Document:

NEITHER
      THESE WARRANTS NOR THE COMMON STOCK ISSUABLE UPON EXERCISE OF THESE WARRANTS
      HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
      OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED OR
      TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
      SECURITIES UNDER THE ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS
      AVAILABLE. 

     
      

    
      	
              ___________
                Warrants 

            	
               
                

            	
              _____________________,
                2007 

            

    

    

    SUB-URBAN
      BRANDS, INC. 

    WARRANTS
      

     
      

    Sub-Urban
      Brands, Inc., a Nevada corporation (“SUUB”),
      certifies that, for value received, ______________ (“ ____________
      ”),
      or
      registered assigns (the “Holder”),
      is
      the owner of ____________ (________) Warrants of SUUB (the “ Warrants
      ”).
      Each
      Warrant entitles the Holder to purchase from SUUB at any time prior to the
      Expiration Date (as defined below) one share of the common stock of SUUB (the
      “Common
      Stock”)
      for
      $0.15 per share (the “Exercise
      Price”),
      subject to adjustment as defined in section 2, on the terms and conditions
      hereinafter provided. The Exercise Price and the number of shares of Common
      Stock purchasable upon exercise of each Warrant are subject to adjustment as
      provided in this Certificate. 

     
      

    1.
        
      Vesting;
      Expiration Date; Exercise

     

    1.1
        
      Vesting.
      The
      Warrants shall vest and become exercisable as of the date of this Certificate.
      

     
      

    1.2
       
      Expiration
      Date. The
      Warrants shall expire on __________________, 2012 (the “Expiration
      Date”).
      

     
      

    1.3
        
      Manner
      of Exercise. The
      Warrants are exercisable, in whole or in part, by delivery to SUUB of the
      following (the “ Exercise
      Documents ”):
      (a)
      this Certificate (b) a written notice of election to exercise the Warrants;
      and
      (c) payment of the Exercise Price in immediately available funds or by “net”
exercise as contemplated by Section 1.4 of this Certificate. Within ten (10)
      business days following receipt of the foregoing, SUUB shall execute and deliver
      to the Holder: (a) a certificate or certificates representing the aggregate
      number of shares of Common Stock purchased by the Holder, and (b) if less than
      all of the Warrants evidenced by this Certificate are exercised, a new
      certificate evidencing the Warrants not so exercised.   
      

     
      

    1.4
        
      Net
      Exercise. In
      lieu
      of the payment methods set forth in Section 1.3 above, the Holder may elect
      to
      exchange all or some of the Warrants for the number of shares of Common Stock
      computed using the following formula: 

     
      

    X
      =
Y
      (A-B) 

               
      A 

     
      

    Where
      X =
      the number of shares of Common Stock to be issued to Holder. 

     
      

    Y
      = the
      number of shares of Common Stock purchasable under the Warrants being exchanged
      (as adjusted to the date of such calculation). 

     
      

    A
      = the
      Market Price on the date of receipt by SUUB of the exercise documents.

     
      

    B
      = the
      Exercise Price of the Warrants being exchanged (as adjusted in accordance with
      the terms of Section 2 hereof). 

     
      

    The
      “Market
      Price”
on
      any
      trading day shall be deemed to be the average of the ask and bid price of the
      Common Stock over the five (5) trading days immediately preceding receipt by
      the
      Company of the exercise documents as officially reported by the principal
      securities exchange or quotation medium on which the shares of Common Stock
      are
      listed or eligible for trading. If the Market Price cannot be determined
      pursuant to the sentence above, the Market Price shall be determined in good
      faith (using customary valuation methods) by the Board of Directors of the
      Company, and in the sole and absolute discretion of the Board of Directors
      of
      the Company, based on the information best available to it, including recent
      arms-length sales of Common Stock to unaffiliated persons. 

     
      

    1.5
        
      Restriction
      on “Net” Exercise. Notwithstanding
      any other provision of this Certificate, Holder shall not be permitted to effect
      a “net” exercise of the Warrants: (a) prior to one year from the date hereof and
      (b) after one year from the date hereof if on the date of exercise the resale
      of
      the underlying shares by Holder has been registered under the Securities Act
      of
      1933, as amended, pursuant to a registration statement which is then in effect,
      and on such date the Holder shall be permitted to resell such shares pursuant
      to
      such registration statement, and the Common Stock shall be listed or quoted
      for
      trading on the OTC Bulletin Board, the NASDAQ Stock Market or an exchange or
      quotation system. 

     
      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Adjustments
      of Exercise Price and Number and Kind of Conversion Shares 

     
      

    1.6
        
      In
      the
      event that SUUB shall at any time hereafter (a) pay a dividend in Common Stock
      or securities convertible into Common Stock; (b) subdivide or split its
      outstanding Common Stock; (c) combine its outstanding Common Stock into a
      smaller number of shares; then the number of shares to be
      issued
      immediately after the occurrence of any such event shall be adjusted so that
      the
      Holder thereafter may receive the number of shares of Common Stock it would
      have
      owned immediately following such action if it had exercised the Warrants
      immediately prior to such action and the Exercise Price shall be adjusted to
      reflect such proportionate increases or decreases in the number of shares.
      

     
      

    1.7
        
      In
      case
      of any reclassification of the outstanding shares of Common Stock (other than
      a
      change covered by Section 2.1 hereof or a change which solely affects the par
      value of such shares) or in the case of any acquisition of the Company’s Common
      Stock for stock of the acquirer, consolidation or merger in which SUUB is not
      the continuing corporation and which results in any reclassification,
      replacement or capital reorganization of the outstanding shares, the Holder
      shall have the right thereafter (until the Expiration Date) to receive upon
      the
      exercise hereof, for the same aggregate Exercise Price payable hereunder
      immediately prior to such event, the kind and amount of shares of stock or
      other
      securities or property receivable upon such reclassification, capital
      reorganization, merger, acquisition for stock or consolidation, that would
      have
      been received by a Holder of the number of shares of Common Stock obtainable
      upon the exercise of the Warrants immediately prior to such event; and if any
      reclassification also results in a change in shares covered by Section 2.1,
      then
      such adjustment shall be made pursuant to both this Section 2.2 and Section
      2.1
      (without duplication). The provisions of this Section 2.2 shall similarly apply
      to successive reclassifications, capital reorganizations and mergers or
      consolidations, sales or other transfers. 

     
      

    1.8
        
      The
      Exercise Price may be adjusted for any unexercised warrants prior to the
      Expiration Date in accordance with the terms of the attached Exhibit B -
      Exercise Price Adjustments. 

     
      

    2.
        
      Reservation
      of Shares. SUUB
      shall at all times reserve and keep available out of its authorized but unissued
      shares of Common Stock, such number of shares of Common Stock as shall from
      time
      to time be issuable upon exercise of the Warrants. If at any time the number
      of
      authorized but unissued shares of Common Stock shall not be sufficient to permit
      the exercise of the Warrants, SUUB shall promptly seek such corporate action
      as
      may be reasonably necessary to increase its authorized but unissued shares
      of
      Common Stock to such number of shares as shall be sufficient for such purpose.
      

     
      

    3.
        
      Loss
      or Mutilation. Upon
      receipt of evidence reasonably satisfactory to SUUB of the ownership of and
      the
      loss, theft, destruction or mutilation of this Certificate, and of indemnity
      reasonably satisfactory to it, and (in the case of mutilation) upon surrender
      and cancellation of these Warrants, SUUB will execute and deliver in lieu
      thereof a new Certificate of like tenor as the lost, stolen, destroyed or
      mutilated Certificate. 

     
      

    4.
        
      Representations
      and Warranties of SUUB. SUUB
      hereby represents and warrants to Holder that: 

     
      

    4.1
        
      Due
      Authorization. All
      corporate action on the part of SUUB, its officers, directors and shareholders
      necessary for (a) the authorization, execution and delivery of, and the
      performance of all obligations of SUUB under, these Warrants, and (b) the
      authorization, issuance, reservation for issuance and delivery of all of the
      Common Stock issuable upon exercise of these Warrants, has been duly taken.
      These Warrants constitute a valid and binding obligation of SUUB enforceable
      in
      accordance with their terms, subject, as to enforcement of remedies, to
      applicable bankruptcy, insolvency, moratorium, reorganization and similar laws
      affecting creditors’ rights generally and to general equitable principles.

     
      

    4.2
        
      Organization.
      SUUB is a corporation duly organized, validly existing and in good standing
      under the laws of the State referenced in the first paragraph of this
      Certificate and has all requisite corporate power to own, lease and operate
      its
      property and to carry on its business as now being conducted and as currently
      proposed to be conducted. 

     
      

    4.3
        
      Valid
      Issuance of Stock. Any
      shares of Common Stock issued upon exercise of these Warrants will be duly
      and
      validly issued, fully paid and non-assessable. 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4.4
        
      Governmental
      Consents.
      All
      consents, approvals, orders, authorizations or registrations, qualifications,
      declarations or filings with any federal or state governmental authority on
      the
      part of SUUB required in connection with the consummation of the transactions
      contemplated herein have been obtained. 

     
      

    5.
        
      Representations
      and Warranties of ___________ .
      ___________ hereby represents and warrants to SUUB that: 

     
      

    5.1
        
      ___________
      is acquiring the Warrants for its own account, for investment purposes only.
      

     
      

    5.2
        
      ___________
      understands that an investment in the Warrants involves a high degree of risk,
      and ___________ has the financial ability to bear the economic risk of this
      investment in the Warrants, including a complete loss of such investment.
      ___________ has adequate means for providing for its current financial needs
      and
      has no need for liquidity with respect to this investment. 

     
      

    5.3
        
      ___________
      has such knowledge and experience in financial and business matters that it
      is
      capable of evaluating the merits and risks of an investment in the Warrants
      and
      in protecting its own interest in connection with this transaction.

     
      

    5.4
        
      ___________
      understands that the Warrants have not been registered under the Securities
      Act
      of 1933, as amended (the “Securities
      Act”)
      or
      under any state securities laws. ___________ is familiar with the provisions
      of
      the Securities Act and Rule 144 thereunder and understands that unless an
      appropriate registration statement is filed, the restrictions on transfer on
      the
      Warrants may result in ___________ being required to hold the Warrants or the
      shares issued upon their exercise for an indefinite period of time.

     
      

    5.5
        
      ___________
      agrees not to sell, transfer, assign, gift, create a security interest in,
      or
      otherwise dispose of, with or without consideration (collectively, “Transfer”)
      any of
      the Warrants except pursuant to an effective registration statement under the
      Securities Act or an exemption from registration. As a further condition to
      any
      such Transfer, except in the event that such Transfer is made pursuant to an
      effective registration statement under the Securities Act, if in the reasonable
      opinion of counsel to SUUB any Transfer of the Warrants by the contemplated
      transferee thereof would not be exempt from the registration and prospectus
      delivery requirements of the Securities Act, SUUB may require the contemplated
      transferee to furnish SUUB with an investment letter setting forth such
      information and agreements as may be reasonably requested by SUUB to ensure
      compliance by such transferee with the Securities Act. 

     
      

    6.
        
      Notices
      of Record Date 

     
      

    In
      the
      event: 

     
      

    6.1
        
      SUUB
      shall take a record of the holders of its Common Stock (or other stock or
      securities at the time receivable upon the exercise of these Warrants), for
      the
      purpose of entitling them to receive any dividend or other distribution, or
      any
      right to subscribe for or purchase any shares of stock of any class or any
      other
      securities or to receive any other right; or 

     
      

    6.2
        
      of
      any
      consolidation or merger of SUUB with or into another corporation, any capital
      reorganization of SUUB, any reclassification of the capital stock of SUUB,
      or
      any conveyance of all or substantially all of the assets of SUUB to another
      corporation in which holders of SUUB’s stock are to receive stock, securities or
      property of another corporation; or 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    6.3
        
      of
      any
      voluntary dissolution, liquidation or winding-up of SUUB; or 

     
      

    6.4
        
      of
      any
      redemption or conversion of all outstanding Common Stock; 

     
      

    then,
      and
      in each such case, SUUB will mail or cause to be mailed to the Holder a notice
      specifying, as the case may be, (a) the date on which a record is to be taken
      for the purpose of such dividend, distribution or right, or (b) the date on
      which such reorganization, reclassification, consolidation, merger, conveyance,
      dissolution, liquidation, winding-up, redemption or conversion is to take place,
      and the time, if any is to be fixed, as of which the holders of record of Common
      Stock (or such stock or securities as at the time are receivable upon the
      exercise of these Warrants), shall be entitled to exchange their shares of
      Common Stock (or such other stock or securities), for securities or other
      property deliverable upon such reorganization, reclassification, consolidation,
      merger, conveyance, dissolution, liquidation or winding-up. SUUB shall use
      all
      reasonable efforts to ensure such notice shall be delivered at least 15 days
      prior to the date therein specified. 

     
      

    7.
        
      Registration
      Rights.
      

     
      

    7.1
        
      Definitions.
      For
      purposes of this Section 7, the following terms shall have the meanings set
      forth below: 

     
      

    7.1.1
        
      A
      “Blackout
      Event”
means
      any of the following: (a) the possession by SUUB of material information that
      is
      not ripe for disclosure in a registration statement or prospectus, as determined
      reasonably and in good faith by the Chief Executive Officer or the Board of
      Directors of SUUB or that disclosure of such information in the Registration
      Statement or the prospectus constituting a part thereof would be materially
      detrimental to the business and affairs of SUUB; or (b) any material engagement
      or activity by SUUB which would, in the reasonable and good faith determination
      of the Chief Executive Officer or the Board of Directors of SUUB, be materially
      adversely affected by disclosure in a registration statement or prospectus
      at
      such time. 

     
      

    7.1.2
        
      “Exchange
      Act”
shall
      mean the Securities Exchange Act of 1934, as amended. 

     
      

    7.1.3
        
      “Included
      Shares”
shall
      mean any Registrable Shares included in a Registration. 

     
      

    7.1.4
        
      “Registrable
      Shares”
shall
      mean the shares of Common Stock (or such stock or securities as at the time
      are
      receivable upon the exercise of these Warrants) issuable upon exercise of the
      Warrants and shares or securities issued as a result of stock split, stock
      dividend or reclassification of such shares. 

     
      

    7.1.5
        
      “Registration”
shall
      mean a registration of securities under the Securities Act pursuant to Section
      8.2 or 8.3 of this Agreement. 

     
      

    7.1.6
        
      “Registration
      Period”
with
      respect to any Registration Statement the period commencing the effective date
      of the Registration Statement and ending upon withdrawal or termination of
      the
      Registration Statement. 

     
      

    7.1.7
        
      “Registration
      Statement”
shall
      mean the registration statement, as amended from time to time, filed with the
      SEC in connection with a Registration. 

     
      

    7.1.8
        
      “SEC”
shall
      mean the Securities and Exchange Commission. 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    7.2
        
      Piggyback
      Registration.
      Unless
      the Registrable Shares are then included in a Registration Statement or can
      be
      sold under the provisions of Rule 144 without limitation as to volume, whether
      pursuant to Rule 144(k) or otherwise, if SUUB shall determine to register any
      Common Stock under the Securities Act for sale in connection with a public
      offering of Common Stock (other than pursuant to an employee benefit plan or
      a
      merger, acquisition or similar transaction), SUUB will give written notice
      thereof to Holder and will include in such Registration Statement any of the
      Registrable Shares which Holder may request be included (“ Included
      Shares ”)
      by a
      writing delivered to SUUB within 15 days after the notice given by SUUB to
      Holder; provided, however, that if the offering is to be firmly underwritten,
      and the representative of the underwriters of the offering refuse in writing
      to
      include in the offering all of the shares of Common Stock requested by SUUB
      and
      others, the shares to be included shall be allocated first to SUUB and any
      shareholder who initiated such Registration and then among the others based
      on
      the respective number of shares of Common Stock held by such persons. If SUUB
      decides not to, and does not, file a Registration Statement with respect to
      such
      Registration, or after filing determines to withdraw the same before the
      effective date thereof, SUUB will promptly so inform Holder, and SUUB will
      not
      be obligated to complete the registration of the Included Shares included
      therein. 

     
      

    7.3
        
      Certain
      Covenants.
      In
      connection with any Registration: 

     
      

    7.3.1
        
      SUUB
      shall take all lawful action as may be necessary to insure that the Registration
      Statement, any amendment thereto and the prospectus forming a part thereof
      does
      not contain an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they are made, not misleading. Upon
      becoming aware of the occurrence of any event or the discovery of any facts
      during the Registration Period that make any statement of a material fact made
      in the Registration Statement or the related prospectus untrue in any material
      respect or which material fact is omitted from the Registration Statement or
      related prospectus that requires the making of any changes in the Registration
      Statement or related prospectus so that it will not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements therein, in light of the circumstances under which they are made,
      not
      misleading (taking into account any prior amendments or supplements), SUUB
      shall
      promptly notify Holder, and, subject to the provisions of Section 8.5, as soon
      as reasonably practicable prepare (but, subject to Section 8.5, in no event
      more
      than five business days in the case of a supplement or seven business days
      in
      the case of a post-effective amendment) and file with the SEC a supplement
      or
      post-effective amendment to the Registration Statement or the related prospectus
      or file any other required document so that, as thereafter delivered to a
      purchaser of Shares from Holder, such prospectus will not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements therein, in light of the circumstances under which they were
      made, not misleading. 

     
      

    7.3.2
        
      SUUB
      shall promptly notify Holder upon the occurrence of any of the following events
      in respect of the Registration Statement or the prospectus forming a part
      thereof: (a) the issuance by the SEC or any other federal or state governmental
      authority of any stop order suspending the effectiveness of the Registration
      Statement or the initiation of any proceedings for that purpose; or (b) the
      receipt of any notification with respect to the suspension of the qualification
      or exemption from qualification of any of the Shares for sale in any
      jurisdiction or the initiation or threatening of any proceeding for such
      purpose. 

     
      

    7.3.3
        
      SUUB
      shall furnish to Holder with respect to the Included Shares registered under
      the
      Registration Statement (and to each underwriter, if any, of such Shares) such
      number of copies of prospectuses and such other documents as Holder may
      reasonably request, in order to facilitate the public sale or other disposition
      of all or any of the Included Shares by Holder pursuant to the Registration
      Statement. 

     
      

    7.3.4
        
      SUUB
      shall bear and pay all expenses incurred by it and Holder (other than
      underwriting discounts, brokerage fees and commissions and fees and expenses
      of
      more than one law firm) in connection with the registration of the Shares
      pursuant to the Registration Statement.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    7.3.5
        
      As
      a
      condition to including Registrable Shares in a Registration Statement, Holder
      must provide to SUUB such information regarding itself, the Registrable Shares
      held by it and the intended method of distribution of such Shares as shall
      be
      required to effect the registration of the Registrable Shares and, if the
      offering is being underwritten, Holder must provide such powers of attorney,
      indemnities and other documents as may be reasonably requested by the managing
      underwriter. 

     
      

    7.3.6
        
      Following
      the effectiveness of the Registration Statement, upon receipt from SUUB of
      a
      notice that the Registration Statement contains an untrue statement of material
      fact or omits to state any material fact required to be stated therein or
      necessary to make the statements therein not misleading in light of the
      circumstances under which they were made, Holder will immediately discontinue
      disposition of Included Shares pursuant to the Registration Statement until
      SUUB
      notifies Holder that it may resume sales of Included Shares and, if necessary,
      provides to Holder copies of the supplemental or amended prospectus.

     
      

    7.4
        
      Blackout
      Event.
      SUUB
      shall not be obligated to file a post-effective amendment or supplement to
      the
      Registration Statement or the prospectus constituting a part thereof during
      the
      continuance of a Blackout Event; provided, however, that no Blackout Event
      may
      be deemed to exist for more than 60 days. Without the express written consent
      of
      Holder, if required to permit the continued sale of Shares by Holder, a
      post-effective amendment or supplement to Registration Statement or the
      prospectus constituting a part thereof must be filed no later than the 61
st
      day
      following commencement of a Blackout Event. 

     
      

    7.5
        
      Rule
      144.
      With a
      view to making available to Holder the benefits of Rule 144, SUUB agrees, until
      such time as Holder can sell all remaining Registrable Shares under the
      provisions Rule 144(k), to: 

     
      

    7.5.1.1
        
      comply
      with the provisions of paragraph (c)(1) of Rule 144; and 

     
      

    7.5.1.2
        
      file
      with
      the SEC in a timely manner all reports and other documents required to be filed
      by SUUB pursuant to Section 13 or 15(d) under the Exchange Act; and, if at
      any
      time it is not required to file such reports but in the past had been required
      to or did file such reports, it will, upon the request of a Purchaser, make
      available other information as required by, and so long as necessary to permit
      sales of its Shares pursuant to, Rule 144. 

     
      

    7.6
        
      SUUB
      Indemnification.
      SUUB
      agrees to indemnify and hold harmless Holder, and its officers, directors and
      agents ,  
      and
      each
      person, if any, who controls Holder within the meaning of Section 15 of the
      Securities Act or Section 20 of the Exchange Act from and against any and all
      losses, claims, damages and liabilities caused by (a) any violation or alleged
      violation by SUUB of the Securities Act, Exchange Act, any state securities
      laws
      or any rule or regulation promulgated under the Securities Act, Exchange Act
      or
      any state securities laws, (b) any untrue statement or alleged untrue statement
      of a material fact contained in any registration statement or prospectus
      relating to the Included Shares (as amended or supplemented if SUUB shall have
      furnished any amendments or supplements thereto) or any preliminary prospectus,
      or (c) caused by any omission or alleged omission to state therein a material
      fact required to be stated therein or necessary to make the statements therein
      not misleading in light of the circumstances under which they were made, except
      insofar as such losses, claims, damages or liabilities are caused by any such
      untrue statement or omission or alleged untrue statement or omission based
      upon
      information furnished in writing to SUUB by Holder or on Holder’s behalf
      expressly for use therein. 

     
      

    7.7
        
      Holder
      Indemnification.
      Holder
      agrees to indemnify and hold harmless SUUB, its officers, directors and agents
      and each person, if any, who controls SUUB within the meaning of either Section
      15 of the Securities Act or Section 20 of the Exchange Act to the same extent
      as
      the foregoing indemnity from SUUB to Holder, but only with respect to
      information furnished in writing by Holder or on Holder’s behalf expressly for
      use in any registration statement or prospectus relating to the Registrable
      Shares, or any amendment or supplement thereto, or any preliminary prospectus.
      

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     
      

    7.8
        
      Indemnification
      Procedures.
      In case
      any proceeding (including any governmental investigation) shall be instituted
      involving any person in respect of which indemnity may be sought pursuant to
      this Section 9, such person (an “Indemnified
      Party”)
      shall
      promptly notify the person against whom such indemnity may be sought (the
“Indemnifying
      Party”)
      in
      writing and the Indemnifying Party shall assume the defense thereof, including
      the employment of counsel reasonably satisfactory to such Indemnified Party,
      and
      shall assume the payment of all fees and expenses; provided that the failure
      of
      any Indemnified Party so to notify the Indemnifying Party shall not relieve
      the
      Indemnifying Party of its obligations hereunder except to the extent (and only
      to the extent that) that the Indemnifying Party is materially prejudiced by
      such
      failure to notify. In any such proceeding, any Indemnified Party shall have
      the
      right to retain its own counsel, but the fees and expenses of such counsel
      shall
      be at the expense of such Indemnified Party unless (a) the Indemnifying Party
      and the Indemnified Party shall have mutually agreed to the retention of such
      counsel or (b) in the reasonable judgment of such Indemnified Party
      representation of both parties by the same counsel would be inappropriate due
      to
      actual or potential differing interests between them. It is understood that
      the
      Indemnifying Party shall not, in connection with any proceeding or related
      proceedings in the same jurisdiction, be liable for the reasonable fees and
      expenses of more than one separate firm of attorneys (in addition to any local
      counsel) at any time for all such Indemnified Parties (including in the case
      of
      Holder, all of its officers, directors and controlling persons) and that all
      such fees and expenses shall be reimbursed as they are incurred. In the case
      of
      any such separate firm for the Indemnified Parties, the Indemnified Parties
      shall designate such firm in writing to the Indemnifying Party. The Indemnifying
      Party shall not be liable for any settlement of any proceeding effected without
      its written consent (which consent shall not be unreasonably withheld or
      delayed), but if settled with such consent, or if there be a final judgment
      for
      the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
      Indemnified Parties from and against any loss or liability (to the extent stated
      above) by reason of such settlement or judgment. No Indemnifying Party shall,
      without the prior written consent of the Indemnified Party, effect any
      settlement of any pending or threatened proceeding in respect of which any
      Indemnified Party is or could have been a party and indemnity could have been
      sought hereunder by such Indemnified Party, unless such settlement includes
      an
      unconditional release of such Indemnified Party from all liability arising
      out
      of such proceeding. 

     
      

    7.9
        
      Contribution.
      To the
      extent any indemnification by an Indemnifying Party is prohibited or limited
      by
      law, the Indemnifying Party agrees to make the maximum contribution with respect
      to any amounts for which, he, she or it would otherwise be liable under this
      Section 9 to the fullest extent permitted by law; provided, however, that (a)
      no
      contribution shall be made under circumstances where a party would not have
      been
      liable for indemnification under this Section 9 and (b) no seller of Registrable
      Securities guilty of fraudulent misrepresentation (within the meaning used
      in
      the Securities Act) shall be entitled to contribution from any party who was
      not
      guilty of such fraudulent misrepresentation. 

     
      

    8.
        
       
      Mergers,
      Consolidations, etc. 

     
      

    8.1
      Except as may otherwise be provided, if the Company shall merge or consolidate
      with another corporation, the Holder shall thereafter have the right, upon
      exercise of the rights specified in this Warrant Agreement and payment of the
      Exercise Price, to receive solely the kind and amount of shares of stock
      (including, if applicable, Common Stock), other securities, property or cash
      or
      any combination thereof receivable by a holder of the number of shares of Common
      Stock for which this Warrant Agreement might have been exercised immediately
      prior to such merger or consolidation (assuming, if applicable, that the holder
      of such Common Stock failed to exercise its rights of election, if any, as
      to
      the kind or amount of shares of stock, other securities, property or cash or
      combination thereof receivable upon such merger or consolidation). 

    

    8.2
      In
      case of any reclassification or change of the shares of Common Stock issuable
      upon exercise of (other than elimination or par value, a change in par value,
      or
      from par value to no par value, or as the result of a subdivision or combination
      of shares (which is provided for elsewhere herein), but including any
      reclassification of the shares of Common stock into two (2) or more classes
      or
      series of shares) or in case of any merger or consolidation of another
      corporation into the Company in which the

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Company
      is the surviving corporation and in which there is a reclassification or change
      of the shares of Common Stock (other than a change in par value, or from par
      value to no par value, or as a result of a subdivision or combination (which
      is
      provided for elsewhere herein), but including any reclassification of the shares
      of Common Stock, the Holder shall thereafter have the right, upon exercise
      hereof and payment of the Exercise Price, to receive solely the kind and amount
      of shares of stock (including, if applicable, Common Stock), other securities,
      property or cash or any combination thereof receivable upon such
      reclassification, change, merger or consolidation by a holder of the number
      of
      shares of Common Stock for which the rights specified in this Warrant Agreement
      might have been exercised immediately prior to such reclassification, change,
      merger or consolidation (assuming, if applicable, that the holder of such Common
      Stock failed to exercise its rights of election, if any, as to the kind or
      amount of shares of stock, other securities, property or cash or combination
      thereof receivable upon such reclassification, change, merger or consolidation).
      

     
      

    9.
        
      Acquisition.
      In
      the
      event the Company is acquired by another entity, the Holder at the closing
      of
      the acquisition will have the right to exchange these Warrants for Warrants
      to
      be issued by the acquirer for an amount of shares, at an exercise price and
      on
      such terms as would be necessary so that the Holder of such replacement Warrants
      would have the same exercise terms (including the exercise price) as exist
      for
      these Warrants and upon exercise of such replacement Warrants would receive
      the
      same number of shares that the Holder of the number of shares of Common Stock
      obtainable upon exercise of these Warrants immediately prior to such event
      would
      have received. A Warrant Exchange Agreement between Holder and the acquirer
      will
      be part of the closing documents at the time of the close of the acquisition.
      

     
      

    10.
        
      Severability.
      If
      any
      term, provision, covenant or restriction of these Warrants is held by a court
      of
      competent jurisdiction to be invalid, void or unenforceable, the remainder
      of
      the terms, provisions, covenants and restrictions of these Warrants shall remain
      in full force and effect and shall in no way be affected, impaired or
      invalidated. 

     
      

    11.
        
      Notices.
      All
      notices, requests, consents and other communications required hereunder shall
      be
      in writing and shall be effective when delivered or, if delivered by registered
      or certified mail, postage prepaid, return receipt requested, shall be effective
      on the third day following deposit in United States mail: to the Holder, at
      _______________, _______________________, with a copy to __________________;
      and
      if addressed to SUUB, at Sub-Urban Brands, Inc., 8723 Bellanca Building A,
      Los
      Angeles, CA 90045 , or such other address as Holder or SUUB may designate in
      writing. 

     
      

    12.
        
      No
      Rights as Shareholder. The
      Holder shall have no rights as a shareholder of SUUB with respect to the shares
      issuable upon exercise of the Warrants until the receipt by SUUB of all of
      the
      Exercise Documents. 

     
      

    
      	
               
                

            	
               
                

            	
               
                

            
	
               
                

            	
              Sub-Urban
                Brands, Inc. 

            
	
               
                

               
                

            	
               
                

               
                

            	
               
                

               
                

            
	
               
                

            	
              By:  
                

            	
              __________________________

            
	
               
                

            	
              
                Joseph
                  Shortal, Chief Executive Officer

              

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      “A” 

    NOTICE
      OF EXERCISE 

    (To
      be
      signed only upon exercise of the Warrants)

     

    To:
       
      Sub-Urban
      Brands, Inc. 

     
      

    The
      undersigned hereby elects to purchase shares of Common Stock (the “Warrant
      Shares”)
      of
      Sub-Urban
      Brands, Inc. (“ SUUB
      ”),
      pursuant to the terms of the enclosed warrant certificate (the “ Certificate
      ”).
      The
      undersigned tenders herewith payment of the exercise price pursuant to the
      terms
      of the Certificate. 

     
      

    The
      undersigned hereby represents and warrants to, and agrees with, SUUB as follows:
      

     
      

    1.
        
      Holder
      is
      acquiring the Warrant Shares for its own account, for investment purposes only.
      

     
      

    2.
        
      Holder
      understands that an investment in the Warrant Shares involves a high degree
      of
      risk, and Holder has the financial ability to bear the economic risk of this
      investment in the Warrant Shares, including a complete loss of such investment.
      Holder has adequate means for providing for its current financial needs and
      has
      no need for liquidity with respect to this investment. 

     
      

    3.
        
      Holder
      has such knowledge and experience in financial and business matters that it
      is
      capable of evaluating the merits and risks of an investment in the Warrant
      Shares and in protecting its own interest in connection with this transaction.
      

     
      

    4.
        
      Holder
      understands that the Warrant Shares have not been registered under the
      Securities Act or under any state securities laws. Holder is familiar with
      the
      provisions of the Securities Act and Rule 144 thereunder and understands that
      the restrictions on transfer on the Warrant Shares may result in Holder being
      required to hold the Warrant Shares for an indefinite period of time.

     
      

    5.
        
      Holder
      agrees not to sell, transfer, assign, gift, create a security interest in,
      or
      otherwise dispose of, with or without consideration (collectively, “Transfer”)
      any of
      the Warrant Shares except pursuant to an effective registration statement under
      the Securities Act or an exemption from registration. As a further condition
      to
      any such Transfer, except in the event that such Transfer is made pursuant
      to an
      effective registration statement under the Securities Act, if in the reasonable
      opinion of counsel to SUUB any Transfer of the Warrant Shares by the
      contemplated transferee thereof would not be exempt from the registration and
      prospectus delivery requirements of the Securities Act, SUUB may require the
      contemplated transferee to furnish SUUB with an investment letter setting forth
      such information and agreements as may be reasonably requested by SUUB to ensure
      compliance by such transferee with the Securities Act. 

     
      

    Each
      certificate evidencing the Warrant Shares will bear the following legend:

     
      

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933 (THE “ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS AND
      MAY NOT BE EXERCISED, SOLD, PLEDGED OR TRANSFERRED IN THE ABSENCE OF AN
      EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE ACT OR UNLESS
      AN
      EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

     
      

    6.
        
      Immediately
      following this exercise of Warrants, if as of the date of exercise SUUB has
      a
      class of securities registered under Section 12 of the Securities Exchange
      Act
      of 1934, as amended, the undersigned will not beneficially own five percent
      (5%)
      or more of the then outstanding Common Stock of SUUB (based on the number of
      shares outstanding set forth in the most recent periodic report filed by SUUB
      with the Securities and Exchange Commission and any additional shares which
      have
      been issued since that date of which Holder is aware have been
      issued).

     

    Number
      of
      Warrants Exercised: ______________ 

     
      

    Net
      Exercise ____ Yes ___ No 

     
      

    Dated:
      ____________________    
      

    ___________________________
      

     
      

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     
      

    Exhibit
      B - Exercise Price Adjustments

     

    1.
      Exercise Price Adjustments of Warrants for Certain Dilutive Issuances, Splits
      and Combinations. The Exercise Price of these Warrants shall be subject to
      adjustment from time to time as follows: 

    

    (i)
      (A)
      If the Corporation shall issue, after the date upon which any of these Warrants
      were first issued (the "Purchase Date"), any "Additional Stock" (as hereinafter
      defined) without consideration or for a consideration per share less than the
      Exercise Price for such series in effect immediately prior to the issuance
      of
      such Additional Stock, the Exercise Price for such series in effect immediately
      prior to each such issuance shall forthwith (except as otherwise provided in
      this clause (i) be adjusted to a price determined by multiplying such Exercise
      Price by a fraction, the numerator of which shall be the number of shares of
      Common Stock outstanding immediately prior to such issuance (including shares
      of
      Common Stock deemed to be issued pursuant to subsection 1 (i)(E)(1) or (2),
      but
      not including shares excluded from the definition of Additional Stock by
      subsection 1 (ii)(B)) plus the number of shares of Common Stock that the
      aggregate consideration received by the Corporation for such issuance would
      purchase at such Exercise Price; and the denominator of which shall be the
      number of shares of Common Stock outstanding immediately prior to such issuance
      (including shares of Common Stock deemed to be issued pursuant to subsection
      1(i)(E)(1) or (2), but not including shares excluded from the definition of
      Additional Stock by subsection 1(ii) (B)) plus the number of shares of such
      Additional Stock. However, the foregoing calculation shall not take into account
      shares deemed issued pursuant to subsection 1 (i) (E) on account of options,
      rights or convertible or exchangeable securities (or the actual or deemed
      consideration therefore), except to the extent (i) such options, rights or
      convertible or exchangeable securities have been exercised, converted or
      exchanged or (ii) the consideration to be paid upon such exercise, conversion
      or
      exchange per share of underlying Common Stock is less than or equal to the
      per
      share consideration for the Additional Stock that has given rise to the Exercise
      Price adjustment being calculated. 

    

    (B)
      No
      adjustment of the Exercise Price for these Warrants shall be made in an amount
      less than one cent per share, provided that any adjustments that are not
      required to be made by reason of this sentence shall be carried forward and
      shall be either taken into account in any subsequent adjustment made prior
      to
      three (3) years from the date of the event giving rise to the adjustment being
      carried forward, or shall be made at the end of three (3) years from the date
      of
      the event giving rise to the adjustment being carried forward. Except to the
      limited extent provided for in subsections 1 (i)(E)(3) and (4), no adjustment
      of
      such Exercise Price pursuant to this subsection 1(i) shall have the effect
      of
      increasing the Exercise Price above the Exercise Price in effect immediately
      prior to such adjustment. 

    

    (C)
      In
      the case of the issuance of Common Stock for cash, the consideration shall
      be
      deemed to be the amount of cash paid therefore before deducting any reasonable
      discounts, commissions or other expenses allowed, paid or incurred by the
      Corporation for any underwriting or otherwise in· connection with the issuance
      and sale thereof. 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (D)
      In
      the case of the issuance of the Common Stock for a consideration in whole or
      in
      part other than cash, the consideration other than cash shall be deemed to
      be
      the fair value thereof as determined by the Board of Directors irrespective
      of
      any accounting treatment. 

     
      

    (E)
      In
      the case of the issuance (whether before, on or after the applicable Purchase
      Date) of options to purchase or rights to subscribe for Common Stock, securities
      by their terms convertible into or exchangeable for Common Stock or options
      to
      purchase or rights to subscribe for such convertible or exchangeable securities,
      the following provisions shall apply for all purposes of this subsection 1(i)
      and subsection 1(ii): 

    

    (1)
      The
      aggregate maximum number of shares of Common Stock deliverable upon exercise
      (to
      the extent then exercisable) of such options to purchase or rights to subscribe
      for Common Stock shall be deemed to have been issued at the time such options
      or
      rights were issued and for a consideration equal to the consideration
      (determined in the manner provided in subsections 1(i)(C) and (D)), if any,
      received by the Corporation upon the issuance of such options or rights plus
      the
      minimum exercise price provided in such options or rights (without taking into
      account potential antidilution adjustments) for the Common Stock covered
      thereby. 

    

    (2)
      The
      aggregate maximum number of shares of Common Stock deliverable upon conversion
      of, or in exchange (to the extent then convertible or exercisable) for, any
      such
      convertible or exchangeable securities or upon the exercise of options to
      purchase or rights to subscribe for such convertible or exchangeable securities
      and subsequent conversion or exchange thereof shall be deemed to have been
      issued at the time such securities were issued or such options or rights were
      issued and for a consideration equal to the consideration, if any, received
      by
      the Corporation for any such securities and related options or rights (excluding
      any cash received on account of accrued interest or accrued dividends), plus
      the
      minimum additional consideration, if any, to be received by the Corporation
      (without taking into account potential antidilution adjustments) upon the
      conversion or exchange of such securities or the exercise of any related options
      or rights (the consideration in each case to be determined in the manner
      provided in subsections 1(i) (C) and (D)). 

    

    (3)
      In
      the event of any change in the number of shares of Common Stock deliverable
      or
      in the consideration payable to the Corporation upon exercise of such options
      or
      rights or upon conversion of or in exchange for such convertible or exchangeable
      securities, including, but not limited to, a change resulting from the
      antidilution provisions thereof, the Exercise Price of these Warrants, to the
      extent in any way affected by or computed using such options, rights or
      securities, shall be recomputed to reflect such change, but no further
      adjustment shall be made for the actual issuance of Common Stock or any payment
      of such consideration upon the exercise of any such options or rights or the
      conversion or exchange of such securities. 

    

    (4)
      Upon
      the expiration of any such options or rights, the termination of any such rights
      to convert or exchange or the expiration of any options or rights related to
      such convertible or exchangeable securities, the Exercise Price of these
      Warrants, to the extent in any way affected by or computed using such options,
      rights or securities or options or rights related to such securities, shall
      be
      recomputed to reflect the issuance of only the number of shares of Common Stock
      (and convertible or exchangeable securities that remain in effect) actually
      issued upon the exercise of such options or rights, upon the conversion or
      exchange of such securities or upon the exercise of the options or rights
      related to such securities. 

    

    (5)
      The
      number of shares of Common Stock deemed issued and the consideration deemed
      paid
      therefore pursuant to subsections 1 (i) (E) (1) and (2) shall be appropriately
      adjusted to reflect any change, termination or expiration of the type described
      in either subsection 1 (i) (E) (3) or (4).
      (ii)
      Additional Stock shall mean any shares of Common Stock issued (or deemed to
      have
      been issued pursuant to subsection 1 (i) (E)) by the Corporation after the
      Purchase Date other than: 

     
      

    (A)
      Common Stock issued pursuant to a transaction described in subsection 1 (iii)
      hereof;

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    (B)
      (i)
      Up to 4,000,000 shares of Common Stock issuable or issued to employees,
      consultants and/or directors (as adjusted for any stock splits, stock dividends,
      recapitalizations or the like), plus (ii) up to 15% of the total outstanding
      shares of Common Stock and shares of Common Stock issuable upon conversion
      of,
      or in exchange for, any convertible or exchangeable securities and/or upon
      exercise of outstanding options to purchase shares of Common Stock, on a fully
      diluted basis, to persons with whom Company has or will have a strategic
      business relationship of the Corporation, directly or pursuant to a stock option
      plan or restricted stock plan approved by the Board of Directors of the
      Corporation. 

    

    (iii)
      In
      the event the Corporation should at any time or from time to time after the
      Purchase Date fix a record date for the effectuation of a split or subdivision
      of the outstanding shares of Common Stock or the determination of holders of
      Common Stock entitled to receive a dividend or other distribution payable in
      additional shares of Common Stock or other securities or rights convertible
      into, or entitling the holder thereof to receive directly or indirectly,
      additional shares of Common Stock (hereinafter referred to as “Common Stock
      Equivalents") without payment of any consideration by such holder for the
      additional shares of Common Stock or the Common Stock Equivalents (including
      the
      additional shares of Common Stock issuable upon conversion or exercise thereof),
      then, as of such record date (or the date of such dividend distribution, split
      or subdivision if no record date is fixed), the Exercise Price of these Warrants
      shall be appropriately decreased so that the number of shares of Common Stock
      issuable on conversion of each share of such series shall be increased in
      proportion to such increase of the aggregate of shares of Common Stock
      outstanding and those issuable with respect to such Common Stock Equivalents.
      

    

    (iv)
      If
      the number of shares of Common Stock outstanding at any time after the Purchase
      Date is decreased by a combination of the outstanding shares of Common Stock,
      then, following the record date of such combination, the Exercise Price for
      these Warrants shall be appropriately increased so that the number of shares
      of
      Common Stock issuable on conversion of each share of such series shall be
      decreased in proportion to such decrease in outstanding shares.

     

    
      
        
        

      

      
        12EX 4.01

    This
      Subordinated Note is a Global Security within the meaning of the Indenture
      hereinafter referred to and is registered in the name of the Depository named
      below or a nominee of the Depository. This Subordinated Note is not exchangeable
      for Subordinated Notes registered in the name of a Person other than the
      Depository or its nominee except in the limited circumstances described herein
      and in the Indenture, and no transfer of this Subordinated Note (other than
      a
      transfer of this Subordinated Note as a whole by the Depository to a nominee
      of
      the Depository or by a nominee of the Depository to the Depository or another
      nominee of the Depository) may be registered except in the limited circumstances
      described herein.

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation (the "Depository"), to Citigroup Inc.
      or
      its agent for registration of transfer, exchange, or payment, and any
      certificate issued in respect thereof is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of
      the
      Depository (and any payment is made to Cede & Co. or to such other entity as
      is requested by an authorized representative of the Depository), ANY TRANSFER,
      PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
      WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
      interest herein.

    

    The
      Subordinated Notes are not savings accounts or deposits but are unsecured
      obligations of Citigroup Inc. The Subordinated Notes are not insured by the
      Federal Deposit Insurance Corporation or by any other federal agency or
      instrumentality.

    

    CITIGROUP
      INC.

    Floating
      Rate Subordinated Notes due August 25, 2036

     

    
      	
              REGISTERED

            	
              REGISTERED

            
	 	 
	 	
              CUSIP:
                172967 DS 7

            
	 	
              ISIN:
                US172967DS78

            
	 	
              Common
                Code: 026584914

            
	 	 
	
              No.
                R-________

            	
              $________________

            

    

    

    CITIGROUP
      INC., a Delaware corporation (the "Company", which term includes any successor
      Person under the Indenture), for value received, hereby promises to pay to
      Cede
& Co., or registered assigns, the principal sum of $_____________ on August
      25, 2036 and to pay interest thereon from and including May 25, 2007 or from
      the
      most recent Interest Payment Date (as defined herein) to which interest has
      been
      paid or duly provided for, quarterly, on February 25, May 25, August 25 and
      November 25 of each year, commencing August 25, 2007, at the rate per annum
      for
      each Interest Period of three-month LIBOR, determined as provided herein, plus
      0.55% until the principal hereof is paid or made available for payment (each
      such payment date, an “Interest Payment Date”). The interest so payable, and
      punctually paid or duly provided for, on any Interest Payment Date will, as
      provided in the Indenture, be paid pursuant to the instructions of the Person
      in
      whose name this Subordinated Note is registered at the close of

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    business
      on the Record Date for such interest, which shall be the Business Day
      immediately preceding such Interest Payment Date.

    

    Any
      such
      interest not so punctually paid or duly provided for will forthwith cease to
      be
      payable to the holder on such Record Date and may either be paid pursuant to
      the
      instructions of the Person in whose name this Subordinated Note is registered
      at
      the close of business on a subsequent Record Date, such subsequent Record Date
      to be not less than five days prior to the date of payment of such defaulted
      interest, notice whereof shall be given to holders of Subordinated Notes of
      this
      series not less than 15 days prior to such subsequent Record Date, or be paid
      at
      any time in any other lawful manner not inconsistent with the requirements
      of
      any securities exchange on which the Subordinated Notes of this series may
      be
      listed, and upon such notice as may be required by such exchange, all as more
      fully provided in the Indenture.

    

    Interest
      hereon will be calculated on the basis of the actual number of days elapsed
      in
      an Interest Period and a 360-day year. Dollar amounts resulting from such
      calculation will be rounded to the nearest cent, with one-half cent being
      rounded upward. An "Interest Period" shall be the period from and including
      an
      Interest Payment Date (or from May 25, 2007 in the case of the first Interest
      Payment Date) to and including the day immediately preceding the next Interest
      Payment Date.

    

    If
      an
      Interest Payment Date falls on a day that is not a Business Day, such Interest
      Payment Date will be the next succeeding Business Day. If the Maturity of the
      Subordinated Notes falls on a day that is not a Business Day, the payment due
      on
      Maturity will be postponed to the next succeeding Business Day, and no further
      interest will accrue in respect of such postponement. If a date for payment
      of
      interest or principal on the Subordinated Notes falls on a day that is not
      a
      business day in the place of payment, such payment will be made on the next
      succeeding business day in such place of payment as if made on the date the
      payment was due. No interest will accrue on any amounts payable for the period
      from and after the due date for payment of such principal or interest.

    

    For
      these
      purposes, “Business Day” means any day on which commercial banks settle payments
      and are open for general business in The City of New York and
      London.

    

    Payment
      of the principal of and interest on this Subordinated Note will be made at
      the
      office or agency of the Trustee maintained for that purpose in The City of
      New
      York.

    

    Reference
      is hereby made to the further provisions of this Subordinated Note set forth
      on
      the reverse hereof, which further provisions shall for all purposes have the
      same effect as if set forth at this place.

    

    Unless
      the certificate of authentication hereon has been executed by the Trustee or
      by
      an authenticating agent on behalf of the Trustee by manual signature, this
      Subordinated Note shall not be entitled to any benefit under the Indenture
      or be
      valid or obligatory for any purpose.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this instrument to be duly executed
      under its corporate seal.

    

    Dated:
      May 31, 2007

    

    CITIGROUP
      INC.

     

     

    By: 
      _________________________________

    Title:
      Assistant Treasurer

    

    

    

    ATTEST:

    

    By: 
      ___________________________

    Title:
      Assistant Secretary

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    This
      is
      one of the Notes of the series issued under the within-mentioned
      Indenture.

    

    Dated:
      May 31, 2007

    

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

     

    By: 
      _________________________________

    Name:

    Title:

     

    -or-

     

    CITIBANK,
      N.A.,

    as
      Authenticating Agent

     

    By: 
      _________________________________

    Name:

    Title:

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    This
      Subordinated Note is one of a duly authorized issue of Securities of the Company
      (the "Subordinated Notes"), issued and to be issued in one or more series under
      the Indenture, dated as of April 12, 2001, as supplemented August 2, 2004 (the
      "Indenture"), between the Company and The Bank of New York
      (successor-in-interest to J.P. Morgan Trust Company, N.A. and Bank One Trust
      Company, N.A.), as Trustee (the "Trustee", which term includes any successor
      trustee under the Indenture), to which Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights,
      limitations of rights, duties and immunities thereunder of the Company, the
      Trustee and the holders of the Subordinated Notes and of the terms upon which
      the Subordinated Notes are, and are to be, authenticated and delivered. This
      Subordinated Note is one of the series designated on the face hereof, previously
      issued in the aggregate principal amount of $425,000,000 and increased to
      $525,000,000.

    

    The
      Company covenants and agrees that the indebtedness evidenced by the Subordinated
      Notes is subordinate and junior in right of payment to all Senior Indebtedness
      (as defined in the Indenture) to the extent provided in the Indenture, and
      each
      holder of Subordinated Notes, by his or her acceptance thereof, likewise
      covenants and agrees to the subordination provided in the Indenture (including
      Article Fourteen thereof) and shall be bound by the provisions
      thereof.

    

    In
      the
      event that the Company shall default in the payment of any principal of (or
      premium, if any) or interest on any Senior Indebtedness when the same becomes
      due and payable after any applicable grace period, whether at maturity or at
      a
      date fixed for prepayment or by declaration or otherwise, then, unless and
      until
      such default shall have been cured or waived or shall have ceased to exist,
      no
      direct or indirect payment (in cash, property, securities, by set-off or
      otherwise) shall be made or agreed to be made on account of the principal of,
      or
      premium, if any, or interest on the indebtedness evidenced by the Subordinated
      Notes, or in respect of any redemption, retirement or other acquisition of
      any
      of the Subordinated Notes, except that holders of Subordinated Notes may receive
      and retain (x) securities of the Company or any other corporation provided
      for
      by a plan of reorganization or readjustment the payment of which is subordinate,
      at least to the extent provided in these subordination provisions with respect
      to the indebtedness evidenced by the Subordinated Notes, to the payment of
      all
      Senior Indebtedness at the time outstanding and to any securities issued in
      respect thereof under any such plan of reorganization or readjustment and (y)
      payments made from a defeasance trust created pursuant to Article Eleven of
      the
      Indenture.

    

    In
      the
      event of:

    

    (i)
      any
      insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment,
      composition or other similar proceeding relating to the Company, its creditors
      or its property, 

    

    (ii)
      any
      proceeding for liquidation, dissolution or other winding up of the Company,
      voluntary or involuntary, whether or not involving insolvency or bankruptcy
      proceedings,

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    (iii)
      any
      assignment by the Company for the benefit of creditors, or

     

    (iv)
      any
      other marshalling of the assets of the Company,

    

    all
      Senior Indebtedness (including any interest thereon accruing after the
      commencement of any such proceedings) shall first be paid in full before any
      payment or distribution, whether in cash, securities or other property, shall
      be
      made to any Holder of any of the Subordinated Notes on account thereof (except
      as provided in the next sentence). Any payment or distribution, whether in
      cash,
      securities or other property (other than (x) securities of the Company or any
      other corporation provided for by a plan of reorganization or readjustment
      the
      payment of which is subordinate, at least to the extent provided in these
      subordination provisions with respect to the indebtedness evidenced by the
      Subordinated Notes, to the payment of all Senior Indebtedness at the time
      outstanding and to any securities issued in respect thereof under any such
      plan
      of reorganization or readjustment and (y) payments made from a defeasance trust
      created pursuant to Article Eleven of the Indenture), which would otherwise
      (but
      for these subordination provisions) be payable or deliverable in respect of
      the
      Subordinated Notes shall be paid or delivered directly to the holders of Senior
      Indebtedness in accordance with the priorities then existing among such holders
      until all Senior Indebtedness (including any interest thereon accruing after
      the
      commencement of any such proceedings) shall have been paid in full.

    

    This
      Subordinated Note will bear interest for each Interest Period at a rate
      determined by Citibank, N.A., acting as Calculation Agent. The interest rate
      on
      this Subordinated Note for a particular Interest Period will be a per annum
      rate
      equal to three-month LIBOR as determined on the related Interest Determination
      Date, plus 0.55%. The Interest Determination Date for an Interest Period will
      be
      the second London business day preceding such Interest Period. The Interest
      Determination Date for the first Interest Period was May 23, 2007. Promptly
      upon
      determination, the Calculation Agent will inform the Trustee and the Company
      of
      the interest rate for the next Interest Period. Absent manifest error, the
      determination of the interest rate by the Calculation Agent shall be binding
      and
      conclusive on the holders of Subordinated Notes, the Trustee and the
      Company.

    

    A
      London
      business day is a day on which dealings in deposits in U.S. dollars are
      transacted in the London interbank market.

    

    On
      any
      Interest Determination Date, LIBOR will be equal to the offered rate for
      deposits in U.S. dollars having an index maturity of six months for the next
      Interest Period, in amounts of at least $1,000,000, as such rate appears on
      Telerate Page 3750 at approximately 11:00 a.m., London time, on such Interest
      Determination Date. If the Telerate Page 3750 is replaced by another service
      or
      ceases to exist, the Calculation Agent will use the replacing service or such
      other service that may be nominated by the British Bankers' Association for
      the
      purpose of displaying London interbank offered rates for U.S. dollar
      deposits.

    

    If
      no
      offered rate appears on Telerate Page 3750 on an Interest Determination Date
      at
      approximately 11:00 a.m., London time, then the Calculation Agent (after
      consultation with the

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    Company)
      will select four major banks in the London interbank market and shall request
      each of their principal London offices to provide a quotation of the rate at
      which six-month deposits in U.S. dollars in amounts of at least $1,000,000
      are
      offered by it to prime banks in the London interbank market, on that date and
      at
      that time, that is representative of single transactions at that time. If at
      least two quotations are provided, LIBOR will be the arithmetic average of
      the
      quotations provided. Otherwise, the Calculation Agent will select three major
      banks in New York City and shall request each of them to provide a quotation
      of
      the rate offered by them at approximately 11:00 a.m., New York City time, on
      the
      Interest Determination Date for loans in U.S. dollars to leading European banks
      having an index maturity of six months for the applicable Interest Period in
      an
      amount of at least $1,000,000 that is representative of single transactions
      at
      that time. If three quotations are provided, LIBOR will be the arithmetic
      average of the quotations provided. Otherwise, the rate of LIBOR for the next
      Interest Period will be set equal to the rate of LIBOR for the current Interest
      Period.

    

    The
      Luxembourg Stock Exchange shall be notified of the interest rate, the amount
      of
      the interest payment and the Interest Payment Date for a particular Interest
      Period not later than the first day of such Interest Period. Upon request from
      any Noteholder, the Calculation Agent will provide the interest rate in effect
      on this Subordinated Note for the current Interest Period and, if it has been
      determined, the interest rate to be in effect for the next Interest
      Period.

    

    If
      an
      event of default (as defined in the Indenture) with respect to Subordinated
      Notes of this series shall occur and be continuing, the principal of the
      Subordinated Notes of this series may be declared due and payable in the manner
      and with the effect provided in the Indenture.

    

    The
      Indenture contains provisions for defeasance at any time of the entire
      indebtedness of this Subordinated Note upon compliance by the Company with
      certain conditions set forth in Article Eleven thereof, which provisions apply
      to this Subordinated Note.

    

    The
      Indenture contains provisions permitting the Company and the Trustee, without
      the consent of the holders of Securities, to establish, among other things,
      the
      form and terms of any series of Securities issuable thereunder by one or more
      supplemental indentures, and, with the consent of the holders of not less than
      a
      majority of the principal amount of Securities at the time Outstanding which
      are
      affected thereby, to modify the Indenture or any supplemental indenture or
      the
      rights of the holders of Securities of such series to be affected, provided
      that
      no such modification shall, without the consent of the holder of each
      Outstanding Security so affected, (x) change the Stated Maturity of the
      principal of, or any installment of principal of or interest on, any Security,
      or reduce the principal amount thereof or the rate of interest thereon or any
      premium thereon, or change any place of payment where, or the coin or currency
      in which any Security or any premium or interest thereon is payable, or impair
      the right to institute suit for the enforcement of any such payment on or after
      the Stated Maturity thereof (or, in the case of redemption on or after the
      Redemption Date) or modify the provisions of the Indenture with respect to
      the
      subordination of the Securities in a manner adverse to the Securityholders
      or
      (y) reduce the aforesaid percentage in principal amount of the Outstanding
      Securities of any series, the consent of the holders of which is required for
      any supplemental indenture, or the consent of

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    whose
      holders is required for any waiver provided for in the Indenture, or (z) modify
      certain other provisions of the Indenture, as set forth in Section 13.02 of
      the
      Indenture.

    

    No
      reference herein to the Indenture and no provision of this Subordinated Note
      or
      of the Indenture shall alter or impair the obligation of the Company, which
      is
      absolute and unconditional, to pay the principal of and interest on this
      Subordinated Note at the times, place and rate, and in the coin or currency,
      herein prescribed.

    

    This
      Subordinated Note is a Global Security registered in the name of a nominee
      of
      the Depository. This Subordinated Note is exchangeable for Subordinated Notes
      registered in the name of a person other than the Depository or its nominee
      only
      in the limited circumstances hereinafter described. Unless and until it is
      exchanged in whole or in part for definitive Subordinated Notes in certificated
      form, this Subordinated Note may not be transferred except as a whole by the
      Depository to a nominee of the Depository or by a nominee of the Depository
      to
      the Depository or another nominee of the Depository.

    

    The
      Subordinated Notes represented by this Global Security are exchangeable for
      definitive Subordinated Notes in certificated form of like tenor as such
      Subordinated Notes in denominations of $100,000 and whole multiples of $1,000
      in
      excess thereof only if (i) the Depository notifies the Company that it is
      unwilling or unable to continue as Depository for the Subordinated Notes or
      (ii)
      the Depository ceases to be a clearing agency registered under the Securities
      Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion
      decides to allow the Subordinated Notes to be exchanged for definitive
      Subordinated Notes in registered form. Any Subordinated Notes that are
      exchangeable pursuant to the preceding sentence are exchangeable for
      certificated Subordinated Notes issuable in authorized denominations and
      registered in such names as the Depository shall direct. As provided in the
      Indenture and subject to certain limitations therein set forth, the transfer
      of
      definitive Subordinated Notes in certificated form is registrable in the
      register maintained by the Company in The City of New York for such purpose,
      upon surrender of the definitive Subordinated Note for registration of transfer
      at the office or agency of the registrar, duly endorsed by, or accompanied
      by a
      written instrument of transfer in form satisfactory to the Company and the
      registrar duly executed by, the holder thereof or his attorney duly authorized
      in writing, and thereupon one or more new Subordinated Notes of this series
      and
      of like tenor, of authorized denominations and for the same aggregate principal
      amount, will be issued to the designated transferee or transferees. Subject
      to
      the foregoing, this Subordinated Note is not exchangeable, except for a Global
      Security or Global Securities of this issue of the same principal amount to
      be
      registered in the name of the Depository or its nominee.

    

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

    

    Prior
      to
      due presentment of this Subordinated Note for registration of transfer, the
      Company, the Trustee and any agent of the Company or the Trustee may treat
      the
      Person in whose name this Subordinated Note is registered as the owner hereof
      for all purposes, whether or

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    not
      this
      Subordinated Note be overdue, and neither the Company, the Trustee nor any
      such
      agent shall be affected by notice to the contrary.

    

    The
      Company will pay additional amounts ("Additional Amounts") to the beneficial
      owner of any Subordinated Note that is a non-United States person in order
      to
      ensure that every net payment on such Subordinated Note will not be less, due
      to
      payment of U.S. withholding tax, than the amount then due and payable. For
      this
      purpose, a "net payment" on a Subordinated Note means a payment by the Company
      or a paying agent, including payment of principal and interest, after deduction
      for any present or future tax, assessment or other governmental charge of the
      United States. These Additional Amounts will constitute additional interest
      on
      the Subordinated Note.

    

    The
      Company will not be required to pay Additional Amounts, however, in any of
      the
      circumstances described in items (1) through (13) below.

    

    
      	 	
              (1)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the beneficial
                owner:

            

    

    

    
      	 	 	
              (a)

            	
              having
                a relationship with the United States as a citizen, resident or
                otherwise;

            

    

    
      	 	 	
              (b)

            	
              having
                had such a relationship in the past
                or

            

    

    
      	 	 	
              (c)

            	
              being
                considered as having had such a
                relationship.

            

    

    

    
      	 	
              (2)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the beneficial
                owner:

            

    

    

    
      	 	
               

            	
              (a)

            	
              being
                treated as present in or engaged in a trade or business in the United
                States;

            

    

    
      	 	
               

            	
              (b)

            	
              being
                treated as having been present in or engaged in a trade or business
                in the
                United States in the past or

            

    

    
      	 	
               

            	
              (c)

            	
              having
                or having had a permanent establishment in the United
                States.

            

    

    

    
      	 	
              (3)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld in whole or in part by reason of the beneficial
                owner
                being or having been any of the following (as such terms are defined
                in
                the Internal Revenue Code of 1986, as
                amended):

            

    

    

    
      	 	
               

            	
              (a)

            	
              personal
                holding company;

            

    

    
      	 	
               

            	
              (b)

            	
              foreign
                personal holding company;

            

    

    
      	 	
               

            	
              (c)

            	
              foreign
                private foundation or other foreign tax-exempt
                organization;

            

    

    
      	 	
               

            	
              (d)

            	
              passive
                foreign investment company;

            

    

    
      	 	
               

            	
              (e)

            	
              controlled
                foreign corporation or

            

    

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    
      	 	
               

            	
              (f)

            	
              corporation
                which has accumulated earnings to avoid United States federal income
                tax.

            

    

    

    
      	 	
              (4)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the beneficial owner owning
                or
                having owned, actually or constructively, 10 percent or more of the
                total
                combined voting power of all classes of stock of the Company entitled
                to
                vote or by reason of the beneficial owner being a bank that has invested
                in a Subordinated Note as an extension of credit in the ordinary
                course of
                its trade or business.

            

    

    

    For
      purposes of items (1) through (4) above, "beneficial owner" means a
      fiduciary, settlor, beneficiary, member or shareholder of the holder if the
      holder is an estate, trust, partnership, limited liability company, corporation
      or other entity, or a person holding a power over an estate or trust
      administered by a fiduciary holder.

    

    
      	 	
              (5)

            	
              Additional
                Amounts will not be payable to any beneficial owner of a Subordinated
                Note
                that is a:

            

    

    

    
      	 	
               

            	
              (a)

            	
              fiduciary;

            

    

    
      	 	
               

            	
              (b)

            	
              partnership;

            

    

    
      	 	
               

            	
              (c)

            	
              limited
                liability company or

            

    

    
      	 	
               

            	
              (d)

            	
              other
                fiscally transparent entity

            

    

    

    
      	 	 	
              or
                that is not the sole beneficial owner of the Subordinated Note, or
                any
                portion of the Subordinated Note. However, this exception to the
                obligation to pay Additional Amounts will only apply to the extent
                that a
                beneficiary or settlor in relation to the fiduciary, or a beneficial
                owner
                or member of the partnership, limited liability company or other
                fiscally
                transparent entity, would not have been entitled to the payment of
                an
                Additional Amount had the beneficiary, settlor, beneficial owner
                or member
                received directly its beneficial or distributive share of the
                payment.

            

    

    

    
      	 	
              (6)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld solely by reason of the failure of the beneficial
                owner or any other person to comply with applicable certification,
                identification, documentation or other information reporting requirements.
                This exception to the obligation to pay Additional Amounts will only
                apply
                if compliance with such reporting requirements is required by statute
                or
                regulation of the United States or by an applicable income tax treaty
                to
                which the United States is a party as a precondition to exemption
                from
                such tax, assessment or other governmental
                charge.

            

    

    

    
      
        
          	
                	(7)	
                  Additional
                    Amounts will not be payable if a payment on a Subordinated Note
                    is reduced
                    as a result of any tax, assessment or other governmental charge
                    that is
                    collected
                    or imposed by any method other than by withholding from a payment
                    on a
                    Subordinated Note by the Company or a paying
                    agent.

                

        

      

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

     

    
      	 	
              (8)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld by reason of a change in law, regulation, or
                administrative or judicial interpretation that becomes effective
                more than
                15 days after the payment becomes due or is duly provided for, whichever
                occurs later.

            

    

    

    
      	 	
              (9)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                imposed or withheld by reason of the presentation by the beneficial
                owner
                of a Subordinated Note for payment more than 30 days after the date
                on which such payment becomes due or is duly provided for, whichever
                occurs later.

            

    

    

    
      	 	
              (10)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any:

            

    

    

    
      	 	
               

            	
              (a)

            	
              estate
                tax;

            

    

    
      	 	
               

            	
              (b)

            	
              inheritance
                tax;

            

    

    
      	 	
               

            	
              (c)

            	
              gift
                tax;

            

    

    
      	 	
               

            	
              (d)

            	
              sales
                tax;

            

    

    
      	 	
               

            	
              (e)

            	
              excise
                tax;

            

    

    
      	 	
               

            	
              (f)

            	
              transfer
                tax;

            

    

    
      	 	
               

            	
              (g)

            	
              wealth
                tax;

            

    

    
      	 	
               

            	
              (h)

            	
              personal
                property tax or

            

    

    
      	 	
               

            	
              (i)

            	
              any
                similar tax, assessment, withholding, deduction or other governmental
                charge.

            

    

    

    
      	 	
              (11)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment, or other governmental charge
                required
                to be withheld by any paying agent from a payment of principal or
                interest
                on a Subordinated Note if such payment can be made without such
                withholding by any other paying
                agent.

            

    

    

    
      	 	
              (12)

            	
              Additional
                amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any tax, assessment or other governmental charge that
                is
                required to be made pursuant to any European Union directive on the
                taxation of savings income or any law implementing or complying with,
                or
                introduced to conform to, any such
                directive.

            

    

    

    
      	 	
              (13)

            	
              Additional
                Amounts will not be payable if a payment on a Subordinated Note is
                reduced
                as a result of any combination of items (1) through (12)
                above.

            

    

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    Except
      as
      specifically provided herein, the Company will not be required to make any
      payment of any tax, assessment or other governmental charge imposed by any
      government or a political subdivision or taxing authority of such
      government.

    

    As
      used
      in this Subordinated Note, "United States person" means:

    

    
      	 	
              (a)

            	
              any
                individual who is a citizen or resident of the United
                States;

            

    

    
      	 	
              (b)

            	
              any
                corporation, partnership or other entity created or organized in
                or under
                the laws of the United States;

            

    

    
      	 	
              (c)

            	
              any
                estate if the income of such estate falls within the federal income
                tax
                jurisdiction of the United States regardless of the source of such
                income
                and

            

    

    
      	 	
              (d)

            	
              any
                trust if a United States court is able to exercise primary supervision
                over its administration and one or more United States persons have
                the
                authority to control all of the substantial decisions of the
                trust.

            

    

    

    Additionally,
      "non-United States person" means a person who is not a United States person,
      and
      "United States" means the states of the United States of America and the
      District of Columbia, but excluding its territories and its
      possessions.

    

    Except
      as
      provided below, the Subordinated Notes may not be redeemed prior to
      maturity.

     

    
      	
            	(1)	
              The
                Company may, at its option, redeem the Subordinated Notes
                if:

            

    

    

    
      	 	 	
              (a)

            	
              the
                Company becomes or will become obligated to pay Additional Amounts
                as
                described above;

            

    

    
      	 	 	
              (b)

            	
              the
                obligation to pay Additional Amounts arises as a result of any change
                in
                the laws, regulations or rulings of the United States, or an official
                position regarding the application or interpretation of such laws,
                regulations or rulings, which change is announced or becomes effective
                on
                or after August 18, 2006 and

            

    

    
      	 	 	
              (c)

            	
              the
                Company determines, in its business judgment, that the obligation
                to pay
                such Additional Amounts cannot be avoided by the use of reasonable
                measures available to it, other than substituting the obligor under
                the
                Subordinated Notes or taking any action that would entail a material
                cost
                to the Company.

            

    

    

    
      	 	
              (2)

            	
              The
                Company may also redeem the Subordinated Notes, at its option,
                if:

            

    

    

    
      	 	 	
              (a)

            	
              any
                act is taken by a taxing authority of the United States on or after
                August
                18, 2006, whether or not such act is taken in relation to the Company
                or
                any affiliate, that results in a substantial probability that the
                Company
                will or may be required to pay Additional Amounts as described
                above;

            

    

    
      	 	 	
              (b)

            	
              the
                Company determines, in its business judgment, that the obligation
                to pay
                such Additional Amounts cannot be avoided by the use of reasonable
                measures available to it, other than substituting the obligor under
                the
                Subordinated
                Notes or taking any action that would entail a material cost to the
                Company and

            

    

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

     

    
      	 	 	
              (c)

            	
              the
                Company receives an opinion of independent counsel to the effect
                that an
                act taken by a taxing authority of the United States results in a
                substantial probability that the Company will or may be required
                to pay
                the Additional Amounts described above, and delivers to the Trustee
                a
                certificate, signed by a duly authorized officer, stating that based
                on
                such opinion the Company is entitled to redeem the Subordinated Notes
                pursuant to their terms.

            

    

    

    Any
      redemption of the Subordinated Notes as set forth in clauses (1) or (2) above
      shall be in whole, and not in part, and will be made at a redemption price
      equal
      to 100% of the principal amount of the Subordinated Notes Outstanding plus
      accrued interest thereon to the date of redemption. Holders shall be given
      not
      less than 30 days nor more than 60 days’ prior notice by the Trustee of the date
      fixed for such redemption.

    

    All
      terms
      used in this Subordinated Note which are defined in the Indenture shall have
      the
      meanings assigned to them in the Indenture. The Subordinated Notes are governed
      by the laws of the State of New York.

     

    
      
         

      

        -13-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]