Document:

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

     

    STRATOS
      RENEWABLES CORPORATION

     

    WARRANT

    

      
        	
                Warrant
                  No. ______

              	
                Date
                  of Issuance: April 18,
                  2008       

              

      

    

     

    Stratos
      Renewables Corporation, a Nevada corporation (the “Company”),
      hereby certifies that, for value received, ____________________ or its
      registered assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of 67,857 shares of common
      stock, $.001 par value (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price equal to $0.75 per share (as adjusted from time to time as
      provided in Section
      8)
      (the
“Exercise
      Price”),
      at
      any time and from time to time from and after the date hereof and through and
      including April 18, 2013 (the “Expiration
      Date”),
      and
      subject to the following terms and conditions.

     

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

     

    
      
        
        

      

      
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    2. Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant. Warrants and Warrant Shares may only be disposed of in compliance
      with state and federal securities laws. In connection with any transfer of
      Warrant Shares other than pursuant to an effective registration statement,
      to
      the Company, to an Affiliate of a Holder or in connection with a bona pledge
      as
      contemplated in this Section 2, the Company may require the transferor thereof
      to provide to the Company an opinion of counsel selected by the transferor,
      the
      form and substance of which opinion shall be reasonably satisfactory to the
      Company, to the effect that such transfer does not require registration under
      the Securities Act. The Company acknowledges and agrees that a Holder may from
      time to time pledge pursuant to a bona fide margin agreement or grant a security
      interest in some or all of the Warrant and Warrant Shares and, if required
      under
      the terms of such arrangement, the Holder may transfer pledged or secured
      Warrant and Warrant Shares to the pledgees or secured parties. Such a pledge
      or
      transfer is not subject to approval of the Company and no legal opinion of
      the
      pledgee, secured party or pledgor shall be required in connection therewith.
      Further, no notice shall be required of such pledge.

     

    3. Exercise
      and Duration of Warrants.
      This
      Warrant shall be exercisable by the registered Holder, in whole or in part,
      at
      any time and from time to time on or after the date hereof to and including
      the
      Expiration Date. At 5:00 p.m., Las Vegas time on the Expiration Date, the
      portion of this Warrant not exercised prior thereto shall be and become void
      and
      of no value.

     

    4. Delivery
      of Warrant Shares.
      Upon
      delivery of the Form of Election to Purchase to the Company (with the attached
      Warrant Shares Exercise Log) at its address for notice set forth in Section
      11
      and upon payment of the Exercise Price multiplied by the number of Warrant
      Shares that the Holder intends to purchase hereunder the Company shall promptly
      issue and deliver to the Holder, a certificate for the Warrant Shares issuable
      upon such exercise with the appropriate legend. Any Person so designated by
      the
      Holder to receive Warrant Shares shall be deemed to have become holder of record
      of such Warrant Shares as of the Date of Exercise of this Warrant. As used
      in
      this Agreement, a “Date
      of Exercise”
means
      the date on which the Holder shall have delivered to the Company (i) the Form
      of
      Election to Purchase attached hereto (with the Warrant Exercise Log attached
      to
      it), appropriately completed and duly signed and (ii) payment of the Exercise
      Price for the number of Warrant Shares so indicated by the Holder to be
      purchased.

     

    5. Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; provided, however, that the Company
      shall
      not be required to pay any tax which may be payable in respect of any transfer
      involved in the registration of any certificates for Warrant Shares or Warrants
      in a name other than that of the Holder. The Holder shall be responsible for
      all
      other tax liability that may arise as a result of holding or transferring this
      Warrant or receiving Warrant Shares upon exercise hereof.

     

    
      
        
        

      

      
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    6. Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity, if requested.
      Applicants for a New Warrant under such circumstances shall also comply with
      such other reasonable regulations and procedures and pay such other reasonable
      third-party costs as the Company may prescribe.

     

    7. Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      8).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable.

     

    8. Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      8.

     

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction
      of
      which the numerator shall be the number of shares of Common Stock outstanding
      immediately before such event and of which the denominator shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination. If any event requiring an
      adjustment under this paragraph occurs during the period that an Exercise Price
      is calculated hereunder, then the calculation of such Exercise Price shall
      be
      adjusted appropriately to reflect such event.

     

    
      
        
        

      

      
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    (b) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding, (1) the Company effects any merger
      or consolidation of the Company with or into another Person, (2) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (3) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (4) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (in any such case, a “Fundamental
      Transaction”),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the “Alternate
      Consideration”).
      For
      purposes of any such exercise, the determination of the Exercise Price shall
      be
      appropriately adjusted to apply to such Alternate Consideration based on the
      amount of Alternate Consideration issuable in respect of one share of Common
      Stock in such Fundamental Transaction, and the Company shall apportion the
      Exercise Price among the Alternate Consideration in a reasonable manner
      reflecting the relative value of any different components of the Alternate
      Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction, then
      the Holder shall be given the same choice as to the Alternate Consideration
      it
      receives upon any exercise of this Warrant following such Fundamental
      Transaction. At the Holder’s option and request, any successor to the Company or
      surviving entity in such Fundamental Transaction shall, either (1) issue to
      the
      Holder a new warrant substantially in the form of this Warrant and consistent
      with the foregoing provisions and evidencing the Holder’s right to purchase the
      Alternate Consideration for the aggregate Exercise Price upon exercise thereof,
      or (2) purchase the Warrant from the Holder for a purchase price, payable in
      cash within five Trading Days after such request (or, if later, on the effective
      date of the Fundamental Transaction), equal to the Black Scholes value of the
      remaining unexercised portion of this Warrant on the date of such request.
      The
      terms of any agreement pursuant to which a Fundamental Transaction is effected
      shall include terms requiring any such successor or surviving entity to comply
      with the provisions of this paragraph (c) and insuring that the Warrant (or
      any
      such replacement security) will be similarly adjusted upon any subsequent
      transaction analogous to a Fundamental Transaction.

     

    (c) Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to paragraphs
      (a) or (b) of this Section, the number of Warrant Shares that may be purchased
      upon exercise of this Warrant shall be adjusted proportionately, so that after
      such adjustment the aggregate Exercise Price payable hereunder for the adjusted
      number of Warrant Shares shall be the same as the aggregate Exercise Price
      in
      effect immediately prior to such adjustment for the number of Warrant Shares
      which would have been issuable upon exercise hereof immediately prior to such
      adjustment.

     

    
      
        
        

      

      
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    (d) Adjustment
      of Exercise Price Upon Issuance of Additional Shares of Common.
      In the
      event the Company shall issue Additional Shares of Common (as defined in the
      Amended and Restated Certificate of Designation, Powers, Preferences and Rights
      of Series A Preferred Stock) without consideration or for a consideration per
      share less than the Exercise Price in effect on the date of and immediately
      prior to such issue, then the Exercise Price shall be reduced, concurrently
      with
      such issue, to the consideration per share received by the Company for such
      Additional Shares of Common.

     

    (e) Calculations.
      All
      calculations under this Section 8 shall be made to the nearest cent or the
      nearest 1/100th of a share, as applicable. The number of shares of Common Stock
      outstanding at any given time shall not include shares owned or held by or
      for
      the account of the Company, and the disposition of any such shares shall be
      considered an issue or sale of Common Stock.

     

    (f) Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      8,
      the
      Company at its expense will promptly compute such adjustment in accordance
      with
      the terms of this Warrant and prepare a certificate setting forth such
      adjustment, including a statement of the adjusted Exercise Price and adjusted
      number or type of Warrant Shares or other securities issuable upon exercise
      of
      this Warrant (as applicable), describing the transactions giving rise to such
      adjustments and showing in detail the facts upon which such adjustment is based.
      Upon written request, the Company will promptly deliver a copy of each such
      certificate to the Holder.

     

    (g) Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such
      transaction, at least twenty (20) calendar days prior to the applicable record
      or effective date on which a Person would need to hold Common Stock in order
      to
      participate in or vote with respect to such transaction, and the Company will
      take all steps reasonably necessary in order to insure that the Holder is given
      the practical opportunity to exercise this Warrant prior to such time so as
      to
      participate in or vote with respect to such transaction; provided, however,
      that
      the failure to deliver such notice or any defect therein shall not affect the
      validity of the corporate action required to be described in such
      notice.

     

    9. Payment
      of Exercise Price.
      The
      Holder may pay the Exercise Price in one of the following manners:

     

    (a) Cash
      Exercise.
      The
      Holder may deliver cash, certified or official bank check or checks or other
      immediately available funds; or 

     

    
      
        
        

      

      
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    (b) Cashless
      Exercise.
      The
      Holder may surrender this Warrant to the Company together with a notice of
      cashless exercise, in which event the Company shall issue to the Holder the
      number of Warrant Shares determined as follows:

     

    X
      = Y
      [(A-B)/A] where:

     

    X
      = the
      number of Warrant Shares to be issued to the Holder.

     

    Y
      = the
      number of Warrant Shares with respect to which this Warrant is being
      exercised.

     

    A
      = the
      average of the closing prices for Common Stock for the five Trading Days
      immediately prior to (but not including) the Exercise Date.

     

    B
      = the
      Exercise Price.

     

    10. No
      Fractional Shares.
      No
      fractional shares of Warrant Shares will be issued in connection with any
      exercise of this Warrant. In lieu of any fractional shares which would,
      otherwise be issuable, the Company shall pay cash equal to the product of such
      fraction multiplied by the closing price of one Warrant Share on the date of
      exercise.

     

    11. Notices.
      Any and
      all notices or other communications or deliveries hereunder (including without
      limitation any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 5:00 p.m. (Las Vegas time) on a Trading Day, (ii) the
      next
      Trading Day after the date of transmission, if such notice or communication
      is
      delivered via facsimile at the facsimile number specified in this Section on
      a
      day that is not a Trading Day or later than 5:00 p.m. (Las Vegas time) on any
      Trading Day, (iii) the Trading Day following the date of mailing, if sent by
      nationally recognized overnight courier service, or (iv) upon actual receipt
      by
      the party to whom such notice is required to be given. The addresses for such
      communications shall be: (i) if to the Company, to Stratos Renewables
      Corporation, 9440 Santa Monica Blvd., Suite 401, Beverly Hills, California
      90210, Facsimile No.: (310) 402-5931, Attn: Katharine Alade, or (ii) if to
      the
      Holder to the address or facsimile number appearing on the Warrant Register
      or
      such other address or facsimile number as the Holder may provide to the Company
      in accordance with this Section.

     

    12. Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’
notice to the Holder, the Company may appoint a new warrant agent. Any
      corporation into which the Company or any new warrant agent may be merged or
      any
      corporation resulting from any consolidation to which the Company or any new
      warrant agent shall be a party or any corporation to which the Company or any
      new warrant agent transfers substantially all of its corporate trust or
      shareholders services business shall be a successor warrant agent under this
      Warrant without any further act. Any such successor warrant agent shall promptly
      cause notice of its succession as warrant agent to be mailed (by first class
      mail, postage prepaid) to the Holder at the Holder’s last address as shown on
      the Warrant Register.

     

    
      
        
        

      

      
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    13. Definitions.

     

    (a) “Affiliate”
      shall mean, with respect to any Person (i) a Person directly or indirectly
      controlling, controlled by or under, control with such Person, (ii) a
      Person owning or controlling 10% or more of the outstanding voting securities
      of
      such Person,
      or
      (iii) an officer, director, general partner, member or manager of such
      Person, or
      a
      member of the immediate family of an officer, director, general partner, member
      or manager of such Person.
      When the
      Affiliate is an officer, director, partner or manager of such Person
or
      a
      member of the immediate family of an officer, director, general partner, member
      or manager of such Person,
      any
      other Person for which the Affiliate acts in that capacity shall also be
      considered an Affiliate. For these purposes, control means the possession,
      direct or indirect, of the power to direct or cause the direction of the
      management and policies of a Person, whether through the ownership of voting
      securities, as trustee or executor, by contract or otherwise.

     

    (b) “Agreement”
      shall mean this Warrant, including all exhibits and schedules thereto, as the
      same may hereafter be amended, modified or supplemented from time to
      time.

     

    (c) “Black-Scholes” is
      a
      model of the varying price over time of financial instruments.

     

    (d) “Person”
      shall mean any entity, corporation, company, association, joint venture, joint
      stock company, partnership, trust, organization, individual (including personal
      representatives, executors and heirs of a deceased individual), nation, state,
      government (including agencies, departments, bureaus, boards, divisions and
      instrumentalities thereof), trustee, receiver or liquidator, as well as any
      syndicate or group that would be deemed to be a Person under Section 13(d)(3)
      of
      the Securities Exchange Act of 1934, as amended.

     

    (e) “Subsidiary”
      of a Person shall mean each corporation or other entity of which (a) such Person
      or any other Subsidiary of such Person is a general partner or a manager (b)
      or
      at least 50% of the securities or other ownership interests having by their
      terms ordinary voting power to elect at least 50% of the board of directors
      or
      other Persons performing similar functions is directly or indirectly owned
      or
      controlled by such Person, by any one or more of its Subsidiaries or by such
      Person and one or more of its Subsidiaries.

     

    (f) “Trading
      Day” means a day on which the purchase and sale of the Company’s Common Stock is
      permitted.

     

    
      
        
        

      

      
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    14. Miscellaneous.

     

    (a) This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and assigns. Subject to the preceding sentence,
      nothing in this Warrant shall be construed to give to any Person other than
      the
      Company and the Holder any legal or equitable right, remedy or cause of action
      under this Warrant. This Warrant may be amended only in writing signed by the
      Company and the Holder and their successors and assigns.

     

    (b) All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of Nevada, without regard to the principles
      of conflicts of law thereof. Each party agrees that all legal proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement (whether brought against a party hereto or its
      respective affiliates, directors, officers, shareholders, employees or agents)
      shall be commenced in the state and federal courts sitting in the City of Las
      Vegas. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in the City of Las Vegas
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein (including with respect
      to the enforcement of this Agreement), and hereby irrevocably waives, and agrees
      not to assert in any suit, action or proceeding, any claim that it is not
      personally subject to the jurisdiction of any such court, that such suit, action
      or proceeding is improper. Each party hereto (including its affiliates, agents,
      officers, directors and employees) hereby irrevocably waives, to the fullest
      extent permitted by applicable law, any and all right to trial by jury in any
      legal proceeding arising out of or relating to this Agreement or the
      transactions contemplated hereby. If either party shall commence an action
      or
      proceeding to enforce any provisions of this Agreement, then the prevailing
      party in such action or proceeding shall be reimbursed by the other party for
      its attorneys fees and other costs and expenses incurred with the investigation,
      preparation and prosecution of such action or proceeding.

     

    (c) The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    (d) In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

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

    

    
      	 STRATOS
              RENEWABLES CORPORATION
	 a
              Nevada Corporation
	 	 
	
              By:

            	 
	 	
              Steven
                Magami

            
	 	
              President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      ELECTION TO PURCHASE 

     

    To
      Stratos Renewables Corporation:

     

    In
      accordance with the Warrant enclosed with this Form of Election to Purchase,
      the
      undersigned hereby irrevocably elects to purchase _______ shares of common
      stock
      (“Common Stock”), $0.001 par value per share, of Stratos Renewables Corporation
      and, if such Holder is not utilizing the cashless exercise provisions set forth
      in this Warrant, encloses herewith $______________ in cash, certified or
      official bank check or checks or other immediately available funds, which sum
      represents the aggregate Exercise Price (as defined in the Warrant) for the
      number of shares of Common Stock to which this Form of Election to Purchase
      relates, together with any applicable taxes payable by the undersigned pursuant
      to the Warrant.

     

    The
      undersigned requests that certificates for the shares of Common Stock issuable
      upon this exercise be issued in the name of

    

      
        
          	
                  PLEASE
                    INSERT SOCIAL SECURITY

                
	
                  OR

                
	
                  TAX
                    IDENTIFICATION NUMBER

                

        

      

    

     

    (Please
      print name and address)

     

    
      
        
        

      

      
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    FORM
      OF
      ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      __________________________________ the right represented by the within Warrant
      to purchase ____________ shares of Common Stock of Stratos Renewables
      Corporation to which the within Warrant relates and appoints
      _____________________ attorney to transfer said right on the books of Stratos
      Renewables Corporation with full power of substitution in the
      premises.

     

    Dated:
      ________________, _______

    

    
      	 
	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

            
	 
	 
	
              Address
                of Transferee

            
	 
	 
	 

    

    

      
        	
                In
                  the presence of:

              
	 

      

    

     

    
      
        
        

      

      
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    Warrant
      Shares Exercise Log

    

      
        	
                Date

              	 	
                Number of Warrant

                Shares Available to

                be Exercised

              	 	
                Number of Warrant

                Shares Exercised

              	 	
                Number of Warrant

                Shares Remaining to

                be Exercised

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

    

     

    
      
        
        

      

      
        12Environmental
      Products Agreement

    

    This
      Environmental Products Agreement (this “Agreement”)
      is
      dated as of April 18, 2008 by and between Grey K Fund, LP, a Delaware limited
      partnership (“Grey
      K
      LP”),
      Grey
      K Offshore Fund, Ltd., a Cayman Island exempt company (“Grey
      K
      Offshore”),
      and
      Grey K Offshore Leveraged Fund, Ltd., a Cayman Island exempt company
      (“Grey
      K
      Leveraged”,
      and
      together with Grey K LP and Grey K Offshore, “Grey
      K”),
      Stratos Renewables Corporation, a Nevada corporation (the “Company”)
      and
      Stratos del Peru S.A.C., a Peru corporation (“Stratos
      SAC”).

     

    WHEREAS,
      the
      Company Group is engaged in the business of (i) manufacturing ethanol and sugar
      products through the cultivation, harvesting and processing of sugarcane and
      (ii) producing electricity from the byproduct of sugarcane manufacturing
      (collectively, the “Business”);

     

    WHEREAS,
      the
      conduct of the Business may generate transferable environmental attributes
      and
      other certificates including RECs, CERs and VERs (collectively, the
“Environmental
      Products”);

     

    WHEREAS,
      Grey K
      has experience and expertise in
      marketing, selling and trading
      Environmental Products; 

     

    WHEREAS,
      Grey K
      and the Company Group desire to work together to explore opportunities available
      to the Company Group to create, generate, produce or otherwise realize the
      Environmental Products originating, directly or indirectly, from the conduct
      and
      operations of the Business;

     

    WHEREAS,
      the
      parties acknowledge that the Company’s commitments in this Agreement are a
      material inducement to Grey K entering into that certain Series A Preferred
      Stock and Warrant Purchase Agreement (the “Purchase
      Agreement”)
      and
      the Transaction Agreements (as defined in the Purchase Agreement), by and
      between the Company and Grey K pursuant to which Grey K will become a
      stockholder of the Company; and

     

    WHEREAS,
      the
      Company Group desires to transfer and assign to Grey K, and Grey K desires
      to
      receive from the Company Group all of the Company Group’s right, title and
      interest in, to and under all of the Environmental Products generated by the
      Business in accordance with the terms and conditions set forth in this
      Agreement. 

     

    NOW
      THEREFORE,
      in
      consideration of the foregoing and the representations, warranties, covenants
      and agreements herein contained, and intending to be legally bound hereby,
      the
      parties hereto agree as follows:

     

    Article
      1

    DEFINITIONS
      AND INTERPRETATION

     

    1.1 Capitalized
      Terms. Capitalized
      terms used herein without definition have the respective meanings assigned
      thereto in Schedule
      I
      attached
      hereto and incorporated herein for all purposes of this Agreement (such
      definitions to be equally applicable to both the singular and plural forms
      of
      the terms defined). When a reference is made in this Agreement to Sections,
      subsections, Schedules or Exhibits, such reference is to a Section, subsection,
      Schedule or Exhibit to this Agreement unless otherwise indicated. The words
      “include,” “includes” and “including” when used herein are deemed in each case
      to be followed by the words “without limitation.” The word “herein” and similar
      references mean, except where a specific Section or Article reference is
      expressly indicated, the entire Agreement rather than any specific Section
      or
      Article. The word “or” has, except as otherwise indicated, the inclusive meaning
      represented by the phrase “and/or.”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    1.2 Effective
      Date.
      This
      Agreement shall be effective on the date hereof (the “Effective
      Date”).
      

     

    Article
      2

    TRANSFER
      OF ENVIRONMENTAL PRODUCTS

     

    2.1 Transfer
      of Environmental Products.

     

    2.1.1 Subject
      to the terms and conditions set forth in this Agreement, Grey K shall
      automatically receive all right, title and interest in, to and under all
      Environmental Products generated by, or capable of generation from, the Business
      directly from the Company Group when issued. In furtherance of the foregoing,
      Grey K (or Grey K’s designee) shall be named as a Project Participant in any
      Project Design Document and all relevant CDM project documents, as applicable
      in
      respect of the Business, Purchaser shall serve as the Focal Point for all
      communications with the Executive Board and the UNFCC Secretariat regarding
      allocation of CERs that are generated in respect of the Business. 

     

    2.1.2 In
      addition, the Company Group hereby agrees to transfer and assign (“Transfer”),
      free and clear of all Liens, to Grey K and Grey K hereby agrees to acquire
      and
      receive from the Company Group, all of the Company Group’s right, title and
      interest in, to and under all of the Environmental Products generated by the
      Business, in consideration of a portion of Net Proceeds as set forth in Section
      2.2 below. Within two (2) Business Days of receipt of notice from Grey K, the
      Company Group shall execute any documents requested by Grey K for the Transfer
      of the Environmental Products to Grey K (including the execution and delivery
      of
      an Assignment and Assumption Agreement, substantially in the form attached
      hereto as Exhibit
      A
      (each
      such agreement, an “Assignment
      Agreement”)).

     

    2.1.3 No
      member
      of the Company Group shall Transfer any Environmental Products to any Person
      other than Grey K or a designated affiliate of Grey K. 

     

    2.2 Payment
      of Net Proceeds

     

    2.2.1 
      As
      consideration for the Transfer of the Environmental Products to Grey K,
      commencing with the year beginning January 1, 2013, the Company shall be
      entitled to receive 61.12% of the annual Net Proceeds actually received by
      Grey
      K in excess of $1,500,000 per year for each year occurring after December 31,
      2012 from the sale of such Environmental Products by Grey K.

     

    2.2.2 For
      purposes of this Agreement, “Net
      Proceeds”
shall
      mean the gross proceeds from any sale of any Environmental Products by Grey
      K
      Transferred to Grey K under the terms and conditions of this Agreement
      (“Sale
      Proceeds”)
      less
      any
      out-of-pocket costs or expenses incurred by Grey K in connection with such
      sales
      or incurred in connection with the performance of any of its obligations under
      the terms of this Agreement, including any external brokerage or external
      trading fees, legal fees, amounts payable to third parties for engineering
      and/or consulting services associated with the implementation or development
      of
      Emissions Reductions Methodologies and Processes at the Company Group, Grey
      K’s
      portion of any Transfer Taxes and any Taxes imposed on the ownership, receipt
      or
      transfer of Environmental Products to third parties. For the avoidance of doubt,
      Grey K shall be entitled to deduct and retain the amounts specified in the
      foregoing sentence from the Sale Proceeds.

     

    2.2.3 Within
      5
      Business Days of the receipt of any Sale Proceeds payable to the Company
      pursuant to Section 2.2.1, Grey K shall remit the applicable portion of the
      Net
      Proceeds to the Company by wire transfer in immediately available funds to
      an
      account designated by the Company in writing.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Article
      3

    
      DEVELOPMENT
        AND SALE OF ENVIRONMENTAL PRODUCTS

    

     

    3.1.1 The
      Company Group and Grey K shall work together to explore all opportunities
      available to the Company Group to create, generate, produce or otherwise realize
      Environmental Products originating, directly or indirectly, from the conduct
      and
      operations of the Business.

     

    3.1.2 Grey
      K
      shall have the exclusive right and authority, in Grey K’s sole discretion, to
      develop and implement emissions reductions methodologies, verification,
      certification and/or other monitoring processes at the Company Group necessary
      to realize the creation, generation and production of Environmental Products
      from the conduct and operations of the Business, including the right to engage
      third party engineering and consulting firms as Grey K deems necessary and
      advisable in Grey K’s sole discretion (collectively “Emissions
      Reductions Methodologies and Processes”).
      The
      Company Group shall cooperate with Grey K in connection with the implementation
      and development of Emissions Reductions Methodologies and
      Processes.

     

    3.1.3 Grey
      K
      shall have the exclusive right and authority, in Grey K’s sole discretion, over
      all aspects related to the marketing, selling or trading of Environmental
      Products Transferred to or acquired by Grey K under this Agreement.

     

    Article
      4

    
      TERMINATION

    

     

    4.1 Termination. 

     

    4.1.1 This
      Agreement may not be terminated by either party except as follows:

     

    (a) At
      any
      time by mutual written consent of the Company and Grey K;

     

    (b) At
      any
      time by Grey K upon ninety 90 days prior written notice to the Company;
      and

     

    (c) By
      Grey
      K, in the event any member of the Company Group Breaches this Agreement and
      such
      Breach is not cured within 45 days or, if such Breach is curable, such longer
      period as Grey K may agree (provided the Company Group is diligently pursuing
      such cure to the sole satisfaction of Grey K), after Grey K delivers written
      notice to the Company notifying the Company of such Breach and its intention
      to
      terminate this Agreement, and, upon such termination, the Company Group shall
      pay Grey K an amount equal to all unreimbursed costs and expenses incurred
      by
      Grey K in connection with the development and implementation of the Emissions
      Reductions Methodologies and Process plus $5,000,000.

     

    4.2 Effect
      of Termination.

     

    In
      the
      event this Agreement is terminated as provided in this Article
      4,
      this
      Agreement shall forthwith become wholly void and of no effect, and the parties
      shall be released from all future obligations hereunder; provided,
      however,
      that
      nothing in this Article
      4
      shall
      relieve any party of Liability for any Breach and that the provisions of this
      Article
      4,
      Article
      8,
      and
Article
      9
      shall
      survive such termination.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Article
      5

    REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

     

    The
      Company represents and warrants to Grey K as of the date hereof and upon the
      date of each Transfer of Environmental Products as follows:

     

    5.1 Organization
      and Good Standing.

     

    The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Nevada, with full corporate power and authority
      to conduct the Business as it is now being conducted, to own, lease and operate
      the properties and Assets that it purports to own, lease and operate, and to
      perform all of its obligations under its Contracts. The Company is duly
      qualified to do business as a foreign corporation and is in good standing under
      the laws of each state or other jurisdiction in which either the ownership,
      lease or use of the properties owned, leased or used by it, or the nature of
      the
      activities conducted by it, requires such qualification. 

     

    5.2 Enforceability;
      Authority; No Conflict.

     

    5.2.1 This
      Agreement constitutes, and when executed each Assignment Agreement shall
      constitute, the legal, valid and binding obligation of the Company Group,
      enforceable against each member of the Company Group in accordance with their
      terms. Each member of the Company Group has the absolute and unrestricted right,
      power and authority to execute and deliver this Agreement and each Assignment
      Agreement and to perform all of its obligations under this Agreement and each
      Assignment Agreement, and such action has been duly authorized by all necessary
      action by each member of the Company Group’s board of directors. 

     

    5.2.2 Neither
      the execution and delivery of this Agreement or any Assignment Agreement by
      any
      member of the Company Group, as applicable, nor the consummation or performance
      of any of the transactions contemplated hereby or thereby by any member of
      the
      Company Group will, directly or indirectly (with or without notice or lapse
      of
      time): (i) Breach (A) any provision of any of the Governing Documents of
      such member of the Company Group or (B) any resolution adopted by the board
      of
      directors of such member of the Company Group; (ii) Breach or give any
      Governmental Entity or other Person the right to challenge this Agreement or
      any
      of the transactions contemplated hereby or to exercise any remedy or obtain
      any
      relief under any Legal Requirement or any Order to which the Company Group,
      or
      any of the Assets, including the Environmental Products, may be subject;
      (iii) contravene, conflict with or result in a violation or Breach of any
      of the terms or requirements of, or give any Governmental Entity the right
      to
      revoke, withdraw, suspend, cancel, terminate or modify, any permit that is
      held
      by the Company Group or that otherwise relates to the Assets or to the Business;
      (iv) cause Grey K to become subject to, or to become liable for the payment
      of, any Tax; or (v) Breach any provision of, or give any Person the right
      to declare a default or exercise any remedy under, or to accelerate the maturity
      or performance of, or payment under, or to cancel, terminate or modify, any
      Contract of the Company Group.

     

    5.2.3 No
      member
      of the Company Group is required to give any notice to or obtain any Consent
      from any Person in connection with the execution and delivery of this Agreement
      or, when executed, any Assignment Agreement or the consummation or performance
      of any of the transactions contemplated hereby or thereby including the Transfer
      of the Environmental Products to Grey K.

     

    5.3 Title
      to Environmental Products.
      

     

    The
      Company Group has (or will have at the time of Transfer to Grey K) good and
      marketable title to the Environmental Products, and will transfer such good
      and
      marketable title, free and clear of any and all Liens, to Grey K in accordance
      with the terms and conditions of this Agreement. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    5.4 Subsidiaries.
      

     

    The
      Company Group has no Subsidiaries other than Stratos SAC.

     

    Article
      6

    REPRESENTATIONS
      AND WARRANTIES OF GREY
      K

     

    Each
      of
      Grey K LP and Grey K Offshore, severally and not jointly, represents and
      warrants to the Company and upon the date of each Transfer of Environmental
      Products as follows:

     

    6.1 Organization
      and Good Standing.

     

    Each
      of
      Grey K LP and Grey K Offshore is a company duly organized, validly existing
      and
      in good standing under the laws of the jurisdiction of its formation, with
      all
      necessary power and authority to conduct its business as it is now
      conducted.

     

    6.2 Enforceability;
      Authority; No Conflict.

     

    6.2.1 This
      Agreement constitutes, and when executed each Assignment Agreement shall
      constitute, the legal, valid and binding obligation of Grey K, enforceable
      against Grey K in accordance with their terms. Grey K has the absolute and
      unrestricted right, power and authority to execute and deliver this Agreement
      and each Assignment Agreement and to perform its obligations under this
      Agreement and each Assignment Agreement, and such action has been duly
      authorized by all necessary company action on the part of Grey K. 

     

    6.2.2 The
      execution and delivery of this Agreement and, when executed, each Assignment
      Agreement by Grey K and the consummation or performance of any of
      the
      transactions contemplated hereby
      or
      thereby by Grey K will not give any Person the right to prevent, delay or
      otherwise interfere with any of the transactions contemplated hereby pursuant
      to: (a) any provision of Grey K’s Governing Documents; (b) any
      resolution adopted by the board of directors of Grey K; (c) any Legal
      Requirement or Order applicable to Grey K; or (d) any Contract to which
      Grey K is a party or by which Grey K may be bound. 

     

    Article
      7

    COVENANTS
      

     

    7.1 Conduct
      of Business.

     

    Except
      (a) as expressly permitted by this Agreement or (b) with the prior
      written consent of Grey K, the Company Group shall (i) conduct the Business
      in the ordinary course, (ii) conduct the Business consistent with the
      generation, certification and/or verification of Environmental Products and
      the
      Emissions Reductions Methodologies and Processes, (iii) use commercially
      reasonable efforts to cause the appropriate Governmental Entity or other
      accredited entity to verify, certify or otherwise make the Environmental
      Products available for Transfer and (iv)
      use
      commercially reasonable efforts to maintain
      and preserve intact its business organization and the goodwill of those having
      business relationships with it (including by using commercially reasonable
      efforts to preserve its assets and technology and relationships with customers,
      suppliers, distributors, licensors and licensees) and retain the services of
      its
      present officers and key employees. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    7.2 Access
      and Investigation.

     

    Upon
      reasonable advance notice received from Grey K, the Company Group shall (a)
      afford Grey K and its respective Representatives reasonable access, during
      regular business hours, to the books and records of the Company Group (such
      rights of access to be exercised in a manner that does not unreasonably
      interfere with the operations of the Company Group and the Business) and (b)
      otherwise cooperate and assist, to the extent reasonably requested by Grey
      K,
      with Grey K’s investigation and audit of the Environmental Product Statements,
      including its verification of the production of ethanol and electricity and
      generation of Environmental Products by the Business. 

     

    7.3 Information
      Rights; Books and Records.

     

    7.3.1 The
      Company Group shall provide, or cause to be provided, to Grey K,
      as soon
      as available
      but
      no
      less
      frequently than once per calendar quarter, a written report detailing the
      production of ethanol and electricity and the
      generation of
      Environmental Products (“Environmental
      Product Statements”)
      and
      such other information related to the Business as may be reasonably requested
      by
      Grey K. 

     

    7.3.2 The
      Company Group will maintain true and complete books and records of account
      in
      which full and correct entries will be made of all of its business transactions,
      including the production of ethanol and electricity and the generation of
      Environmental Products, pursuant to a system of accounting established and
      administered in accordance with GAAP.

     

    7.3.3 After
      January 1, 2013 Grey K will (i) maintain true and complete books and records
      of
      account in which full and correct entries will be made relating to the sale
      of
      Environmental Products Transferred
      to it
      under
      the terms of this Agreement and (ii) prior to the twentieth day of the end
      of
      each calendar month, provide to the Company a written report detailing any
      sales
      or trades of Environmental Products which occurred in the preceding month,
      the
      gross proceeds from any such sales and the amount of any out-of-pocket costs
      or
      expenses incurred by Grey K in connection with such sales or incurred in
      connection with the performance of any of its obligations under the terms of
      this Agreement during the preceding month.

     

    7.4 Implementation
      of Emissions Reductions Methodologies and Processes

     

    The
      Company Group agrees to use reasonable efforts to cooperate fully with Grey
      K
      and its Representatives, including third party engineering and consulting firms,
      in connection with the development and implementation of Emissions Reductions
      Methodologies and Processes at the Company Group in order to maximize the
      realization, creation, generation and production of Environmental Products
      from
      the Business.

     

    7.5 Notification.

     

    The
      Company Group and Grey K shall promptly notify the other party hereto of the
      occurrence of any Breach of any covenant of such party under this Agreement
      or
      of the occurrence of any event that may make the performance by such party
      of
      its obligations hereunder impossible or unlikely.

     

    7.6 No
      Liens; No Transfer.

     

    Without
      the prior written consent of Grey K, the Company Group shall not Transfer,
      assign, sell, dispose of, place or allow to be placed a Lien on, pledge or
      otherwise encumber any Environmental Products or any Assets of the Company
      Group
      which are involved in the development or creation of any Environmental
      Products.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    7.7 Grant
      of Security Interest.

     

    To
      secure
      the payment and performance of the obligations hereunder, the Company Group
      hereby grants to Grey K a first priority Lien on, security interest in and
      right
      of set-off against any and all right, title and interest of the Company Group
      in
      and to any and Environmental Products (the “Collateral”),
      whether now owned or existing or hereafter created, acquired or arising. The
      Company Group authorizes Grey K at any time and from time to time to file
      financing statements, continuation statements and amendments thereto, relating
      to the Collateral. 

     

    7.8 Subsidiaries;
      Further Assurances.

     

    7.8.1 Promptly
      upon the creation or acquisition of any Subsidiary, the Company shall cause
      such
      Subsidiary to execute a counterpart to this Agreement acknowledging the
      agreement of such Subsidiary to be bound to this Agreement as a member of the
      “Company Group,” and making the representations, warranties covenants and
      transfers set forth herein, on behalf of such Subsidiary; provided,
      however,
      that
      any Subsidiary which has assigned its rights to any Environmental Products
      to an
      unaffiliated third party prior to the time of the Company’s acquisition of such
      Subsidiary shall not be required to assign such Environmental Products to Grey
      K
      until such time as such assignment terminates or otherwise expires (without
      giving effect to any extensions, amendments, restatements, supplements or
      modifications thereof).

     

    7.8.2 The
      parties hereto shall cooperate reasonably with each other and with their
      respective Representatives in connection with any actions required to be taken
      as part of their respective obligations under this Agreement, and shall execute
      and deliver such documents and other papers and take such further actions as
      may
      be reasonably required to carry out the provisions of this Agreement and to
      give
      effect to the transactions contemplated hereby, including the taking of all
      actions necessary to certify the generation of the Environmental Products and
      the execution and delivery of such assignments and other documents as may be
      reasonably necessary to Transfer the Environmental Products to Grey K in
      accordance with applicable Legal Requirements. 

     

    Article
      8

    INDEMNIFICATION

     

    8.1 Indemnification;
      Limitation on Liability

     

    8.1.1 Indemnification.
      Each
      party agrees to indemnify, defend and hold harmless the other party from and
      against any and all Losses arising out of, based upon or resulting from such
      party’s (i) Breach of any representation or warranty contained in or referred to
      in this Agreement and any Assignment Agreement and (ii) Breach of, or any
      failure to perform, any of the covenants, agreements or obligations contained
      in
      or made pursuant to this Agreement and any Assignment Agreement; provided,
      that
      Grey K’s obligation to indemnify the Company Group will be limited to the amount
      of Net Proceeds actually received by Grey K pursuant to this
      Agreement.

     

    8.1.2 Limitation
      of Warranties.
      EXCEPT
      FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT,
      GREY K MAKES NO REPRESENTATION
      OR WARRANTY
      WHATSOEVER,
      WHETHER
      WRITTEN
      OR ORAL, EXPRESS OR IMPLIED,
      AT
      EQUITY, COMMON LAW, BY STATUTE OR OTHERWISE IN CONNECTION WITH THIS AGREEMENT
      OR
      THE TRANSACTIONS CONTEMPLATED HEREBY
      INCLUDING ANY REPRESENTATION OR WARRANTY AS TO THE PRICE OR DEMAND FOR THE
      ENVIRONMENTAL PRODUCTS OR TO THE EXISTENCE OR DEVELOPMENT OF AN ACTIVE AND
      SUSTAINABLE TRADING MARKET FOR THE ENVIRONMENTAL PRODUCTS, ALL OF WHICH ARE
      DISCLAIMED. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Article
      9

    MISCELLANEOUS

     

    9.1 Notices.
      All
      notices which any party hereto may give to any other party hereto under or
      in
      connection with this Agreement or any Assignment Agreement shall be in writing
      and shall be sent by any of the following methods: hand delivery; reputable
      overnight courier guaranteeing overnight delivery; certified mail, return
      receipt requested; or facsimile transmission. An electronic copy of any such
      notice shall also be sent on the same day by email (provided,
      however,
      that
      failure to send an electronic copy shall not invalidate any such notice). The
      communications shall be sent to the following addresses, and shall be effective
      on the Business Day (i) in the case of hand delivery, when delivered, (ii)
      in
      the case of overnight courier, on the next Business Day after such notice was
      sent, (iii) in the case of certified mail, on the fifth (5th)
      Business Day after being deposited in the mail, and (iv) in the case of
      facsimile, upon receipt of confirmation of transmission; provided, that any
      communication received after the close of business on a Business Day shall
      be
      deemed to have been received on the next following Business Day:

     

    
      	
              if
                to Grey K, to:

            	
              c/o
                RNK Capital LLC

              527
                Madison Avenue, 7th
                Floor

              New
                York, NY 10022

              Attention:
                Donald Lepore

              Facsimile:
                (212) 419-3971

              E-mail:
                don.lepore@rnkcapital.com

            
	 	 
	
              if
                to the Company Group, to:

            	
              Stratos
                Renewables Corporation

              9440
                Santa Monica Boulevard, Suite 401

              Beverly
                Hills, CA 90210

              Attention:
                Katharine Alade 

              Facsimile:
                (310) 402-5931

              E-mail:
                ___________

            

    

     

    9.2 Amendments;
      No Waivers. Any
      provision of this Agreement may be amended or waived if, and only if, such
      amendment or waiver is in writing and signed, in the case of an amendment,
      by
      the Company and Grey K or in the case of a waiver, by the party or parties
      against whom the waiver is to be effective. No failure or delay by any party
      in
      exercising any right, power or privilege hereunder shall operate as a waiver
      thereof nor shall any single or partial exercise thereof preclude any other
      or
      further exercise thereof or the exercise of any other right, power or privilege.
      The rights and remedies herein provided shall be cumulative and not exclusive
      of
      any rights or remedies provided by law.

     

    9.3 Expenses.
      Unless
      otherwise contemplated by this Agreement or any Assignment Agreement, all costs
      and expenses incurred in connection with this Agreement shall be paid by the
      Company Group.  

     

    9.4 Successors
      and Assigns; Benefit. The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and assigns. The Company
      Group may not assign, delegate or otherwise transfer any of its rights or
      obligations under this Agreement without the prior written consent of Grey
      K. In
      connection with a Change of Control Transaction, the Company Group agrees to
      cause the acquiring or surviving Person, as the case may be, to assume all
      of
      its obligations in writing under this Agreement. Nothing in this Agreement,
      expressed or implied, shall confer on any Person other than the parties hereto,
      and their respective successors and assigns, any rights, remedies, obligations,
      or liabilities under or by reason of this Agreement.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    9.5 Governing
      Law; Jurisdiction. All
      matters arising out of or relating to this Agreement and each Assignment
      Agreement shall be construed in accordance with and governed by the internal
      laws of the State of New York without regard to any conflicts of law principles
      that would result in the application of the laws of another jurisdiction. In
      any
      action between the parties arising out of or relating to this Agreement or
      any
      of the transactions contemplated hereby (including any Assignment Agreement):
      (a) each of the parties hereto irrevocably and unconditionally consents and
      submits to the exclusive jurisdiction and venue of the state and Federal courts
      located in New York; (b) if any such action is commenced in a state court,
      then,
      subject to applicable law, no party shall object to the removal of such action
      to any Federal court located in the State of New York; and (c) each of the
      parties irrevocably consents to service of process by first class certified
      mail, return receipt requested, postage prepaid.

     

    9.6 Changes
      in Law.
      In the
      event of any changes in Legal Requirements (including the creation of any new
      Legal Requirements) applicable to or otherwise concerning the creation or
      characteristics of the Environmental Products covered by this Agreement,
      this Agreement will be construed in such manner as shall, and each of the
      Company Group and Grey K shall take such action as may be
      reasonably required to, maintain, to the extent possible, the same
      responsibilities and economic benefits contemplated hereunder. Notwithstanding
      the fact that such a change in Legal Requirements may result in
      the increase or decrease of the value of the Environmental
      Products, the parties will nevertheless remain obligated
      to perform in accordance with the terms of this Agreement.

     

    9.7 WAIVER
      OF JURY TRIAL. EACH
      OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL
      BY
      JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR
      THE
      TRANSACTIONS CONTEMPLATED HEREBY (INCLUDING ANY ASSIGNMENT
      AGREEMENT).

     

    9.8 Severability.
      If
      any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law, or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      so long as the economic or legal substance of the transactions contemplated
      hereby is not affected in any manner adverse to any party. Upon such
      determination that any term or other provision is invalid, illegal or incapable
      of being enforced, the parties hereto shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the parties as closely
      as
      possible in an acceptable manner to the end that the transactions contemplated
      hereby are fulfilled to the extent possible.

     

    9.9 Headings;
      Interpretation. The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation of this Agreement.
The
      parties intend that each representation and each warranty contained in this
      Agreement shall have independent significance. Accordingly, except as otherwise
      expressly provided in this Agreement, nothing contained in any representation
      or
      warranty, or the fact that any representation or warranty may be more specific
      or less specific than any other representation or warranty, shall in any way
      limit, restrict or otherwise affect the scope, applicability or meaning of
      any
      other representation or warranty contained in this Agreement. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    9.10 Counterparts;
      Effectiveness. This
      Agreement may be signed in any number of counterparts and by facsimile
      signatures, each of which shall be deemed an original, with the same effect
      as
      if the signatures hereto were upon the same instrument. This Agreement shall
      become effective when each party hereto shall have received counterparts hereof
      signed by all of the other parties hereto.

    9.11 Entire
      Agreement. This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof and supersedes all prior agreements and
      understandings, both oral and written, between the parties with respect to
      the
      subject matter hereof.

     

    9.12 Relationship
      of the Parties.
      (a) The
      obligations of the Company Group and Grey K under this Agreement shall be in
      every case separate and shall not be or be construed to be joint and several.
      No
      party hereto shall have the authority to act for or to assume any obligations
      or
      responsibilities on behalf of the other party hereto. The relationship of the
      Company Group to Grey K and Grey K to the Company Group is one of independent
      contractors, and is not one of partners or joint venturers. It is not the
      purpose or intention of this Agreement to create, and this Agreement shall
      never
      be construed as creating, a common law or statutory partnership, association
      or
      alliance, agency or any other relationship that is not expressly authorized
      by
      this Agreement whereby either party hereto shall be held liable for the acts,
      either by omission or commission, of the other party hereto. (b) All rights
      and
      obligations of Grey K LP, Grey K Offshore and Grey K Leveraged hereunder shall
      be several and not joint, based on their respective Allocation Amount. The
      “Allocation Amount” shall be determined by Grey K LP from time to time upon
      written notice to the Company.

     

    9.13 Specific
      Performance.
      In
      addition to any other remedies which any party hereto may have at law or in
      equity, either party shall have the right to equitable relief, including,
      without limitation, an injunction for specific performance of any obligation
      arising under this Agreement and any Assignment Agreement. The parties further
      acknowledge and agree that damages would not be an adequate remedy for any
      Breach by it of the provisions of this Agreement and any Assignment Agreement
      and that the parties shall be entitled, without proof of special damages, to
      the
      remedies of injunctive and other equitable relief for any threatened or actual
      Breach by either party of this Agreement and any Assignment Agreement.

     

    9.14 Confidentiality.
      Without
      the prior written consent of the other party to this Agreement, neither
      the Company Group or any of its Representatives nor Grey K or any of its
      Representative, shall disclose, and each party shall use reasonable
      efforts to cause each of their respective Representatives
      not
      to
      disclose,
      to any
      other Person the fact that this Agreement exists or the terms hereof, the
      discussions or negotiations that took place (or may take place) regarding the
      potential Transfers and other transactions between Grey K and the Company Group
      contemplated hereunder, or any of the terms, conditions or other facts with
      respect to any such possible Transfers or other transactions, including the
      status thereof, except (i) as required by applicable Legal Requirements, in
      which case the party that is required to disclose such information shall consult
      and work in good faith with the other party hereto in order to reach a mutual
      agreement with respect to the content of such disclosure and (ii) for any
      disclosure by Grey K in connection with the potential sale of Environmental
      Products.

     

    9.15 Additional
      Documents and Agreements;
      Cooperation.
      The
      parties agree to execute, with acknowledgment and affidavit if required, such
      additional documents and agreements, and to take such further actions, as may
      reasonably be required to carry out the provisions and intent of this Agreement
      and every agreement or document relating hereto, or entered into in connection
      herewith. The
      Company Group will exercise good-faith efforts to assist Grey K to fulfill
      any
      requests made by Grey K in respect of any audit requirements of Grey K or its
      Affiliates. Without limiting the generality of the foregoing, the Company Group
      will provide, upon request by Grey K, Grey K’s auditor or an auditor of a Grey K
      Affiliate, a written statement to Grey K and/or any auditor of Grey K or its
      Affiliates confirming that it is a party to this Agreement and to the relative
      terms and provisions of this Agreement, including without limitation cash
      amounts paid or received, unpaid liabilities and contingent liabilities and
      assets owned.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    [The
      remainder of the page is intentionally left blank.]

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Environmental Products Agreement as of the
      date first written above.

     

    
      	
              GREY
                K FUND, LP

            
	 	 
	
              By:
                

            	
              Grey
                K GP, LLC

            
	 	 
	
              By:
                

            	
              /s/
                ROBERT KOLTUN

            
	 	
              Robert
                Koltun

            
	 	
              Managing
                Member

            
	 	 
	
              GREY
                K OFFSHORE FUND, LTD.

            
	 	 
	
              By:

            	
              RNK
                Capital LLC

            
	 	 
	
              By:
                

            	
              /s/
                ROBERT KOLTUN

            
	 	
              Robert
                Koltun

            
	 	
              Managing
                Member

            
	 	 
	
              GREY
                K OFFSHORE LEVERAGED FUND, LTD.

            
	 	 
	
              By:
                

            	
              RNK
                Capital LLC

            
	 	 
	
              By:
                

            	
              /s/
                ROBERT KOLTUN

            
	 	
              Robert
                Koltun

            
	 	
              Managing
                Member

            
	 	 
	
              STRATOS
                RENEWABLES CORPORATION

            
	 	 
	
              By:
                

            	
              /s/
                STEVEN MAGAMI

            
	 	
              Steven
                Magami

            
	 	
              President

            
	 	 
	
              STRATOS
                DEL PERU S.A.C.

            
	 	 
	
              By:
                

            	
              /s/
                CARLOS ANTONIO SALAS

            
	 	
              Carlos
                Antonio Salas

            
	 	
              Chief
                Executive Officer

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Schedule
      I

    Definitions

    

    “Affiliate”
means,
      with respect to any Person, any other Person which directly or indirectly
      controls, is controlled by or is under common control with such
      Person.

     

    “Assets”
means
      the assets of the Company Group used or held for use in connection with the
      Business.

     

    “Breach”
means
      any breach of, or any inaccuracy in, any representation or warranty or any
      breach of, or failure to perform or comply with, any covenant, obligation,
      or
      agreement in or of this Agreement or any other Contract, or any event which
      with
      the passing of time or the giving of notice, or both, would constitute such
      a
      breach, inaccuracy or failure.

     

    “Business
      Day”
means
      any day other than (a) Saturday or Sunday or (b) a day on which banks in New
      York are
      permitted or required to be closed.

     

    “CDM”
has
      the
      meaning ascribed to such term by Article 12 of the Kyoto Protocol.

     

    “CERs”
means
      certified emission reductions. 

     

    “Change
      of Control Transaction”
means,
      with respect to the Company Group, any of the following (i) an initial public
      offering of common stock of any member of the Company Group or securities
      convertible into or exchangeable for common stock of any member of the Company
      Group, (ii) a merger or consolidation of any member of the Company Group with
      or
      into any other Person, (iii) an acquisition by any Person or group of Persons
      of
      effective control (whether through legal or beneficial ownership of equity
      interests, by contract or otherwise) of the Company Group or (iv) a sale of
      all
      or substantially all of the assets of any member of the Company Group in one
      or
      a series of related transactions. 

     

    “Company
      Group”
means
      the Company and Stratos SAC together with their Subsidiaries, whether such
      Subsidiaries are acquired or created on or after the Effective
      Date.

     

    “Consent”
means
      any written approval, consent, ratification, waiver or other
      authorization.

     

    “Contract”
means
      any agreement, contract, lease, license, consensual obligation, promise or
      undertaking (whether written or oral and whether express or implied), whether
      or
      not legally binding.

     

    “COP/MOP”
means
      Conference of the Parties to the UNFCCC serving as the “meeting of the Parties”
to the Kyoto Protocol.

     

    “Executive
      Board”
has
      the
      meaning ascribed to such term by Decision 3/CMP.1 of the COP/MOP, as the same
      may be amended, supplemented or otherwise modified.

     

    “Focal
      Point”
means
      the Project Participant who will be responsible for all contacts and
      communications with the Executive Board and the UNFCC Secretariat. 

     

    “GAAP”
means
      generally accepted accounting principles for financial reporting in the United
      States.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Governing
      Documents”
means
      with respect to any particular entity, (a) if a corporation, the articles or
      certificate of incorporation, memorandum or articles of association and the
      bylaws, if applicable; (b) if a general partnership, the partnership agreement
      and any statement of partnership; (c) if a limited partnership, the limited
      partnership agreement and the certificate of limited partnership; (d) if a
      limited liability company, the articles of organization and operating agreement;
      (e) if another type of Person, any other charter or similar document adopted
      or
      filed in connection with the creation, formation or organization of the Person;
      (f) all equityholders’ agreements, voting agreements, voting trust agreements,
      joint venture agreements, registration rights agreements or other agreements
      or
      documents relating to the organization, management or operation of any Person
      or
      relating to the rights, duties and obligations of the equityholders of any
      Person; and (g) any amendment or supplement to any of the
      foregoing.

     

    “Governmental
      Entity”
means
      any federal, state, municipal, local or foreign government or supranational
      authority and any court, tribunal, arbitral body, administrative agency,
      department, subdivision, entity, commission or other governmental, government
      appointed, quasi-governmental or regulatory authority, reporting entity or
      agency, domestic, foreign or supranational.

     

    “Kyoto
      Protocol”
means
      the Kyoto Protocol to the UNFCCC or any successor regime.

     

    “Legal
      Requirement”
means
      any federal, state, local, municipal, foreign, international, multinational
      or
      other constitution, law, ordinance, principle of common law, code, regulation,
      statute or treaty.

     

    “Liabilities”
means
      liabilities, obligations or responsibilities of any nature whatsoever, whether
      direct or indirect, matured or unmatured, fixed or unfixed, known or unknown,
      asserted or unasserted, choate or inchoate, liquidated or unliquidated, secured
      or unsecured, absolute, contingent or otherwise, including any direct or
      indirect indebtedness, guaranty, endorsement, claim, loss, damage, deficiency,
      cost or expense.

     

    “Lien”
means,
      with respect to any property or asset, any lien, security interest, mortgage,
      pledge, charge, claim, lease, agreement, right of first refusal, option,
      limitation on transfer or use or assignment or licensing, restrictive easement,
      charge or any other restriction of any kind, including any restriction on the
      ownership, use, voting, transfer, possession, receipt of income or other
      exercise of any attributes of ownership, in respect of such property or
      asset.

     

    “Losses”
means
      any losses, damages, deficiencies, Liabilities, assessments, fines, penalties,
      judgments, actions, claims, costs, disbursements, fees, expenses or settlements
      of any kind or nature, including legal, accounting and other professional fees
      and expenses.

     

    “Order”
means
      any order, injunction, judgment, decree, ruling, assessment or arbitration
      award
      of any Governmental Entity or arbitrator.

     

    “Person”
means
      an individual, partnership, corporation, business trust, limited liability
      company, limited liability partnership, joint stock company, trust,
      unincorporated association, joint venture or other entity or a Governmental
      Entity.

     

    “Project
      Design Document”
has
      the
      meaning ascribed to such term by Decision 3/CMP.1 of the COP/MOP, supplemented
      or otherwise modified.

     

    “Project
      Participant”
has
      the
      meaning ascribed Decision 3/CMP.1 of the COP/MOP. 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “RECs”
means
      renewable energy certificates.

     

    “Representatives”
means,
      with respect to Grey K or the Company Group, as the case may be, the
      shareholders, members (and any advisors to such shareholders or members),
      directors, officers, managers, employees, Affiliates, representatives
      (including, without limitation, financial advisors, attorneys and accountants)
      or agents of Grey K or the Company Group, as the case may be.

     

    “Subsidiary”
means,
      when used with respect to any specified Person, any other Person (i) of which
      the specified Person or any Subsidiary thereof is a general partner or managing
      member, (ii) of which the specified Person or an Subsidiary thereof own 50%
      or
      more of the securities or other interests having by their terms ordinary voting
      power to elect a majority of the board of directors or others performing similar
      functions for such other Person, or (iii) that is directly or indirectly
      controlled by the specified Person or any Subsidiary thereof.

     

    “Tax”
means
      any income, gross receipts, license, payroll, employment, excise, severance,
      stamp, occupation, premium, property, environmental, windfall profit, customs,
      vehicle, airplane, boat, vessel or other title or registration, capital stock,
      franchise, employees’ income withholding, foreign or domestic withholding,
      social security, unemployment, disability, real property, personal property,
      sales, use, transfer, value added, alternative, add-on minimum and other tax,
      fee, assessment, levy, tariff, charge or duty of any kind whatsoever and any
      interest, penalty, addition or additional amount thereon imposed, assessed
      or
      collected by or under the authority of any Governmental Entity or payable under
      any tax-sharing agreement or any other Contract.

     

    “UNFCCC”
means
      the United Nations Framework Convention on Climate Change or any successor
      regime. 

     

    “VERs”
means
      verified emission reductions.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    ASSIGNMENT
      AND ASSUMPTION AGREEMENT

     

    THIS
      ASSIGNMENT AND ASSUMPTION AGREEMENT
      (this
“Assignment”),
      dated
      as of ________, 20__, is entered into by and between Grey K Fund, LP, a Delaware
      limited partnership (“Grey
      K
      LP”),
      Grey
      K Offshore Fund, Ltd., a Cayman Island exempt company (“Grey
      K
      Offshore”)
      and
      Grey K Offshore Leveraged Fund, LP, a Cayman Island exempt company
      (“Grey
      K
      Leveraged”,
      and
      together with Grey K LP and Grey K Offshore, “Assignee”),
      and
      [          ] (“Assignor”).
      

     

    RECITALS

     

    WHEREAS,
      Assignor and Assignee are parties to that certain Environmental Products Resale
      Agreement dated as of April __, 2008 (the “Agreement”).
      Capitalized terms used but not defined herein have the meaning ascribed to
      such
      terms in the Agreement; 

     

    WHEREAS,
      pursuant to the Agreement, Assignor agreed to transfer and assign, free and
      clear of all Liens, to the Assignee all of Assignor’s right, title and interest
      in the Environmental Products listed on Schedule A attached hereto (the
“Transferred
      Environmental Products”);
      

     

    WHEREAS,
      pursuant to the Agreement, Assignee agreed to acquire and receive from Assignor,
      all of Assignee’s right, title and interest in, to and under the Transferred
      Environmental Products; and

     

    WHEREAS,
      Assignor and Assignee desire to enter into this Assignment to effect such
      assignment and assumption.

     

    NOW
      THEREFORE, based on the premises and covenants contained herein, and for other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereby agree as follows:

     

    1. Assignor
      hereby assigns, grants, conveys, transfers and delivers to Assignee all of
      Assignor’s right, title and interest, free and clear of all Liens, in and to the
      Transferred Environmental Products. Assignee hereby accepts and assumes the
      Transferred Environmental Products.

     

    2. The
      terms
      of the Agreement, including but not limited to the parties’ respective
      representations, warranties, covenants, agreements and indemnities relating
      to
      the Transferred Environmental Products, are incorporated into this Assignment
      herein by reference. The parties acknowledges and agrees that the
      representations, warranties, covenants, agreements and indemnities contained
      in
      the Agreement shall not be superseded hereby but shall remain in full force
      and
      effect to the full extent provided therein. In the event of any conflict of
      inconsistency between the terms of the Agreement and the terms hereof, the
      terms
      of the Agreement shall govern.

     

    3. Assignor
      does hereby agree, from time to time as and when reasonably requested by
      Assignee, to execute and deliver all such other assignments, instruments or
      other documents, and to take such further or other actions, all in accordance
      with applicable Legal Requirements, as may be reasonably necessary in order
      to
      assign, grant, convey, transfer and deliver to Assignee all of Assignor’s right,
      title and interest, free an clear of all Liens, in and to the Transferred
      Environmental Products in accordance with the Agreement and terms hereof and
      consummate more effectively the transactions contemplated to occur hereunder
      and
      thereunder. If requested by Assignee, Assignor shall present or otherwise
      enforce in its own name for the benefit of the Assignee any claims, rights
      or
      benefits that are transferred to Assignee by this Agreement and that require
      prosecution or enforcement in Assignor’s name.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. All
      matters arising out of or relating to this Assignment
      shall
      be
      construed in accordance with and governed by the internal laws of the State
      of
      New York without regard to any conflicts of law principles that would result
      in
      the application of the laws of another jurisdiction. 

     

    6. This
      Assignment may be executed and delivered (including by facsimile transmission)
      in one or more counterparts, all of which shall be considered one and the same
      agreement and shall become effective when one or more counterparts have been
      signed by each of Assignee and Assignor and delivered to the other party, it
      being understood that Assignee and Assignor need not sign the same
      counterpart.

     

    8. This
      Assignment
      shall
      be
      binding upon and inure to the benefit of each party and its successors and
      permitted assigns.

     

    9. This
      Assignment
      may
      be
      amended from time to time only by the written agreement of Assignee and
      Assignor. 

     

    [Signature
      page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have duly executed this Assignment and
      Assumption Agreement as of the date first above written.

     

    
      	GREY
              K FUND, LP
	 	 
	 	 
	
              By:

            	
              Grey
                K GP, LLC

            
	 	 
	 	 
	
              By:

            	 
	 	
              Robert
                Koltun

            
	 	
              Managing
                Member

            
	 	 
	 	 
	GREY
              K OFFSHORE FUND, LTD.
	 	 
	 	 
	
              By:

            	
              RNK
                Capital LLC

            
	 	 
	 	 
	
              By:

            	 
	 	
              Robert
                Koltun

            
	 	
              Managing
                Member

            
	 	 
	 	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	GREY
              K OFFSHORE LEVERAGED FUND, LTD.
	 	 
	 	 
	
              By:

            	
              RNK
                Capital LLC

            
	 	 
	 	 
	
              By:

            	 
	 	
              Robert
                Koltun

            
	 	
              Managing
                Member

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      A

    

    List
      of
      Transferred Environmental Products

     

    
      	
              Type
                of

              Environmental

              Product (e.g. RECs, CERs,

              VERs,
                etc.)

            	 	
              Date
                of Generation;

              Certification;

              Verification,
                etc.

            	 	
              Quantity

            	 	
              Vintage

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