercise Option.

Notice of Exercise. Subject to the terms and conditions of this Agreement, this Option may be
exercised by delivering advance written notice of exercise to the Company at its headquarters in
the form attached to this Agreement or a similar form containing substantially the same information
and addressed or delivered to an authorized Company representative. The notice shall state the
number of Shares to be purchased, and shall be signed by the person exercising this Option. If the
person exercising this Option is not the Optionee, he or she also must submit appropriate proof of
his or her right to exercise this Option.

Tender of Payment. Any notice of exercise hereunder shall be accompanied by payment (by cash,
check, bank draft or money order payable to the Company) of the full purchase price of the Shares
being purchased; to the extent permitted by law and the Plan, an Optionee may instead pay any
portion of the purchase price with previously owned Shares, or also simultaneously exercise an
Option and sell the Shares thereby acquired pursuant to a brokerage or similar relationship so long
as the cash proceeds from the sale are used promptly as payment of the purchase price of those
Shares and the Company has received adequate assurances thereof. Notwithstanding the foregoing, the
Optionee will not be permitted to pay any portion of the purchase price with Shares if, in the
opinion of the Committee, payment in such a manner could have an adverse financial accounting
consequence for the Company.

Delivery of Certificates. As soon as practicable after the Company receives a properly executed
notice and the purchase price provided for above, it shall deliver to the person exercising the
Option, in the name of such person, a certificate or certificates representing the Shares being
purchased. The Company shall pay any original issue or transfer taxes with respect to the issue or
transfer of the Shares and all fees and expenses incurred by it in connection therewith. All Shares
so issued shall be fully paid and nonassessable. Notwithstanding anything to the contrary in this
Agreement, the Company shall not be required to issue or deliver any Shares prior to the completion
of such registration or other qualification of such Shares under any law, rule or regulation as the
Company shall determine to be necessary or desirable.

7. Requirements for Exercise. This Option may be exercised only while the Optionee
remains employed with the Company or an Affiliate or is serving as a consultant of the Company or
an Affiliate or as a Director, and only if the Optionee has been continuously in one or more such
relationships with the Company or an Affiliate, as the case may be; provided that:

(a) The Optionee may exercise this Option during the twelve (12) month period following
termination of his or her employment with the Company or an Affiliate and his status as a
Director, but only to the extent that it was exercisable immediately prior to termination as
an employee or as a result of acceleration pursuant to Section 8, and only if the Optionee’s
employment was not terminated for Cause (as defined in the Letter Agreement).

(b) Subject to Section 8, if the Optionee ceases to be employed by the Company or an
Affiliate and ceases to be a Director after a declaration of a Fundamental Change made
pursuant to Section 8 of this Agreement, he or she may exercise the Option at any time
permitted by such declaration.

Notwithstanding the above, this Option may not be exercised after its original Expiration Date
provided above.

8. Acceleration of Option.

Certain Employment Events On or Before First Anniversary. If, on or before the first anniversary
of the date of this Option Agreement, (i) the Company terminates Optionee’s employment, other than
a termination for Cause (as defined in the Letter Agreement), (ii) the Optionee terminates his
employment for Good Reason (as defined below), or (iii) Keith Stewart is appointed as Chief
Executive Officer of the Company, then in any such event this Option may, at the discretion of the
Optionee, be exercised with respect to the first 50% of the Shares (notwithstanding the Exercise
Schedule).

Event. If an Event (as defined in the Plan) shall have occurred, then this Option may, at the
discretion of the Optionee, be exercised in full (notwithstanding the Exercise Schedule).

Fundamental Change. At least 10 days prior to a Fundamental Change, the Committee may, but shall
not be obligated to declare, and provide written notice to the Optionee of the declaration, that
this Option shall be canceled at the time of, or immediately prior to the occurrence of, the
Fundamental Change (unless it is exercised prior to the Fundamental Change) in exchange for payment
to the Optionee, within ten days after the Fundamental Change, of cash equal to the amount, for
each Share covered by the canceled Option, by which the event proceeds per share (as defined below)
exceeds the exercise price per Share covered by this Option. This Option may be exercised in full
(notwithstanding the Exercise Schedule) at any time at the discretion of the Optionee following
such declaration by the Committee or, if no such declaration is made by the Committee, at any time
after formal notification of the proposed Fundamental Change has been given to the Company’s
shareholders, and in any event prior to the time of cancellation of this Option. This Option, to
the extent it has not been exercised prior to the Fundamental Change, shall be canceled at the time
of, or immediately prior to, the Fundamental Change, as provided in the declaration, and this
Agreement shall terminate at the time of such cancellation, subject to the payment obligations of
the Company provided in this paragraph.

In the case of a Fundamental Change that consists of the merger or consolidation of the Company
with or into any other corporation or statutory share exchange, the Committee, in lieu of the
declaration above, may make appropriate provision for the protection of this Option by the
substitution, in lieu of this Option, of an option to purchase appropriate voting common stock or
appropriate voting common stock of the corporation surviving any such merger or consolidation or,
if appropriate, the parent corporation of the Company or such surviving corporation.

For purposes of the preceding paragraphs, the “event proceeds per share” is the cash plus the value
(as determined by the Committee) of the non-cash consideration to be received per Share by the
shareholders of the Company upon the occurrence of the Fundamental Change.

Good Reason. “Good Reason” hereunder shall mean the occurrence of any one of the following events:

(i) Optionee is impacted by a mandatory relocation of Optionee’s principal place of
employment to a location more than 50 miles from Optionee’s current office location;

(ii) The Company materially reduces Optionee’s total compensation opportunity
(excluding equity) (unless part of an across-the-board compensation opportunity or benefit
plan reduction applicable on a similar basis to all other senior executive officers of the
Company and, in that event, provided that such reduction does not exceed 5% of Optionee’s
total compensation opportunity);

(iii) The Company materially breaches its obligations to pay the Optionee, unless the
failure to pay is a result of a good faith dispute between the Company and the Optionee; or

(iv) The Company substantially diminishes the duties, responsibilities or title of the
Optionee such that the position held is no longer the Chief Executive Officer;

provided that such event shall constitute Good Reason only if Optionee (A) continues to
satisfactorily perform job duties as assigned and continues in employment through the date
established by Optionee as his last day of employment; (B) provides the Company written notice (in
the case of a Good Reason resignation), within one month after the initial existence of Good
Reason, that details the facts showing that Good Reason exists and includes a proposed last day of
employment within 60 days after the initial existence of Good Reason. The Company shall have thirty
(30) days following receipt of this notice to correct the occurrence; and only if the Company fails
to correct the occurrence does Good Reason exist; (C) returns to the Company, no later than the
last day of employment, all Company property in the Optionee’s possession; and (D) complies with
the terms of any non-compete, confidentiality, invention or other written agreements contained in
this Agreement or otherwise applicable to Optionee.

Good Reason shall not include any occurrence in this Section 8 of which Optionee has consented in
writing stating specifically that such occurrence shall not constitute Good Reason for purposes of
this Section 8 or of which Optionee had actual knowledge for at least two calendar months and did
not give a notice described above with respect to the occurrence.

9. Limitation on Transfer. Except as provided in this Section 9, while the Optionee
is alive, only the Optionee or the Optionee’s guardian or legal representative may exercise this
Option. This Option may not be sold, assigned, transferred, exchanged or otherwise encumbered other
than to a Successor in the event of a Participant’s death or pursuant to a qualified domestic
relations order as defined in the Code or Title 1 of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), or the rules thereunder, and shall not be subject to pledge,
hypothecation, execution, attachment or similar process. Notwithstanding the foregoing, this Option
shall be transferable to a Transferee if the Optionee does not receive any consideration for the
transfer. The Option, if held by a Transferee, will continue to be subject to the same terms and
conditions that were applicable to this Option immediately before the transfer thereof to the
Transferee. Any attempt to assign, transfer, pledge, hypothecate or otherwise dispose of this
Option contrary to the provisions hereof, and the levy of any attachment or similar process upon
this Option, shall be null and void.

10. No Shareholder Rights Before Exercise. No person shall have any of the rights of
a shareholder of the Company with respect to any Share subject to this Option until the Share
actually is issued to the Optionee upon exercise of this Option.

11. Discretionary Adjustment. The Committee will make appropriate adjustments in the
number of Shares subject to this Option and in the purchase price per Share to give effect to any
adjustments made in the number and type of outstanding Shares through a Fundamental Change,
recapitalization, reclassification, stock combination, stock dividend, stock split or other
relevant change; provided, that fractional Shares shall be rounded to the nearest whole Share.

12. Tax Withholding.

General Rule. The Company or an Affiliate may require, upon the exercise of this Option, the
person exercising this Option shall, upon exercise and demand by the Company or Affiliate, promptly
pay in cash such amount as is necessary to satisfy any required withholding taxes prior to receipt
of such Shares; provided that, in lieu of all or any part of such cash payment, the Committee may,
in its sole discretion, allow the person exercising this Option to cover all or any part of the
required withholdings, through a reduction of the number of Shares delivered or through a
subsequent return to the Company of Shares delivered, in each case valued in the same manner as
used in computing the withholding taxes under applicable laws.

Committee Approval; Revocation. The Committee may approve an election under this section to reduce
the number of Shares delivered in advance, but the approval is subject to revocation by the
Committee at any time. Once the person exercising this Option makes such an election, he or she may
not revoke it.

Exception. Notwithstanding the foregoing, the Optionee who tenders previously owned Shares to the
Company in payment of the purchase price of Shares in connection with an option exercise may also
tender previously owned Shares to the Company in satisfaction of any tax withholding obligations in
connection with such option exercise without regard to the specified time periods set forth above
for insiders. If the Company or an Affiliate is required to withhold any taxes, upon the exercise
of this Option, the person exercising this Option shall, upon exercise and demand by the Company or
Affiliate, promptly pay in cash such amount as is necessary to satisfy such requirement.

13. Forfeitures. If the Committee determines that the Optionee (a) has violated the
“Non-Competition” provisions of the Letter Agreement during the term of the Employment Agreement or
during the twelve month Non-Competition Period following the date of termination of Optionee’s
employment, as defined in the Letter Agreement, (b) has committed a material violation of any
applicable written policies of the Company or any of its Affiliates or any provision of a written
employment agreement between Optionee and the Company or any of it Affiliates during the period he
was employed by the Company or its Affiliates, (c) has engaged in conduct reflecting dishonesty or
disloyalty to the Company or any of its Affiliates during the period he was employed by the Company
or its Affiliates; or (d) the Optionee’s employment with the Company (or an Affiliate of the
Company) was terminated for Cause, then, and in each event, the Company, by action of the
Committee, will have the right and option (the “Forfeiture Rights”) (x) to terminate this Option
prior to exercise, and (y) to the extent that Optionee has exercised the Option prior to the date
of such determination by the Committee, to require that the Option return or forfeit the Shares or
the economic value of the Shares as of the date of such exercise, payable by the Optionee in cash.
The Company shall be entitled to set off any such cash amount against any amount owed to the
Optionee by the Company.

The decision to exercise the Company’s Forfeiture Rights under this Section 13 will be based solely
on the judgment of the Committee, in its sole and complete discretion, given the facts and
circumstances of each particular case. The Forfeiture Rights may be exercised by the Committee
within 90 days after the Committee’s discovery of an occurrence that entitles it to exercise its
Forfeiture Rights (but in no event later than six months after the Optionee’s termination of
employment with the Company or its Affiliates). The Forfeiture Rights will be deemed to be
exercised effective immediately upon the Company’s mailing written notice of such exercise postage
prepaid, addressed to the Optionee at the Optionee’s most recent home address as shown on the
personnel records of the Company.

14. Definition of “Cause”. For purposes of this Agreement, “Cause” shall have the
meaning ascribed to such term in the Letter Agreement.

15. Interpretation of This Agreement. All decisions and interpretations made by the
Committee with regard to any question arising hereunder or under the Plan will be binding and
conclusive upon the Company and the Optionee. If there is any inconsistency between the provisions
of this Agreement and the Plan, the provisions of the Plan shall govern. If there is any
inconsistency between the provisions of this Agreement and the Letter Agreement, the provisions of
this Agreement shall govern. Any capitalized term used herein which is defined in the Plan has the
same meaning as set forth therein.

16. Discontinuance of Employment. This Agreement shall not give the Optionee a right
to continued employment with the Company or any Affiliate, and the Company or Affiliate employing
the Optionee may terminate his or her employment and otherwise deal with the Optionee without
regard to the effect it may have upon him or her under this Agreement.

17. Obligation to Reserve Sufficient Shares. The Company shall at all times during
the term of this Option reserve and keep available a sufficient number of Shares to satisfy this
Agreement.

18. Binding Effect. This Agreement shall be binding in all respects on the heirs,
representatives, successors and assigns of the Optionee.

19. Choice of Law. This Agreement is entered into under the laws of the State of
Minnesota and shall be construed and interpreted thereunder (without regard to its conflict of law
principles).

IN WITNESS WHEREOF, the Optionee and the Company have executed this Agreement effective as of
the 25th day of August, 2008.

	 	 	 	 	 
	 

	 	 
	 	 
	VALUEVISION MEDIA, INC.

	 	 
	 	OPTIONEE
	 

	 	 	 	 
	By:

	 	 
	 	 
	 

	 	 
	 	 
	 

	 	 
	 	 
	Name:

	 	 
	 	Name:     
	 

	 	 
	 	 
	Its:

	 	 
	 	 
	 

	 	 
	 	 

1

Date:________________

VALUEVISION MEDIA, INC.

6740 Shady Oak Road

Eden Prairie, Minnesota 55344

Attention: Secretary

Ladies and Gentlemen:

I hereby exercise the following option (the “Option”) granted to me under the ValueVision
Media, Inc. 2004 Omnibus Stock Plan (the “Plan”) with respect to the number of shares of Common
Stock (“Shares”) of ValueVision Media, Inc. (the “Company”), indicated below:

	 
	 

	 

	Name:

	 

	 

	Date of Grant of Option:

	 

	 

	Exercise Price Per Share:

	 

	 

	Number of Shares With Respect to Which the Option is Hereby Exercised:

	 

	 

	Total Exercise Price:

	 

	 	 	 	 	 
	 

	 	 
	 	 
	
 
	 	 
	 	Enclosed with this letter is cash, a check, bank draft or

money order payable to the Company in the amount of the

Total Exercise Price.
	
 
	 	 	 	Enclosed with this letter is a certificate for my previously owned shares

owned Shares, together with a separate assignment to the Company of a

number of Shares equal in value to the amount of the Total Exercise

Price.
	
 
	 	 
	 	I hereby agree to pay the Total Exercise Price within five

business days of the date hereof and, as stated in the

attached Broker’s Letter, I have delivered irrevocable

instructions to      to

promptly deliver to the Company the amount of sale or loan

proceeds from the Shares to be issued pursuant to this

exercise necessary to satisfy my obligation hereunder to pay

the Total Exercise Price.

I agree that I will pay any required withholding taxes in connection with this exercise as
provided in the Plan.

2

Please issue a certificate (the “Certificate”) for the number of Shares with respect to which
the Option is being exercised in the name of the person indicated below and deliver the Certificate
to the address indicated below:

	 
	 

	Name in Which to Issue Certificate:

	 Address to Which Certificate

	 Should be Delivered:

	 

	 

	Principal Mailing Address for

	Holder of the Certificate (if

	different from above):

	 

Very truly yours,

     

Signature

     

Name, please print

     

Social Security Number

     

3

Date:__________________

VALUEVISION MEDIA, INC.

6740 Shady Oak Road

Eden Prairie, Minnesota 55344

Attention: Secretary

Ladies and Gentlemen:

	 
	 

	Name of Optionee:

	 

	 

	Date of Grant of Option:

	 

	 

	Exercise Price Per Share:

	 

	 

	Number of Shares With Respect to Which the Option is to be Exercised:

	 

	 

	Total Exercise Price:

	 

The above Optionee has requested that we finance the exercise of the above Option to purchase
shares of common stock, par value $.01 per share, of ValueVision Media, Inc. (the “Company”) and
has given us irrevocable instructions to promptly deliver to the Company the amount of sale or loan
proceeds from such shares to be issued pursuant to such exercise to satisfy the Optionee’s
obligation to pay the Total Exercise Price.

Very truly yours,

     

Broker Name

     

By     

4EX-10.1

AMENDMENT TO PROMISSORY NOTE

THIS AMENDMENT TO PROMISSORY NOTE (“Agreement”) is made and entered into as of the
22nd day of August, 2008 by and among AirGate Technologies, Inc., a Texas corporation
(“AirGATE”). The X-Change Corporation, a Nevada corporation (“X-Change” and collectively with
AirGATE, the “Borrowers”), and Melissa CR364 Ltd., a Texas limited partnership (“Lender”).

WHEREAS, Borrowers jointly and severally entered into that certain Promissory Note dated
August 15, 2006 (the “Note”) in the principal amount of $1,000,000 payable to Lender;

WHEREAS, as of August 15, 2008, the Note’s Maturity Date, the outstanding principal amount
owed thereunder was $797,794;

WHEREAS, an Event of Default has occurred under Section 9 of the Note as a result of the
Borrowers’ failure to pay the outstanding principal amount owed by the Note’s Maturity Date (the
“Existing Default”);

WHEREAS, the Borrowers have requested that the Lender waive the Existing Default and extend
the Note’s Maturity Date: and

WHEREAS, the Borrowers and Lender desire to amend the Note on the terms and conditions set
forth below.

In consideration of the premises and the mutual covenants and agreements hereinafter contained
Borrowers and Lender hereby agree as follows:

1. Borrowers and Lender hereby agree to extend the Note’s Maturity Date to December 15, 2008, which
shall therefore become the date by which all remaining unpaid principal and any unpaid interest
shall be due and payable.

2. Upon execution of this Agreement, Borrowers shall pay to Lender the amount of $100,000, which
shall be applied to and offset the principal amount due and owing under the Note.

3. Upon execution of this Agreement, Borrowers shall pay to Lender all unpaid and accrued interest
on the Note as of August 15, 2008.

4. Upon execution of this Agreement, Borrowers shall pay Lender the amount of $4,500.00,
representing Lender’s reasonably incurred attorneys’ fees and costs through the execution of this
Agreement, collectible pursuant to Section 2.3 of the Note.

5. Interest payments on the outstanding principal amount due under the Note shall hereinafter be
remitted by Borrowers to Lender, to be received by Lender not later than the 15th of
each month, beginning on September 15, 2008.

6. In the event either of the Borrowers effects a corporate financing transaction before December
15, 2008, pursuant to which one or both of the Borrowers individually or collectively receives in
excess of $300,000 in a debt and/or equity transaction, Borrowers hereby agree to remit to Lender
all of the net proceeds of such corporate financing transaction (should the net proceeds be less
than the outstanding principal amount due and interest obligations under the Note), or such net
proceeds necessary to satisfy the outstanding principal amount due and interest obligations under
the Note to the extent such net proceeds exceed the outstanding principal amount due and interest
obligations under the Note.

7. Borrowers agree that the Lender’s waiver of the Existing Default specifically described herein
shall not constitute and shall not be deemed a waiver of any other default or Event of Default
under the Note.

8. To induce Lender to agree to the terms of this Agreement, Borrowers represent and warrant that
as of the date of its execution of this Amendment, there are no claims or offsets against, or
rights of recoupment with respect to, or defenses or counterclaims to Borrowers’ obligations under
the Note, and in accordance therewith, Borrowers:

a. Waiver. Waive any and all such claims, offsets, right of recoupment, defenses or
counterclaims, whether known or unknown, arising prior to the date of its execution of this
Amendment; and

b. Release. Release and discharge the Lender, and its general and limited partners,
employees, agents, affiliates and attorneys (collectively, the “Released Parties”) from any and all
obligations, indebtedness, liabilities, claims, right, causes of action or demands whatsoever,
whether known or unknown, suspected or unsuspected, in law or equity, which the Borrowers ever
have, now have, claim to have or may have against any Released Party arising prior to the date
hereof.

9. Borrowers hereby represent and warrant to Lender as follows: (a) after giving effect to this
Amendment, the representatives and warranties set forth in the Note are true and correct on and as
of the date hereof with the same effect as though made on and as of such date except with respect
to any representations and warranties limited by their terms to a specific date; (b) the
execution, delivery and performance of this Amendment has been duly authorized by all necessary
action on the part of Borrowers and does not and will not: (1) violate any provision of law
applicable to Borrowers, the certificates of incorporation, bylaws, partnership agreement,
membership agreement, or other applicable governing document of Borrowers or any order, judgment,
or decree or any court or agency of government binding upon Borrowers; (2) conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any
material contractual obligation of Borrowers; or (3) require any approval or consent of any other
person or entity under any material contractual obligation of Borrowers; and (c) the articles of
incorporation, bylaws, partnership agreement, certificate of limited partnership, membership
agreement, articles of organization or other applicable governing document of the Borrowers and the
resolutions of the Borrowers have not been modified or rescinded and remain in full force and
effect.

10. The terms and provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions set forth in the Note, and except as expressly modified and
superseded by this Amendment, the terms and provisions of the Note are ratified and confirmed and
shall continue in full force and effect. Borrowers and Lender agree that the Note as amended
hereby shall continue to be legal, valid, binding and enforceable in accordance with the respective
terms.

	 	 	 
	BORROWERS:

	 	LENDER:
	The X-Change Corporation

	 	Melissa CR 364 Ltd.
	/s/ George DeCourcy

	 	/s/ Charles Stidham
	 

	 	 
	Name: George DeCourcy

Title: C.F.O.

	 	Name: Charles Stidham

Title: G.P.
	AirGATE Technologies, Inc.

	 	

/s/ Kathleen Hanafan

Name: Kathleen Hanafan

Title: President/C.O.O.

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