Document:

Form of the Unit Appreciation Rights Agreement

 EXHIBIT 10.1 
 UNIT APPRECIATION RIGHTS AGREEMENT 
 UNDER THE 
 STONEMOR PARTNERS L.P. LONG-TERM INCENTIVE PLAN 
 This
Key Employee Unit Appreciation Rights Agreement (the “Agreement”) entered into as of November 27, 2006, (the “Agreement Date”), by and between StoneMor GP LLC (the “Company”), the general partner of and acting on
behalf of StoneMor Partners L.P., a Delaware limited partnership (the “Partnership”), and
                                        
                    , a key employee of the Company or its Affiliates (the “Participant”). 
 BACKGROUND: 
 In order to make certain awards to key
employees, directors and consultants of the Company and its Affiliates, the Company maintains on behalf of the Partnership the StoneMor Partners L.P. Long-Term Incentive Plan (the “Plan”). The Plan is administered by the Compensation
Committee (the “Committee”) of the Board of Directors (“Board”) of the Company. The Committee has determined to grant to the Participant, pursuant to the terms and conditions of the Plan, an award (the “Award”) of Unit
Appreciation Rights Agreement (also called “UARS”), which entitles the holder to receive, in whole Common Units of the Partnership (“Common Units”) the excess of the Fair Market Value of a Common Unit on the exercise date over
the exercise base price established for the UARS. The exercise base price for the UAR is intended to equal to Fair Market Value of a Common Unit on the Date of Grant (as defined herein). The Participant has determined to accept such Award. Any
initially capitalized terms and phrases used in this Agreement, but not otherwise defined herein, shall have the respective meanings ascribed to them in the Plan. All references to Section 5.8 of the Partnership Agreement, and the initially
capitalized terms and phrases used in connection with such references, but not otherwise defined herein or in the Plan, shall have the respective meanings ascribed to them in the First Amended and Restated Agreement of Limited Partnership of
StoneMor Partners L.P., dated as of September 20, 2004, as it may be amended, or amended and restated, from time to time, or the corresponding clauses thereof. 
 NOW, THEREFORE, the Company, acting on behalf of the Partnership, and the Participant, each intending to be legally bound hereby, agree as follows: 
 ARTICLE 1 
 AWARD OF UARS 
 1.1 Grant of UARS and Vesting. The Participant is hereby granted the following UARS under the Plan and the following terms shall have the
following respective meanings as used hereafter in this Agreement: 
  

			
	 Date of Grant
	  	November 27, 2006
	Exercise Base Price for Each of the UARS*	  	$24.14
	Total Number of Time Vested UARS	  	
	Total Number of Performance Vested UARS	  	

 The term “Total Number of UARS”, as used herein, refers to the sum of total number of Time
Vested UARS plus the total number of Performance Vested UARS. 
 Time Vested UARS vest at a percentage rate which is the equal to the smaller
of the following clauses (a) or (b): (a) the percentage of Time Vested UARS equal to the percentage of Outstanding Subordinated Units which have converted into Common Units on a one-for-one basis pursuant to Section 5.8 of the
Partnership Agreement or (b) the percentage rate which is equal to a fraction the numerator of which is the number of months which have elapsed since September 20, 2004 and the denominator of which is 48, it being understood that 52.08%
(25 divided by 48) is the applicable percentage on the Date of Grant under this clause (b). For example, if on the second Business Day following November 14, 2007, 25% of the Outstanding Subordinating Units have automatically converted into
Common Units pursuant to Section 5.8 of the Partnership Agreement, 25% of the Time Vested UARS shall vest (assuming the Participant is then still employed by the Company or its Affiliates), since this is the smaller of clauses (a) or (b).

 Performance Vested UARS vest at a percentage rate which is the equal to the percentage of Outstanding Subordinated Units which have
converted into Common Units on a one-for-one basis pursuant to Section 5.8 of the Partnership Agreement. 
 All of the UARS shall
automatically vest upon a Change of Control (as defined in the Plan), notwithstanding that the UARS have not otherwise vested under the two immediately preceding paragraphs, provided that, at the time of the Change of Control the Participant is then
employed by the Company or any of its Affiliates. 
 All vesting of UARS hereunder is subject to the forfeiture provisions of
Section 1.4 hereof. The term “permanent disability”, as used in Section 1.4, shall refer to a “disability” as defined in Proposed Regulation 1.409A-3(g)(4)(i) and any successor guidance under the Code). All decisions as
to whether UARS have fully vested or as to whether a Participant has suffered a “permanent disability” shall be made by the Committee and its decision shall be final, binding and conclusive in the absence of clear and convincing evidence
that such decision was not made in good faith. 
 1.2 Exercise of UARS. 
 UARS may not be exercised prior to vesting and only to the extent vested. UARS which have vested may be exercised by giving written exercise notice to the
Company on the form supplied by the Company. UARS are not deemed exercised until you have paid or made suitable arrangements to pay all required tax withholding under Section 2.3 hereof, which will include (i) all foreign, federal, state
and local income tax withholding required to be withheld by the Company in connection with the exercise of the UARS and (ii) the employee’s portion of other foreign, federal, state and local payroll and other taxes due in connection with
the exercise of the UARS. 
  

	*	Intended to Equal Fair Market Value on Date of Grant 

 Upon proper exercise of UARS, the Participant will be entitled to receive, with respect to the UARS which
are exercised, that number of whole Common Units that is closest in Fair Market Value (but does not exceed) the excess (if any) of (i) the Fair Market Value of the Common Units on the last trading date preceding the receipt by the Company of
the written exercise notice (or if there is no trading in the Common Units on such date, on the next preceding date on which there was trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee) over
(ii) the Exercise Base Price For Each of the UARS contained in Section 1.1. No fractional Common Units shall be issued; instead, cash shall be distributed equal in Fair Market Value to the value of a whole Common Unit multiplied by the
fraction. In the event Common Units are not publicly traded at the time a determination of Fair Market Value is required to be made herein, the determination of Fair Market Value shall be made in good faith by the Committee. The Committee’s
determination of Fair Market Value shall be final, binding and conclusive in absence of clear and convincing evidence that such decision was not made in good faith. 
 1.3 Exercise Term. Subject to Section 1.4 hereof, UARS’ may not be exercised more than five (5) years after the Date of Grant contained in Section 1.1, provided that if the UARS have not
fully vested at the end of such five (5) year period, the five (5) year period shall automatically be extended for an additional two (2) years. 
 1.4 Forfeiture of UARS Upon Termination of Employment. In the event of the termination of the employment of the Participant (whether voluntary or involuntary and regardless of the reason for the termination)
with the Company or its Affiliates, all UARS (whether or not vested) shall be deemed to be automatically forfeited, unless the Participant’s employment is on that date transferred to the Company or another Affiliate. If a Participant’s
employment is with an Affiliate and that entity ceases to be an Affiliate, the Participant’s employment will be deemed to have terminated when the entity ceases to be an Affiliate unless the Participant transfers employment to the Company or
its remaining Affiliates. Notwithstanding the foregoing, in the event of the termination of the Participant’s employment with the Company or any of its Affiliates by reason of (a) a Change of Control (as defined in the Plan); (b) the
death of the Participant; (c) the permanent disability of the Participant (as determined by the Committee); or (d) the retirement of the Participant at age 65 or such other age as the Committee shall approve, no forfeiture shall apply.

 1.5 No Rights as Holder of Common Units. The Participant is not entitled to the rights of a holder of Common Units (including, but
not limited to, the right to receive distributions on Common Units) until the Common Units have been delivered to the Participant after proper exercise of the UARS. 

 ARTICLE 2 
 GENERAL PROVISIONS 
 2.1 No Right Of Continued Employment. The receipt of this Award does not
give the Participant, and nothing in the Plan or in this Agreement shall confer upon the Participant, any right to continue in the employment of the Company or any of its Affiliates. Nothing in the Plan or in this Agreement shall affect any right
which the Company or any of its Affiliates may have to terminate the employment of the Participant. 
 2.2 No Rights As A Limited
Partner. Neither the Participant nor any other person shall be entitled to the privileges of ownership of Common Units of the Partnership, limited partnership interests in the Partnership, or otherwise have any rights as a limited partner, by
reason of the award of the UARS covered by this Agreement. 
 2.3 Tax Withholding. The Participant is responsible to pay to the
Company all required tax withholding, whether foreign, federal, state or local in connection with the exercise of the UARS. 
 2.4
Administration. Pursuant to the Plan, the Committee is vested with conclusive authority to interpret and construe the Plan, to adopt rules and regulations for carrying out the Plan, and to make determinations with respect to all matters
relating to this Agreement, the Plan and awards made pursuant thereto. The authority to manage and control the operation and administration of this Agreement shall be likewise vested in the Committee, and the Committee shall have all powers with
respect to this Agreement as it has with respect to the Plan. Any interpretation of this Agreement by the Committee, and any decision made by the Committee with respect to this Agreement, shall be final and binding. The Committee may refuse to issue
Common Units as provided in Section 8(f) of the Plan and, without limiting the foregoing, may refuse to issue Common Units if, in its sole discretion, the Committee determines that the issuance of such Common Units may violate federal or state
securities laws or the Amended and Restated Agreement of Limited Partnership of the Company. 
 2.5 Effect of Plan; Construction. The
entire text of the Plan is expressly incorporated herein by this reference and so forms a part of this Agreement. In the event of any inconsistency or discrepancy between the provisions of this Agreement and the terms and conditions of the Plan
under which the UARS are granted, the provisions of the Plan shall govern and prevail. The UARS and this Agreement are each subject in all respects to, and the Company and the Participant each hereby agree to be bound by, all of the terms and
conditions of the Plan, as the same may have been amended from time to time in accordance with its terms; provided, however, that no such amendment shall deprive the Participant, without the Participant’s consent, of any rights earned or
otherwise due to the Participant hereunder. 
 2.6 Amendment, Supplement or Waiver. This Agreement shall not be amended, supplemented,
or waived in whole or in part, except by an instrument in writing executed by the parties to this Agreement. 
 2.7 Captions. The
captions at the beginning of each of the numbered Sections and Articles herein are for reference purposes only and will have no legal force or effect. Such 

 captions will not be considered a part of this Agreement for purposes of interpreting, construing or applying this
Agreement and will not define, limit, extend, explain or describe the scope or extent of this Agreement or any of its terms and conditions. 
 2.8 Governing Law. THE VALIDITY, CONSTRUCTION, INTERPRETATION AND EFFECT OF THIS AGREEMENT SHALL EXCLUSIVELY BE GOVERNED BY AND DETERMINED IN ACCORDANCE WITH THE LAW OF THE COMMONWEALTH OF PENNSYLVANIA (WITHOUT GIVING EFFECT TO THE
CONFLICTS OF LAW PRINCIPLES THEREOF), EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW, WHICH SHALL GOVERN. 
 2.9 Notices. All notices,
requests and demands to or upon the respective parties hereto to be effective shall be in writing, sent by facsimile, by overnight courier or by registered or certified mail, postage prepaid and return receipt requested, or hand-delivered by the
Participant and acknowledged in writing by the Company. Notices to the Company shall be deemed to have been duly given or made upon actual receipt by the Company. Such communications shall be addressed and directed to the parties listed below
(except where this Agreement expressly provides that it be directed to another) as follows, or to such other address or recipient for a party as may be hereafter notified by such party hereunder: 
  

			
	if to the Partnership or Company:	  	StoneMor GP LLC
		  	155 Rittenhouse Circle
		  	Bristol, PA 19007
	Attention:	  	Chief Financial Officer

 if to the Participant: to the address for the Participant as it appears on the Company’s
records. 
 2.10 Severability. If any provision hereof is found by a court of competent jurisdiction to be prohibited or
unenforceable, it shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability, and such prohibition or unenforceability shall not invalidate the balance of such provision to the extent it is not
prohibited or unenforceable, nor invalidate the other provisions hereof. 
 2.11 Entire Agreement; Counterparts; Construction. This
Agreement constitutes the entire understanding and supersedes any and all other agreements, oral or written, between the parties hereto, in respect of the subject matter of this Agreement, and embodies the entire understanding of the parties with
respect to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original against any party whose signature appears thereon. The rule of construction that ambiguities in a document
are construed against the draftsperson shall not apply to this Agreement. 
 2.12 Binding Agreement. The terms and conditions of this
Agreement shall be binding upon the estate, heirs, beneficiaries and other representatives of the Participant to the same extent that said terms and conditions are binding upon the Participant. 
 2.13 Arbitration. Any dispute or disagreement with respect to any portion of this Agreement or its validity, construction, meaning, performance,
or Participant’s rights hereunder 

 shall be settled by arbitration, conducted in Philadelphia, Pennsylvania, in accordance with the Commercial Arbitration
Rules of the American Arbitration Association or its successor, as amended from time to time. However, prior to submission to arbitration the Participant will attempt to resolve any disputes or disagreements with the Partnership over this Agreement
amicably and informally, in good faith, for a period not to exceed two weeks. Thereafter, the dispute or disagreement will be submitted to arbitration. At any time prior to a decision from the arbitrator(s) being rendered, the Participant and the
Partnership may resolve the dispute by settlement. The Participant and the Partnership shall equally share the costs charged by the American Arbitration Association or its successor, but the Participant and the Partnership shall otherwise be solely
responsible for their own respective counsel fees and expenses. The decision of the arbitrator(s) shall be made in writing, setting forth the award, the reasons for the decision and award and shall be binding and conclusive on the Participant and
the Partnership. Further, neither Participant nor the Partnership shall appeal any such award. Judgment of a court of competent jurisdiction may be entered upon the award and may be enforced as such in accordance with the provisions of the award.
THE PARTICIPANT HEREBY WAIVES ANY RIGHT TO A JURY TRIAL. 
 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have
executed this Agreement as of the day first above written. 
  

			
	STONEMOR PARTNERS L.P.
		
	By:	 	StoneMor GP LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Participant hereby acknowledges receipt of a copy of the foregoing Unit Appreciation Rights Agreement
and the Plan, and having read them, hereby signifies his or her understanding of, and his or her agreement with, their terms and conditions. The Participant hereby accepts this Agreement in full satisfaction of any previous written or verbal
promises made to him or her by the Partnership or the Company or any of its other Affiliates with respect to Awards under the Plan. 
  

							
	  
	 	(seal)	 		 	  

	(Signature of Participant)	 		 		 	(Date)Form Debenture Conversion Agreement

 EXHIBIT 10.41 
 FORM DEBENTURE CONVERSION AGREEMENT 
 This DEBENTURE CONVERSION AGREEMENT (this
“Agreement”), dated as of September 6th, 2006, is entered into by and between Alloy, Inc., a Delaware corporation (“Alloy” or the “Company”), and
                     (the “Holder”). 
 RECITALS 
 WHEREAS, pursuant to an indenture entered into between the Company and Deutsche
Bank Trust Company Americas, as trustee, dated as of July 23, 2003 (as amended, modified or supplemented, the “Indenture”), the Company issued its 5.375% Convertible Senior Debentures due 2023 (the
“Debentures”) in the aggregate principal amount of $69,300,000; 
 WHEREAS, under certain circumstances set forth in the
Indenture, the Debentures originally were convertible at the option of the holders into shares of the Company’s common stock, par value $.01 per share (the “Alloy Common Stock”), at an initial conversion price of $8.375 per
share; 
 WHEREAS, by virtue of the Company’s spinoff (the “Spinoff”) of its wholly owned subsidiary, dELiA*s, Inc.
(“dELiA*s”) in December 2005 and the Company’s one-for-four reverse stock split effected on February 1, 2006, and the provisions of the Third Supplemental Indenture thereto, dated as of August 22, 2006, each $1,000 in
principal amount of the Debentures is now convertible into 29.85075 shares of Alloy Common Stock and 59.702 shares of dELiA*s’ common stock, par value $.001 per share, (the “dELiA*s Common Stock”); 
 WHEREAS, Holder is the holder and beneficial owner of Debentures in the aggregate principal amount of
                     (the “Conversion Debentures”); and 
 WHEREAS, subject to the terms and conditions contained herein, Holder is willing to convert all of the Conversion Debentures into the consideration set
forth in Section 2(b)(ii) hereof, all as provided herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual promises,
representations and warranties made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 AGREEMENT 
 1. Agreement to Convert Debentures. At the Closing (as defined below), and pursuant to the terms and conditions of this Agreement, Holder shall surrender the Conversion Debentures to the Company for conversion
in accordance with the provisions of Section 12.2 of the Indenture. 
 2. The Closing; Deliveries. 
 (a) Closing. The consummation of the transactions contemplated hereby (the “Closing”) shall take place on the date hereof, or on
such other date as the parties mutually agree, but in any event not later than                     . The date on which the Closing actually
occurs is referred to herein as the “Closing Date”. The Closing shall take place at the offices of Katten Muchin Rosenman LLP, 1025 Thomas Jefferson Street, N.W., Washington, D.C. 20007, or at such other place as the parties
mutually agree. 
 (b) Deliveries. At the Closing: 
 (i) Holder shall deliver to the Company the Conversion Debentures to the be converted pursuant hereto, together with a conversion notice
in the form attached as an exhibit to the Indenture (the “Conversion Notice”), properly completed and executed, together with all other items as may be required to effect the conversion of the Conversion Debentures in accordance
with the provisions of Section 12.2 of the Indenture; and 
 (ii) the Company shall: 
 (A) Deliver to American Stock Transfer and Trust Company, the Company’s transfer agent (the “Transfer Agent”), an
irrevocable instruction to the Transfer Agent to, and use all commercially reasonable efforts to cause the Transfer Agent to, (1) issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of
Holder, for                      shares of Alloy Common Stock, or (2) provided the Transfer Agent is participating in The Depository
Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of Holder, credit such number of shares of Alloy Common Stock to Holder’s balance account with DTC through its Deposit Withdrawal Agent
Commission system, in any event on or before the fourth (4th) Business Day following the Closing Date (the “Share Delivery Date”); 
 (B) Cause dELiA*s to deliver to the Transfer Agent an irrevocable instruction to the Transfer Agent to, and use all commercially reasonable efforts to cause the Transfer Agent to, (1) issue and deliver to the
address as specified in the Conversion Notice, a certificate, registered in the 
  

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 name of Holder, for
                     shares of dELiA*s Common Stock, or (2) provided the Transfer Agent is participating in DTC Fast Automated Securities
Transfer Program, upon the request of Holder, credit such number of shares of dELiA*s Common Stock to Holder’s balance account with DTC through its Deposit Withdrawal Agent Commission system, in any event on or before the Share Delivery Date;

 (C) Pay and deliver to Holder the consideration set forth on Schedule A hereto; and 
 (D) Pay and deliver to Holder an amount equal to (i) the interest accrued but unpaid on the Conversion Debentures from August 2,
2006 to the Closing Date (the “Interest Payment”) and (ii) the payment in respect of                      of a share of
Alloy Common Stock required to be paid pursuant to the provisions of Section 12.3 of the Indenture; and 
 3. Representations,
Warranties and Agreements of the Company. The Company represents and warrants to, and agrees with, Holder that: 
 (a) The Alloy Shares
have been duly authorized by the Company and, when delivered in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable and free and clear of all liens, encumbrances, equities or claims. dELiA*s has convenanted
to the Company that the dELiA*s Shares have been duly authorized by dELiA*s and, when delivered in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable and free and clear of all liens, encumbrances, equities
or claims. It is not necessary, in connection with the transactions contemplated hereby, that the Alloy Shares be registered under the Securities Act of 1933, as amended (the “Securities Act”). 
 (b) The Company has been duly incorporated and is validly existing as a corporation under the laws of the State of Delaware, with power and authority
(corporate and other) to enter into this agreement and consummate the transactions contemplated hereby. The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement
has been duly authorized, executed and delivered by the Company, and (assuming the due execution and delivery thereof by Holder) constitutes and will constitute a valid and legally binding agreement of the Company enforceable against the Company in
accordance with its terms, except as the enforceability hereof and thereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws now or hereafter in effect relating to or affecting rights
of creditors’ and other obligees generally, by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) or by an implied covenant of good faith and fair dealing, and except,
further, as enforceability of the indemnification and contribution provisions hereof and thereof may be limited by considerations of public policy. 
  

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 4. Representations, Warranties and Agreements of Holder. Holder hereby represents and warrants to,
and agrees with, the Company that: 
 (a) Holder has been duly incorporated and is validly existing as a corporation under the laws of the
State of Delaware, with power and authority (corporate and other) to enter into this agreement and consummate the transactions contemplated hereby. Holder has full power and authority to enter into and to perform this Agreement in accordance with
its terms. This Agreement has been duly authorized, executed and delivered by Holder and (assuming the due execution and delivery thereof by the Company) constitutes a valid and legally binding agreement of Holder enforceable against Holder in
accordance with its terms, except as the enforceability hereof and thereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws now or hereafter in effect relating to or affecting rights
of creditors’ and other obligees generally, by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) or by an implied covenant of good faith and fair dealing, and except,
further, as enforceability of the indemnification and contribution provisions hereof and thereof may be limited by considerations of public policy. 
 (b) Holder holds all right, title and interest in and to the Conversion Debentures to be converted by it at the Closing, and has not placed or permitted to be placed on such Conversion Debentures any liens, encumbrances or adverse claims of
any kind whatsoever as of the Closing. 
 5. Miscellaneous. 
 (a) Definition of the Terms . For purposes of this Agreement, “Business Day” means each Monday, Tuesday, Wednesday,
Thursday or Friday which is not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close. 
 (b) Notices, Etc. All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be deemed delivered (i) two Business Days after being sent by registered or
certified mail, return receipt requested, postage prepaid or (ii) one Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next Business Day delivery, in each case to the intended recipient as set
forth below: 
 (i) if to Holder, shall be delivered or sent by mail, telex or facsimile transmission
to:                                       
 ; 
  

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 with a copy to: 
 (ii) if to the Company, shall be delivered or sent by mail, telex or facsimile transmission to Alloy, Inc., 151 W 26th Street, 11th Floor, New York, NY 10001, Attention: Gina DiGioia, Esq, (Fax: (212) 244-4311); 
 with a copy
to: 
 Katten Muchin Rosenman LLP, 1025 Thomas Jefferson Street, NW, Washington, DC 20007, Attention: Richard M. Graf (Fax
(202) 339.6058). 
 (iii) Any party may give any notice, request, consent or other communication under this Agreement
using any other means (including, without limitation, personal delivery, messenger service, telecopy, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless
and until it is actually received by the party for whom it is intended. Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set
forth in this Section. 
 (c) Amendments and Waivers. Except as set forth in this Agreement, changes in or additions to this Agreement
may be made, or compliance with any term, covenant, agreement, condition or provision set forth herein may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively), upon the written consent of the
Company and Holder. 
 (d) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original but all of which shall constitute one and the same instrument. 
 (e) Headings. The headings herein are inserted for
convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 
 (f)
Entire Agreement. This Agreement and the exhibits hereto together with any other agreement referred to herein constitute the entire agreement between the Company and Holder with respect to the subject matter hereof. This Agreement supersedes
all prior agreements between the parties with respect to the subject matter hereof. 
 (g) Severability. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 
 (h) Governing
Law. This agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to the principles of conflicts of laws of the State of New York. 
  

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 IN WITNESS WHEREOF, the parties have caused this Debenture Conversion Agreement to be duly executed as of
the date first written above. 
  

			
	 ALLOY, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

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 SCHEDULE A

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