Document:

Exhibit 10.76

 

 

NEITHER THIS SECURITY
NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE
TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER
OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES
ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

INSPIREMD,
inc.

 

	Warrant Shares: _______	Initial Exercise Date: [                      ], 2013

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five
year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for
and purchase from InspireMD, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to
adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock
under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.            Definitions.
For purposes of this Warrant, the following terms shall have the following meanings:

 

a)          “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

b)          “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

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c)          “Commission”
means the United States Securities and Exchange Commission.

 

d)          “Common
Stock” means the common stock of the Company, par value per share $0.0001, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

e)          “Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

f)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

g)          “Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

h)          “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

i)           “Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

j)           “Trading
Day” means a day on which the principal Trading Market is open for trading.

 

k)          “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the
New York Stock Exchange (or any successors to any of the foregoing).

 

l)           “Transfer
Agent” means Action Stock Transfer Corp., the current transfer agent of the Company, with a mailing address of 2469 E.
Fort Union Blvd, Ste 214, Salt Lake City, UT 84121 and a facsimile number of (801) 274-1099, and any successor transfer agent of
the Company.

 

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m)          “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not
a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC
Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for
the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the Company and reasonably acceptable to the Holder, the fees and expenses of which shall be paid by the Company.

 

Section 2.          Exercise.

 

a)         Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile or pdf copy of the Notice of Exercise form annexed hereto. Within seven
(7) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the
cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the
Holder shall surrender this Warrant to the Company for cancellation within seven (7) Trading Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise Form within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

b)          Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $3.00, subject to adjustment hereunder
(the “Exercise Price”).

 

c)          Cashless
Exercise. If at the time of exercise of this Warrant there is no effective registration statement registering, or no current
prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or
in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate
for the number of Warrant Shares equal to the quotient obtained by dividing [((A)-(B)) (X)] by (A), where:

 

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(A) = the
last sale price on the principal Trading Market on the Trading Day immediately preceding the date on which Holder elects to exercise
this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

 

(B) = the
Exercise Price of this Warrant, then in effect for the applicable Warrant Shares at the time of such
exercise; and

 

(X) =
the total number of Warrant Shares with respect to which this Warrant is then being exercised.

 

Notwithstanding anything
herein to the contrary, if the last sale price of the Common Stock on the principal Trading Market on the Trading Day immediately
preceding the Termination Date is greater than the Exercise Price, at the Company’s election, this Warrant shall either be
(i) automatically exercised via cashless exercise as of the Termination Date or (ii) exercised via a cash exercise in accordance
with the terms of Section 2(a). The Company shall notify the Holder of its determination in writing prior to 9:30 a.m. (New York
City time) on the Termination Date and within three (3) Trading Days after the Termination Date, the Company shall, as applicable,
deliver the shares in accordance with Section 2(d)(i); provided, however, that prior to 5:00 p.m. (New York City time) on the Termination
Date, the Holder may notify the Company in writing that it has elected for this Warrant to expire, in which case, this Warrant
shall expire unexercised.

 

d)          Mechanics
of Exercise.

 

i.          Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal
at Custodian (“DWAC”) system if the Company is then a participant in such system and either (A) there is an
effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder
or (B) following the six-month anniversary of the Initial Exercise Date, if such Warrant Shares are eligible for sale under Rule
144 without volume or manner-of-sale restrictions and as of such date the Company is in compliance with the current public information
required under Rule 144 as to such Warrant Shares, and otherwise by physical delivery to the address specified by the Holder in
the Notice of Exercise by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company of the Notice
of Exercise, (B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set forth above (including
by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall
be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become
a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company
of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant
to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the
Holder certificates evidencing the Warrant Shares subject to a Notice of Exercise prior to the third Trading Day following the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of
Exercise), $5 per Trading Day (increasing to $10 per Trading Day five (5) Trading Days after such damages have begun to accrue)
commencing on the third Trading Day after such Warrant Share Delivery Date until such certificates are delivered or Holder rescinds
such exercise.

 

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ii.          Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii.         Rescission
Rights. If the Company fails to cause the Transfer Agent to credit the account of the Holder’s prime broker with The
Depository Trust Company through its DWAC system if the Company is then a participant in such system or to transmit to the Holder
a certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date,
then the Holder will have the right to rescind such exercise.

 

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iv.          Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to credit the account of the Holder’s prime broker with The Depository Trust
Company through its DWAC system if the Company is then a participant in such system or to transmit to the Holder a certificate
or the certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if
after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares
which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash
to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.           No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.          Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

 

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vii.        Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

e)          Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of
the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except as set forth
in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by
the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of
the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this
Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral
request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e)
shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is
delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this
Warrant.

 

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Section 3.          Certain
Adjustments.

 

a)        Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)        Reserved.

 

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c)          Subsequent
Rights Offerings. If the Company, at any time while the Warrant is outstanding, shall issue rights, options or warrants to
all holders of Common Stock (and not to the Holder) entitling them to subscribe for or purchase shares of Common Stock (the “Purchase
Rights”), then, upon any exercise of this Warrant, the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights that the Holder could have acquired if the Holder had held the number of
Warrant Shares issued upon such exercise of this Warrant immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of
Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares
of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

d)          Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants
to subscribe for or purchase any security other than the Common Stock (a “Distribution”), then, upon any exercise
of this Warrant, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of Warrant Shares issued upon such exercise of this Warrant immediately
before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the participation in such Distribution.

 

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e)          Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction,
(2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving
a person or entity not traded on a national securities exchange, the Company shall, at the Holder’s option, exercisable at
any time prior to the consummation of the Fundamental Transaction, purchase this Warrant immediately prior to the consummation
of such Fundamental Transaction from the Holder by issuing to the Holder a number of shares of Common Stock equal to a fraction,
(i) the numerator of which shall be the Black Scholes Value of the remaining unexercised portion of this Warrant on the day immediately
preceding the date of the consummation of such Fundamental Transaction, and (ii) the denominator of which shall be the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction (the “FMV”). “Black Scholes Value” means the value of this Warrant based on the
Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”)
determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and
the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the FMV and (D)
a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares
of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares
of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which
is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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f)           Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)           Notice
to Holder.

 

i.       Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of
Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    	11

    	 

    

 

ii.       Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares
of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the 20-day period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section 4.             Transfer
of Warrant.

 

a)           Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof, this Warrant is
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

 

    	12

    	 

    

 

b)             New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)             Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

d)             Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.             Miscellaneous.

 

a)           No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2.

 

b)           Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)           Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

    	13

    	 

    

 

d)           Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise
of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that
such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

    	14

    	 

    

 

e)             Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Agreement
(whether brought against the Company or a Holder or any respective affiliates, directors, officers, shareholders, employees or
agents thereof) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address for it in the Warrant Register and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law.

 

f)             Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)            Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all
rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

 

h)            Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
to the address for the Holder in the Warrant Register.

 

i)             Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)             Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

    	15

    	 

    

 

k)             Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l)              Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
the Holder.

 

m)            Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)             Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

(Signature Page Follows)

 

    	16

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	INSPIREMD, inc. 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page – Warrant]

 

    	 

    	 

    

 

NOTICE OF EXERCISE

 

		To:	INSPIREMD, inc. 

 

(1)  The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)  Payment shall
take the form of (check applicable box):

 

[  ] in lawful
money of the United States; or

 

[ ] [if permitted]
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)  Please issue a
certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

 

_______________________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity: 	 

	Signature of Authorized Signatory of Investing Entity: 	 

	Name of Authorized Signatory: 	 

	Title of Authorized Signatory: 	 

	Date: 	 

 

    	 

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

_______________________________________________________________

 

                                                                                   Dated: ______________, _______

 

	Holder’s Signature:	 
	 	 
	Holder’s Address:	 
	 	 
	 	 

 

Signature Guaranteed: ___________________________________________

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.Exhibit 10.1

NONE OF THE SECURITIES TO WHICH THIS PRIVATE  PLACEMENT  SUBSCRIPTION  AGREEMENT
(THE  "SUBSCRIPTION  AGREEMENT")  RELATES HAVE BEEN REGISTERED  UNDER THE UNITED
STATES  SECURITIES  ACT OF 1933, AS AMENDED (THE "1933 ACT"),  OR ANY U.S. STATE
SECURITIES  LAWS, AND, UNLESS SO REGISTERED,  NONE MAY BE OFFERED OR SOLD IN THE
UNITED  STATES OR TO U.S.  PERSONS (AS  DEFINED  HEREIN)  EXCEPT  PURSUANT TO AN
EXEMPTION  FROM,  OR  IN  A  TRANSACTION   NOT  SUBJECT  TO,  THE   REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

                            INDEPENDENCE ENERGY CORP.
            3020 Old Ranch Parkway, Suite 300, Seal Beach California
                          Attention: Gregory C. Rotelli

                    PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
                              CONVERTIBLE DEBENTURE

                              NON U.S. SUBSCRIBERS

                            INSTRUCTIONS TO PURCHASER

1.   THIS SUBSCRIPTION FORM is for use by Non U.S. Persons (as defined herein).

2.   COMPLETE  the  information  on page 2 of this  Subscription  Agreement.

3.   COMPLETE  the  Questionnaire  attached  on  page  3  to  this  Subscription
     Agreement (the "Questionnaire").

4.   All other information must be filled in where appropriate.
<PAGE>
                    PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

TO:  Independence Energy Corp. (the "Issuer" or the "Company")

Subject and pursuant to the terms set out in this Subscription Agreement and the
other  schedules  and  appendices  attached  which are  hereby  incorporated  by
reference,  the Purchaser hereby irrevocably subscribes for, and on Closing will
purchase from the Company, the following securities at the following price:

     Convertible debenture in the principal amount of USD $46,000

     The Purchaser owns, directly or indirectly, the following securities of the
     Issuer:

     [Check if applicable] The Purchaser is an affiliate of the Issuer. [ ]

The Purchaser directs the Issuer to issue, register and deliver the certificates
representing the Convertible Debenture as follows:

REGISTRATION INSTRUCTIONS                DELIVERY INSTRUCTIONS

Europa Capital AG
-----------------------------------      ---------------------------------------
Name to appear on certificate            Name and account reference, if
                                         applicable

                                         Jewel Quintana
                                         ---------------------------------------
                                         Contact name
60 Market Square
Belize City, Belize
-----------------------------------      ---------------------------------------
Address                                  Address

                                         ---------------------------------------
                                         Telephone Number

EXECUTED by the Purchaser this _______ day of _____________,  2013. By executing
this Subscription Agreement,  the Purchaser certifies that the Purchaser and any
beneficial  purchaser  for whom the  Purchaser  is  acting  is  resident  in the
jurisdiction shown as the "Address of Purchaser".

WITNESS:                                 EXECUTION BY PURCHASER:

                                         /s/ Jewel Quintana
-----------------------------------      ---------------------------------------
Signature of Witness                     Authorized signatory

                                         EUROPA CAPITAL AG
-----------------------------------      ---------------------------------------
Name of Witness                          Name of Purchaser

                                         JEWEL QUINTANA, DIRECTOR
-----------------------------------      ---------------------------------------
Address of Witness                       Name of authorized signatory
                                         (PLEASE PRINT)

Accepted this 5th day of April, 2013     60 MARKET SQUARE, BELIZE CITY, BELIZE
                                         ---------------------------------------
INDEPENDENCE ENERGY CORP.                Address of Purchaser

                                         ---------------------------------------
Per: /s/ Gregory Rotelli                 *Telephone Number
-----------------------------------
Authorized Signatory                     ---------------------------------------
                                         *EIN/Tax ID No.:

----------
*    Required from all Purchasers

By  signing  this  acceptance,  the  Issuer  agrees  to be bound by the  General
Provisions  on  pages  3 to 12 of this  Subscription  Agreement  and  the  other
schedules and appendices incorporated by reference.

                                       2
<PAGE>
                               GENERAL PROVISIONS

1. SUBSCRIPTION

1.1 The undersigned  (the  "Purchaser")  hereby  irrevocably  subscribes for and
agrees to purchase  from the  Issuer,  on the basis of the  representations  and
warranties and subject to the terms and conditions set forth herein, such number
of Convertible  Debentures (the  "Debentures") as indicated on page 2 hereof, in
the principal  amount of US$46,000 per  Debenture,  for the aggregate  principal
amount indicated thereon (the "Subscription Proceeds") (the "Offering").

1.2 The  Subscription  will be  effective  upon the Closing  Date (as defined in
below Section 4) subject to the prior delivery of the Subscription  Proceeds and
to the execution and delivery by the parties of this Subscription  Agreement and
all agreements and documents referenced herein.

1.3 NOTWITHSTANDING  ANYTHING TO THE CONTRARY HEREIN, THE PURCHASER  ACKNOWLEDGE
THAT, AS AT THE DATE OF THIS AGREEMENT,  THE COMPANY HAS INSUFFICIENT AUTHORIZED
CAPITAL TO EFFECT A CONVERSION OF THE DEBENTURES IN ACCORDANCE WITH THE TERMS OF
THIS AGREEMENT. IN ADDITION, PURCHASER ACKNOWLEDGES THAT THE COMPANY HAS MADE NO
REPRESENTATION  OR WARRANTY  REGARDING  ITS ABILITY TO INCREASE  ITS  AUTHORIZED
CAPITAL.  HOWEVER, THE COMPANY AND THE PURCHASER EACH AGREES TO USE COMMERCIALLY
REASONABLE  EFFORTS TO  INCREASE  THE  AUTHORIZED  CAPITAL OF THE  COMPANY IN AN
AMOUNT  SUFFICIENT TO ACCOMMODATE THE POTENTIAL  CONVERSION OF THE DEBENTURES IN
ACCORDANCE WITH THIS AGREEMENT.

2. DESCRIPTION OF DEBENTURES

2.1 Each Debenture has a face value of USD$46,000.  Certificate(s)  representing
the Debenture  will be in the form attached as Exhibit A hereto.  Each Debenture
shall have a term  expiring on the date that is three (3) years from the date of
issuance (the "Due Date").  All or any portion of the outstanding  principal sum
and accrued  interest of each Debenture is  convertible  from time to time on or
after the Closing Date at the option of the  Purchaser  into common  shares (the
"Shares") in the capital stock of the Company. Each Debenture and the Shares are
herein  collectively  referred  to as the  "Securities".  The price per share at
which each Debenture may be converted shall be $$0.01 per Share.

2.2 Each  Debenture  shall accrued  interest at the rate of six percent (6%) per
annum, payable on the Due Date. Notwithstanding any prepayment of principal made
in respect of the Debenture in accordance  with below section 2.3, the principal
amount of the Debenture  shall bear  aggregate  minimum  interest of $8,280 (the
"Minimum Interest Charge").

2.3 Each  Debenture is due and payable on the Due Date,  if not converted on the
Due Date.  The  Purchaser  may, at its option,  elect to convert a Debenture  in
accordance  with the  foregoing in lieu of receiving any funds payable under the
Debenture.

2.4 The Company may prepay all or any  portion of the  principal  or the Minimum
Interest Charge not converted at any time prior to the Due Date.

3. PAYMENT

3.1 The Subscription Proceeds must accompany this Subscription and shall be paid
by  certified  cheque  or  bank  draft  drawn  on a bank  in the  United  States
reasonably  acceptable  to the Issuer,  and made  payable and  delivered  to the
Issuer.  Alternatively,  the Subscription Proceeds may be wired to the Issuer or
its  designee  pursuant  to wiring  instructions  that will be  provided  to the
Purchaser upon request. If the funds are wired to the designee, the designee and
Issuer shall confirm acceptance and delivery of the funds to the satisfaction of
the Issuer.

3.2 The Purchaser acknowledges and agrees that this Subscription Agreement,  the
Subscription  Proceeds and any other documents  delivered in connection herewith
will be held on  behalf of the  Issuer.  In the  event  that  this  Subscription
Agreement is not accepted by the Issuer for  whatever  reason,  which the Issuer

                                       3
<PAGE>
expressly  reserves  the  right  to do,  within  30 days of the  delivery  of an
executed Subscription Agreement by the Purchaser,  this Subscription  Agreement,
the Subscription  Proceeds  (without  interest  thereon) and any other documents
delivered  in  connection  herewith  will be  returned to the  Purchaser  at the
address of the Purchaser as set forth in this Subscription Agreement.

3.3  Where the  Subscription  Proceeds  are paid to the  Issuer,  the  Issuer is
entitled to treat such  Subscription  Proceeds  as an interest  free loan to the
Issuer  until the earlier of such time as the  Subscription  is accepted and the
certificates  representing  the Debentures have been issued to the Purchaser and
30 days  following  the  delivery of an executed  Subscription  Agreement by the
Purchaser.

4. CLOSING

4.1 Closing of the offering of the Debentures (the "Closing")  shall occur on or
before April 5, 2013 (the "Closing Date").

5. ACKNOWLEDGEMENTS OF PURCHASER

5.1 The Purchaser acknowledges and agrees that:

     (a)  the Securities have not been  registered  under the 1933 Act, or under
          any state  securities  or "blue  sky" laws of any state of the  United
          States,  and are being offered only in a transaction not involving any
          public  offering  within the meaning of the 1933 Act,  and,  unless so
          registered, may not be offered or sold in the United States or to U.S.
          Persons  (as  defined   herein),   except  pursuant  to  an  effective
          registration statement under the 1933 Act, or pursuant to an exemption
          from,   or  in  a  transaction   not  subject  to,  the   registration
          requirements of the 1933 Act, and in each case only in accordance with
          applicable state securities laws;

     (b)  the Issuer will refuse to register any transfer of the  Securities not
          made in accordance with the provisions of Regulation S, pursuant to an
          effective  registration statement under the 1933 Act or pursuant to an
          available  exemption  from,  or in a  transaction  not subject to, the
          registration requirements of the 1933 Act;

     (c)  Subject to compliance with applicable  securities  laws, the Purchaser
          may  enter  into  lawful  hedging  transactions  in the  course of any
          hedging position the Purchaser assumes and may enter into lawful short
          positions  or other  lawful  derivative  transactions  relating to the
          Securities  or to  interests  in the  Securities  and may  deliver the
          Securities  or such  interests  in the  Securities  to  close  out the
          Purchaser's  short or other  positions  or to  otherwise  settle  such
          derivative  transactions,  and the  Purchaser  may loan or pledge  the
          Securities or interests in the Securities to third parties who in turn
          may dispose of the Securities.

     (d)  the decision to execute this  Subscription  Agreement and purchase the
          Securities  agreed to be purchased  hereunder  has not been based upon
          any oral or written  representation as to fact or otherwise made by or
          on behalf of the Issuer and such  decision  is based  entirely  upon a
          review of public  information  contained in the Issuer's  filings with
          the United  States  Securities  and Exchange  Commission  (the "Issuer
          Public  Information").  If the Issuer has presented a business plan or
          any other type of corporate  profile to the  Purchaser,  the Purchaser
          acknowledges  that the business  plan,  the corporate  profile and any
          projections or predictions  contained in any such documents may not be
          achieved or be achievable;

     (e)  the Purchaser  and the  Purchaser's  advisor(s)  have had a reasonable
          opportunity  to ask  questions of and receive  answers from the Issuer
          regarding the Offering, and to obtain additional  information,  to the
          extent possessed or obtainable without unreasonable effort or expense,
          necessary to verify the accuracy of the  information  contained in the
          Issuer Public Information,  or any business plan, corporate profile or
          any other document provided to the Purchaser;

                                       4
<PAGE>
     (f)  the books and records of the Issuer  were  available  upon  reasonable
          notice   for   inspection,    subject   to   certain   confidentiality
          restrictions, by the Purchaser during reasonable business hours at its
          principal place of business and that all documents,  records and books
          pertaining to this Offering have been made available for inspection by
          the Purchaser, the Purchaser's attorney and/or advisor(s);

     (g)  subject to sections  3.2 and 3.3 of this  Subscription  Agreement,  by
          execution  hereof the  Purchaser has waived the need for the Issuer to
          communicate its acceptance of the purchase of the Securities  pursuant
          to this Subscription Agreement;

     (h)  the Issuer is entitled to rely on the  representations  and warranties
          and the  statements  and answers of the  Purchaser  contained  in this
          Subscription  Agreement  and in the  Questionnaire,  and the Purchaser
          will hold harmless the Issuer from any loss or damage it may suffer as
          a  result  of the  Purchaser's  failure  to  correctly  complete  this
          Subscription Agreement or the Questionnaire;

     (i)  the Purchaser  will  indemnify and hold harmless the Issuer and, where
          applicable,  its respective directors,  officers,  employees,  agents,
          advisors  and  shareholders   from  and  against  any  and  all  loss,
          liability,  claim, damage and expense whatsoever  (including,  but not
          limited to, any and all fees, costs and expenses whatsoever reasonably
          incurred in  investigating,  preparing or defending against any claim,
          lawsuit,  administrative proceeding or investigation whether commenced
          or  threatened)  arising  out of or based upon any  representation  or
          warranty of the Purchaser  contained  herein,  the Questionnaire or in
          any  other  document  furnished  by the  Purchaser  to the  Issuer  in
          connection  herewith,  being  untrue in any  material  respect  or any
          breach or failure by the  Purchaser  to comply  with any  covenant  or
          agreement made by the Purchaser to the Issuer in connection therewith;

     (j)  the Purchaser has been advised to consult its own legal, tax and other
          advisors  with respect to the merits and risks of an investment in the
          Securities and with respect to applicable  resale  restrictions and it
          is solely  responsible  (and the Issuer is not in any way responsible)
          for compliance with applicable resale restrictions;

     (k)  the  Securities  are not listed on any stock exchange or on the NASDAQ
          automated dealer quotation system and no representation  has been made
          to the Purchaser that any of the Securities  will become listed on any
          stock exchange or on the NASDAQ automated dealer quotation system;

     (l)  the  Securities  are  currently  quoted  on the  OTC  (QB)  electronic
          inter-dealer  quotation  system  operated by OTC Markets Group,  Inc.,
          however there is no guarantee that the  Securities  will remain quoted
          on the OTC (QB) or on any other inter-dealer quotation system;

     (m)  neither  the  SEC nor  any  other  securities  commission  or  similar
          regulatory  authority  has  reviewed  or passed  on the  merits of the
          Securities ;

     (n)  no documents in  connection  with this  Offering have been reviewed by
          the SEC or any state securities administrators;

     (o)  there  is no  government  or  other  insurance  covering  any  of  the
          Securities; and

     (p)  this Subscription Agreement is not enforceable by the Purchaser unless
          it has been accepted by the Issuer, and the Purchaser acknowledges and
          agrees that the Issuer  reserves the right to reject any  Subscription
          for any reason.

6. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER

6.1 The  Purchaser  hereby  represents  and warrants to and  covenants  with the
Issuer  (which  representations,  warranties  and  covenants  shall  survive the
Closing) that:

                                       5
<PAGE>
     (a)  the Purchaser is not a U.S. Person (as defined herein);

     (b)  the  Purchaser  is not  acquiring  the  Securities  for the account or
          benefit  of,  directly  or  indirectly,  any U.S.  Person (as  defined
          herein);

     (c)  the  Purchaser  is resident in the  jurisdiction  set out on page 2 of
          this Subscription Agreement;

     (d)  the Purchaser:

          (i)  is knowledgeable of, or has been independently advised as to, the
               applicable  securities laws of the securities  regulators  having
               application  in  the  jurisdiction  in  which  the  Purchaser  is
               resident (the "International  Jurisdiction") which would apply to
               the acquisition of the Securities,

          (ii) is  purchasing  the  Securities   pursuant  to  exemptions   from
               prospectus or equivalent requirements under applicable securities
               laws or, if such is not applicable, the Purchaser is permitted to
               purchase the Securities  under the applicable  securities laws of
               the  securities  regulators  in  the  International  Jurisdiction
               without the need to rely on any exemptions,

          (iii)acknowledges   that  the  applicable   securities   laws  of  the
               authorities in the International  Jurisdiction do not require the
               Company  to make any  filings or seek any  approvals  of any kind
               whatsoever  from any securities  regulator of any kind whatsoever
               in the  International  Jurisdiction  in connection with the issue
               and sale or resale of any of the Securities, and

          (iv) represents and warrants that the acquisition of the Securities by
               the Subscriber does not trigger:

               A.   any  obligation  to prepare and file a prospectus or similar
                    document,  or any other report with respect to such purchase
                    in the International Jurisdiction, or

               B.   any  continuous   disclosure  reporting  obligation  of  the
                    Company in the International Jurisdiction, and

               the Purchaser  will, if requested by the Company,  deliver to the
               Company  a  certificate  or  opinion  of local  counsel  from the
               International   Jurisdiction   which  will  confirm  the  matters
               referred to in  subparagraphs  (ii),  (iii) and (iv) above to the
               satisfaction of the Company, acting reasonably;

     (e)  the Purchaser is acquiring the  Securities as principal for investment
          only  and  not  with  a view  to,  or  for,  resale,  distribution  or
          fractionalization thereof, in whole or in part, and, in particular, it
          has no intention to distribute  either  directly or indirectly  any of
          the  Securities  in the United  States or to U.S.  Persons (as defined
          herein);

     (f)  the  Purchaser  is  outside  the  United  States  when  receiving  and
          executing this Subscription Agreement;

     (g)  the  Purchaser  understands  and agrees  not to engage in any  hedging
          transactions  involving any of the Securities unless such transactions
          are in compliance with the provisions of the 1933 Act and in each case
          only in accordance with applicable state securities laws;

     (h)  the Purchaser  acknowledges that it has not acquired the Securities as
          a result  of, and will not itself  engage  in, any  "directed  selling
          efforts" (as defined in Regulation S under the 1933 Act) in the United

                                       6
<PAGE>
          States in respect of any of the  Securities  which  would  include any
          activities  undertaken for the purpose of, or that could reasonably be
          expected to have the effect of,  conditioning the market in the United
          States for the  resale of any of the  Securities;  provided,  however,
          that  the  Purchaser  may  sell  or  otherwise  dispose  of any of the
          Securities  pursuant to registration of any of the Securities pursuant
          to the 1933 Act and any applicable  state  securities laws or under an
          exemption  from  such  registration   requirements  and  as  otherwise
          provided herein;

     (i)  the Purchaser has the legal  capacity and competence to enter into and
          execute this  Subscription  Agreement and to take all actions required
          pursuant  hereto and, if the  Purchaser is a  corporation,  it is duly
          incorporated and validly subsisting under the laws of its jurisdiction
          of  incorporation  and  all  necessary  approvals  by  its  directors,
          shareholders and others have been obtained to authorize  execution and
          performance of this Subscription Agreement on behalf of the Purchaser;

     (j)  the entering into of this Subscription  Agreement and the transactions
          contemplated hereby do not result in the violation of any of the terms
          and  provisions  of any law  applicable  to,  or, if  applicable,  the
          constating documents of, the Purchaser,  or of any agreement,  written
          or  oral,  to which  the  Purchaser  may be a party  or by  which  the
          Purchaser is or may be bound;

     (k)  the  Purchaser  has duly  executed  and  delivered  this  Subscription
          Agreement  and it  constitutes  a valid and binding  agreement  of the
          Purchaser enforceable against the Purchaser;

     (l)  the  Purchaser  has  received  and  carefully  read this  Subscription
          Agreement;

     (m)  the  Purchaser  (i) has adequate net worth and means of providing  for
          its current financial needs and possible personal contingencies,  (ii)
          has no need for  liquidity  in this  investment,  and (iii) is able to
          bear the economic  risks of an  investment  in the  Securities  for an
          indefinite  period of time,  and can afford the complete  loss of such
          investment;

     (n)  the Purchaser has the requisite  knowledge and experience in financial
          and  business  matters as to be capable of  evaluating  the merits and
          risks of the  investment in the  Securities  and the Company,  and the
          Subscriber is providing  evidence of knowledge and experience in these
          matters through the information requested in the Questionnaire;

     (o)  the Purchaser  understands and agrees that the Company and others will
          rely   upon  the   truth  and   accuracy   of  the   acknowledgements,
          representations,  warranties,  covenants and  agreements  contained in
          this Subscription Agreement and the Questionnaire,  and agrees that if
          any of such  acknowledgements,  representations  and agreements are no
          longer  accurate or have been breached,  the Purchaser  shall promptly
          notify the Company;

     (p)  the   Purchaser  is  aware  that  an  investment  in  the  Company  is
          speculative and involves certain risks, including the possible loss of
          the investment;

     (q)  the Purchaser is  purchasing  the  Securities  for its own account for
          investment  purposes  only and not for the account of any other person
          and not for distribution, assignment or resale to others, and no other
          person  has  a  direct  or  indirect   beneficial   interest  is  such
          Securities,  and the Purchaser has not  subdivided his interest in the
          Sewcurities with any other person;

     (r)  the  Purchaser is not an  underwriter  of, or dealer in, the shares of
          the  Company's  common  stock,  nor  is the  Purchaser  participating,
          pursuant to a contractual agreement or otherwise,  in the distribution
          of the Securities;

     (s)  the Purchaser has made an independent examination and investigation of
          an  investment in the  Securities  and the Company and has depended on
          the advice of its legal and  financial  advisors  and agrees  that the
          Company will not be responsible in anyway whatsoever for the Purchaser
          's decision to invest in the Securities and the Company;

                                       7
<PAGE>
     (t)  if the Purchaser is acquiring  the  Securities as a fiduciary or agent
          for one or more investor  accounts,  the Purchaser has sole investment
          discretion  with respect to each such account,  and the Subscriber has
          full power to make the foregoing acknowledgements, representations and
          agreements on behalf of such account;

     (u)  the  Purchaser  is  not  aware  of  any  advertisement  of  any of the
          Securities  and is not acquiring the Shares as a result of any form of
          general solicitation or general advertising including  advertisements,
          articles,  notices or other communications published in any newspaper,
          magazine or similar media or broadcast  over radio or  television,  or
          any seminar or meeting  whose  attendees  have been invited by general
          solicitation or general advertising;

     (v)  no  person   has  made  to  the   Purchaser   any   written   or  oral
          representations:

          (i)  that any person will resell or repurchase any of the Securities,

          (ii) that any  person  will  refund the  purchase  price of any of the
               Securities,

          (iii) as to the future price or value of any of the Securities, or

          (iv) that any of the Securities  will be listed and posted for trading
               on any stock  exchange or automated  dealer  quotation  system or
               that  application  has  been  made to list  and  post  any of the
               Securities  of the  Company on any stock  exchange  or  automated
               dealer quotation system; and

7. ACKNOWLEDGEMENT AND WAIVER

7.1 The Purchaser has acknowledged  that the decision to purchase the Securities
was solely  made on the basis of the Issuer  Public  Information  (as defined in
paragraph 5.1 (d) above).  Accordingly,  the  Purchaser  hereby  waives,  to the
fullest  extent  permitted  by law,  any  rights of  withdrawal,  rescission  or
compensation  for damages to which the Purchaser might be entitled in connection
with the distribution of any of the Securities.

8. REPRESENTATIONS AND WARRANTIES OF THE ISSUER

8.1 The Issuer  represents  and warrants to the  Purchaser as of the date hereof
and as of each applicable Closing Date that:

     (a)  the  Issuer is a  corporation  duly  organized,  existing  and in good
          standing  under the laws of the State of Nevada  and has the power and
          authority  to conduct the  business  which it conducts and proposes to
          conduct;

     (b)  the Issuer's execution,  delivery,  performance of this Agreement, the
          Securities  and any other  agreement  executed  and  delivered  by the
          Issuer   pursuant  to  this   Agreement  or  in  connection   herewith
          (collectively, the "Transaction Documents") have been duly authorized,
          executed  and  delivered  by the  Issuer  and are  valid  and  binding
          agreement  enforceable  in  accordance  with their  terms,  subject to
          bankruptcy,    insolvency,   fraudulent   transfer,    reorganization,
          moratorium  and similar laws of general  applicability  relating to or
          affecting  creditors'  rights  generally and to general  principles of
          equity. The Issuer has full corporate power and authority necessary to
          enter into and deliver the  Transaction  Documents  and to perform its
          obligations thereunder;

     (c)  no   consent,   approval,   authorization   or  order  of  any  court,
          governmental agency or body or arbitrator having jurisdiction over the
          Issuer,  or any other  Person is  required  for the  execution  by the
          Issuer of the Transaction  Documents and compliance and performance by
          the  Issuer  of  its  obligations  under  the  Transaction   Documents
          including,   without   limitation,   the  issuance  and  sale  of  the
          Securities;

                                       8
<PAGE>
     (d)  except as disclosed in the Issuer  Public  Information,  the Issuer is
          not in default of any material term, covenant or condition under or in
          respect of any judgment, order, agreement or instrument to which it is
          a party or to which it or any of the property or assets thereof are or
          may be subject,  and no event has occurred and is  continuing,  and no
          circumstance  exists which has not been waived,  which  constitutes  a
          default in respect of any  commitment,  agreement,  document  or other
          instrument  to which the Issuer is a party or by which it is otherwise
          bound  entitling any other party thereto to accelerate the maturity of
          any amount  owing  thereunder  or which could have a material  adverse
          effect upon the condition (financial or otherwise),  property, assets,
          operations or business of the Issuer;

     (e)  the  Securities   have  been  duly  authorized  and,  when  issued  in
          accordance  with the terms of this  Agreement and the  Securities,  as
          applicable,   and  upon  payment  of  the  agreed  upon  consideration
          therefore:

          (i)  will be, free and clear of any security interests,  liens, claims
               or other  encumbrances,  subject to  restrictions  upon  transfer
               under the 1933 Act and any applicable state securities laws;

          (ii) will not have been issued or sold in violation of any  preemptive
               or other similar  rights of the holders of any  securities of the
               Issuer; and

          (iii)assuming  the  representations  and  warrants  of  the  Purchaser
               pursuant to this Agreement are true and correct,  will not result
               in a violation of Section 5 under the 1933 Act.

          The Issuer will use its reasonable  commercial efforts to reserve from
          its duly authorized  capital stock the common shares issuable pursuant
          to the Debentures in order to issue the Shares;

     (f)  the Issuer has not  engaged  in any form of  general  solicitation  or
          general advertising (within the meaning of Regulation D under the 1933
          Act) in connection with the offer or sale of the Securities;

                                       9
<PAGE>
     (g)  During  the two (2) years  prior to the date  hereof,  the  Issuer has
          filed annual,  quarterly and current reports pursuant to US securities
          laws and has filed all  reports  required to be filed by it under such
          US  securities  laws  (all of the  foregoing  filed  prior to the date
          hereof or prior to the Closing Date, and all exhibits included therein
          and financial  statements,  notes and schedules  thereto and documents
          incorporated by reference therein being hereinafter referred to as the
          "SEC Documents").  As of their respective dates, such reports complied
          in all material  respects  with the  requirements  under US securities
          laws except to the extent  that the Issuer  filed  amendments  to such
          reports in which event the SEC Documents, as amended,  complied in all
          material  aspects with the  requirements  under US securities laws and
          the rules and regulations of the SEC promulgated  thereunder.  None of
          the SEC  Documents at the time they were filed with the SEC  contained
          any untrue statement of a material fact or omitted to state a material
          fact  required to be stated  therein or necessary in order to make the
          statements therein, in the light of the circumstances under which they
          were made, not misleading;

     (h)  there  is  no  action,  suit  or  legal  proceeding  ("Action")  which
          adversely   affects  or   challenges   the   legality,   validity   or
          enforceability of any of the Loan Documents or the Securities. The SEC
          has  not  issued  any  stop  order  or  other  order   suspending  the
          effectiveness of any registration  statement filed by the Issuer under
          US securities laws;

     (i)  the  Issuer  is  not,  and is not an  affiliate  of,  and  immediately
          following  the  Closing  Date will not have  become,  and  "investment
          company" within the meaning of the Investment  Company Act of 1940, as
          amended;

     (j)  Neither the Issuer,  nor to the knowledge of the Issuer,  any agent or
          other  Person  acting  on  behalf  of the  Issuer,  has,  directly  or
          indirectly:

          (i)  used any  funds,  or will use any  proceeds  from the sale of the
               Debentures, for any unlawful contributions,  gifts, entertainment
               or  other  unlawful  expenses  related  to  foreign  or  domestic
               political activity;

          (ii) made any  unlawful  payment  to foreign  or  domestic  government
               officials  or employees  or to any foreign  political  parties or
               campaigns from corporate funds;

          (iii)failed to disclose fully any contribution  made by the Issuer (or
               made by any Person  acting on their behalf of which the Issuer is
               aware) which is in violation of law; or

          (iv) has violated in any material respect any provision of the Foreign
               Corrupt  Practices  Act of 1977,  as  amended,  and the rules and
               regulations thereunder;

     (k)  The  operation of the Issuer are and have been  conducted at all times
          in  compliance  with  the  money  laundering  statutes  of  applicable
          jurisdictions, the rules and regulations thereunder and any related or
          similar  rules,  regulations,   guidelines,  issued,  administered  or
          enforced by any  applicable  governmental  agency  (collectively,  the
          "Money  Laundering  Laws") and no action,  suit,  or  proceeding by or
          before  any court or  governmental  agency,  authority  or body or any
          arbitrator  involving the Issuer with respect to the Money  Laundering
          Laws is pending, or the best knowledge of the Issuer, threatened;

     (l)  None of the Issuer,  any of their  affiliates and any Person acting in
          their behalf has, directly or indirectly,  made any offers or sales of
          any  security  or  solicited  any  offers to buy any  security,  under
          circumstances that would require  registration of any of the 1933 Act,
          whether  through  integration  with prior  offerings or otherwise,  or
          cause this  offering  of the  Securities  to require  approval  of the
          shareholders  of  the  Issuer  for  the  purposes  of  any  applicable
          shareholder approval provisions,  including, without limitation, under
          the rules and  regulations  of any  exchange  or  automated  quotation
          system  on which  any of the  securities  of the  Issuer  are  listed,
          designated or quoted;

                                       10
<PAGE>
     (m)  the Issuer is not in violation of any term of or in default  under any
          certificate of  designations  of any  outstanding  series of common or
          preferred stock of the Issuer, its Articles of Incorporation or Bylaws
          or their  organizational  charter or certificate of  incorporation  or
          bylaws, respectively.  The Issuer is not in violation of any judgment,
          decree  or  order  or  any  statute,  ordinance,  rule  or  regulation
          applicable to the Issuer, and the Issuer will not conduct its business
          in violation of any of the foregoing,  except for possible  violations
          which  could not,  individually  or in the  aggregate,  reasonably  be
          expected to have a Material  Adverse Effect.  The Issuer possesses all
          certificates,  authorizations  and permits  issued by the  appropriate
          federal,  state or foreign regulatory authorities necessary to conduct
          their respective businesses,  except where the failure to possess such
          certificates,  authorizations or permits would not have,  individually
          or in the aggregate, a Material Adverse Effect, and the Issuer has not
          received  any notice of  proceedings  relating  to the  revocation  or
          modification of any such certificate, authorization or permit.

     (n)  the  Issuer  understands  and  acknowledges  that the number of Shares
          issuable upon  conversion of the  Debentures  will increase in certain
          circumstances.  The Issuer further acknowledges that its obligation to
          issue Shares upon conversion of the Debentures in accordance with this
          Agreement and the Debentures is absolute and unconditional  regardless
          of the dilutive  effect that such  issuance may have on the  ownership
          interests of other shareholders of the Issuer;

     (o)  the  Issuer  has  leasehold  title to all real  property  and good and
          marketable  title to all  personal  property  owned  by them  which is
          material to the  business of the Issuer,  free and clear of all liens,
          encumbrances  and defects except such as do not materially  affect the
          value  of such  property  and do not  interfere  with the use made and
          proposed to be made of such property by the Issuer.  Any real property
          and  facilities  held under lease by the Issuer are held by them under
          valid,  subsisting and enforceable  leases with such exceptions as are
          not material and do not interfere with the use made and proposed to be
          made of such property and buildings by the Issuer; and

     (p)  the Issuer:

          (i)  is  in  compliance  with  any  and  all  Environmental  Laws  (as
               hereinafter defined);

          (ii) has received all permits, licenses or other approvals required of
               them  under  applicable   Environmental  Laws  to  conduct  their
               respective businesses; and

          (iii)is in  compliance  with  all  terms  and  conditions  of any such
               permit,  license  or  approval  where,  in each of the  foregoing
               clauses  (i),  (ii) and (iii),  the failure to so comply could be
               reasonably expected to have,  individually or in the aggregate, a
               Material Adverse Effect.

          The term  "Environmental  Laws"  means all  federal,  state,  local or
          foreign laws  relating to pollution or  protection  of human health or
          the environment (including,  without limitation,  ambient air, surface
          water,  groundwater,  land surface or subsurface  strata),  including,
          without limitation, laws relating to emissions,  discharges,  releases
          or threatened  releases of  chemicals,  pollutants,  contaminants,  or
          toxic or  hazardous  substances  or wastes  (collectively,  "Hazardous
          Materials")  into  the  environment,  or  otherwise  relating  to  the
          manufacture,   processing,   distribution,  use,  treatment,  storage,
          disposal, transport or handling of Hazardous Materials, as well as all
          authorizations,   codes,   decrees,   demands   or   demand   letters,
          injunctions,  judgments,  licenses, notices or notice letters, orders,
          permits, plans or regulations issued, entered, promulgated or approved
          thereunder.

9. LEGENDING OF SUBJECT SECURITIES

9.1 The Purchaser hereby  acknowledges that that upon the issuance thereof,  and
until  such  time  as the  same  is no  longer  required  under  the  applicable
securities  laws  and  regulations,  the  certificates  representing  any of the
Securities will bear a legend in substantially the following form:

                                       11
<PAGE>
     NONE  OF THE  SECURITIES  TO  WHICH  THIS  PRIVATE  PLACEMENT  SUBSCRIPTION
     AGREEMENT (THE "SUBSCRIPTION AGREEMENT") RELATES HAVE BEEN REGISTERED UNDER
     THE UNITED STATES  SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"),  OR
     ANY U.S. STATE  SECURITIES  LAWS,  AND,  UNLESS SO REGISTERED,  NONE MAY BE
     OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN)
     EXCEPT  PURSUANT TO AN EXEMPTION  FROM, OR IN A TRANSACTION NOT SUBJECT TO,
     THE  REGISTRATION  REQUIREMENTS  OF THE 1933 ACT AND IN EACH  CASE  ONLY IN
     ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

9.2 The Purchaser hereby acknowledges and agrees to the Issuer making a notation
on its records or giving instructions to the registrar and transfer agent of the
Issuer  in order to  implement  the  restrictions  on  transfer  set  forth  and
described in this Subscription Agreement.

10. COSTS

10.1 The Purchaser  acknowledges and agrees that all costs and expenses incurred
by the Purchaser  (including any fees and  disbursements  of any special counsel
retained by the Purchaser)  relating to the purchase of the Debentures  shall be
borne by the Purchaser.

11. GOVERNING LAW

11.1 This Subscription Agreement will be governed by and construed in accordance
with the internal laws of Nevada  (without  reference to its rules governing the
choice or  conflict  of laws),  and the parties  hereto  irrevocably  attorn and
submit to the exclusive jurisdiction of the courts of Nevada with respect to any
dispute related to this Subscription Agreement.

12. SURVIVAL

12.1   This   Subscription   Agreement,   including   without   limitation   the
representations,  warranties and covenants  contained herein,  shall survive and
continue  in full  force and  effect  and be  binding  upon the  parties  hereto
notwithstanding  the  completion  of  the  purchase  of  the  Securities  by the
Purchaser  pursuant hereto.  13. ASSIGNMENT 13.1 This Subscription  Agreement is
not transferable or assignable.

14. SEVERABILITY

14.1 The  invalidity or  unenforceability  of any  particular  provision of this
Subscription  Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Subscription Agreement.

15. ENTIRE AGREEMENT

15.1 Except as  expressly  provided in this  Subscription  Agreement  and in the
agreements, instruments and other documents contemplated or provided for herein,
this  Subscription  Agreement  contains the entire agreement between the parties
with  respect  to the sale of the  Securities  and  there  are no  other  terms,
conditions,  representations or warranties,  whether expressed, implied, oral or
written, by statute or common law, by the Issuer or by anyone else.

16. NOTICES

16.1 All  notices  and other  communications  hereunder  shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by any standard
form of  telecommunication.  Notices to the  Purchaser  shall be directed to the
address  on  page 2 and  notices  to  the  Issuer  shall  be  directed  to it at
INDEPENDENCE  ENERGY  CORP.,  3020 Old Ranch  Parkway,  Suite 300,  Seal  Beach,
California, 90740.

                                       12
<PAGE>
17. COUNTERPARTS AND ELECTRONIC MEANS

This Subscription Agreement may be executed in any number of counterparts,  each
of which,  when so executed and delivered,  shall constitute an original and all
of which together shall constitute one instrument.  Delivery of an executed copy
of this  Agreement  by  electronic  facsimile  transmission  or  other  means of
electronic  communication  capable of producing a printed copy will be deemed to
be execution  and  delivery of this  Agreement  as of the date  hereinafter  set
forth.

18. TIME IS OF THE ESSENCE

Time is of the essence of this Subscription Agreement.

                                       13
<PAGE>
                                    EXHIBIT A

NONE OF THE SECURITIES TO WHICH THIS PRIVATE  PLACEMENT  SUBSCRIPTION  AGREEMENT
(THE  "SUBSCRIPTION  AGREEMENT")  RELATES HAVE BEEN REGISTERED  UNDER THE UNITED
STATES  SECURITIES  ACT OF 1933, AS AMENDED (THE "1933 ACT"),  OR ANY U.S. STATE
SECURITIES  LAWS, AND, UNLESS SO REGISTERED,  NONE MAY BE OFFERED OR SOLD IN THE
UNITED  STATES OR TO U.S.  PERSONS (AS  DEFINED  HEREIN)  EXCEPT  PURSUANT TO AN
EXEMPTION  FROM,  OR  IN  A  TRANSACTION   NOT  SUBJECT  TO,  THE   REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

                                                                      US $46,000
                                                                      ----------
                            6% CONVERTIBLE DEBENTURE

                                   Issued by:

                            INDEPENDENCE ENERGY CORP.
                             (herein the "Company")

Due April _______, 2016                                           Debenture #001

All amounts described herein refer to US dollars unless otherwise specified.

1. PROMISE TO PAY

(a) Principal

For value received, the Company, a Nevada corporation,  HEREBY PROMISES TO REPAY
to Europa  Capital AG (the  "Holder")  the  principal  sum of FORTY SIX THOUSAND
DOLLARS in the lawful money of United States of America  (USD$46,000),  together
with interest on the balance of the  principal  sum from time to time  remaining
unpaid as provided for in Section 1(b) hereof,  at 4:00 p.m.  (Pacific  Standard
Time) on April , 2016 (the  "Due  Date")  subject  to such  principal  sum being
reduced  through  conversion  of a  portion  of same into  common  shares in the
capital of the Company pursuant to Section 5 hereof.

(b) Interest

The  outstanding  portion  of the  principal  sum from  time to time  will  bear
interest at a rate equal to six percent (6%) per annum, payable at the Due Date,
if any.

2. DEFAULT

(a) One hundred percent (100%) of the principal money hereby secured and accrued
interest shall immediately become due and payable:

     (i)  if the Company  defaults in the observance or performance of any term,
          covenant or condition  contained in this Debenture and such default is
          not remedied  within  fifteen (15)  business days after service on the
          Company  by the  Holder of a notice  in  writing  requiring  that such
          default be remedied;

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     (ii) if the Company becomes bankrupt or insolvent or goes into liquidation,
          either  voluntarily  or under  any  order  of a court  of a  competent
          jurisdiction,  or makes a general  assignment  for the  benefit of its
          creditors, or otherwise acknowledges its insolvency;

     (iii) the Company ceases or threatens to cease to carry on business;

     (iv) a receiver,  receiver and manager or receiver-manager of any property,
          assets or undertaking of the Company is appointed;

     (v)  any  execution,  sequestration  or other  process of any kind  becomes
          enforceable against the Company, or a distress or analogous process is
          levied upon any property or asset of the Company;

     (vi) the Company  defaults in or under any  obligation or agreement,  other
          than this  Debenture,  which  requires  payment by the  Company of any
          amount in excess of Two  Hundred  and Fifty  Thousand  Dollars  in the
          lawful money of the United States (USD$250,000);

     (vii)the holder of any  encumbrance  against  any  property or asset of the
          Company does anything to enforce or realize on such encumbrance;

     (viii) the  Company  permits  any sum  which has been  admitted  as due and
          payable by it, or which is not  disputed  to be due and payable by it,
          to remain  unpaid for ninety  (90) days after legal  proceedings  have
          been taken to compel payment thereof;

     (ix) the Company loses its certificate of incorporation  by  expropriation,
          forfeiture or otherwise; or

     (x)  the Holder in good faith  believes,  and has  commercially  reasonable
          grounds to believe, that the prospect of payment or performance of any
          of the obligations of the Company is materially impaired.

3. COVENANTS OF THE COMPANY

The  Company  hereby  covenants  with the  Holder  that at all times  during the
currency of this Debenture it:

(a) will well and truly pay all monies  which it may become  obligated to pay to
the Holder;

(b) promptly pay as and when due all amounts and perform all  obligations as may
be required in order to prevent the enforcement of any security  interests which
may rank prior to or equally with the security  interests  granted to the Holder
in respect of this Debenture;

(c) will maintain and secure its  incorporation  and corporate  organization  in
good standing;

(d) will conduct its business in a proper and  businesslike  manner and, subject
to all the  provisions  herein  contained,  diligently  preserve all the rights,
powers, privileges and goodwill owned by it;

(e) will assume and pay all costs,  charges and expenses,  including legal costs
of the Holder incidental to:

     (i)  the preparation of this Debenture; and

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     (ii) any proceedings taken to enforce the remedies under this Debenture, or
          by reason of non-payment or procuring payment of the monies secured by
          this Debenture; and

(f) will  strictly  comply with every  covenant and  undertaking  hereunder.

4. WAIVER

The  Holder  may  waive  any  breach  of the  Company  of any of the  provisions
contained in this Debenture,  or any default by the Company in the observance or
performance of any covenant or condition required to be observed or performed by
the Company under the terms of this  Debenture;  provided always that no failure
or delay on the part of the Holder to exercise any right,  power or remedy given
herein or by  statute  or at law or in equity or  otherwise  shall  operate as a
waiver  thereof,  nor shall any  single or  partial  exercise  of any such right
preclude  any other or further  exercise  thereof or the  exercise  of any other
right, power or remedy.

5. CONVERSION

Upon issuance of this Debenture,  the Holder shall have the right to convert all
or any  portion of the  principal  sum and accrued  interest  of this  Debenture
remaining  outstanding and owing to the Holder (the "Convertible  Indebtedness")
(as at the date of the election to so convert) into common shares in the capital
stock of the Company (the  "Shares").  Notwithstanding  anything to the contrary
herein,  no portion of the Minimum  Interest Charge may converted until accrued.
The conversion  price shall be $$0.01 per share.  The Holder may, at its option,
elect to  convert  the  Debentures  held by the  Holder in  accordance  with the
foregoing in lieu of receiving any funds payable under the Debentures.

Upon issuance of this Debenture,  the Company shall also have the right to repay
all or any  portion of the  Convertible  Indebtedness  or the  Minimum  Interest
Charge (as at the date of the election to so convert) from time to time.

Any such conversion may be effected by the presentation of this Debenture at the
offices of the  Company,  accompanied  by a conversion  notice (the  "Conversion
Notice") in the form attached as Appendix 1, signed by the Holder, notifying the
Company as to the exercise of the right of conversion,  specifying the amount of
the Convertible  Indebtedness being converted, and setting forth the name(s) and
address(es) of the nominee(s) of the Holder in whose name(s) the Shares issuable
upon such conversion are to be registered.  Such  conversion  shall be deemed to
have been  effected  immediately  prior to the close of business on the date the
Company receives the Conversion Notice.

Any such  repayment  by the Company may be  effected  by the  presentation  of a
repayment notice (the "Repayment  Notice"),  in the form attached as Appendix 2,
at the address of the Holder provided in the  Subscription  Agreement  signed by
the Company  notifying  the Holder as to the exercise of the right of repayment,
specifying  the  amount  of the  Convertible  Indebtedness  being  repaid.  Such
repayment shall be deemed to have been effected  immediately  prior to the close
of business on the date the Company or the Holder receives a Repayment Notice.

As  promptly  as  practicable  after  the  presentation  of this  Debenture  for
conversion,  the Company  shall cause to be issued to the Holder or the Holder's
nominee(s) a certificate or certificates  representing  the number of fully paid
and  non-assessable  Shares  into which all or any  portion  of the  Convertible
Indebtedness  has been  converted  and shall  cause the  Holder or the  Holder's
nominee(s)  to be entered in its books as the  holder(s) of the number of Shares
into which any of the Convertible Indebtedness is converted.

In the event that any amounts remain  outstanding  hereunder after giving effect
to such  conversion  and/or  repayment,  the Company shall issue a new Debenture
having a face amount equal to the remaining  Convertible  Indebtedness  owing by
the Company to the Holder as promptly as practicable  after the  presentation of
this Debenture for conversion.

The conversion or repayment of the Convertible  Indebtedness shall in respect of
the amount so converted or repaid be deemed to have been made immediately  prior
to the close of business on the date on which this Debenture is surrendered  for

                                       16
<PAGE>
conversion or repaid.  The Holder's rights in respect of the converted or repaid
portion shall  terminate at such time of surrender,  and, if any, the nominee(s)
of the Holder  entitled  to receive  the Shares into which all or any portion of
any of the Convertible  Indebtedness  is converted shall be treated,  as between
the Company and such person or persons,  as having  become the holder or holders
of record of such  Shares  on that  date,  provided  that if this  Debenture  is
surrendered  for  conversion  on any day on which the register for the Company's
common  shares is closed,  the Holder or the  Holder's  nominee(s)  entitled  to
receive  Shares  upon  the  conversion  of  this  Debenture   shall  become  the
shareholder(s) of record of such Shares as of the date on which the common share
register is next open.

6. FRACTIONAL SHARES

No fractional  Shares shall be issued upon conversion of any Debentures,  and in
lieu of any fractional Shares which would otherwise be issuable upon conversion,
the Company shall pay a cash adjustment equal to such fraction multiplied by the
Conversion Price then in effect; and in determining the number of Shares and the
payment, if any in lieu of fractional shares that the Holder shall receive,  the
principal sums of all debentures  being  converted as at a particular date shall
be aggregated.

7. RESERVES AND ADJUSTMENTS

(a) The  Company  covenants  and  agrees  that so  long  as  this  Debenture  is
outstanding  it will at all times  reserve  out of its  unissued  share  capital
against  the  conversion  rights  conferred  on the holder of such  Debenture  a
sufficient  number of unissued  Shares to entitle all of the  principal  sum and
accrued interest  outstanding  under such Debenture  outstanding to be converted
upon the basis and upon the terms and conditions provided for in this Debenture.

(b) In the event of any subdivision or redivision or change of the Shares at any
time while this  Debenture is outstanding  into a greater number of Shares,  the
Company shall  deliver,  at the time of the exercise  thereafter of the right of
conversion by the registered holder of this Debenture, such additional number of
Shares as would have resulted from such subdivision, redivision or change if the
right of conversion  had been exercised  prior to the date of such  subdivision,
redivision or change.  In the event of any consolidation or change of the Shares
any time while this Debenture is outstanding into a lesser number of Shares, the
number of Shares  deliverable  by the Company on the exercise  thereafter of the
right of  conversion  shall be  reduced  to such  number of Shares as would have
resulted from such  consolidation  or change if the right of conversion had been
exercised prior to the date of such consolidation or change; and

(c) If the Company shall  declare and pay a stock  dividend upon its Shares or a
dividend upon its Shares payable at the option of the respective  holders either
in Shares or in cash then in each such case from and after the  payment  date of
such  dividend the  conversion  right herein  provided for shall be increased in
proportion  to  the  increase  in  the  number  of  outstanding  Shares  of  the
appropriate class resulting from such dividend.

8. NOTICES

Any notice,  direction  or other  instrument  required or  permitted to be given
under this  Debenture  by the Holder to the Company or the Company to the Holder
shall be in writing and may be given by delivering same or transmitting  same by
facsimile transmission or similar method.

Any notice, direction or instrument aforesaid shall:

(a) if delivered,  be deemed to have been given or made at the time of delivery;
and

(b) if transmitted by facsimile transmission or similar method will be deemed to
have been given or made on the next  business day  following the day on which it
was so transmitted.

                                       17
<PAGE>
Any party may give written  notice of change of address in the same  manner,  in
which event such notice  shall  thereafter  be given to it as above  provided at
such changed address.

9. NO MERGER

This  Debenture  shall  not  operate  by way of merger  of any  indebtedness  or
liability of the Company or any other person or persons to the Holder  hereunder
or under any deed, guarantee, contract, draft, bill of exchange, promissory note
or  other  negotiable  instrument  by  which  the  same  may now or at any  time
hereafter be  represented  or evidenced and no judgment  recovered by the Holder
shall merge or in any way affect the Holder's right to interest as aforesaid.

10. ENUREMENT

This Debenture and the charges created hereby and all its provisions shall enure
to the benefit of the Holder, its successors and permitted assigns, and shall be
binding upon the Company, its successors and assigns.

11. ASSIGNABILITY

The  obligations of the Company under this Debenture are not assignable  without
the consent of the Holder.  This Debenture shall be binding upon the Company and
its successors and assigns, and shall inure to the benefit of the Holder and the
permitted assigns of the Debenture.

12. TIME IS OF THE ESSENCE

Time shall be of the essence of this Debenture.

13. INTERPRETATION

The following rules shall be applied in interpreting this Debenture:

(a) Cross Reference

Unless  otherwise  stated a reference  herein to a numbered  or lettered  clause
refers to the clause bearing that number or letter in this Debenture.

(b) Proper Law

The  proper  law of this  Debenture  is the law of the State of Nevada  (without
reference  to its rules  governing  the  choice or  conflict  of laws),  and the
parties hereto  irrevocably  attorn and submit to the exclusive  jurisdiction of
the  courts  of  Nevada  in  all  matters   concerning  the  interpretation  and
enforcement of this Debenture.

(c) Severability

If a  provision  of this  Debenture  shall be found to be  wholly  or  partially
invalid, this Debenture shall be interpreted as if the invalid provision had not
been a part hereof.

                      [THIS PART INTENTIONALLY LEFT BLANK]

                                       18
<PAGE>
(d) Headings

The headings of the clauses of this  Debenture  have been inserted for reference
only and do not defined, limit, alter or enlarge the meaning of any provision of
this Debenture.

IN WITNESS  WHEREOF this  Debenture has been executed and delivered  this ______
day of April, 2013

INDEPENDENCE ENERGY CORP.

Per: /s/ Gregory Rotelli
     --------------------------------------------
Name:  Gregory Rotelli
Title: Director

I have authority to bind the Company

                                       19
<PAGE>
                                   APPENDIX 1
                            FORM OF CONVERSION NOTICE

TO: INDEPENDENCE ENERGY CORP.

The undersigned, the registered holder (the "Holder") of the enclosed Debenture,
hereby  irrevocably  elects to convert  such  Debenture  (or $ of the  principal
amount and accrued  interest  thereof)  into common  shares  (the  "Shares")  of
Independence  Energy  Corp.,  in  accordance  with  the  terms  of the  enclosed
Debenture  and  directs  that  the  Shares  issuable  and  deliverable  upon the
conversion be issued and delivered to the person indicated below.

DATED:                                   Europa Capital AG
      -----------------------------      ---------------------------------------
                                         Name of Holder (Please Print)

                                         By:
                                            ------------------------------------
                                            Authorized Signatory

                                         ---------------------------------------
                                         Official Capacity or Title
                                         (Please Print)

                                         ---------------------------------------
                                         Address

                                         ---------------------------------------
                                         Address

                                         ---------------------------------------
                                         Telephone Number

Register the Shares as set forth         Deliver  the Shares as set forth
below:                                   below:

-----------------------------------      ---------------------------------------
Name                                     Name

-----------------------------------      ---------------------------------------
Account reference, if applicable         Account reference, if applicable

-----------------------------------      ---------------------------------------
Address                                  Contact Name

-----------------------------------      ---------------------------------------
Address                                  Address

                                         ---------------------------------------
                                         Address

                                         ---------------------------------------
                                         Telephone Number

                                       20
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                                   APPENDIX 2
                            FORM OF REPAYMENT NOTICE

TO: EUROPA CAPITAL AG

The undersigned,  the issuer of the Debenture # _____________ (the "Debenture"),
hereby  irrevocably  elects to repay such  Debenture (or  $_____________  of the
principal amount and accrued interest thereof),  in accordance with the terms of
the Debenture.

DATED:                              INDEPENDENCE ENERGY CORP.
      ----------------------

                                    By:
                                       -----------------------------------------
                                       Authorized Signatory

                                       -----------------------------------------
                                       Official Capacity or Title (Please Print)

                                       21

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