Document:

PROMISSORY
NOTE

    

    December
29, 2009

    

    $10,000.00

    

    FOR VALUE RECEIVED, the
undersigned corporation (the “Company”), promises
to pay to LEONID
PUSHKANTSER, an individual residing at 251 Warren Ave. Fort Lee NJ 07024
(the “Lender”)
or other address as the Lender shall specify in writing, the principal sum of
Ten Thousand Dollars and Zero Cents ($10,000.00) and interest at
the annual rate of zero percent (0.00%) on the unpaid balance
pursuant to the following terms:

     

    1.           Principal
and Interest. For
value received, the Company hereby promises to pay to the order of the Lender in
lawful money of the United States of America and in immediately available funds
the principal sum of Ten Thousand Dollars and Zero Cents ($10,000.00), together with
interest on the unpaid principal of this note at the rate of five
percent (5.00%) per
year (computed on the basis of a 365-day year) from the date specified in
Section 2 of this Promissory Note (the “Note”) until paid in
full.

     

    2.           Principal
and Interest Installment Payments. This Note shall be repaid in
full and in one lump sum, without limitation, upon the passage of six (6) months
from the date of this Note Agreement (“Maturity Date”). At Company’s option, the loan may be
prepaid without penalty.

    

    3.           Right of
Prepayment. Notwithstanding the payments pursuant to Section 2, the
Company at its option shall have the right to prepay a portion or all
outstanding principal of the Note. There shall be no prepayment fee or
penalty.

     

    4.           Waiver
and Consent. To the fullest extent permitted by law and except as
otherwise provided herein, the Company waives demand, presentment, protest,
notice of dishonor, suit against or joinder of any other person, and all other
requirements necessary to charge or hold the Company liable with respect to this
Note.

     

    5.           Costs,
Indemnities and Expenses. In the event of default as described herein,
the Company agrees to pay all reasonable fees and costs incurred by the Lender
in collecting or securing or attempting to collect or secure this Note,
including reasonable attorneys’ fees and expenses, whether or not involving
litigation, collecting upon any judgments and/or appellate or bankruptcy
proceedings. The Company agrees to pay any documentary stamp taxes, intangible
taxes or other taxes which may now or hereafter apply to this Note or any
payment made in respect of this Note, and the Company agrees to indemnify and
hold the Lender harmless from and against any liability, costs, attorneys’ fees,
penalties, interest or expenses relating to any such taxes, as and when the same
may be incurred.

     

    6.           Unsecured
Nature of the Note.
This Note is not secured by any collateral or any tangible or intangible
assets of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.           Event of
Default. An “Event of Default”
shall be deemed to have occurred upon the occurrence of any of the following:
(i) the Company should fail for any reason or for no reason to make any payment
of the principal, interest, costs, indemnities, or expenses pursuant to this
Note within ten (10) days of the date due as prescribed herein; (ii) any
default, whether in whole or in part, in the due observance or performance of
any obligations or other covenants, terms or provisions to be performed by the
Lender under this Note, or any other related agreements hereunder between the
Company and the Lender of even date herewith which is not cured by the Company
by any applicable cure period therein, (iii) a breach of any representations or
warranties, or (iii) the Lender shall: (1) make a general assignment for
the benefit of its creditors; (2) apply for or consent to the appointment
of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar
official for itself or any of its assets and properties; (3) commence a
voluntary case for relief as a debtor under the United States Bankruptcy Code;
(4) file with or otherwise submit to any governmental authority any
petition, answer or other document seeking: (A) reorganization, (B) an
arrangement with creditors or (C) to take advantage of any other present or
future applicable law respecting bankruptcy, reorganization, insolvency,
readjustment of debts, relief of debtors, dissolution or liquidation;
(5) file or otherwise submit any answer or other document admitting or
failing to contest the material allegations of a petition or other document
filed or otherwise submitted against it in any proceeding under any such
applicable law, or (6) be adjudicated a bankrupt or insolvent by a court of
competent jurisdiction. Upon an Event of Default (as defined above), the entire
principal balance and accrued interest outstanding under this Note, and all
other obligations of the Company under this Note, shall be immediately due and
payable without any action on the part of the Lender, interest shall accrue on
the unpaid principal balance at twenty-four percent (24%) per year or the
highest rate permitted by applicable law, if lower, and the Lender shall be
entitled to seek and institute any and all remedies available to
it.

     

    8.           Maximum
Interest Rate. In no event shall any agreed to or actual interest
charged, reserved or taken by the Lender as consideration for this Note exceed
the limits imposed by New Jersey law. In the event that the interest provisions
of this Note shall result at any time or for any reason in an effective rate of
interest that exceeds the maximum interest rate permitted by applicable law,
then without further agreement or notice the obligation to be fulfilled shall be
automatically reduced to such limit and all sums received by the Lender in
excess of those lawfully collectible as interest shall be applied against the
principal of this Note immediately upon the Lender’s receipt thereof, with the
same force and effect as though the Company had specifically designated such
extra sums to be so applied to principal and the Lender had agreed to accept
such extra payment(s) as a premium-free prepayment or prepayments.

     

    9.           Cancellation
of Note. Upon the repayment by the Company of all of its obligations
hereunder to the Lender, including, without limitation, the principal amount of
this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby
shall be deemed canceled and paid in full. Except as otherwise required by law
or by the provisions of this Note, payments received by the Lender hereunder
shall be applied first against expenses and indemnities, next against interest
accrued on this Note, and next in reduction of the outstanding principal balance
of this Note.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.           Severability. If any provision of this
Note is, for any reason, invalid or unenforceable, the remaining provisions of
this Note will nevertheless be valid and enforceable and will remain in full
force and effect. Any provision of this Note that is held invalid or
unenforceable by a court of competent jurisdiction will be deemed modified to
the extent necessary to make it valid and enforceable and as so modified will
remain in full force and effect.

     

    11.           Amendment
and Waiver. This
Note may be amended, or any provision of this Note may be waived, provided that
any such amendment or waiver will be binding on a party hereto only if such
amendment or waiver is set forth in a writing executed by the parties hereto.
The waiver by any such party hereto of a breach of any provision of this Note
shall not operate or be construed as a waiver of any other breach.

     

    12.           Successors. Except as otherwise provided
herein, this Note shall bind and inure to the benefit of and be enforceable by
the parties hereto and their permitted successors and assigns.

     

    13.           Assignment. This Note shall not be
directly or indirectly assignable or delegable by the Company. The Lender may
assign this Note as long as such assignment complies with the Securities Act of
1933, as amended.

     

    14.           No Strict
Construction. The
language used in this Note will be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict
construction will be applied against any party.

     

    15.           Further
Assurances. Each
party hereto will execute all documents and take such other actions as the other
party may reasonably request in order to consummate the transactions provided
for herein and to accomplish the purposes of this Note.

     

    16.           Notices,
Consents, etc. Any notices, consents, waivers or other communications
required or permitted to be given under the terms hereof must be in writing and
will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) trading day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such
communications shall be:

     

    
      	
              If
      to Company:

            	
              BAETA
      Corp.

            

    

    Att: Dr. Alexander Gak, President
& Chairman

    253 Warren Avenue

    Fort Lee, NJ 07024

     

    
      	
              If
      to the Lender:

            	
              Leonid
      Pushkantser

            

    

    251 Warren Avenue

    Fort Lee, NJ 07024

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    or at
such other address and/or facsimile number and/or to the attention of such other
person as the recipient party has specified by written notice given to each
other party three (3) trading days prior to the effectiveness of such change.
Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically
generated by the sender's facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C)
provided by a nationally recognized overnight delivery service, shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

     

    17.           Remedies,
Other Obligations, Breaches and Injunctive Relief. The Lender’s remedies
provided in this Note shall be cumulative and in addition to all other remedies
available to the Lender under this Note, at law or in equity (including a decree
of specific performance and/or other injunctive relief), no remedy of the Lender
contained herein shall be deemed a waiver of compliance with the provisions
giving rise to such remedy and nothing herein shall limit the Lender’s right to
pursue actual damages for any failure by the Company to comply with the terms of
this Note. No remedy conferred under this Note upon the Lender is intended to be
exclusive of any other remedy available to the Lender, pursuant to the terms of
this Note or otherwise. No single or partial exercise by the Lender of any
right, power or remedy hereunder shall preclude any other or further exercise
thereof. The failure of the Lender to exercise any right or remedy under this
Note or otherwise, or delay in exercising such right or remedy, shall not
operate as a waiver thereof. Every right and remedy of the Lender under any
document executed in connection with this transaction may be exercised from time
to time and as often as may be deemed expedient by the Lender. The Company
acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Lender and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event of any such
breach or threatened breach, the Lender shall be entitled, in addition to all
other available remedies, to an injunction restraining any breach, and specific
performance without the necessity of showing economic loss and without any bond
or other security being required.

     

    18.           Governing
Law; Jurisdiction.
THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW JERSEY APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS. THE BORROWER HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE UNITED STATES FEDERAL COURTS LOCATED IN NEW JERSEY, NEW JERSEY WITH RESPECT
TO ANY DISPUTE ARISING UNDER THIS NOTE, THE AGREEMENTS ENTERED INTO IN
CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH
PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE
OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL
NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER
LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER
THIS NOTE SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’
FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH
DISPUTE.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    19.           No
Inconsistent Agreements. None of the parties hereto
will hereafter enter into any agreement, which is inconsistent with the rights
granted to the parties in this Note.

     

    20.           Third
Parties. Nothing
herein expressed or implied is intended or shall be construed to confer upon or
give to any person or entity, other than the parties to this Note and their
respective permitted successor and assigns, any rights or remedies under or by
reason of this Note.

     

    21.           Waiver of Jury Trial.
AS A MATERIAL INDUCEMENT FOR THE LENDER TO LOAN TO THE COMPANY THE MONIES
HEREUNDER, THE COMPANY HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING RELATED IN ANY WAY TO THIS AGREEMENT AND/OR ANY AND ALL OF THE OTHER
DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

     

    22.           Entire
Agreement. This Note (including any recitals hereto) set forth the entire
understanding of the parties with respect to the subject matter hereof, and
shall not be modified or affected by any offer, proposal, statement or
representation, oral or written, made by or for any party in connection with the
negotiation of the terms hereof, and may be modified only by instruments signed
by all of the parties hereto.

     

    [REMAINDER
OF PAGE INTENTIONALY LEFT BLANK]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, this
Promissory Note is executed by the undersigned as of the date
hereof.

     

    
      
        	 
      	
                BAETA
      Corp.

              
	 
      	 
      
	 
      	
                /s/
      Dr. Alexander Gak

              
	 
      	 
      
	 
      	
                By:

              	
                   

              	 
      
	 
      	
                Name:

              	
                Dr.
      Alexander Gak

              
	 
      	
                Title:

              	
                President
      & Chairman

              
	 
      	
                Date:

              	
                December
      29, 2009

              

      

      

      Acknowledged
and Agreed to:

      

      NOTE
HOLDER:

      

      
        	
                /s/
      Mr. Leonid Pushkantser

              
	 
      
	
                By:

              	
                   

              	 
      
	
                Name:

              	
                Leonid
      Pushkantser

              
	
                Date:

              	
                December
      29, 2009THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THE SECURITIES MAY
NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR AN OPINION OF COUNSEL IN FORM,
SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.

    

    EMERALD
DAIRY INC.

    AMENDED
AND RESTATED PROMISSORY NOTE

    

    
      	
              New
      York, New York

            	
              $__________

            

    

    

    Original
Issue Date: November 10, 2008

    Amended
and Restated: November 10, 2009

    

    THIS
NOTE AMENDS AND RESTATES IN ITS ENTIRETY THE 10% PROMISSORY NOTE, DATED AS OF
NOVEMBER 10, 2008 (THE “ORIGINAL NOTE”), ISSUED BY THE UNDERSIGNED TO THE
HOLDER.  THE EXECUTION AND DELIVERY OF THIS AMENDED AND RESTATED NOTE
IS NOT INTENDED TO BE A REPAYMENT OR NOVATION OF THE INDEBTEDNESS EVIDENCED BY
THE ORIGINAL NOTE.

    

    FOR VALUE RECEIVED, EMERALD DAIRY INC., a Nevada
corporation (hereinafter called the “Borrower”), hereby
promises to pay to the order of _______________, a __________ resident, or its
registered assigns (the “Holder”) the sum of
_______________ ($__________), on May 10, 2010 (the “Maturity Date”), and
to pay interest on the unpaid principal balance hereof at the rate of ten
percent (10%) per annum (the “Initial Interest
Rate”) from November 10, 2008 (the “Original Issue Date”)
until the same becomes due and payable, whether at maturity or upon acceleration
or by prepayment or otherwise.  Any amount of principal or interest on
this Note which is not paid when due shall bear interest at the rate of twelve
percent (12%) per annum from the due date thereof until the same is paid (“Default
Interest”).  Interest shall commence accruing on the Original
Issue Date, shall be computed on the basis of a 365-day year and the actual
number of days elapsed and shall be payable, at the Maturity
Date.  All payments due hereunder shall be made in lawful money of the
United States of America. All payments shall be made at such address as the
Holder shall hereafter give to the Borrower by written notice made in accordance
with the provisions of this Note.  Whenever any amount expressed to be
due by the terms of this Note is due on any day which is not a business day, the
same shall instead be due on the next succeeding day which is a business
day.  As used in this Note, the term “business day” shall mean any day
other than a Saturday, Sunday or a day on which commercial banks in the city of
New York, New York are authorized or required by law or executive order to
remain closed.  This Note is being issued pursuant to a Securities
Purchase Agreement entered into between the Borrower and Holder, dated as of
November 10, 2008 (the “Purchase Agreement”),
as amended by an Amendment, dated as of November 10, 2009 (the
“Amendment”).  Each capitalized term used herein, and not otherwise
defined, shall have the meaning ascribed thereto in the Purchase
Agreement.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    The following terms shall apply to this
Note:

    

    ARTICLE
I.

    PREPAYMENT

    

    1.1           Borrower’s
Prepayment Option.  Notwithstanding
anything to the contrary contained herein, at Borrower’s option at any time
following the Original Issue Date, upon fifteen (15) days prior written notice,
the Borrower shall have the right to prepay the entire principal amount of the
Note (the “Prepayment
Option”).  On the 16th day following such notice, the Borrower
shall make payment to the Holder of an amount in cash equal to the sum of (a)
the principal amount of the Note outstanding on such day plus (b) accrued and
unpaid interest on such unpaid principal amount plus (c) Default Interest, if
any, on the amounts referred to in clauses (a) and (b) plus (d) any amounts owed
to the Holder pursuant to this Note (the “Prepayment
Amount”).  If the Borrower fails to make such payment within
one (1) business day of such date the Borrower shall be subject to a penalty of
..005 multiplied by the Prepayment Amount for every additional business day on
which such payment is not made.

    

    1.2           Holder’s
Prepayment Option.  Notwithstanding
anything to the contrary contained herein, at Holder’s option, Holder shall have
the right at any time to be prepaid, in whole or in part, any amounts due under
the terms of this Note from the proceeds of any offering of the Borrower’s
securities resulting in gross proceeds of $6,500,000 or more, with the exception
of offerings where the proceeds will be used primarily in connection with the
construction and equipping of the Borrower’s production facility currently under
construction in Hailun City, Heilongjiang Province, People’s Republic of
China.  In order to exercise such right, Holder shall deliver a
written notice of prepayment to the Borrower.  The Borrower shall make
payment to the Holder of an amount in cash equal to the sum indicated in such
notice within three (3) business days following the date on which notice of
prepayment is delivered.

    

    ARTICLE
II.

    CERTAIN
COVENANTS

    

    2.1         Distributions
on Capital Stock.  So long as the Borrower shall have any
obligation under this Note, the Borrower shall not without the Holder’s written
consent (a) pay, declare or set apart for such payment, any dividend or other
distribution (whether in cash, property or other securities) on shares of
capital stock other than dividends on shares of Common Stock solely in the form
of additional shares of Common Stock or (b) directly or indirectly or through
any subsidiary make any other payment or distribution in respect of its capital
stock except for distributions pursuant to any shareholders’ rights plan which
is approved by a majority of the Borrower’s disinterested
directors.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2.2         Restriction
on Stock Repurchases.  So long as the Borrower shall have any
obligation under this Note, the Borrower shall not without the Holder’s written
consent redeem, repurchase or otherwise acquire (whether for cash or in exchange
for property or other securities or otherwise) in any one transaction or series
of related transactions any shares of capital stock of the Borrower or any
warrants, rights or options to purchase or acquire any such shares, with the
exception of the Company’s obligations under the Put Call Agreements described
in the Company’s SEC Filings.

    

    2.3         Sale of
Assets.  So long as the
Borrower shall have any obligation under this Note, the Borrower shall not,
without the Holder’s written consent, sell, lease or otherwise dispose
(collectively, a “Disposition”) of any
significant portion of its assets, other than to a wholly-owned subsidiary of
the Borrower, outside the ordinary course of business unless the proceeds of
such Disposition shall be used to repay this Note.  Any consent to the
disposition of any assets may be conditioned on a specified use of the proceeds
of disposition.

    

    2.4         Advances
and Loans.  So long as the Borrower shall have any obligation
under this Note, the Borrower shall not, without the Holder’s written consent,
lend money, give credit or make advances to any person, firm, joint venture or
corporation, including, without limitation, officers, directors, employees,
subsidiaries and affiliates of the Borrower, except loans, credits or advances
(a) in existence or committed on the date hereof and which the Borrower has
informed Holder in writing prior to the date hereof or (b) made in the ordinary
course of business.

    

    2.5         Contingent
Liabilities.  So long as the Borrower shall have any obligation
under this Note, the Borrower shall not, without the Holder’s written consent,
assume, guarantee, endorse, contingently agree to purchase or otherwise become
liable upon the obligation of any person firm, partnership, joint venture or
corporation, except by the endorsement of negotiable instruments for deposit or
collection and except assumptions, guarantees, endorsements and contingencies
(a) in existence or committed on the date hereof and which the Borrower has
informed Holder in writing prior to the date hereof, and (b) similar
transactions in the ordinary course of business.

    

    ARTICLE
III.  EVENTS OF DEFAULT

    

    3.1         Events of
Default.  Each of the
following events shall be deemed an “Event of Default” under this
Note:

    

    (a)           Failure
to Pay Principal or Interest.  The Borrower fails to pay the
principal hereof or interest thereon when due on this Note, whether at maturity,
upon acceleration, or otherwise.

    

    (b)           Breach of
Covenants.  The Borrower breaches any material covenant or
other material term or condition contained herein, or in the Purchase Agreement,
and such breach continues for a period of thirty (30) days after written notice
thereof to the Borrower from the Holder.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (c)           Breach of
Representations and Warranties.  Any representation or warranty
of the Borrower made herein or in any agreement, statement or certificate given
in writing pursuant hereto or in connection herewith (including, without
limitation, the Purchase Agreement), shall be false or misleading in any
material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with
respect to this Note or the Purchase Agreement.

    

    (d)           Receiver
or Trustee.  The Borrower or any subsidiary of the Borrower
shall make an assignment for the benefit of creditors, or apply for or consent
to the appointment of a receiver or trustee for it or for a substantial part of
its property or business, or such a receiver or trustee shall otherwise be
appointed;

    

    (e)           Judgments.  Any
money judgment, writ or similar process shall be entered or filed against the
Borrower or any subsidiary of the Borrower or any of its property or other
assets for more than $250,000, and shall remain un-vacated, un-bonded or
un-stayed for a period of twenty (20) days unless otherwise consented to by the
Holder, which consent will not be unreasonably withheld;

    

    (f)           Bankruptcy.  Bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for
relief under any bankruptcy law or any law for the relief of debtors shall be
instituted by or against the Borrower or any subsidiary of the Borrower and if
instituted against Borrower is not dismissed within sixty (60) days;
or

    

    (g)           Delisting
of Common Stock.  The Borrower shall fail to maintain the
listing of the Common Stock on at least one of the OTCBB, the Nasdaq National
Market, the Nasdaq SmallCap Market, the New York Stock Exchange, the NYSE Amex
Equities, or comparable market or exchange.

    

    3.2         Effect of
Event of Default.  Upon the
happening of any Event of Default, as set forth in Section 3.1 above, then, or
at any time thereafter, and in each and every such case, unless such Event of
Default shall have been waived in writing by the Holder (which waiver shall not
serve as a waiver of any subsequent default) at the option of the Holder and in
the Holder’s sole discretion, the Holder may consider this Note immediately due
and payable, without presentment, demand, protest or notice of any kind, all of
which are hereby expressly waived, anything herein notwithstanding, and the
Holder may immediately enforce any and all of the Holder’s rights and remedies
provided herein or any other right or remedy afforded by law.

    

    ARTICLE
IV.  MISCELLANEOUS

    

    4.1         Failure
or Indulgence Not Waiver.  No failure or delay on the part of
the Holder in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or privilege preclude other or further exercise thereof or of
any other right, power or privileges.  All rights and remedies
existing hereunder are cumulative to, and not exclusive of, any rights or
remedies otherwise available.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    4.2         Notices.  Any
notice herein required or permitted to be given shall be in writing and may be
personally served or delivered by courier or sent by United States mail and
shall be deemed to have been given upon receipt if personally served (which
shall include telephone line facsimile transmission) or sent by courier or three
(3) days after being deposited in the United States mail, certified, with
postage pre-paid and properly addressed, if sent by mail.  For the
purposes hereof, the address of the Holder shall be as shown on the records of
the Borrower; and the address of the Borrower shall be 11990 Market Street,
Suite 205, Reston, VA 20190, Fax #: (678) 868-0633.  Both the Holder
and the Borrower may change the address for service by service of written notice
to the other as herein provided.

    

    4.3         Amendments.  This
Note and any provision hereof may only be amended by an instrument in writing
signed by the Borrower and the Holder.  The term “Note” and all
reference thereto, as used throughout this instrument, shall mean this
instrument (and the other Notes issued pursuant to the Purchase Agreement) as
originally executed, or if later amended or supplemented, then as so amended or
supplemented.

    

    4.4         Assignability.  This
Note shall be binding upon the Borrower and its successors and assigns, and
shall inure to the benefit of the Holder and its successors and
assigns.  Each transferee of this Note must be an “accredited
investor” (as defined in Rule 501(a) of the 1933
Act).  Notwithstanding anything in this Note to the contrary, this
Note may be pledged as collateral in connection with a bona fide margin account
or other lending arrangement.

    

    4.5         Cost of
Collection.  If default is made in the payment of this Note,
the Borrower shall pay the Holder hereof costs of collection, including
reasonable attorneys’ fees.

    

    4.6         Governing
Law.  THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICT OF LAWS.  THE BORROWER HEREBY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK
WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE, THE AGREEMENTS ENTERED INTO
IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH
PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING.  BOTH PARTIES FURTHER AGREE
THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING.  NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.  BOTH PARTIES AGREE THAT
A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT
OR IN ANY OTHER LAWFUL MANNER.  THE PARTY WHICH DOES NOT PREVAIL IN
ANY DISPUTE ARISING UNDER THIS NOTE SHALL BE RESPONSIBLE FOR ALL FEES AND
EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN
CONNECTION WITH SUCH DISPUTE.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    4.7         Denominations.  At
the request of the Holder, upon surrender of this Note, the Borrower shall
promptly issue new Notes in the aggregate outstanding principal amount hereof,
in the form hereof, in such denominations as the Holder shall
request.

    

    4.8         Purchase
Agreement.  By its acceptance of this Note, each Holder agrees
to be bound by the applicable terms of the Purchase Agreement.

    

    4.9         Remedies.  The Borrower
acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder, by vitiating the intent and purpose of the
transaction contemplated hereby. Accordingly, the Borrower acknowledges that the
remedy at law for a breach of its obligations under this Note will be inadequate
and agrees, in the event of a breach or threatened breach by the Borrower of the
provisions of this Note, that the Holder shall be entitled, in addition to all
other available remedies at law or in equity, and in addition to the penalties
assessable herein, to an injunction or injunctions restraining, preventing or
curing any breach of this Note and to enforce specifically the terms and
provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required.

    

    [THE
REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, Borrower
has caused this Note to be signed in its name by its duly authorized
representative this 10th day of November, 2009.

    

    
      
        
          	
                  EMERALD
      DAIRY INC.

                	 
	 
      	 
      	 
	
                  By:  

                	 
      	 
	 
      	
                  Name:

                	 
	 
      	
                  Title:

                	 

        

      

    

    
      
         

      

      
        7

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