Document:

THIS
        NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE
        SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED
        OF IN
        THE ABSENCE OF SUCH REGISTRATION OR RECEIPT BY THE MAKER OF AN OPINION OF
        COUNSEL IN THE FORM, SUBSTANCE AND SCOPE REASONABLY SATISFACTORY TO THE MAKER
        THAT THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE
        SOLD,
        TRANSFERRED, OR OTHERWISE DISPOSED OF, UNDER AN EXEMPTION FROM REGISTRATION
        UNDER THE ACT AND SUCH STATE SECURITIES LAWS.

      

      

      NOVINT
        TECHNOLOGIES, INC.

       

      FORM
        OF

      UNSECURED
        CONVERTIBLE NOTE

      DUE
        ____________, 2011

      $_____________Issue
        Date: ________, 2008

       

      For
        value
        received, Novint Technologies, Inc., a Delaware corporation (the "Maker")
        with
        the address 4601 Paradise Blvd NW, Albuquerque, New Mexico, 87114, Albuquerque,
        New Mexico hereby promises to pay to the order of ____________________ (together
        with its successors, representatives, and permitted assigns, the "Holder"),
        in
        accordance with the terms hereinafter provided, the principal amount of
        __________________ ($____________) or such lesser amount as it actually advanced
        by Holder to the Maker, together with interest thereon. 

      

      All
        payments under or pursuant to this Note shall be made in United States Dollars
        in immediately available funds to the Holder at
        the
        address of the Holder first set forth above or at such other place as the
        Holder
        may designate from time to time in writing to the Maker or by wire transfer
        of
        funds to the Holder's account, instructions for which are attached hereto
        as
“Exhibit A”. The
        outstanding principal balance of this Note and all accrued but unpaid interest
        shall be due and payable on __________, 2011 (date that is third anniversary
        of
        Issue Date) (the "Maturity
        Date")
        or at
        such earlier time as provided herein. Principal and interest hereunder may
        be
        converted into shares of the Maker’s common stock (the “Common
        Stock”)
        on the
        terms and conditions set forth herein. 

       

      ARTICLE
        I

       

      Section
        1.1 Interest.
        The principal amount of this Note shall accrue interest commencing ____________,
        2009 (date that is the first anniversary of the Issue Date) at the rate of
        seven
        percent (7.0%) per annum on the unpaid principal amount of this Note, which
        interest shall be calculated to accrue monthly. For clarity, no interest
        shall
        accrue prior to ______________, 2009 (date that is the first anniversary
        of the
        Issue Date).

       

      Section
        1.2 Payment
        of Principal and Interest. Principal and Interest shall be payable in full
        on the Maturity Date. Notwithstanding Maker may prepay principal or interest
        from time to time without premium or penalty. All payments received shall
        be
        applied first to outstanding interest and then to the principal amount of
        this
        Note. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      Section
        1.3 Payment
        on Non-Business Days. Whenever any payment to be made shall be due on a
        Saturday, Sunday or a public holiday under the laws of the State of California,
        such payment may be due on the next succeeding business day.

       

      Section
        1.4 Replacement.
        Upon receipt of a duly executed, notarized and unsecured written statement
        from
        the Holder with respect to the loss, theft or destruction of this Note (or
        any
        replacement hereof) and a standard indemnity, or, in the case of a mutilation
        of
        this Note, upon surrender and cancellation of such Note, the Maker shall
        issue a
        new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed
        or
        mutilated Note.

       

      ARTICLE
        II

       

      EVENTS
        OF DEFAULT; REMEDIES

       

      Section
        2.1 Events
        of Default. The occurrence of any of the following events shall be an
“Event
        of Default”
under
        this Note:

       

      (a) the
        Maker
        shall fail to make the principal and interest payments when due and such
        default
        is not fully cured within ten (10) business days after the occurrence thereof;
        or

       

      (b) the
        suspension from listing, without subsequent listing on any one of, or the
        failure of the Common Stock of Maker to be listed on at least one of the
        OTC
        Bulletin Board, the American Stock Exchange, the Nasdaq National Market,
        the
        Nasdaq SmallCap Market or The New York Stock Exchange, Inc. for a period
        of five
        (5) consecutive trading days; or

       

      (c) the
        Maker’s notice to the Holder, including by way of public announcement, at any
        time, of its inability to comply or its intention not to comply with proper
        requests for conversion of this Note into shares of Common Stock of the Maker;
        or

       

      (d) the
        Maker
        shall (i) apply for or consent to the appointment of, or the taking of
        possession by, a receiver, custodian, trustee or liquidator of itself or
        of all
        or a substantial part of its property or assets, (ii) make a general assignment
        for the benefit of its creditors, (iii) commence a voluntary case under the
        United States Bankruptcy Code (as now or hereafter in effect) or under the
        comparable laws of any jurisdiction (foreign or domestic), (iv) file a petition
        seeking to take advantage of any bankruptcy, insolvency, moratorium,
        reorganization or other similar law affecting the enforcement of creditors'
        rights generally which is not dismissed within 30 days, (v) acquiesce in
        writing
        to any petition filed against it in an involuntary case under United States
        Bankruptcy Code (as now or hereafter in effect) or under the comparable laws
        of
        any jurisdiction (foreign or domestic) which is not dismissed within 60 days,
        (vi) issue a notice of bankruptcy or winding down of its operations or issue
        a
        press release regarding same, or (vii) take any action under the laws of
        any
        jurisdiction (foreign or domestic) analogous to any of the foregoing; or
        

       

      
        
           

        

        
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            2 -

          
            

          

        

        
           

        

      

       

      (e) a
        proceeding or case shall be commenced in respect of the Maker, without its
        application or consent, in any court of competent jurisdiction, seeking (i)
        the
        liquidation, reorganization, moratorium, dissolution, winding up, or composition
        or readjustment of its debts, (ii) the appointment of a trustee, receiver,
        custodian, liquidator or the like of it or of all or any substantial part
        of its
        assets in connection with the liquidation or dissolution of the Maker or
        (iii)
        similar relief in respect of it under any law providing for the relief of
        debtors, and such proceeding or case described in clause (i), (ii) or (iii)
        shall continue undismissed, or unstayed and in effect, for a period of thirty
        (30) days or any order for relief shall be entered in an involuntary case
        under
        United States Bankruptcy Code (as now or hereafter in effect) or under the
        comparable laws of any jurisdiction (foreign or domestic) against the Maker
        or
        action under the laws of any jurisdiction (foreign or domestic) analogous
        to any
        of the foregoing shall be taken with respect to the Maker and shall continue
        undismissed, or unstayed and in effect for a period of thirty (30) days.
        

       

      Section
        2.2 Remedies
        Upon An Event of Default. If an Event of Default shall have occurred and
        shall be continuing, the Holder of this Note may at any time at its option,
        declare the entire unpaid principal balance of this Note due and payable,
        and
        thereupon, the same shall be accelerated and so due and payable, without
        presentment, demand, protest, or notice, all of which are hereby expressly
        unconditionally and irrevocably waived by the Maker; provided, however, that
        upon the occurrence of an Event of Default described in (i) Sections 2.1
        (d) or
        (e), the outstanding principal balance hereunder shall be automatically due
        and
        payable; or demand that the principal amount of this Note then outstanding
        shall
        be converted into shares of Common Stock at a Conversion Price per share
        calculated pursuant to Sections 3.1 hereof; or exercise or otherwise enforce
        any
        one or more of the Holder's rights, powers, privileges, remedies and interests
        under this Note or applicable law. 

       

      ARTICLE
        III

       

      CONVERSION

       

      Section
        3.1 Conversion
        Option. At any time during the term of this Note, the principal amount of
        this Note shall be convertible (in whole or in part), at the option of the
        Holder (the “Conversion
        Option”),
        into
        such number of fully paid and non-assessable shares of Common Stock (the
        "Conversion
        Rate")
        as is
        determined by dividing (x) that portion of the outstanding principal balance
        under this Note as of such date that the Holder elects to convert by (y)
        the
        Conversion Price (as defined in Section 3.2(a) hereof) then in effect on
        the
        date on which the Holder faxes a notice of conversion (the “Conversion
        Notice”),
        duly
        executed, to the Maker (the “Voluntary
        Conversion Date”).
        The
        Holder shall deliver this Note to the Maker at such time that this Note is
        fully
        converted. With respect to partial conversions of this Note, the Maker shall
        keep written records of the amount of this Note converted as of each Conversion
        Date. Upon conversion, Holder will also receive warrants to purchase Common
        Stock at an exercise price of $1.50 per share (“Additional
        Warrants”).
        The
        number of shares of Common Stock underlying the Additional Warrants shall
        equal
        one-half (1⁄2) the principal amount converted, rounded down to the nearest whole
        number. The Additional Warrants shall be exercisable for a term of five (5)
        years at an exercise price of $1.50. Accrued interest may, at the option
        of the
        Maker, be paid in cash or common stock and warrants in accordance with the
        conversion terms in this Section 3.1. At the option of the Company, the interest
        accrued, if any, under this Note shall be convertible at the time of conversion
        of the principal into Common Stock at the conversion price of $1.00 per share,
        or may be paid in cash to the Holder.

       

      
        
           

        

        
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      Section
        3.2 Conversion
        Price.

       

      (a) The
        term
        "Conversion
        Price"
        shall
        mean $1.00 per share of Common Stock.

       

      (b) Issue
        Taxes.
        The
        Maker shall pay any and all issue and other taxes, excluding federal, state
        or
        local income taxes, that may be payable in respect of any issue or delivery
        of
        shares of Common Stock on conversion of this Note pursuant thereto; provided,
        however,
        that
        the Maker shall not be obligated to pay any transfer taxes resulting from
        any
        transfer requested by the Holder in connection with any such
        conversion.

       

      (c) Fractional
        Shares.
        No
        fractional shares of Common Stock shall be issued upon conversion of this Note.
        In lieu of any fractional shares to which the Holder would otherwise be
        entitled, the Maker shall pay cash equal to the product of such fraction
        multiplied by the average of the did and ask prices of the Common Stock for
        the
        five (5) consecutive trading days immediately preceding the Conversion Date.
        

       

      (d) Reservation
        of Common Stock.
        The
        Maker shall at all times when this Note shall be outstanding, reserve and
        keep
        available out of its authorized but unissued Common Stock, such number of
        shares
        of Common Stock as shall from time to time be sufficient to effect the
        conversion of this Note.

       

      (e) -Regulatory
        Compliance.
        If any
        shares of Common Stock to be reserved for the purpose of conversion of this
        Note
        require registration or listing with or approval of any governmental authority,
        stock exchange or other regulatory body under any federal or state law or
        regulation or otherwise before such shares may be validly issued or delivered
        upon conversion, the Maker shall, at its sole cost and expense, in good faith
        and as expeditiously as possible, endeavor to secure such registration, listing
        or approval, as the case may be.

       

      ARTICLE
        IV

       

      MISCELLANEOUS

       

      Section
        4.1 Notices.
        Any notice, demand, request, waiver or other communication required or permitted
        to be given hereunder shall be in writing and shall be effective (a) upon
        hand
        delivery, telecopy or facsimile at the address or number designated in the
        Subscription Agreement (if delivered on a business day during normal business
        hours where such notice is to be received), or the first business day following
        such delivery (if delivered other than on a business day during normal business
        hours where such notice is to be received) or (b) on the third business day
        following the date of mailing by express courier service, fully prepaid,
        addressed to such address, or upon actual receipt of such mailing, whichever
        shall first occur. The Maker will give written notice to the Holder at least
        ten
        (10) days prior to the date on which the Maker takes a record (x) with respect
        to any dividend or distribution upon the Common Stock, or (y) with respect
        to
        any pro rata subscription offer to holders of Common Stock. 

       

      
        
           

        

        
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      Section
        4.2 Governing
        Law. This Note shall be governed by and construed in accordance with the
        laws of the State of New Mexico without regard to principles of conflicts
        of
        law.

       

      Section
        4.3 Headings.
        Article and section headings in this Note are included herein for purposes
        of
        convenience of reference only and shall not constitute a part of this Note
        for
        any other purpose.

       

      Section
        4.4 Remedies,
        Characterizations. The remedies provided in this Note shall be cumulative
        and in addition to all other remedies available under this Note, at law or
        in
        equity (including, without limitation, a decree of specific performance and/or
        other injunctive relief), no remedy contained herein shall be deemed a waiver
        of
        compliance with the provisions giving rise to such remedy and nothing herein
        shall limit a holder's right to pursue actual damages for any failure by
        the
        Maker to comply with the terms of this Note. 

       

      Section
        4.5 Binding
        Effect. The obligations of the Maker and the Holder set forth herein shall
        be binding upon the successors and assigns of each such party, whether or
        not
        such successors or assigns are permitted by the terms hereof.

       

      Section
        4.6 Amendments.
        This Note may not be modified or amended in any manner except in writing
        executed by the Maker and the Holder.

       

      Section
        4.7 Compliance
        with Securities Laws. The Holder of this Note acknowledges that this Note is
        being acquired solely for the Holder's own account and not as a nominee for
        any
        other party, and for investment, and that the Holder shall not offer, sell
        or
        otherwise dispose of this Note. This Note and any Note issued in substitution
        or
        replacement therefor shall be stamped or imprinted with a legend in
        substantially the following form:

       

      "THIS
        NOTE
        AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
        OR
        APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE
        ABSENCE OF SUCH REGISTRATION OR RECEIPT BY THE MAKER OF AN OPINION OF COUNSEL
        IN
        THE FORM, SUBSTANCE AND SCOPE REASONABLY SATISFACTORY TO THE MAKER THAT THIS
        NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE MAY BE SOLD,
        TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED OF, UNDER AN EXEMPTION FROM
        REGISTRATION UNDER THE ACT AND SUCH STATE SECURITIES LAWS."

       

      
        
           

        

        
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      Section
        4.8 Parties
        in Interest. This Note shall be binding upon, inure to the benefit of and be
        enforceable by the Maker, the Holder and their respective successors and
        permitted assigns.

       

      Section
        4.9 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 privilege.

       

      NOVINT
        TECHNOLOGIES, INC.

      

      

      By:
        ______________________________

      Name:

      Title:
        

      
        
           

        

        
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      EXHIBIT
        A

      

      WIRE
        INSTRUCTIONS

       

      Payee:
        ________________________________________________________

       

      Bank:
        ________________________________________________________

       

      Address:
        _____________________________________________________

       

      ______________________________________________________

       

      Bank
        No.:
        _____________________________________________________

       

      Account
        No.: __________________________________________________

       

      Account
        Name: _________________________________________________

       

       

      
        
           

        

        
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      FORM
        OF

       

      NOTICE
        OF
        CONVERSION

       

      (To
        be
        Executed by the Holder in order to Convert the Note)

       

      The
        undersigned hereby irrevocably elects to convert $ ________________ of the
        principal amount of the above Note into shares of Common Stock of NOVINT
        TECHNOLOGIES, INC. (the “Maker”)
        according to the conditions hereof, as of the date written below.

       

      Date
        of
        Conversion
        _________________________________________________________

       

      Conversion
        Price __________________________________________________

       

      Number
        of
        shares of Common Stock beneficially owned or deemed beneficially owned by
        the

      Holder
        on
        the Date of Conversion: _________________________

       

      Signature___________________________________________________________________

       

      [Name]

       

      Address:__________________________________________________________________

       

      _______________________________________________________________________

       

      
        
           

        

        
          -
            8 -Unassociated Document

    

      NOVINT
        TECHNOLOGIES, INC.

       

      FORM
        OF

       

      COMMON
        STOCK PURCHASE WARRANT

       

      
        	Warrant No.
                ________	
                 _________
                  Warrants

              

      

             

      VOID
        AFTER 5:00 P.M. LOS ANGELES TIME

       

      ON
        ___________, 2013

       

      THE
        SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE BEEN ACQUIRED FOR INVESTMENT
        AND
        HAVE NOT BEEN REGISTERED 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 COMPLIANCE WITH APPLICABLE STATE
        SECURITIES LAWS OR BLUE SKY LAWS.

       

      Novint
        Technologies, Inc. (the “Company”),
        having its principal office as of the date hereof at 4601 Paradise Blvd NW,
        Albuquerque, New Mexico, 87114 hereby certifies that, for value received,
        _____________, or its registered assigns, is entitled, subject to the terms
        and
        conditions set forth below, to purchase from the Company at any time on or
        from
        time to time after ___________, 2008 (date that is the Original Issue Date),
        and
        before 5:00 P.M., Los Angeles time, on ______________, 2013 (date that is
        the
        fifth anniversary of the Original Issue Date) (the “Expiration
        Date”),
        __________ fully paid and non-assessable shares of Common Stock (as defined
        below), at the initial Purchase Price per share (as defined below) of $1.00.
        The
        number of such shares of Common Stock and the Purchase Price per share are
        subject to adjustment as provided in Section 5.

       

      The
        Company agreed to issue Warrants, including this Warrant, to purchase up
        to a
        maximum of _________ shares of Common Stock (subject to adjustment as
        provided in Section 5) in connection with the Company's private placement
        of up
        to a maximum aggregate of __________ unsecured convertible notes (“Notes”)
        and
        Warrants.

       

      1. Definitions.

       

      As
        used
        herein the following terms, unless the context otherwise requires, have the
        following respective meanings:

       

      “Aggregate
        Purchase Price”
has
        the
        meaning set forth in Section 3.1.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      “Blue
        Sky Laws”
means
        any state securities or “blue sky” laws.

       

      “Board
        of Directors”
means
        the board of directors of the Company.

       

      “Business
        Day”
means
        any day other than Saturday, Sunday or any other day on which commercial
        banks
        in The City of New York are authorized or required by law to remain
        closed.

       

      “Buy-In”
has
        the
        meaning set forth in Section 4.

       

      “Company”
        includes the Company and any corporation which shall succeed to or assume
        the
        obligations of the Company hereunder. The term "corporation" shall include
        an
        association, joint stock company, business trust, limited liability company
        or
        other similar organization.

       

      “Common
        Stock”
means
        the Company’s Common Stock, $.01 par value per share, authorized as of the date
        hereof, and any stock of any class or classes (however designated) hereafter
        authorized upon reclassification thereof, which, if the Board of Directors
        declares any dividends or distributions, has the right to participate in
        the
        distribution of earnings and assets of the Company after the payment of
        dividends or other distributions on any shares of capital stock of the Company
        entitled to a preference and in the voting for the election of directors
        of the
        Company. 

       

      “Convertible
        Securities”
means
        (i) options to purchase or rights to subscribe for Common Stock, (ii) securities
        by their terms convertible into or exchangeable for Common Stock or (iii)
        options to purchase or rights to subscribe for such convertible or exchangeable
        securities.

       

      “Delivery
        Date”
has
        the
        meaning set forth in Section 4.

       

      “Exchange
        Act”
means
        the Securities Exchange Act of 1934 as the same shall be in effect at the
        time.

       

      “Holder”
means
        any record owner of Warrants or Underlying Securities.

       

      “Market
        Price”
means,
        for one share of Common Stock at any date (i) if the principal trading market
        for the Common Stock is an exchange, the average of the closing sale prices
        per
        share for the last twenty (20) previous trading days in which a sale was
        reported, as officially reported on any consolidated tape, (ii) if the principal
        market for such securities is the over-the-counter market, the average of
        the
        closing sale prices per share on the last twenty (20) previous trading days
        in
        which a sale was reported as set forth by Nasdaq or, (iii) if the security
        is
        not listed on an exchange or Nasdaq, the average of the closing sale prices
        per
        share on the last twenty (20) previous trading days in which a sale was reported
        as set forth in the National Quotation Bureau sheet listing such securities
        for
        such days. Notwithstanding the foregoing, if there is no reported closing
        sale
        price, as the case may be, reported on any of the twenty (20) trading days
        preceding the event requiring a determination of Market Price hereunder,
        then
        the Market Price shall be the average of the high bid and asked prices for
        the
        last ten previous trading days in which a sale was reported; and if there
        is no
        reported high bid and asked prices, as the case may be, reported on any of
        the
        ten trading days preceding the event requiring a determination of Market
        Price
        hereunder, then the Market Price shall be determined in good faith by resolution
        of the Board of Directors. The Market Price of Other Securities, if any,
        shall
        be determined in the same manner as Common Stock.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      “Nasdaq”
means
        the Nasdaq Global Market or Nasdaq Capital Market.

       

      “Notice”
has
        the
        meaning set forth in Section 21. 

       

      “Original
        Issue Date”
means
        ___________, 2008. 

       

      “OTC”
means
        the OTC Bulletin Board.

       

      “Other
        Securities”
refers
        to any stock (other than Common Stock) and other securities of the Company
        or
        any other Person (corporate or otherwise) which the Holders of the Warrants
        at
        any time shall be entitled to receive, or shall have received, upon the exercise
        of the Warrants, in lieu of or in addition to Common Stock, or which at any
        time
        shall be issuable or shall have been issued in exchange for or in replacement
        of
        Common Stock or Other Securities pursuant to Section 5 or 6.

       

      “Person”
means
        any individual, sole proprietorship, partnership, corporation, limited liability
        company, business trust, unincorporated association, joint stock corporation,
        trust, joint venture or other entity, any university or similar institution,
        or
        any government or any agency or instrumentality or political subdivision
        thereof.

       

      “Purchase
        Price per share”
means
        $1.00 per share, as may be adjusted from time to time in accordance with
        Section
        5 or 6.

       

      “Registered”
and
        “Registration”
refer
        to a registration effected by filing a registration statement in compliance
        with
        the Securities Act, to permit the disposition of Underlying Securities issued
        or
        issuable upon the exercise of Warrants, and any post-effective amendments
        and
        supplements filed or required to be filed to permit any such
        disposition.

       

      “Securities
        Act”
means
        the Securities Act of 1933 as the same shall be in effect at the
        time.

       

      “Subscriber”
has
        the
        meaning set forth in the Subscription Agreement.

       

      “Underlying
        Securities”
means
        any Common Stock or Other Securities issued or issuable upon exercise of
        Warrants.

       

      “Subscription
        Agreement”
means
        the Subscription Agreement, dated as of ______________, 2008, among the Company
        and the Subscribers. 

       

      “Warrant”
means,
        as applicable, (i) the Warrants dated as of the date hereof, originally issued
        by the Company pursuant to the Subscription Agreement, of which this Warrant
        is
        one, evidencing rights to purchase up to a maximum of _________ shares of
        Common
        Stock, and all Warrants issued upon transfer, division or combination of,
        or in
        substitution for, any thereof (all Warrants shall at all times be identical
        as
        to terms and conditions and date, except as to the number of shares of Common
        Stock for which they may be exercised) or (ii) each right as set forth in
        this
        Warrant to purchase one share of Common Stock, as adjusted from time to time
        in
        accordance with Section 5 or 6.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      2. Sale
        or Exercise Without Registration.
        If, at
        the time of any exercise, transfer or surrender for exchange of a Warrant
        or of
        Underlying Securities previously issued upon the exercise of Warrants, such
        Warrant or Underlying Securities shall not be registered under the Securities
        Act, the Company may require, as a condition of allowing such exercise, transfer
        or exchange, that the Holder or transferee of such Warrant or Underlying
        Securities, as the case may be, furnish to the Company an opinion of counsel,
        reasonably satisfactory to the Company, to the effect that such exercise,
        transfer or exchange may be made without registration under the Securities
        Act
        and without registration or qualification under any applicable Blue Sky Laws;
        provided that nothing contained in this Section 2 shall relieve the Holder
        from
        its obligations under the Subscription Agreement. 

       

      3. Exercise
        of Warrant.
        

       

      3.1. Exercise
        in Full.
        Subject
        to the provisions hereof, this Warrant may be exercised in full by the Holder
        hereof by surrender of this Warrant, with the form of subscription at the
        end
        hereof duly executed by such Holder, to the Company at its principal office
        as
        set forth at the head of this Warrant (or such other location as the Company
        from time to time may advise the Holder in writing), accompanied by payment,
        in
        cash or by certified or official bank check payable to the order of the Company,
        in the amount obtained (the “Aggregate
        Purchase Price”)
        by
        multiplying (a) the number of shares of Common Stock then issuable upon exercise
        of this Warrant by (b) the Purchase Price per share on the date of such
        exercise.

       

      3.2. Partial
        Exercise.
        Subject
        to the provisions hereof, this Warrant may be exercised in part by surrender
        of
        this Warrant in the manner and at the place provided in Section 3.1 except
        that
        the amount payable by the Holder upon any partial exercise shall be the amount
        obtained by multiplying (a) the number of shares of Common Stock designated
        by
        the Holder in the subscription at the end hereof by (b) the Purchase Price
        per
        share on the date of such exercise. Upon any such partial exercise, the Company
        at its expense shall forthwith issue and deliver to or upon the order of
        the
        Holder hereof a new Warrant or Warrants of like tenor, in the name of the
        Holder
        hereof or as such Holder (upon payment by such Holder of any applicable transfer
        taxes and subject to the provisions of Section 2) may request, calling in
        the
        aggregate on the face or faces thereof for the number of shares of Common
        Stock
        equal to the number of such shares issuable prior to such partial exercise
        of
        this Warrant minus the number of such shares designated by the Holder in
        the
        subscription at the end hereof.

       

      3.3. Company
        to Reaffirm Obligations.
        The
        Company shall, at the time of any exercise of this Warrant, upon the request
        of
        the Holder hereof, acknowledge in writing its continuing obligation to afford
        to
        such Holder any rights to which such Holder shall continue to be entitled
        after
        such exercise in accordance with the provisions of this Warrant; provided,
        however, that if the Holder of this Warrant shall fail to make any such request,
        such failure shall not affect the continuing obligation of the Company to
        afford
        such Holder any such rights.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      3.4. Certain
        Exercises.
        If an
        exercise of this Warrant is to be made in connection with a registered public
        offering or sale of the Company, such exercise may, at the election of the
        Holder, be conditioned on the consummation of the public offering or sale
        of the
        Company, in which case such exercise shall not be deemed effective until
        the
        consummation of such transaction.

       

      3.5. Limited
        Net Issue Exercise.
        At any
        time or from time to time, to the extent there is no effective registration
        statement registering the resale of the Underlying Securities by the Holder,
        this Warrant may also be exercised at such time by means of a “Net
        Issue Exercise”
in
        which the Holder shall be entitled to receive Underlying Securities equal
        to the
        value of this Warrant (or the portion thereof being exercised by Net Issue
        Exercise) by surrender of this Warrant to the Company together with notice
        of
        such Net Issue Exercise, in which event the Company shall issue to Holder
        a
        number of Underlying Securities computed as of the date of surrender of this
        Warrant to the Company using the following formula:

       

      X
        =
Y
        x
        (A-B)

      A

      Where:

       

      
        	 	
                X
                  =

              	
                the
                  number of Underlying Securities to be issued to Holder pursuant
                  to this
                  Section 3.5;

              

      

       

      
        	 	
                Y
                  =

              	
                the
                  number of Underlying Securities otherwise purchasable under this
                  Warrant,
                  or any lesser number of Underlying Securities as to which this
                  Warrant is
                  being exercised (at the date of such
                  calculation);

              

      

       

      
        	 	
                A
                  =
                  

              	
                the
                  Market Price of one share of Common Stock (at the date of such
                  calculation);

              

      

       

      
        	 	
                B
                  =

              	
                the
                  Purchase Price per share (as adjusted to the date of such
                  calculation).

              

      

       

      4. Delivery
        of Stock Certificates, etc., on Exercise; Buy-In. 

       

      4.1. Delivery
        of Certificates.
        As soon
        as practicable after the exercise of this Warrant in full or in part, and
        in any
        event within ten Business Days thereafter (the “Delivery
        Day”),
        the
        Company at its own expense (including the payment by it of any applicable
        issue
        taxes) shall cause to be issued in the name of and delivered to the Holder
        hereof, or as such Holder (upon payment by such Holder of any applicable
        transfer taxes and subject to the provisions of Section 2) may direct, a
        certificate or certificates for the number of fully paid and non-assessable
        shares of Common Stock or Other Securities to which such Holder shall be
        entitled upon such exercise, plus, in lieu of any fractional share to which
        such
        Holder would otherwise be entitled, cash equal to such fraction multiplied
        by
        the then current Market Price of one full share.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      4.2. Issuance
        of Certificates.
        If the
        Company fails to deliver to the Holder a certificate or certificates
        representing the Underlying Securities by the third (3rd) trading day following
        the Delivery Date (or such longer or shorter time as is then required by
        the SEC
        regulations on the settlement of trades), then the Holder will have the right
        to
        rescind such exercise. In addition to any other rights available to the Holder,
        if the Company fails to deliver to the Holder a certificate or certificates
        representing the Underlying Securities pursuant to an exercise by the fifth
        (5th) trading day after the Delivery Date, and if after such day the Holder
        is
        required by its broker to purchase (in an open market transaction or otherwise)
        securities to deliver in satisfaction of a sale by the Holder of the Underlying
        Securities which the Holder anticipated receiving upon such exercise (a
“Buy-In”),
        then
        the Company shall (1) pay in cash to the Holder the amount by which (x) the
        Holder’s total purchase price (including brokerage commissions, if any) for the
        shares of Common Stock so purchased exceeds (y) the amount obtained by
        multiplying (A) the number of Underlying Securities that the Company was
        required to deliver to the Holder in connection with the exercise at issue
        times
        (B) the price at which the sell order giving rise to such purchase obligation
        was executed, and (2) at the option of the Holder, either reinstate the portion
        of the Warrant and equivalent number of Underlying Securities for which such
        exercise was not honored or deliver to the Holder the number of Underlying
        Securities that would have been issued had the Company timely complied with
        its
        exercise and delivery obligations hereunder. For example, if the Holder
        purchases Common Stock having a total purchase price of $11,000 to cover
        a
        Buy-In with respect to an attempted exercise of shares of Common Stock with
        an
        aggregate sale price giving rise to such purchase obligation of $10,000,
        under
        clause (1) of the immediately preceding sentence the Company shall be required
        to pay the Holder $1,000. The Holder shall provide the Company written notice
        indicating the amounts payable to the Holder in respect of the Buy-In, together
        with applicable confirmations and other evidence reasonably requested by
        the
        Company. Nothing herein shall limit a Holder's right to pursue any other
        remedies available to it hereunder, at law or in equity including, without
        limitation, a decree of specific performance or injunctive relief with respect
        to the Company's failure to timely deliver certificates representing Underlying
        Securities upon exercise of the Warrant as required pursuant to the terms
        hereof.

       

      5. Adjustment
        for Stock Splits; Dividends.
        The
        number and kind of securities purchasable upon the exercise of this Warrant
        and
        the Purchase Price shall be subject to adjustment from time to time upon
        the
        happening of any of the following. In case the Company shall (i) pay a dividend
        in shares of Common Stock or make a distribution in shares of Common Stock
        to
        holders of its outstanding Common Stock, (ii) subdivide its outstanding shares
        of Common Stock into a greater number of shares, (iii) combine its outstanding
        shares of Common Stock into a smaller number of shares of Common Stock, or
        (iv)
        issue any shares of its capital stock in a reclassification of the Common
        Stock,
        then the number of Underlying Securities purchasable upon exercise of this
        Warrant immediately prior thereto shall be adjusted so that the Holder shall
        be
        entitled to receive the kind and number of Underlying Securities or other
        securities of the Company which it would have owned or have been entitled
        to
        receive had such Warrant been exercised in advance thereof Upon each such
        adjustment of the kind and number of Underlying Securities or other securities
        of the Company which are purchasable hereunder, the Holder shall thereafter
        be
        entitled to purchase the number of Underlying Securities or other securities
        resulting from such adjustment at a Purchase Price per share or other security
        obtained by multiplying the Purchase Price per share in effect immediately
        prior
        to such adjustment by the number of Underlying Securities purchasable pursuant
        hereto immediately prior to such adjustment and dividing by the number of
        Underlying Securities or other securities of the Company resulting from such
        adjustment. An adjustment made pursuant to this paragraph shall become effective
        immediately after the effective date of such event retroactive to the record
        date, if any, for such event. The Company shall not declare or pay a dividend
        in
        cash or other assets prior to the Expiration Date unless the aggregate amount
        of
        any such dividends is less than fifty (50%) percent of the Company’s net
        operating income for the previous fiscal year.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6. Reorganization,
        Consolidation, Merger, etc.
        In case
        the Company shall reorganize its capital, reclassify its capital stock,
        consolidate or merge with or into another corporation (where the Company
        is not
        the surviving corporation or where there is a change in or distribution with
        respect to the Common Stock of the Company), or sell, transfer or otherwise
        dispose of its property, assets or business to another corporation and, pursuant
        to the terms of such reorganization, reclassification, merger, consolidation
        or
        disposition of assets, shares of common stock of the successor or acquiring
        corporation, or any cash, shares of stock or other securities or property
        of any
        nature whatsoever (including warrants or other subscription or purchase rights)
        in addition to or in lieu of common stock of the successor or acquiring
        corporation (“Other
        Property”),
        are
        to be received by or distributed to the holders of Common Stock of the Company,
        then the Holder shall have the right thereafter to receive, at the option
        of the
        Holder, (a) upon exercise of this Warrant, the number of shares of common
        stock
        of the successor or acquiring corporation or of the Company, if it is the
        surviving corporation, and Other Property receivable upon or as a result
        of such
        reorganization, reclassification, merger, consolidation or disposition of
        assets
        by a Holder of the number of shares of Common Stock for which this Warrant
        is
        exercisable immediately prior to such event or (b) cash equal to the value
        of
        this Warrant as determined in accordance with the Black Scholes option pricing
        formula. In case of any such reorganization, reclassification, merger,
        consolidation or disposition of assets, the successor or acquiring corporation
        (if other than the Company) shall expressly assume the due and punctual
        observance and performance of each and every covenant and condition of this
        Warrant to be performed and observed by the Company and all the obligations
        and
        liabilities hereunder, subject to such modifications as may be deemed
        appropriate (as determined in good faith by resolution of the Board of Directors
        of the Company) in order to provide for adjustments of Underlying Securities
        for
        which this Warrant is exercisable which shall be as nearly equivalent as
        practicable to the adjustments provided for in this Section 6. For purposes
        of
        this Section 6, “common stock of the successor or acquiring corporation” shall
        include stock of such corporation of any class which is not preferred as
        to
        dividends or assets over any other class of stock of such corporation and
        which
        is not subject to redemption and shall also include any evidences of
        indebtedness, shares of stock or other securities which are convertible into
        or
        exchangeable for any such stock, either immediately or upon the arrival of
        a
        specified date or the happening of a specified event and any warrants or
        other
        rights to subscribe for or purchase any such stock. The foregoing provisions
        of
        this Section 6 shall similarly apply to successive reorganizations,
        reclassifications, mergers, consolidations or disposition of
        assets.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      7. Further
        Assurances; Reports.
        The
        Company shall take all such action as may be necessary or appropriate in
        order
        that the Company may validly and legally issue fully paid and non-assessable
        shares of Underlying Securities upon the exercise of all Warrants from time
        to
        time outstanding. For so long as the Holder holds this Warrant, the Company
        shall deliver to the Holder contemporaneously with delivery to the holders
        of
        Common Stock, a copy of each report of the Company delivered to such
        holders.

       

      8. Certificate
        as to Adjustments.
        In each
        case of any adjustment or readjustment in the Underlying Securities, the
        Company
        shall, at its expense, promptly cause its Chief Financial Officer to compute
        such adjustment or readjustment in accordance with the terms of this Warrant
        and
        prepare a certificate setting forth such adjustment or readjustment and showing
        in detail the facts upon which such adjustment or readjustment is based,
        and the
        number of shares of Common Stock or Other Securities outstanding or deemed
        to be
        outstanding. The Company shall forthwith mail a copy of each such certificate
        to
        the Holder. 

       

      9. Notices
        of Record Date, etc.
        In the
        event of

       

      (a) any
        taking by the Company of a record of its stockholders for the purpose of
        determining the stockholders thereof who are entitled to receive any dividend
        or
        other distribution, or any right to subscribe for, purchase or otherwise
        acquire
        any shares of stock of any class or any other securities or property, or
        to
        receive any other right, or for the purpose of determining stockholders who
        are
        entitled to vote in connection with any proposed capital reorganization of
        the
        Company, any reclassification or recapitalization of the capital stock of
        the
        Company or any transfer of all or substantially all the assets of the Company
        to
        or consolidation or merger of the Company with or into any other Person,
        or

       

      (b) any
        voluntary or involuntary dissolution, liquidation or winding-up of the
        Company,

       

      then
        and
        in each such event the Company shall mail or cause to be mailed to each Holder
        of a Warrant a notice specifying (i) the date on which any such record is
        to be
        taken for the purpose of such dividend, distribution or right, and stating
        the
        amount and character of such dividend, distribution or right and (ii) the
        date
        on which any such reorganization, reclassification, recapitalization, transfer,
        consolidation, merger, dissolution, liquidation or winding-up is to take
        place,
        and the time, if any, as of which the Holders of record of Underlying Securities
        shall be entitled to exchange their shares of Underlying Securities for
        securities or other property deliverable upon such reorganization,
        reclassification, recapitalization, transfer, consolidation, merger,
        dissolution, liquidation or winding-up. Such notice shall be mailed at least
        20
        days prior to the date therein specified.

       

      10. Reservation
        of Stock, etc., Issuable on Exercise of Warrants.
        The
        Company shall at all times reserve and keep available, solely for issuance
        and
        delivery upon the exercise of the Warrants, all shares of Common Stock (or
        Other
        Securities) from time to time issuable upon the exercise of the
        Warrants.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      11. Listing
        on Securities Exchanges; Registration; Issuance of Certain
        Securities.
        In
        furtherance and not in limitation of any other provision of this Warrant,
        if the
        Company at any time shall list any Common Stock (or Other Securities) on
        any
        national securities exchange or Nasdaq, the Company shall, at its expense,
        simultaneously list the Underlying Securities from time to time issuable
        upon
        the exercise of the Warrants on such exchange or Nasdaq, upon official notice
        of
        issuance.

       

      12. Exchange
        of Warrants.
        Subject
        to the provisions of Section 2, upon surrender for exchange of this Warrant,
        properly endorsed, to the Company, as soon as practicable (and in any event
        within three Business Days) the Company at its own expense shall issue and
        deliver to or upon the order of the Holder thereof a new Warrant or Warrants
        of
        like tenor, in the name of such Holder or as such Holder (upon payment by
        such
        Holder of any applicable transfer taxes) may direct, calling in the aggregate
        on
        the face or faces thereof for the number of shares of Common Stock called
        for on
        the face of this Warrant so surrendered.

       

      13. Replacement
        of Warrants.
        Upon
        receipt of evidence reasonably satisfactory to the Company of the loss, theft,
        destruction or mutilation of this Warrant and, in the case of any such loss,
        theft or destruction, upon delivery of an indemnity agreement reasonably
        satisfactory in form and amount to the Company or, in the case of any such
        mutilation, upon surrender and cancellation of this Warrant, the Company
        at its
        expense shall execute and deliver, in lieu thereof, a new Warrant of like
        tenor.

       

      14. Warrant
        Agent.
        The
        Company may, by written notice to each Holder of a Warrant, appoint an agent
        having an office in New York, New York, for the purpose of issuing Common
        Stock
        (or Other Securities) upon the exercise of the Warrants pursuant to Section
        3,
        exchanging Warrants pursuant to Section 12, and replacing Warrants pursuant
        to
        Section 13, or any of the foregoing, and thereafter any such issuance, exchange
        or replacement, as the case may be, shall be made at such office by such
        agent.

       

      15. Remedies.
        The
        Company stipulates that the remedies at law of the Holder of this Warrant
        in the
        event of any default or threatened default by the Company in the performance
        of
        or compliance with any of the terms of this Warrant may not be adequate,
        and
        that such terms may be specifically enforced by a decree for the specific
        performance of any agreement contained herein or by an injunction that may
        be
        sought against a violation of any of the terms hereof or otherwise.

       

      16. No
        Rights as Stockholder.
        This
        Warrant does not entitle the Holder hereof to any voting rights or other
        rights
        as a stockholder of the Company prior to the exercise hereof. 

       

      17. Negotiability,
        etc.
        Subject
        to Section 2, this Warrant is issued upon the following terms, to all of
        which
        each Holder or owner hereof by the taking hereof consents and agrees
        that:

       

      (a) subject
        to the provisions of this Warrant and the Subscription Agreement, title to
        this
        Warrant may be transferred by endorsement (by the Holder hereof executing
        the
        form of assignment at the end hereof); and

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (b) until
        this Warrant is transferred on the books of the Company, the Company may
        treat
        the registered Holder hereof as the absolute owner hereof for all purposes,
        notwithstanding any notice to the contrary.

       

      18. Entire
        Agreement; Successors and Assigns.
        This
        Warrant and the Subscription Agreement constitute the entire contract between
        the parties relative to the subject matter hereof. This Warrant and the
        Subscription Agreement supersede any previous agreement among the parties
        with
        respect to the subject matter hereof. The terms and conditions of this Warrant
        shall inure to the benefit of and be binding upon the respective permitted
        executors, administrators, heirs, successors and assigns of the parties.
        Nothing
        in this Warrant, expressed or implied, is intended to confer upon any party,
        other than the Holder and the Company, any rights, remedies, obligations
        or
        liabilities under or by reason of this Warrant.

       

      19. Governing
        Law.
        This
        Warrant shall be governed by and construed in accordance with the laws of
        the
        State of New Mexico without regard to principles of conflicts of law.

       

      20. Headings.
        The
        headings of the sections of this Warrant are for convenience and shall not
        by
        themselves determine the interpretation of this Warrant.

       

      21. Notices.
        Any
        notice or other communication required or permitted to be given hereunder
        (each
        a “Notice”)
        shall
        be given in writing and shall be made by personal delivery or sent by courier
        or
        certified or registered first-class mail (postage pre-paid), addressed to
        a
        party at its address shown below or at such other address as such party may
        designate by three days’ advance Notice to the other party. 

       

      Any
        Notice to the Holder shall be sent to the address for such Holder set forth
        on
        books and records of the Company.

       

      Any
        Notice to the Company shall be sent to:

       

      Novint
        Technologies, Inc.

      4601
        Paradise Blvd NW

      Albuquerque,
        New Mexico 87114

      Attention:
        CEO

      

      Each
        Notice shall be deemed given and effective upon receipt (or refusal of
        receipt).

       

      22. Severability.
        Whenever possible, each provision of this Warrant shall be interpreted in
        such a
        manner as to be effective and valid under applicable law, but if any provision
        of this Warrant shall be deemed prohibited or invalid under such applicable
        law,
        such provision shall be ineffective to the extent of such prohibition or
        invalidity, and such prohibition or invalidity shall not invalidate the
        remainder of such provision or any other provision of this Warrant.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      23. Amendments
        and Waivers.
        Any
        provision of this Warrant may be amended and the observance of any provision
        of
        this Warrant may be waived (either generally or in a particular instance
        and
        either retroactively or prospectively), only with the written consent of
        the
        Company and the Holders of a majority of the Warrants then outstanding. Any
        amendment or waiver effected in accordance with this Section 23 shall be
        binding
        upon each Holder of a Warrant.

       

      24. Construction.
        Words
        (including capitalized terms defined herein) in the singular shall be held
        to
        include the plural and vice versa as the context requires. The words
“herein”,
        “hereinafter”,
        “hereunder”
and
        words of similar import used in this Warrant shall, unless otherwise stated,
        refer to this Warrant as a whole and not to any particular provision of this
        Warrant. All references to “$” in this Warrant and the other agreements
        contemplated hereby shall refer to United States dollars (unless otherwise
        specified expressly). Any reference to any gender includes the other
        genders.

       

      25. Assignability.
        Subject
        to Section 2, this Warrant is fully assignable at any time.

       

      Dated:
        ____________, 2008

       

      NOVINT
        TECHNOLOGIES, INC.

      

      

      

      By:________________________________

      Name:

      Title:

      

       

      Attest:___________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        SUBSCRIPTION

       

      (To
        be
        signed only upon exercise of Warrant)

       

      To:
        NOVINT TECHNOLOGIES, INC.

       

      

       

      The
        undersigned, the Holder of the within Warrant, hereby irrevocably elects
        to
        exercise the purchase right represented by such Warrant for, and to purchase
        thereunder, * shares of Common Stock of Novint Technologies, Inc., and herewith
        makes payment of $__________ or, subject to satisfaction of the conditions
        set
        forth in Section 3.5 of the Warrant,
        [by initial here _____] Holder elects to exercise under the Net Issue Exercise
        provisions of Section 3.5 of the Warrant, and requests that the certificates
        for
        such shares be issued in the name of, and delivered to, ___________________,
        whose address is _______________________.

       

      The
        undersigned represents that the undersigned is acquiring such securities
        for its
        own account for investment and not with a view to or for sale in connection
        with
        any distribution thereof (except for any resale pursuant to, and in accordance
        with a valid registration statement effective under the Securities Act of
        1933).

       

      Dated:

       

      ________________________________________
        

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

      

      ________________________________________

      (Address)

       

      *
        Insert
        here the number of shares called for on the face of the Warrant (or, in the
        case
        of a partial exercise, the portion thereof as to which the Warrant is being
        exercised).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      FORM
        OF
        ASSIGNMENT

       

      (To
        be
        signed by the Holder 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 Novint Technologies, Inc. to
        which
        the within Warrant relates, and hereby does irrevocably constitute and appoint
        ______________________________ Attorney to transfer such right on the books
        of
        Novint Technologies, Inc. with full power of substitution in the premises.
        The
        Warrant being transferred hereby is one of the Warrants issued by Novint
        Technologies, Inc. as of _________, 2008 to purchase up to a maximum of
        _________ shares of Common Stock.

       

      Dated:_______________

       

      __________________________________________

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

      

      

      __________________________________________

      (Address)

      

      

      _______________________________

      Medallion
        signature guaranteed by a bank

      or
        trust
        company having its

      principal
        office in New York City

      or
        by a
        Member Firm of the New

      York
        Stock Exchange

      or
        American Stock Exchange

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