Document:

Exhibit
      4.1

    

    FUNDSTECH
      CORP. 2007 INCENTIVE STOCK PLAN

    

    THIS
      FUNDSTECH CORPORATION 2007 INCENTIVE STOCK PLAN (the "Plan") is designed
      to retain directors, executives and selected employees and consultants
and
      reward them for making major contributions to the success of the Company.
These
      objectives are accomplished by making long-term incentive awards under the
      Plan
      thereby providing Participants with a proprietary interest in the growth
and
      performance of the Company.

    

    
      	1.	
              Definitions.

            

    

    

    
      
        	
              	(a)	
                "Board"
                  - The Board of Directors of the
                  Company.

              

      

    

    

    
      
        	
              	(b)	
                "Code"
                  - The Internal Revenue Code of 1986, as amended from time to time.

              

      

    

    

    
      	
            	(c)	
              "Committee"
                - The Compensation Committee of the Company's Board, or such
                other committee of the Board that is designated by the Board to
                administer
                the Plan, composed of not less than two members of the Board all
                of whom are disinterested persons, as contemplated by Rule 16b-3
                ("Rule
                16b-3") promulgated under the Securities Exchange Act of 1934,
                as
                amended (the "Exchange Act"). 

            

    

    

    
      	
            	(d)	
              "Company"
                - FUNDSTECH CORP. and its subsidiaries including subsidiaries
                of subsidiaries.

            

    

    

    
      	
            	(e)	
              "Exchange
                Act" - The Securities Exchange Act of 1934, as amended from time
                to time.

            

    

    

    
      	
            	(f)	
              "Fair
                Market Value" - The fair market value of the Company's issued and
                outstanding Stock as determined in good faith by the Board or Committee.

            

    

    

    
      	
            	(g)	
              "Florida
                Securities Rules" - Chapter 517.061 (15) of Title XXXIII of the
                Florida Statues.

            

    

    

    
      	
            	(h)	
              "Grant"
                - The grant of any form of stock option, stock award, or stock
                purchase
                offer, whether granted singly, in combination or in tandem, to
                a Participant pursuant to such terms, conditions and limitations
                as
                the
                Committee may establish in order to fulfill the objectives of the
                Plan.

            

    

    

    
      	
            	(i)	
              "Grant
                Agreement" - An agreement between the Company and a Participant
                that
                sets forth the terms, conditions and limitations applicable to a
                Grant.

            

    

    

    
      	
            	(j)	
              "Option"
                - Either an Incentive Stock Option, in accordance with Section
                422 of Code, or a Nonstatutory Option, to purchase the Company's
                Stock that may be awarded to a Participant under the Plan. A Participant
                who receives an award of an Option shall be referred to as an
                "Optionee."

            

    

    

    
      	
            	(k)	
              "Participant"
                - A director, officer, employee or consultant of the Company
                to whom an Award has been made under the
                Plan.

            

    

    

    
      	
            	(l)	
              "Restricted
                Stock Purchase Offer" - A Grant of the right to purchase a specified
                number of shares of Stock pursuant to a written agreement issued
                under the Plan.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
            	(m)	
              "Securities
                Act" - The Securities Act of 1933, as amended from time to time.

            

    

    

    
      	
            	(n)	
              "Stock"
                - Authorized and issued or unissued shares of common stock of the
                Company.

            

    

    

    
      	
            	(o)	
              "Stock
                Award" - A Grant made under the Plan in stock or denominated in
                units
                of stock for which the Participant is not obligated to pay additional
                consideration.

            

    

    

    
      	2.	
              Administration.
                The Plan shall be administered by the Board, provided however,
                that the Board may delegate such administration to the Committee.
                Subject to the provisions of the Plan, the Board and/or the Committee
                shall have authority to (a) grant, in its discretion, Incentive
                Stock Options in accordance with Section 422 of the Code, or Nonstatutory
                Options, Stock Awards or Restricted Stock Purchase Offers; (b)
                determine in good faith the fair market value of the Stock covered
                by
                any Grant; (c) determine which eligible persons shall receive Grants
                and
                the number of shares, restrictions, terms and conditions to be
                included
                in such Grants; (d) construe and interpret the Plan; (e) promulgate,
                amend and rescind rules and regulations relating to its administration,
                and correct defects, omissions and inconsistencies in the
                Plan or any Grant; (f) consistent with the Plan and with the consent
                of the Participant, as appropriate, amend any outstanding Grant
                or
                amend the exercise date or dates thereof; (g) determine the duration
                and
                purpose of leaves of absence which may be granted to Participants
                without
                constituting termination of their employment for the purpose of
                the
                Plan or any Grant; and (h) make all other determinations necessary
                or
                advisable for the Plan's administration. The interpretation and
                construction
                by the Board of any provisions of the Plan or selection of Participants
                shall be conclusive and final. No member of the Board or the
                Committee shall be liable for any action or determination made in
                good
                faith with respect to the Plan or any Grant made
                thereunder.

            

    

    

    
      	3.	
              Eligibility.

            

    

    

    
      	
            	(a)	
              General:
                The persons who shall be eligible to receive Grants shall be directors,
                officers, employees or consultants to the Company. The term consultant
                shall mean any person, other than an employee, who is engaged
                by the Company to render services and is compensated for such services.
                An Optionee may hold more than one Option. Any issuance of a Grant
                to an officer or director of the Company subsequent to the first
                registration
                of any of the securities of the Company under the Exchange
                Act shall comply with the requirements of Rule
                16b-3.

            

    

    

    
      	
            	(b)	
              Incentive
                Stock Options: Incentive Stock Options may only be issued to employees
                of the Company. Incentive Stock Options may be granted to officers
                or directors, provided they are also employees of the Company.
                Payment of a director's fee shall not be sufficient to constitute
                employment by the Company.

            

    

    

    The
      Company shall not grant an Incentive Stock Option under the Plan to
      any
      employee if such Grant would result in such employee holding the right
      to
      exercise for the first time in any one calendar year, under all Incentive
      Stock Options granted under the Plan or any other plan maintained by
      the
      Company, with respect to shares of Stock having an aggregate fair market
      value, determined as of the date of the Option is granted, in excess
of
      $100,000. Should it be determined that an Incentive Stock Option granted
under
      the
      Plan exceeds such maximum for any reason other than a failure in good
      faith to value the Stock subject to such option, the excess portion of
such
      option shall be considered a Nonstatutory Option. To the extent the employee
      holds two (2) or more such Options which become exercisable for the
      first
      time in the same calendar year, the foregoing limitation on the exercisability
      of such Option as Incentive Stock Options under the Federal tax
      laws
      shall be applied on the basis of the order in which such Options are
      granted. If, for any reason, an entire Option does not qualify as an
Incentive
      Stock Option by reason of exceeding such maximum, such Option shall
      be
      considered a Nonstatutory Option.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	
            	(c)	
              Nonstatutory
                Option: The provisions of the foregoing Section 3(b) shall
                not apply to any Option designated as a "Nonstatutory Option" or
                which
                sets forth the intention of the parties that the Option be a Nonstatutory
                Option.

            

    

    

    
      	
            	(d)	
              Stock
                Awards and Restricted Stock Purchase Offers: The provisions of
                this
                Section 3 shall not apply to any Stock Award or Restricted Stock
                Purchase
                Offer under the Plan.

            

    

    

    
      	4.	
              Stock.

            

    

    

    
      	
            	(a)	
              Authorized
                Stock: Stock subject to Grants may be either unissued or reacquired
                Stock.

            

    

    

    
      	
            	(b)	
              Number
                of Shares: Subject to adjustment as provided in Section 5(i) of
                the
                Plan, the total number of shares of Stock which may be purchased
                or
                granted directly by Options, Stock Awards or Restricted Stock Purchase
                Offers, or purchased indirectly through exercise of Options granted
                under the Plan shall not exceed Two Million (2,000,000). If any
                Grant shall for any reason terminate or expire, any shares allocated
                thereto but remaining unpurchased upon such expiration or termination
                shall again be available for Grants with respect thereto under
                the Plan as though no Grant had previously occurred with respect
                to
                such shares. Any shares of Stock issued pursuant to a Grant and
                repurchased
                pursuant to the terms thereof shall be available for future
                Grants as though not previously covered by a
                Grant.

            

    

     

    
      	
            	(c)	
              Reservation
                of Shares: The Company shall reserve and keep available at all
                times during the term of the

            

    

    

    Plan
      such
      number of shares as shall be sufficient to satisfy the requirements
      of the Plan. If, after reasonable efforts, which efforts shall not
      include the registration of the Plan or Grants under the Securities Act,
      the
      Company is unable to obtain authority from any applicable regulatory
      body, which authorization is deemed necessary by legal counsel for
      the
      Company for the lawful issuance of shares hereunder, the Company shall
      be
      relieved of any liability with respect to its failure to issue and sell
      the
      shares for which such requisite authority was so deemed necessary unless
      and until such authority is obtained.

    

    
      	
            	(d)	
              Application
                of Funds: The proceeds received by the Company from the sale
                of Stock pursuant to the exercise of Options or rights under Stock
                Purchase Agreements will be used for general corporate
                purposes.

            

    

    

    
      	
            	(e)	
              No
                Obligation to Exercise: The issuance of a Grant shall impose no
                obligation
                upon the Participant to exercise any rights under such Grant.

            

    

    

    
      	5.	
              Terms
                and Conditions of Options. Options granted hereunder shall be evidenced
                by agreements between the Company and the respective Optionees,
                in
                such form and substance as the Board or Committee shall from time
                to
                time
                approve. The form of Incentive Stock Option Agreement attached hereto
                as
                Exhibit A and the three forms of a Nonstatutory Stock Option Agreement
                for
                employees, for directors and for consultants, attached hereto as
                Exhibit
                B-1, Exhibit B-2 and Exhibit B-3, respectively, shall be deemed to
                be
                approved by the Board. Option agreements need not be identical, and
                in
                each
                case may include such provisions as the Board or Committee may
                determine,
                but all such agreements shall be subject to and limited by the
                following
                terms and conditions:

            

    

    

    
      	
            	(a)	
              Number
                of Shares: Each Option shall state the number of shares to which
                it pertains.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
            	(b)	
              Exercise
                Price: Each Option shall state the exercise price, which shall
                be determined as follows:

            

    

    

    
      	
            	(i)	
              Any
                Incentive Stock Option granted to a person who at the time the
                Option is granted owns (or is deemed to own pursuant to Section
                424(d) of the Code) stock possessing more than ten percent
                (10%) of the total combined voting power or value of all classes
                of stock of the Company ("Ten Percent Holder") shall have an
                exercise price of no less than 110% of the Fair Market Value of
                the Stock as of the date of grant;
                and

            

    

    

    
      	
            	(ii)	
              Incentive
                Stock Options granted to a person who at the time the Option
                is granted is not a Ten Percent Holder shall have an exercise
                price of no less than 100% of the Fair Market Value of the
                Stock as of the date of grant.

            

    

    

    For
      the
      purposes of this Section 5(b), the Fair Market Value shall be as
      determined by the Board in good faith, which determination shall be conclusive
      and binding; provided however, that if there is a public market for
      such
      Stock, the Fair Market Value per share shall be the average of the bid
      and
      asked prices (or the closing price if such stock is listed on the NASDAQ
      National Market System or Small Cap Issue Market) on the date of grant
      of
      the Option, or if listed on a stock exchange, the closing price on such
      exchange on such date of grant.

    

    
      	
            	(c)	
              Medium
                and Time of Payment: The exercise price shall become immediately
                due upon exercise of the Option and shall be paid in cash or
                check made payable to the Company. Should the Company's outstanding
                Stock
                be registered under Section 12(g) of the Exchange Act at the time
                the Option is exercised, then the exercise price may also be paid
                as
                follows:

            

    

     

    
      	
            	(i)	
              in
                shares of Stock held by the Optionee for the requisite period necessary
                to avoid a charge to the Company's earnings for financial
                reporting purposes and valued at Fair Market Value on the
                exercise date, or

            

    

    

    
      	
            	(ii)	
              through
                a special sale and remittance procedure pursuant to which the
                Optionee shall concurrently provide irrevocable written instructions
                (a) to a Company designated brokerage firm to effect the
                immediate sale of the purchased shares and remit to the Company,
                out of the sale proceeds available on the settlement date,
                sufficient funds to cover the aggregate exercise price payable
                for the purchased shares plus all applicable Federal, state
                and local income and employment taxes required to be withheld
                by the Company by reason of such purchase and (b) to the Company
                to deliver the certificates for the purchased shares directly
                to such brokerage firm in order to complete the sale transaction.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    At
      the
      discretion of the Board, exercisable either at the time of Option
      grant or of Option exercise, the exercise price may also be paid (i)
by
      Optionee's delivery of a promissory note in form and substance satisfactory
      to the Company and permissible under the Securities Rules of the
      State
      of Florida and bearing interest at a rate determined by the Board in
      its
      sole discretion, but in no event less than the minimum rate of interest
      required to avoid the imputation of compensation income to the Optionee
      under the Federal tax laws, or (ii) in such other form of consideration
      permitted by the Florida corporations law as may be acceptable
      to the Board.

    

    
      	
            	(d)	
              Term
                and Exercise of Options: Any Option granted to an employee of the
                Company
                shall become exercisable over a period of no longer than five (5)
                years, and no less than twenty percent (20%) of the shares covered
                thereby
                shall become exercisable annually. No Option shall be exercisable,
                in whole or in part, prior to one (1) year from the date it
                is granted unless the Board shall specifically determine otherwise,
                as
                provided herein. In no event shall any Option be exercisable after
                the
                expiration of ten (10) years from the date it is granted, and no
                Incentive
                Stock Option granted to a Ten Percent Holder shall, by its terms,
                be exercisable after the expiration of five (5) years from the
                date
                of the Option. Unless otherwise specified by the Board or the Committee
                in the resolution authorizing such Option, the date of grant of
                an Option shall be deemed to be the date upon which the Board or
                the
                Committee authorizes the granting of such
                Option.

            

    

    

    Each
      Option shall be exercisable to the nearest whole share, in installments
      or otherwise, as the respective Option agreements may provide. During
      the lifetime of an Optionee, the Option shall be exercisable only by
the
      Optionee and shall not be assignable or transferable by the Optionee,
and
      no
      other person shall acquire any rights therein. To the extent not exercised,
      installments (if more than one) shall accumulate, but shall be exercisable,
      in whole or in part, only during the period for exercise as stated
      in
      the Option agreement, whether or not other installments are then exercisable.

     

    
      	
            	(e)	
              Termination
                of Status as Employee, Consultant or Director: If Optionee's
                status as an employee shall terminate for any reason other than
                Optionee's disability or death, then Optionee (or if the Optionee
                shall
                die after such termination, but prior to exercise, Optionee's personal
                representative or the person entitled to succeed to the Option)
                shall have the right to exercise the portions of any of Optionee's
                Incentive Stock Options which were exercisable as of the date
                of such termination, in whole or in part, not less than 30 days
                nor
                more than three (3) months after such termination (or, in the event
                of "termination for good cause" as that term is defined in Florida
                case law related thereto, or by the terms of the Plan or the Option
                Agreement or an employment agreement, the Option shall automatically
                terminate as of the termination of employment as to all shares
                covered by the Option).

            

    

    

    With
      respect to Nonstatutory Options granted to employees, directors or
      consultants, the Board may specify such period for exercise, not less
than
      30
      days (except that in the case of "termination for cause" or removal of
      a
      director, the Option shall automatically terminate as of the termination
      of employment or services as to shares covered by the Option, following
      termination of employment or services as the Board deems reasonable
      and appropriate. The Option may be exercised only with respect to
      installments that the Optionee could have exercised at the date of termination
      of employment or services. Nothing contained herein or in any Option
      granted pursuant hereto shall be construed to affect or restrict in any
      way
      the right of the Company to terminate the employment or services of an
      Optionee with or without cause.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
            	(f)	
              Disability
                of Optionee: If an Optionee is disabled (within the meaning of
                Section 22(e)(3) of the Code) at the time of termination, the three
                (3)
                month period set forth in Section 5(e) shall be a period, as determined
                by the Board and set forth in the Option, of not less than six
                months nor more than one year after such
                termination.

            

    

    

    
      	
            	(g)	
              Death
                of Optionee: If an Optionee dies while employed by, engaged as a
                consultant
                to, or serving as a Director of the Company, the portion of such
                Optionee's Option which was exercisable at the date of death may
                be
                exercised, in whole or in part, by the estate of the decedent or
                by
                a
                person succeeding to the right to exercise such Option at any time
                within
                (i) a period, as determined by the Board and set forth in the Option,
                of not less than six (6) months nor more than one (1) year after
                Optionee's death, which period shall not be more, in the case of
                a
                Nonstatutory Option, than the period for exercise following termination
                of employment or services, or (ii) during the remaining term
                of the Option, whichever is the lesser. The Option may be so exercised
                only with respect to installments exercisable at the time of Optionee's
                death and not previously exercised by the
                Optionee.

            

    

    

    
      	
            	(h)	
              Nontransferability
                of Option: No Option shall be transferable by the Optionee,
                except by will or by the laws of descent and
                distribution.

            

    

    

    
      	
            	(i)	
              Recapitalization:
                Subject to any required action of shareholders, the number
                of shares of Stock covered by each outstanding Option, and the
                exercise
                price per share thereof set forth in each such Option, shall be
                proportionately adjusted for any increase or decrease in the number
                of
                issued shares of Stock of the Company resulting from a stock split,
                stock
                dividend, combination, subdivision or reclassification of shares,
                or the payment of a stock dividend, or any other increase or decrease
                in the number of such shares affected without receipt of consideration
                by the Company; provided, however, the conversion of any convertible
                securities of the Company shall not be deemed to have been "effected
                without receipt of consideration" by the
                Company.

            

    

     

    In
      the
      event of a proposed dissolution or liquidation of the Company, a
      merger
      or consolidation in which the Company is not the surviving entity, or
      a sale
      of all or substantially all of the assets or capital stock of the Company
      (collectively, a "Reorganization"), unless otherwise provided by the
      Board, this Option shall terminate immediately prior to such date as is
determined
      by the Board, which date shall be no later than the consummation of
      such
      Reorganization. In such event, if the entity which shall be the surviving
      entity does not tender to Optionee an offer, for which it has no obligation
      to do so, to substitute for any unexercised Option a stock option
      or
      capital stock of such surviving of such surviving entity, as applicable,
      which on an equitable basis shall provide the Optionee with substantially
      the same economic benefit as such unexercised Option, then the
      Board
      may grant to such Optionee, in its sole and absolute discretion and
      without obligation, the right for a period commencing thirty (30) days
prior
      to
      and ending immediately prior to the date determined by the Board pursuant
      hereto for termination of the Option or during the remaining term of
      the
      Option, whichever is the lesser, to exercise any unexpired Option or
Options
      without regard to the installment provisions of Paragraph 6(d) of the
      Plan;
      provided, that any such right granted shall be granted to all Optionees
      not receiving an offer to receive substitute options on a consistent
      basis, and provided further, that any such exercise shall be subject
      to the consummation of such Reorganization.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    Subject
      to any required action of shareholders, if the Company shall be
      the
      surviving entity in any merger or consolidation, each outstanding Option
      thereafter shall pertain to and apply to the securities to which a holder
      of
      shares of Stock equal to the shares subject to the Option would have
      been
      entitled by reason of such merger or consolidation.

    

    In
      the
      event of a change in the Stock of the Company as presently constituted,
      which is limited to a change of all of its authorized shares without
      par value into the same number of shares with a par value, the shares
      resulting from any such change shall be deemed to be the Stock within
      the meaning of the Plan.

    

    To
      the
      extent that the foregoing adjustments relate to stock or securities
      of the Company, such adjustments shall be made by the Board, whose
      determination in that respect shall be final, binding and conclusive.
Except
      as
      expressly provided in this Section 5(i), the Optionee shall have no
      rights
      by reason of any subdivision or consolidation of shares of stock of
      any
      class or the payment of any stock dividend or any other increase or decrease
      in the number of shares of stock of any class, and the number or price
      of
      shares of Stock subject to any Option shall not be affected by, and
      no
      adjustment shall be made by reason of, any dissolution, liquidation,
merger,
      consolidation or sale of assets or capital stock, or any issue by the
      Company of shares of stock of any class or securities convertible into
shares
      of
      stock of any class.

    

    The
      Grant
      of an Option pursuant to the Plan shall not affect in any way
      the
      right or power of the Company to make any adjustments, reclassifications,
      reorganizations or changes in its capital or business structure
      or to merge, consolidate, dissolve, or liquidate or to sell or transfer
      all or any part of its business or assets.

    

    
      	
            	(j)	
              Rights
                as a Shareholder: An Optionee shall have no rights as a shareholder
                with respect to any shares covered by an Option until the effective
                date of the issuance of the shares following exercise of such
                Option by Optionee. No adjustment shall be made for dividends (ordinary
                or extraordinary, whether in cash, securities or other property)
                or distributions or other rights for which the record date is
                prior to the date such stock certificate is issued, except as expressly
                provided in Section 5(i) hereof.

            

    

    
 

    
      	
            	(k)	
              Modification,
                Acceleration, Extension, and Renewal of Options: Subject to
                the terms and conditions and within the limitations of the Plan,
                the
                Board may modify an Option, or, once an Option is exercisable,
                accelerate
                the rate at which it may be exercised, and may extend or renew
                outstanding Options granted under the Plan or accept the surrender
                of outstanding Options (to the extent not theretofore exercised)
                and authorize the granting of new Options in substitution for
                such Options, provided such action is permissible under Section
                422
                of the Code and the Florida Securities Rules. Notwithstanding the
                provisions
                of this Section 5(k), however, no modification of an Option shall,
                without the consent of the Optionee, alter to the Optionee's detriment
                or impair any rights or obligations under any Option theretofore
                granted under the Plan.

            

    

    

    
      	
            	(l)	
              Exercise
                Before Exercise Date: At the discretion of the Board, the Option
                may, but need not, include a provision whereby the Optionee may
                elect
                to exercise all or any portion of the Option prior to the stated
                exercise
                date of the Option or any installment thereof. Any shares so purchased
                prior to the stated exercise date shall be subject to repurchase
                by the Company upon termination of Optionee's employment as contemplated
                by Section 5(n) hereof prior to the exercise date stated in
                the Option and such other restrictions and conditions as the Board
                or
                Committee may deem advisable.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
            	(m)	
              Other
                Provisions: The Option agreements authorized under the Plan shall
                contain such other provisions, including, without limitation, restrictions
                upon the exercise of the Options, as the Board or the Committee
                shall deem advisable. Shares shall not be issued pursuant to the
                exercise of an Option, if the exercise of such Option or the issuance
                of shares thereunder would violate, in the opinion of legal counsel
                for the Company, the provisions of any applicable law or the rules
                or regulations of any applicable governmental or administrative
                agency
                or body, such as the Code, the Securities Act, the Exchange Act,
                the Florida Securities Rules, Florida corporation law, and the
                rules
                promulgated under the foregoing or the rules and regulations of
                any
                exchange upon which the shares of the Company are listed. Without
                limiting
                the generality of the foregoing, the exercise of each Option shall
                be subject to the condition that if at any time the Company shall
                determine that (i) the satisfaction of withholding tax or other
                similar
                liabilities, or (ii) the listing, registration or qualification
                of any shares covered by such exercise upon any securities
                exchange or under any state or federal law, or (iii) the consent
                or approval of any regulatory body, or (iv) the perfection of any
                exemption from any such withholding, listing, registration, qualification,
                consent or approval is necessary or desirable in connection
                with such exercise or the issuance of shares thereunder, then
                in any such event, such exercise shall not be effective unless
                such
                withholding, listing registration, qualification, consent, approval
                or exemption shall have been effected, obtained or perfected free
                of any conditions not acceptable to the
                Company.

            

    

    

    
      	
            	(n)	
              Repurchase
                Agreement: The Board may, in its discretion, require as a condition
                to the Grant of an Option hereunder, that an Optionee execute
                an agreement with the Company, in form and substance satisfactory
                to the Board in its discretion ("Repurchase Agreement"), (i)
                restricting the Optionee's right to transfer shares purchased under
                such Option without first offering such shares to the Company or
                another
                shareholder of the Company upon the same terms and conditions as
                provided therein; and (ii) providing that upon termination of Optionee's
                employment with the Company, for any reason, the Company (or
                another shareholder of the Company, as provided in the Repurchase
                Agreement)
                shall have the right at its discretion (or the discretion of
                such other shareholders) to purchase and/or redeem all such shares
                owned
                by the Optionee on the date of termination of his or her employment
                at a price equal to: (A) the fair value of such shares as of
                such date of termination; or (B) if such repurchase right lapses
                at
                20%
                of the number of shares per year, the original purchase price of
                such
                shares, and upon terms of payment permissible under the Florida
                securities
                rules; provided that in the case of Options or Stock Awards granted
                to officers, directors, consultants or affiliates of the Company,
                such repurchase provisions may be subject to additional or greater
                restrictions as determined by the Board or
                Committee.

            

    

    

    
      	6.	
              Stock
                Awards and Restricted Stock Purchase
                Offers.

            

    

    

    
      	
            	(a)	
              Types
                of Grants.

            

    

    

    
      	
            	(i)	
              Stock
                Award. All or part of any Stock Award under the Plan may be subject
                to conditions established by the Board or the Committee, and
                set forth in the Stock Award Agreement, which may include, but
                are not limited to, continuous service with the Company, achievement
                of specific business objectives, increases in specified
                indices, attaining growth rates and other comparable measurements
                of Company performance. Such Awards may be based on Fair
                Market Value or other specified valuation. All Stock Awards will
                be made pursuant to the execution of a Stock Award Agreement substantially
                in the form attached hereto as Exhibit
                C.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
            	(ii)	
              Restricted
                Stock Purchase Offer. A Grant of a Restricted Stock Purchase
                Offer under the Plan shall be subject to such (i) vesting
                contingencies related to the Participant's continued association
                with the Company for a specified time and (ii) other specified
                conditions as the Board or Committee shall determine, in
                their sole discretion, consistent with the provisions of the Plan.
                All Restricted Stock Purchase Offers shall be made pursuant to
                a Restricted Stock Purchase Offer substantially in the form attached
                hereto as Exhibit D.

            

    

    

    
      	
            	(b)	
              Conditions
                and Restrictions. Shares of Stock which Participants may receive
                as a Stock Award under a Stock Award Agreement or Restricted Stock
                Purchase Offer under a Restricted Stock Purchase Offer may include
                such restrictions as the Board or Committee, as applicable, shall
                determine, including restrictions on transfer, repurchase rights,
                right of first refusal, and forfeiture provisions. When transfer
                of Stock is so restricted or subject to forfeiture provisions it
                is referred to as "Restricted Stock". Further, with Board or Committee
                approval, Stock Awards or Restricted Stock Purchase Offers may
                be deferred, either in the form of installments or a future lump
                sum
                distribution. The Board or Committee may permit selected Participants
                to elect to defer distributions of Stock Awards or Restricted
                Stock Purchase Offers in accordance with procedures established
                by the Board or Committee to assure that such deferrals comply
                with applicable requirements of the Code including, at the choice
                of Participants, the capability to make further deferrals for distribution
                after retirement. Any deferred distribution, whether elected
                by the Participant or specified by the Stock Award Agreement, Restricted
                Stock Purchase Offers or by the Board or Committee, may require
                the payment be forfeited in accordance with the provisions of Section
                6(c). Dividends or dividend equivalent rights may be extended to
                and made part of any Stock Award or Restricted Stock Purchase Offers
                denominated in Stock or units of Stock, subject to such terms,
                conditions
                and restrictions as the Board or Committee may
                establish.

            

    

    

    
      	
            	(c)	
              Cancellation
                and Rescission of Grants. Unless the Stock Award Agreement
                or Restricted Stock Purchase Offer specifies otherwise, the Board
                or Committee, as applicable, may cancel any unexpired, unpaid,
                or
                deferred Grants at any time if the Participant is not in compliance
                with
                all other applicable provisions of the Stock Award Agreement or
                Restricted
                Stock Purchase Offer, the Plan and with the following conditions:

            

    

    

    
      	
            	(i)	
              A
                Participant shall not render services for any organization or engage
                directly or indirectly in any business which, in the judgment
                of the chief executive officer of the Company or other senior
                officer designated by the Board or Committee, is or becomes
                competitive with the Company, or which organization or business,
                or the rendering of services to such organization or business,
                is or becomes otherwise prejudicial to or in conflict with
                the interests of the Company. For Participants whose employment
                has terminated, the judgment of the chief executive officer
                shall be based on the Participant's position and responsibilities
                while employed by the Company, the Participant's post-employment
                responsibilities and position with the other organization
                or business, the extent of past, current and potential
                competition or conflict between the Company and the other
                organization or business, the effect on the Company's customers,
                suppliers and competitors and such other considerations
                as are deemed relevant given the applicable facts and
                circumstances. A Participant who has retired shall be free, however,
                to purchase as an investment or otherwise, stock or other
                securities of such organization or business so long as they are
                listed upon a recognized securities exchange or traded over-the-counter,
                and such investment does not represent a substantial
                investment to the Participant or a greater than ten percent
                (10%) equity interest in the organization or
                business.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
            	(ii)	
              A
                Participant shall not, without prior written authorization from
                the
                Company, disclose to anyone outside the Company, or use in other
                than the Company's business, any confidential information or
                material, as defined in the Company's Proprietary Information and
                Invention Agreement or similar agreement regarding confidential
                information and intellectual property, relating to the
                business of the Company, acquired by the Participant either during
                or after employment with the
                Company.

            

    

    

    
      	
            	(iii)	
              A
                Participant, pursuant to the Company's Proprietary Information
                and
                Invention Agreement, shall disclose promptly and assign to the
                Company all right, title and interest in any invention or idea,
                patentable or not, made or conceived by the Participant during
                employment by the Company, relating in any manner to the actual
                or anticipated business, research or development work of the
                Company and shall do anything reasonably necessary to enable the
                Company to secure a patent where appropriate in the United States
                and in foreign countries.

            

    

    

    
      	
            	(iv)	
              Upon
                exercise, payment or delivery pursuant to a Grant, the Participant
                shall certify on a form acceptable to the Committee that
                he or she is in compliance with the terms and conditions of the
                Plan. Failure to comply with all of the provisions of this Section
                6(c) prior to, or during the six months after, any exercise,
                payment or delivery pursuant to a Grant shall cause such
                exercise, payment or delivery to be rescinded. The Company shall
                notify the Participant in writing of any such rescission within
                two years after such exercise, payment or delivery. Within ten
                days after receiving such a notice from the Company, the Participant
                shall pay to the Company the amount of any gain realized
                or payment received as a result of the rescinded exercise,
                payment or delivery pursuant to a Grant. Such payment shall
                be made either in cash or by returning to the Company the number
                of shares of Stock that the Participant received in connection
                with the rescinded exercise, payment or
                delivery.

            

    

    

    
      	
            	(d)	
              Non-assignability.

            

    

    

    
      	
            	(i)	
              Except
                pursuant to Section 6(e)(iii) and except as set forth in Section
                6(d)(ii), no Grant or any other benefit under the Plan shall
                be assignable or transferable, or payable to or exercisable by,
                anyone other than the Participant to whom it was
                granted.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
            	(ii)	
              Where
                a Participant terminates employment and retains a Grant pursuant
                to Section 6(e)(ii) in order to assume a position with a governmental,
                charitable or educational institution, the Board or Committee,
                in its discretion and to the extent permitted by law, may
                authorize a third party (including but not limited to the
                trustee
                of a "blind" trust), acceptable to the applicable governmental
                or institutional authorities, the Participant and the
                Board or Committee, to act on behalf of the Participant with regard
                to such Awards.

            

    

    

    
      	
            	(e)	
              Termination
                of Employment. If the employment or service to the Company of
                a Participant terminates, other than pursuant to any of the following
                provisions under this Section 6(e), all unexercised, deferred
                and unpaid Stock Awards or Restricted Stock Purchase Offers shall
                be cancelled immediately, unless the Stock Award Agreement or Restricted
                Stock Purchase Offer provides
                otherwise:

            

    

    

    
      	
            	(i)	
              Retirement
                Under a Company Retirement Plan. When a Participant's employment
                terminates as a result of retirement in accordance with
                the terms of a Company retirement plan, the Board or Committee
                may permit Stock Awards or Restricted Stock Purchase Offers
                to continue in effect beyond the date of retirement in accordance
                with the applicable Grant Agreement and the exercisability
                and vesting of any such Grants may be
                accelerated.

            

    

    

    
      	
            	(ii)	
              Rights
                in the Best Interests of the Company. When a Participant resigns
                from the Company and, in the judgment of the Board or Committee,
                the acceleration and/or continuation of outstanding Stock
                Awards or Restricted Stock Purchase Offers would be in the best
                interests of the Company, the Board or Committee may (i) authorize,
                where appropriate, the acceleration and/or continuation
                of all or any part of Grants issued prior to such termination
                and (ii) permit the exercise, vesting and payment of such
                Grants for such period as may be set forth in the applicable Grant
                Agreement, subject to earlier cancellation pursuant to Section
                9 or at such time as the Board or Committee shall deem the
                continuation of all or any part of the Participant's Grants are
                not in the Company's best interest.

            

    

    

    
      	
            	(iii)	
              Death
                or Disability of a Participant.

            

    

    

    
      	(1)	
              In
                the event of a Participant's death, the Participant's estate or
                beneficiaries
                shall have a period up to the expiration date specified in the
                Grant Agreement within which to receive or exercise any outstanding
                Grant
                held by the Participant under such terms as may be specified in the
                applicable
                Grant Agreement. Rights to any such outstanding Grants
                shall pass
                by will or the laws of descent and distribution in the following
                order:
                (a) to beneficiaries so designated by the Participant; if none, then
                (b)
                to a legal representative of the Participant; if none, then (c) to
                the
                persons
                entitled thereto as determined by a court of competent jurisdiction.
                Grants so passing shall be made at such times and in such manner
                as if the Participant were living.

            

    

    

    
      	(2)	
              In
                the event a Participant is deemed by the Board or Committee to be
                unable
                to
                perform his or her usual duties by reason of mental disorder or medical
                condition
                which does not result from facts which would be grounds for termination
                for cause, Grants and rights to any such Grants may be paid to
                or
                exercised by the Participant, if legally competent, or a committee
                or
                other
                legally designated guardian or representative if the Participant
                is
                legally
                incompetent by virtue of such
                disability.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	(3)	
              After
                the death or disability of a Participant, the Board or Committee
                may
                in
                its sole discretion at any time (1) terminate restrictions in Grant
                Agreements;
                (2) accelerate any or all installments and rights; and (3) instruct
                the Company to pay the total of any accelerated payments in a lump
                sum
                to the Participant, the Participant's estate, beneficiaries or
                representative;
                notwithstanding that, in the absence of such termination of restrictions
                or acceleration of payments, any or all of the payments due under
                the Grant might ultimately have become payable to other beneficiaries.

            

    

    

    
      	(4)	
              In
                the event of uncertainty as to interpretation of or controversies
                concerning
                this Section 6, the determinations of the Board or Committee, as
                applicable,
                shall be binding and conclusive.

            

    

    

    
      	7.	
              Investment
                Intent. All Grants under the Plan are intended to be exempt from
                registration
                under the Securities Act provided by Rule 701 thereunder. Unless
                and until the granting of Options or sale and issuance of Stock
                subject
                to the Plan are registered under the Securities Act or shall be
                exempt
                pursuant to the rules promulgated thereunder, each Grant under the
                Plan
                shall provide that the purchases or other acquisitions of Stock
                thereunder
                shall be for investment purposes and not with a view to, or for
                resale
                in connection with, any distribution thereof. Further, unless the
                issuance
                and sale of the Stock have been registered under the Securities
                Act,
                each Grant shall provide that no shares shall be purchased upon the
                exercise
                of the rights under such Grant unless and until (i) all then applicable
                requirements of state and federal laws and regulatory agencies
                shall
                have been fully complied with to the satisfaction of the Company
                and
                its
                counsel, and (ii) if requested to do so by the Company, the person
                exercising
                the rights under the Grant shall (i) give written assurances
                as to
                knowledge and experience of such person (or a representative employed
                by
                such
                person) in financial and business matters and the ability of such
                person
                (or representative) to evaluate the merits and risks of exercising
                the
                Option, and (ii) execute and deliver to the Company a letter of
                investment
                intent and/or such other form related to applicable exemptions
                from
                registration, all in such form and substance as the Company may
                require.
                If shares are issued upon exercise of any rights under a
                Grant without
                registration under the Securities Act, subsequent registration of
                such
                shares shall relieve the purchaser thereof of any investment restrictions
                or representations made upon the exercise of such
                rights.

            

    

    

    
      	8.	
              Amendment,
                Modification, Suspension or Discontinuance of the Plan. The Board
                may, insofar as permitted by law, from time to time, with respect
                to
                any
                shares at the time not subject to outstanding Grants, suspend or
                terminate
                the Plan or revise or amend it in any respect whatsoever, except
                that
                without the approval of the shareholders of the Company, no such
                revision
                or amendment shall (i) increase the number of shares subject to
                the
                Plan, (ii) decrease the price at which Grants may be granted, (iii)
                materially
                increase the benefits to Participants, or (iv) change the class
                of
                persons eligible to receive Grants under the Plan; provided, however,
                no
                such
                action shall alter or impair the rights and obligations under any
                Option,
                or Stock Award, or Restricted Stock Purchase Offer outstanding as
                of
                the date thereof without the written consent of the Participant
                thereunder.
                No Grant may be issued while the Plan is suspended or after it
                is
                terminated, but the rights and obligations under any Grant issued
                while
                the
                Plan is in effect shall not be impaired by suspension or termination
                of
                the
                Plan.

            

    

    

    In
      the
      event of any change in the outstanding Stock by reason of a stock
      split, stock dividend, combination or reclassification of shares, recapitalization,
      merger, or similar event, the Board or the Committee may adjust
      proportionally (a) the number of shares of Stock (i) reserved under the
      Plan,
      (ii) available for Incentive Stock Options and Non-statutory Options
      and (iii)
      covered by outstanding Stock Awards or Restricted Stock Purchase
      Offers; (b) the Stock prices related to outstanding Grants; and (c)
      the
      appropriate Fair Market Value and other price determinations for such
      Grants. In the event of any other change affecting the Stock or any distribution
      (other than normal cash dividends) to holders of Stock, such adjustments
      as may be deemed equitable by the Board or the Committee, including
      adjustments to avoid fractional shares, shall be made to give proper
      effect to such event. In the event of a corporate merger, consolidation,
      acquisition of property or stock, separation, reorganization or
      liquidation, the Board or the Committee shall be authorized to issue or
assume
      stock options, whether or not in a transaction to which Section 424(a)
      of
      the Code applies, and other Grants by means of substitution of new
      Grant
      Agreements for previously issued Grants or an assumption of previously
      issued Grants.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	9.	
              Tax
                Withholding. The Company shall have the right to deduct applicable
                taxes
                from any Grant payment and withhold, at the time of delivery or
                exercise
                of Options, Stock Awards or Restricted Stock Purchase Offers or
                vesting
                of shares under such Grants, an appropriate number of shares for
                payment
                of taxes required by law or to take such other action as may be
                necessary
                in the opinion of the Company to satisfy all obligations for withholding
                of such taxes. If Stock is used to satisfy tax withholding, such
                stock shall be valued based on the Fair Market Value when the tax
                withholding
                is required to be made.

            

    

    

    
      	10.	
              Availability
                of Information. During the term of the Plan and any additional
                period
                during which a Grant granted pursuant to the Plan shall be exercisable,
                the Company shall make available, not later than one hundred and
                twenty (120) days following the close of each of its fiscal years,
                such
                financial
                and other information regarding the Company as is required by the
                bylaws
                of the Company and applicable law to be furnished in an annual
                report
                to the shareholders of the Company.

            

    

    

    
      	11.	
              Notice.
                Any written notice to the Company required by any of the provisions
                of
                the Plan shall be addressed to the chief personnel officer or to
                the
                chief
                executive officer of the Company, and shall become effective when
                it
                is
                received by the office of the chief personnel officer or the chief
                executive
                officer.

            

    

    

    
      	12.	
              Indemnification
                of Board. In addition to such other rights or indemnifications
                as they may have as directors or otherwise, and to the extent
                allowed by applicable law, the members of the Board and the Committee
                shall be indemnified by the Company against the reasonable expenses,
                including attorneys' fees, actually and necessarily incurred in
                connection
                with the defense of any claim, action, suit or proceeding, or in
                connection
                with any appeal thereof, to which they or any of them may be a
                party
                by reason of any action taken, or failure to act, under or in connection
                with the Plan or any Grant granted thereunder, and against all
                amounts
                paid by them in settlement thereof (provided such settlement is
                approved
                by independent legal counsel selected by the Company) or paid by
                them
                in satisfaction of a judgment in any such claim, action, suit or
                proceeding,
                except in any case in relation to matters as to which it shall
                be
                adjudged in such claim, action, suit or proceeding that such Board
                or
                Committee
                member is liable for negligence or misconduct in the performance
                of
                his or her duties; provided that within sixty (60) days after institution
                of any such action, suit or Board proceeding the member involved
                shall offer the Company, in writing, the opportunity, at its own
                expense,
                to handle and defend the same.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	13.	
              Governing
                Law. The Plan and all determinations made and actions taken pursuant
                hereto, to the extent not otherwise governed by the Code or the
                securities
                laws of the United States, shall be governed by the law of the
                State
                of Florida and construed
                accordingly.

            

    

    

    
      	14.	
              Effective
                and Termination Dates. The Plan shall become effective on the date
                it is approved by the holders of a majority of the shares of Stock
                then
                outstanding. The Plan shall terminate ten years later, subject to
                earlier
                termination by the Board pursuant to Section
                8.

            

    

    

    The
      foregoing 2007 Incentive Stock Plan (consisting of 14 pages, including
this
      page) was duly adopted and approved by the Board of Directors on June 6,
      2007.

    
      	 	 	 
	 	
              FUNDSTECH
                CORP.,

              a
                Delaware corporation

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Michael Dodak
	 	
              

              Michael
                Dodak

              Its:
                Chief Executive Officer

            

    
      
        
        

      

      
        14Unassociated Document

     

    
      PROMISSORY
        NOTE

       

      
        
          	
                  FACE
                    AMOUNT

                	
                  $312,000

                
	
                  PRICE

                	
                  $260,000

                
	
                  INTEREST
                    RATE

                	
                  12%
                    per annum

                
	
                  NOTE
                    NUMBER

                	
                  August-2007-101

                
	
                  ISSUANCE
                    DATE

                	
                  August
                    13, 2007

                
	
                  MATURITY
                    DATE

                	
                  September
                    13, 2008

                

        

      

      
         

      

      FOR
        VALUE
        RECEIVED, Execute Sports, Inc., a Nevada corporation, and all of its
        subsidiaries (the “Company”)
        (OTC
        BB: EXCS) hereby promises to pay to the order of
        DUTCHESS PRIVATE EQUITIES FUND, LTD.,
        a Cayman Island exempted company (the
        “Holder”),
        by
        the Maturity Date, or earlier, the Face Amount of Three Hundred and Twelve
        Thousand Dollars ($312,000) plus accrued interest U.S., (this “Note”)
        in
        such amounts, at such times and on such terms and conditions as are specified
        herein. The Company and the Holder are sometimes hereinafter collectively
        referred to as the “Parties”
and
        each a “Party”
to
        this
        Agreement.

       

      Article
        1    Method
        of
        Payment/Interest

       

      Section
        1.1 Payments
        made to the Holder by the Company in satisfaction of this Note (referred
        to as a
        "Payment," or "Payments") shall be drawn from each Put under the Equity Line
        of
        Credit provided by the Investor to the Company. The Company shall make payments
        to the Holder in the amount of one hundred percent (100%) of each Put (as
        defined in the Investment Agreement between the Company and the Investor
        dated
        June 28, 2005) given to the Investor from the Company (the “Payment Amount”)
        until the Face Amount is paid in full, minus any fees due. The First Payment
        will be due on October 1, 2007 and each subsequent Payment will be made at
        the
        Closing of each Put ("Payment Date" or "Payment Dates"). Notwithstanding
        any
        provision to the contrary in this Note, the Company may pay in full to the
        Holder the Face Amount, or any balance remaining thereon, in readily available
        funds at any time and from time to time without penalty.

       

      Payments
        made during a month that exceed the Payment Amount due shall reduce the unpaid
        Face Amount of the Note accordingly.

       

      Section
        1.2 If
        before
        Maturity the Company raises any funds, whether involving the issuance of
        debt or
        equity, including any agreements with the Holder or a third party (a
“Financing”),
        then
        the Company shall pay to the Holder one hundred percent (100%) of the net
        proceeds therefrom as prepayment of the Face Amount of this Note, Interest
        and
        penalties, if any, then due. A Financing will also include the sale by the
        Company of any of its assets which are deemed to be material to the Company
        (excluding assets sold in the normal course of business). All prepayments
        described in this Section
        1.2
        shall be
        made to the Holder within three (3) business day of the Company’s receipt of
        proceeds from the Financing. Failure to comply with this Section
        1.2
        shall
        constitute an Event of Default (as described in Article
        4
        hereof).
        The Holder may, but is not required to, waive all or part of this Section
        1.2
        upon
        request from the Company and any such waiver shall not be unreasonably
        withheld.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

         

      

      Section
        1.3 The
        Company shall pay twelve percent (12%) annual coupon on the unpaid Face Amount
        of this Note, commencing on the Issuance Date (the “Interest”).
        The
        Interest shall compound daily, pro rata for partial periods.  

       

      Section
        1.4 The
        Holder shall have the right, but not the obligation, to convert the Price
        of
        this Note into any future financing completed between the Company and the
        Holder
        for the proposed letter of intent for the purchase of Sugar Sands’ Jet Boat line
        from Challenger Powerboats, Inc. and the Company (“LOI”).

       

      Article
        2    Collateral

      

      Section
        2.1 The
        Company does hereby agree to issue to the Holder for use as Collateral thirty
        (30) signed Put Notices consistent with the conditions set forth in Article
        12.
        The Collateral Put Notices shall be utilized only in the Event of Default
        (as
        hereinafter defined). In the event the Holder uses the Collateral in full,
        the
        Company shall immediately deliver to the Holder additional Put Notices to
        the
        extent of the outstanding Face Amount as requested by the Holder.

      

      Section
        2.2  Upon
        the
        completion of the Company's obligation to the Holder of the Face Amount of
        this
        Note, the Company will not be under any further obligation to complete
        additional Puts. All remaining Put sheets shall be marked “VOID” by the Holder
        and returned to the Company at the Company’s request.

      

      Section
        2.3 The
        above
        collateral Put Notices come into effect only in the Event of Default (as
        hereinafter defined). The Company shall not be obligated to deliver any shares
        of its common stock related to the collateral Put Notices unless an Event
        of
        Default has occurred. The Company may, at its discretion, place all such
        collateral Put Notices in escrow to be released in the Event of Default pursuant
        to instructions by the Company.

       

      Article
        3    Unpaid
        Amounts

       

      Section
        3.1 In
        the
        event that the Company has not repaid the Face Amount by the Maturity Date
        (the
“Residual
        Amount”),
        then
        as liquidated damages (the “Liquidated
        Damages”),
        the
        Face Amount shall be increased by ten percent (10.0%) as an initial penalty
        and
        an
        additional two and one-half percent (2.5%) per month (pro rata for partial
        periods), compounded daily, for each month until the Face Amount is paid
        in
        full. Further, if a Residual Amount remains at Maturity, it shall constitute
        an
        Event of Default hereunder. The Parties acknowledge that the Liquidated Damages
        are not interest under this Note and shall not constitute a
        penalty.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      Article
        4    Defaults
        and Remedies

       

      Section
        4.1 Events
        of Default. An
        “Event
        of Default”
occurs
        if any one of the following occur:

       

      (a) The
        Company does not make a Payment within three (3) business days of a Payment
        Date, or a Residual Amount on the Note exists on the Maturity Date;

       

      (b) The
        Company, pursuant to or within the meaning of any Bankruptcy Law (as defined
        below): (i) commences a voluntary case; (ii) consents to the entry of an
        order
        for relief against it in an involuntary case; (iii) consents to the appointment
        of a Custodian (as defined below) of the Company or for its property; (iv)
        makes
        an assignment for the benefit of its creditors; or (v) a court of competent
        jurisdiction enters an order or decree under any Bankruptcy Law that: (A)
        is for
        relief against the Company in an involuntary case; (B) appoints a Custodian
        of
        the Company or for its property; or (C) orders the liquidation of the Company,
        and the order or decree remains unstayed and in effect for sixty (60) calendar
        days;

       

      (c) The
        Company’s $0.001 par value common stock (the “Common Stock”) is suspended or is
        no longer listed on any recognized exchange, including an electronic
        over-the-counter bulletin board, in excess of two (2) consecutive trading
        days
        (excluding suspensions of not more than one (1) trading day resulting from
        business announcements by the Company);

       

      (d) The
        registration statement for the shares underlying the current Equity Line
        of
        Credit is not effective for any reason; 

       

      (e) The
        Company breaches a material term of this Agreement or any of the Company’s
        representation or warranties hereunder were false when made;

       

      (f) The
        Company fails to carry out Puts, including any paperwork needed, in a timely
        manner;

       

      (g)
         An
        event
        of default occurs under any agreement given as security for the obligations
        and
        liabilities under this Note.

       

      (h) The
        occurrence of any event which is described elsewhere in this Note as
        constituting an Event of Default hereunder.

       

      (i)
         the
        Company’s failure to pay any taxes when due unless such taxes are being
        contested in good faith by appropriate proceedings and with respect to which
        adequate reserves have been provided on the Company’s books; provided, however,
        that in the event that such failure is curable, the Company shall have ten
        (10)
        business days to cure such failure; or,

      

      (j) an
        attachment or levy is made upon the Company’s assets having an aggregate value
        in excess of twenty-five thousand dollars ($25,000) or a judgment is rendered
        against the Company or the Company’s property involving a liability of more than
        twenty-five thousand dollars ($25,000) which shall not have been vacated,
        discharged, stayed or bonded pending appeal within ninety (90) days from
        the
        entry hereof; or,

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

         

      

      (k) any
        change in the Company’s condition or affairs (financial or otherwise) which in
        the Holder’s reasonable, good faith opinion, would have a Material Adverse
        Effect; provided, however, that in the event that such failure is curable,
        the
        Company shall have ten (10) business days to cure such failure; or,

      

      (l) any
        Lien,
        except for Permitted Liens, created hereunder or under any of the Transaction
        Documents for any reason ceases to be or is not a valid and perfected Lien
        having a first priority interest; or,

      

      (m) the
        indictment or threatened indictment of the Company, any officer of the Company
        under any criminal statute, or commencement or threatened commencement of
        criminal or civil proceeding against the Company or any officer of the Company
        pursuant to which statute or proceeding penalties or remedies sought or
        available include forfeiture of any of the property of the company.

       

      As
        used
        in this Section
        4.1,
        the term
“Bankruptcy
        Law”
means
        Title 11 of the United States Code or any similar federal or state law for
        the
        relief of debtors, and the term “Custodian”
means
        any receiver, trustee, assignee, liquidator or similar official under any
        Bankruptcy Law.

       

      Section
        4.2 Remedies.
        Upon the
        occurrence of each and every Event of Default, the Holder may seek any or
        all of
        the following remedies to the extent of the Residual Amount:

       

      (a) The
        Holder may elect to execute the Puts in an amount that will repay the Holder
        and
        fully enforce the Holder’s rights under the Pledge Agreement and the Security
        Agreement as well as the Secured Continuing Unconditional Guaranty, both
        dated
        April 9, 2007 between the Holder and the Company (“Security Agreement”) herewith
        among the subsidiaries as outlined between Company and the Holder (the
“Guaranty”)

       

      (b) The
        Holder
        may increase the Face
        Amount of the Note by ten percent (10.0%) as an initial penalty and an
        additional two
        and
        one-half percent (2.5%) per month (pro rata for partial periods), compounded
        daily, until such Event of Default is cured (if capable of being cured) or
        this
        Note, together with all interest thereon, is repaid in full (i.e., exercise
        the
        Liquidated Damages option). The Parties acknowledge that the Liquidated Damages
        are not interest under this Note and shall not constitute a
        penalty.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (c) The
        Holder may elect to stop any further funding to the Company excluding the
        Equity
        Line of Credit.

       

      (d) As
        more
        fully described herein, the Holder may also
        do
either
        (i) or
        (ii) below, but not both; provided, however, that the Holder may only utilize
        (i) below in the event of default pursuant to Section 4.1 and such default
        is
        not cured by the Company within fifteen (15) business days:

       

      (i) Switch
        the Residual Amount to a three-year (“Convertible
        Maturity Date”),
        eighteen percent (18%) interest bearing convertible debenture at a floating
        rate
        discount of twenty-five percent (25%) to the prevailing market price during
        conversion, and with such other terms described hereinafter (the “Convertible
        Debenture”).
        The
        Convertible Debenture shall be considered closed (“Convertible
        Closing Date”)
        as of
        the date of the Event of Default.
        If
        the
        Holder chooses to convert the Residual Amount to a Convertible Debenture,
        then
        the Company shall have ten (10) business days after notice of default from
        the
        Holder (the “Notice
        of Convertible Debenture”)
        to
        file a registration statement covering an amount of shares equal to three
        hundred percent (300%) of the Residual Amount, plus interest thereon and
        any
        Liquidated Damages due at such time. In the event the Company does not file
        such
        registration statement within such period of time, or such registration
        statement is not declared by the Commission to be effective under the Securities
        Act within sixty (60) business days of the Convertible Closing Date, then
        the
        Residual Amount shall increase by five thousand dollars ($5,000) per day.
        In the
        event the Company is given the option for accelerated effectiveness of the
        registration statement, the Company will cause such registration statement
        to be
        declared effective as soon as reasonably practicable and will not take any
        action to delay the registration to become effective. In the event that the
        Company is given the option for accelerated effectiveness of the registration
        statement, but chooses not to cause such registration statement to be declared
        effective on such accelerated basis, the Residual Amount shall increase by
        five
        thousand dollars ($5,000) per day commencing on the earliest date as of which
        such registration statement would have been declared to be effective if subject
        to accelerated effectiveness.

       

      (ii) The
        Holder may increase the Payment Amount described under Article
        1
        hereof
        to fulfill the repayment of the Residual Amount. The Company shall provide
        full
        cooperation to the Holder in directing funds owed to the Holder on any Put
        made
        by the Company to the Holder. The Company agrees to diligently carry out
        the
        terms outlined in the Equity Line for delivery of any such shares. In the
        event
        the Company is not diligently fulfilling its obligation to direct funds owed
        to
        the Holder from Puts to the Holder, as reasonably determined by the Holder,
        the
        Holder may, after giving the Company five (5) business days advance notice
        to
        cure same, elect to increase the Face Amount of the Note by two and one-half
        percent (2.5%) per day, compounded daily, in addition to and on top of any
        additional remedies available to the Holder under this Note.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      Section
        4.3 Conversion
        Privilege

       

      (a) In
        the
        event that a Convertible Debenture is issued by the Company pursuant to Section
        4.2(d)(i), the Holder shall have the right to convert the Convertible Debenture
        into shares of Common Stock at any time following the Convertible Closing
        Date
        and before the close of business on the Convertible Maturity Date. The number
        of
        shares of Common Stock issuable upon the conversion of the Convertible Debenture
        shall be determined pursuant to Section
        4.4
        hereof,
but
        the
        number of shares issuable shall be rounded up to the nearest whole
        share.

       

      (b) In
        the
        event all or any portion of the Convertible Debenture remains outstanding
        on the
        Convertible Maturity Date (the “Debenture
        Residual Amount”),
        the
        unconverted portion of such Convertible Debenture will automatically be
        converted into shares of Common Stock on such date in the manner set forth
        in
Section
        4.4
        hereof.

       

      Section
        4.4 Conversion
        Procedure

       

      (a) The
        Holder may elect to convert the Residual Amount in whole or in part any time
        and
        from time to time following the Convertible Closing Date. Such conversion
        shall
        be effectuated by providing the Company, or its attorney, with that portion
        of
        the Convertible Debenture to be converted together with a facsimile or
        electronic mail of the signed notice of conversion (the “Notice
        of Conversion”).
        The
        date on which the Notice of Conversion is effective (“Conversion
        Date”)
        shall
        be deemed to be the date on which the Holder has delivered to the Company
        a
        facsimile or electronically mailed the Notice of Conversion (receipt being
        via a
        confirmation of the time such facsimile or electronic mail to the Company
        as
        provided by the Holder). The Holder can elect to either reissue the Convertible
        Debenture, or continually convert the remaining Residual Amount under the
        Debenture.

       

      (b) Common
        Stock to be Issued. Upon
        the
        conversion of the Convertible Debenture by the Holder, the Company shall
        instruct its transfer agent to issue stock certificates without restrictive
        legends or stop transfer instructions, if, at that time, the aforementioned
        registration statement described in Section
        4.2
        hereof
        has been declared effective (or with proper restrictive legends if the
        registration statement has not as yet been declared effective), in specified
        denominations representing the number of shares of Common Stock issuable
        upon
        such conversion. In the event that the Convertible Debenture is deemed saleable
        under Rule 144 of the Securities Act, the Company shall, upon a Notice of
        Conversion, instruct the transfer agent to issue free trading certificates
        without restrictive legends, subject to other applicable securities laws.
        The
        Company is responsible to for all costs associated with the issuance of the
        shares, including but not limited to the opinion letter, overnight delivery
        of
        the certificates and any other costs that arise. The Company shall act as
        registrar of the Shares of Common Stock to be issued and shall maintain an
        appropriate ledger containing the necessary information with respect to each
        Convertible Debenture. The Company warrants that no instructions have been
        given
        or will be given to the transfer agent which limit, or otherwise prevent
        resale
        and that the Common Stock shall otherwise be freely resold, except as may
        be set
        forth herein or subject to applicable law.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      (c) Conversion
        Rate.
        The
        Holder is entitled to convert the
        Convertible Debenture Residual Amount, plus accrued interest and penalties,
        anytime following the Convertible Closing Date, at the lesser of either (i)
        seventy-five percent (75%) of the lowest closing bid price during the fifteen
        (15) trading days immediately preceding the Notice of Conversion or (ii)
        100% of
        the lowest bid price for the twenty (20) trading days immediately preceding
        the
        Convertible Closing Date (“Fixed
        Conversion Price”).
        No
        fractional shares or scrip representing fractions of shares will be issued
        on
        conversion, but the number of shares issuable shall be rounded up to the
        nearest
        whole share.

       

      (d) Nothing
        contained in the Convertible Debenture shall be deemed to establish or require
        the Company to pay interest to the Holder at a rate in excess of the maximum
        rate permitted by applicable law. In the event that the rate of interest
        required to be paid exceeds the maximum rate permitted by governing law,
        the
        rate of interest required to be paid thereunder shall be automatically reduced
        to the maximum rate permitted under the governing law and such excess shall
        be
        returned with reasonable promptness by the Holder to the Company. In the
        event
        this Section
        4.4(d)
        applies,
        the Parties agree that the terms of this Note shall remain in full force
        and
        effect except as is necessary to make the interest rate comply with applicable
        law.

       

      (e) The
        Holder shall be treated as a shareholder of record on the date the Company
        is
        required to issue the Common Stock to the Holder. If prior to the issuance
        of
        stock certificates, the Holder designates another person as the entity in
        the
        name of which the stock certificates requesting the Convertible Debenture
        are to
        be issued, the Holder shall provide to the Company evidence that either no
        tax
        shall be due and payable as a result of such transfer or that the applicable
        tax
        has been paid by the Holder or such person. If the Holder converts any part
        of
        the Convertible Debentures, or will be, the Company shall issue to the Holder
        a
        new Convertible Debenture equal to the unconverted amount, immediately upon
        request by the Holder.

       

      (f) Within
        four (4) business days after receipt of the documentation referred to in
        this
        Section, the Company shall deliver a certificate for the number of shares
        of
        Common Stock issuable upon the conversion. In the event the Company does
        not
        make delivery of the Common Stock as instructed by Holder within four (4)
        business days after the Conversion Date, the Company shall pay to the Holder
        an
        additional one percent (1.0%) per day in cash of the full dollar value of
        the
        Debenture Residual Amount then remaining after conversion, compounded
        daily;
        provided, however, that the Company shall not be liable for any amounts under
        this Section 4.4(f) in the event that the delay in the issuance of the Common
        Stock is as a result of actions by the Holder or outside of the control of
        the
        Company.

       

      (g) The
        Company shall at all times reserve (or make alternative written arrangements
        for
        reservation or contribution of shares) and have available all Common Stock
        necessary to meet conversion of the Convertible Debentures by the Holder
        of the
        entire amount of Convertible Debentures then outstanding. If, at any time,
        the
        Holder submits a Notice of Conversion and the Company does not have sufficient
        authorized but unissued shares of Common Stock (or alternative shares of
        Common
        Stock as may be contributed by stockholders of the Company) available to
        effect,
        in full, a conversion of the Convertible Debentures (a “Conversion
        Default,”
the
        date of such default being referred to herein as the “Conversion
        Default Date”),
        the
        Company shall issue to the Holder all of the shares of Common Stock which
        are
        available. Any Convertible Debentures, or any portion thereof, which cannot
        be
        converted due to the Company’s lack of sufficient authorized common stock (the
“Unconverted
        Debentures”),
        may
        be deemed null and void upon written notice sent by the Holder to the Company.
        The Company shall provide notice of such Conversion Default (“Notice
        of Conversion Default”)
        to the
        Holder, by facsimile, within one (1) business days of such default.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      (h) The
        Company agrees to pay the Holder payments for a Conversion Default
        (“Conversion
        Default Payments”)
        in the
        amount of (N/365) multiplied by 0.24, the product of which is then multiplied
        by
        the initial issuance price of the outstanding or tendered but not converted
        Convertible Debentures held by the Holder, where N equals the number of days
        from the Conversion Default Date to the date (the “Authorization
        Date”)
        that
        the Company authorizes a sufficient number of shares of Common Stock to effect
        conversion of all remaining Convertible Debentures. The Company shall send
        notice (“Authorization
        Notice”)
        to the
        Holder that additional shares of Common Stock have been authorized, the
        Authorization Date, and the amount of Holder’s accrued Conversion Default
        Payments. The accrued Conversion Default shall be paid in cash or shall be
        convertible into Common Stock at the conversion rate set forth in Section
        4.4(c)
        hereof,
        upon written notice sent by the Holder to the Company, which Conversion Default
        shall be payable as follows: (i) in the event the Holder elects to take such
        payment in cash, cash payment shall be made to the Holder within five (5)
        business days, or (ii) in the event Holder elects to take such payment in
        stock,
        the Holder may convert at the conversion rate set forth in Section
        4.4(c)
        hereof
        until the expiration of the conversion period.

       

      (i) The
        Company acknowledges that its failure to maintain a sufficient number of
        authorized but unissued shares of Common Stock to effect in full a conversion
        of
        the Convertible Debentures in full will cause the Holder to suffer irreparable
        harm, and that the actual damages to the Holder will be difficult to ascertain.
        Accordingly, the parties agree that it is appropriate to include in this
        Agreement a provision for liquidated damages. The Parties acknowledge and
        agree
        that the liquidated damages provision set forth in this section represents
        the
        parties’ good faith effort to quantify such damages and, as such, agree that the
        form and amount of such liquidated damages are reasonable, and under the
        circumstances, do not constitute a penalty. The payment of liquidated damages
        shall not relieve the Company from its obligations to deliver the Common
        Stock
        pursuant to the terms of this Convertible Debenture.

       

      (j) If,
        by
        the fourth (4th) business day after the Conversion Date, any portion of the
        shares of the Convertible Debentures have not been delivered to the Holder
        and
        the Holder purchases, in an open market transaction or otherwise, shares
        of
        Common Stock (the “Covering
        Shares”)
        necessary to make delivery of shares which would had been delivered if the
        full
        amount of the shares to be converted had been delivered to the Holder, then
        the
        Company shall pay to the Holder, in addition to any other amounts due to
        Holder
        pursuant to this Convertible Debenture, and not in lieu thereof, the Buy-In
        Adjustment Amount (as defined below). The “Buy
        In
        Adjustment Amount”
is
        the
        amount equal to the excess, if any, of (x) the Holder’s total purchase price
        (including brokerage commissions, if any) for the Covering Shares, minus
        (y) the
        net proceeds (after brokerage commissions, if any) received by the Holder
        from
        the sale of the Sold Shares. The Company shall pay the Buy-In Adjustment
        Amount
        to the Holder in immediately available funds within five (5) business days
        of
        written demand by the Holder. By way of illustration only and not in limitation
        of the foregoing, if the Holder purchases shares of Common Stock having a
        total
        purchase price (including brokerage commissions) of $11,000 to cover a Buy-In
        with respect to shares of Common Stock it sold for net proceeds of $10,000,
        the
        Buy-In Adjustment Amount which the Company will be required to pay to the
        Holder
        will be $1,000.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      Article
        5    Additional
        Financing and Registration Statements

       

      Section
        5.1    The
        Company will not enter into any additional financing agreements whether for
        debt
        or equity, without prior expressed written consent from the Holder, which
        may be
        given or withheld in Holder’s sole and absolute discretion.

       

      Section
        5.2    The
        Company agrees that it shall not file any registration statement which includes
        any of its Common Stock (other than registration statements associated with
        registering shares on Form S-4 or other limited purpose form) 
        until
        such time as the Note is paid in full (the “Lock-Up
        Period”)
        or
        unless and until Holder gives its prior written consent (which may be given
        or
        withheld in Holder’s sole and absolute discretion).

       

      Section
        5.3    If
        at any
        time while this Note is outstanding, the Company issues or agrees to issue
        to
        any entity or person (“Third-Party”)
        for
        any reason whatsoever, any common stock or securities convertible into or
        exercisable for shares of common stock (or modify any such terms in effect
        prior
        to the execution of this Note) (a “Third
        Party Financing”),
        at
        terms deemed by the Holder to be more favorable to the Third-Party, then
        the
        Company grants to the Holder the right, at the Holder’s election, to modify the
        terms of this Note to match or conform to the more favorable term or terms
        of
        the Third-Party Financing. The rights of the Holder in this Section
        5.3
        are in
        addition to all other rights the Holder has pursuant to this Note and the
        related Security Agreement between the Holder and the Company.

       

      Violation
        of any Section under this Article
        5
        shall
        constitute an Event of Default and the Holder may elect to take the action
        or
        actions outlined in Article
        4 hereof.

       

      Article
        6    Notice

       

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

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

         

      

      If
        to the
        Company:

       

      Attn:
        Geno Apicella

      Execute
        Sports, Inc.

      21143
        Hawthorne BL, #425

      Torrence,
        CA 90503 

      Telephone:
        (858) 518-1387 

      Facsimile:
        

      

      If
        to the
        Holder:

       

      Dutchess
        Capital Management, LLC

      Douglas
        Leighton

      50
        Commonwealth Ave, Suite 2

      Boston,
        MA 02116

      Telephone:
        (617) 301-4700

      Facsimile:
        (617) 249-0947

       

      Section
        6.2    The
        Parties are required to provide each other with five (5) business days prior
        notice to the other party of any change in address, phone number or facsimile
        number.

       

      Article
        7    Time

       

      Where
        this Note authorizes or requires the payment of money or the performance
        of a
        condition or obligation on a Saturday or Sunday or a holiday on which the
        United
        States Stock Markets (“US
        Markets”)
        are
        closed (“Holiday”),
        such
        payment shall be made or condition or obligation performed on the last business
        day preceding such Saturday, Sunday or Holiday. A “business
        day”
shall
        mean a day on which the
        US
        Markets are open for a full day or half day of trading.

       

      Article
        8    No
        Assignment.

       

      This
        Note
        and the obligations hereunder shall not be assigned.

       

      Article
        9    Rules
        of
        Construction.

       

      In
        this
        Note, unless the context otherwise requires, words in the singular number
        include the plural, and in the plural include the singular, and words of
        the
        masculine gender include the feminine and the neuter, and when the tense
        so
        indicates, words of the neuter gender may refer to any gender. The numbers
        and
        titles of sections contained in the Note are inserted for convenience of
        reference only, and they neither form a part of this Note nor are they to
        be
        used in the construction or interpretation hereof. Wherever, in this Note,
        a
        determination of the Company is required or allowed, such determination shall
        be
        made by a majority of the Board of Directors of the Company and, if it is
        made
        in good faith, it shall be conclusive and binding upon the Company.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      Article
        10    Governing
        Law

       

      The
        validity, terms, performance and enforcement of this Note shall be governed
        and
        construed by the provisions hereof and in accordance with the laws of the
        Commonwealth of Massachusetts applicable to agreements that are negotiated,
        executed, delivered and performed solely in the Commonwealth of Massachusetts.
        

       

      Article
        11    Disputes
        Subject to Arbitration

       

      The
        Parties shall submit all disputes arising under this Note to arbitration
        in
        Boston, Massachusetts before a single arbitrator of the American Arbitration
        Association (the “AAA”).
        The
        arbitrator shall be selected by application of the rules of the AAA, or by
        mutual agreement of the Parties, except that such arbitrator shall be an
        attorney admitted to practice law in the Commonwealth of Massachusetts. No
        Party
        will challenge the jurisdiction or venue provisions provided in this
Article
        11.
        Nothing
        in this Article
        11 shall
        limit the Holder’s right to obtain an injunction for a breach of this Note from
        any court of law. Any
        injunction obtained shall remain in full force and effect until the arbitrator,
        as set forth in this Article
        11
        fully
        adjudicates the dispute.

       

      Article
        12    Conditions
        to Closing

       

      The
        Company shall have delivered the proper Collateral to the Holder before Closing
        of this Note.

       

      Article
        13    Closing
        Costs

       

      The
        Company agrees to pay for related expenses associated with the proposed
        transaction of ten thousand dollars ($10,000). This amount shall cover, but
        is
        not limited to, the following: due diligence expenses, document creation
        expenses, closing costs, and transaction administration expenses. All such
        structuring and administration expenses shall be deducted from the first
        Closing.

       

      Article
        14    Indemnification

       

      In
        consideration of the Holder’s execution and delivery of this Agreement and the
        acquisition and funding by the Holder of this Note and in addition to all
        of the
        Company’s other obligations under the documents contemplated hereby, the Company
        shall defend, protect, indemnify and hold harmless the Holder and all of
        its
        shareholders, officers, directors, employees, counsel, and direct or indirect
        investors and any of the foregoing person’s agents or other representatives
        (including, without limitation, those retained in connection with the
        transactions contemplated by this Agreement) (collectively, the “Indemnities”)
        from
        and against any and all actions, causes of action, suits, claims, losses,
        costs,
        penalties, fees, liabilities and damages, and expenses in connection therewith
        (irrespective of whether any such Indemnitee is a party to the action for
        which
        indemnification hereunder is sought), and including, without limitation,
        reasonable attorneys’ fees and disbursements (the “Indemnified
        Liabilities”),
        incurred by any Indemnitee as a result of, or arising out of, or relating
        to (i)
        any misrepresentation or breach of any representation or warranty made by
        the
        Company in the Note, or any other certificate, instrument or document
        contemplated hereby or thereby, or (ii) any breach of any covenant, agreement
        or
        obligation of the Company contained in the Note or any other certificate,
        instrument or document contemplated hereby or thereby, except insofar as
        any
        such misrepresentation, breach or any untrue statement, alleged untrue
        statement, omission or alleged omission is made in reliance upon and in
        conformity with written information furnished to the Company by, or on behalf
        of, the Holder or is based on illegal trading of the Common Stock by the
        Holder.
        To the extent that the foregoing undertaking by the Company may be unenforceable
        for any reason, the Company shall make the maximum contribution to the payment
        and satisfaction of each of the Indemnified Liabilities that is permissible
        under applicable law. The indemnity provisions contained herein shall be
        in
        addition to any cause of action or similar rights the Holder may have, and
        any
        liabilities the Holder may be subject to.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

      Article
        15    Intentionally
        Omitted

       

      Article
        16    Use
        of
        Proceeds

       

      The
        Company shall use the funds toward the LOI, as defined herein. 

       

      Article
        17    Waiver

       

      The
        Holder’s delay or failure at any time or times hereafter to require strict
        performance by Company of any obligations, undertakings, agreements or covenants
        shall not waive, affect, or diminish any right of the Holder under this Note
        to
        demand strict compliance and performance herewith. Any waiver by the Holder
        of
        any Event of Default shall not waive or affect any other Event of Default,
        whether such Event of Default is prior or subsequent thereto and whether
        of the
        same or a different type. None of the undertakings, agreements and covenants
        of
        the Company contained in this Note, and no Event of Default, shall be deemed
        to
        have been waived by the Holder, nor may this Note be amended, changed or
        modified, unless such waiver, amendment, change or modification is evidenced
        by
        a separate instrument in writing specifying such waiver, amendment, change
        or
        modification and signed by the Holder.

       

      Article
        18    Senior
        Obligation

       

      The
        Company shall cause this Note to be senior in right of payment to all other
        current or future debt of the Company, including the Debenture dated May
        15,
        2006 ("Prior Debenture") by and between the Company and the Holder. The Company
        warrants that it has taken all necessary steps to subordinate its other
        obligations to the rights of the Holder under this Note and the failure to
        do so
        shall constitute an Event of Default.

       

      Article
        19    Transactions
        With Affiliates

       

      The
        Company shall not, and shall cause each of its Subsidiaries to not enter
        into,
        amend, modify or supplement, or permit any Subsidiary to enter into, amend,
        modify or supplement, any agreement, transaction, commitment or arrangement
        with
        any of its or any Subsidiary’s officers, directors, persons who were officers or
        directors at any time during the previous two (2) years, shareholders who
        beneficially own five percent (5%) or more of the Common Stock, or affiliates
        or
        with any individual related by blood, marriage or adoption to any such
        individual or with any entity in which any such entity or individual owns
        a five
        percent (5%) or more beneficial interest (each a “Related
        Party”)
        during
        the Lock-Up Period.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

         

      

      Article
        20    Equity
        Line Obligations

       

      At
        the
        request of the Holder, at any time after the Company’s current effective
        registration statement for the Equity Line of Credit with Dutchess Private
        Equities Fund, LP (File No: 333- 134418),
        has
        five million (5,000,000)
        shares
        or less remaining for issuance and, if so permitted under Rule 415 of Securities
        Act of 1933, as amended, or the general guidelines (if any) promulgated by
        the
        United States Securities and Exchange Commission (the “SEC”
or
        the
“Commission”),
        the
        Company shall immediately prepare and file a new registration statement for
        the
        registration of additional shares as set forth in a related Investment Agreement
        on the same terms and conditions as the Investment Agreement dated May 15,
        2006.
        The Holder shall also retain the right to determine the date of the filing
        of
        such registration statement, but in no event sooner than twenty (20) business
        days prior to a notice being given to the Company. The
        Company shall respond to any and all SEC comments or correspondence, whether
        written or oral, direct or indirect, formal or informal (“Comments”),
        within seven (7) business days of receipt by the Company of such
        Comments.
        To
        the
        extent necessary and applicable to the Holder, the Holder shall assist the
        Company in responding to any such Comments. The seven (7) business day period
        shall be extended as may be required by delays caused by Holder;
        and, provided further, that
        such
        seven (7) business day period shall be extended an additional two (2) business
        days for responses to SEC Staff accounting comments. The Company shall undertake
        best efforts to cause any registration statement relating to these securities
        to
        become effective no later than two (2) business days after notice from the
        SEC
        that the Registration Statement has been cleared of all comments. Failure
        to do any action outlined in this Article
        20
        shall
        constitute an Event of Default and the Holder may seek to take actions as
        outlined in Article
        4.

       

      Article
        21    Security

       

      This
        Note
        shall be secured by and the Holder shall have full right to exercise its
        rights
        and remedies under (i) the Security Agreement dated April 9th,
        2007
        between the Company and the Holder and the Guaranty, as defined
        herein.

       

      Article
        22    Miscellaneous

       

      Section
        22.1 This
        Note
        may be executed in two (2) or more counterparts, all of which taken together
        shall constitute one instrument. Execution and delivery of this Note by exchange
        of facsimile copies bearing the facsimile signature of a Party shall constitute
        a valid and binding execution and delivery of this Note by such Party. Such
        facsimile copies shall constitute enforceable original documents.

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      Section
        22.2 The
        Company warrants that the execution, delivery and performance of this Note
        by
        the Company and the consummation by the Company of the transactions contemplated
        hereby and thereby will not (i) result in a violation of the Articles of
        Incorporation, any Certificate of Designations, Preferences and Rights of
        any
        outstanding series of preferred stock of the Company or the Bylaws, (ii)
        conflict with, or constitute a material default (or an event which with notice
        or lapse of time or both would become a material default) under, or give
        to
        others any rights of termination, amendment, acceleration or cancellation
        of,
        any material agreement, contract, indenture mortgage, indebtedness or instrument
        to which the Company or any of its Subsidiaries is a party, or (iii) result
        in a
        violation of any law, rule, regulation, order, judgment or decree, including
        United States federal and state securities laws and regulations and the rules
        and regulations of the principal securities exchange or trading market on
        which
        the Common Stock is traded or listed (the “Principal
        Market”),
        applicable to the Company or any of its Subsidiaries (which for purposes
        of this
        Note means any entity in which the Company, directly or indirectly, owns
        capital
        stock or holds an equity or similar interest) or by which any property or
        asset
        of the Company or any of its Subsidiaries is bound or affected. Neither the
        Company nor its Subsidiaries is in violation of any term of, or in default
        under, the Articles of Incorporation, any Certificate of Designations,
        Preferences and Rights of any outstanding series of preferred stock of the
        Company or the Bylaws or their organizational charter or Bylaws, respectively,
        or any contract, agreement, mortgage, indebtedness, indenture, instrument,
        judgment, decree or order or any statute, rule or regulation applicable to
        the
        Company or its Subsidiaries, except for possible conflicts, defaults,
        terminations, amendments, accelerations, cancellations and violations that
        would
        not individually or in the aggregate have a Material Adverse Effect (as defined
        below). The business of the Company and its Subsidiaries is not being conducted,
        and shall not be conducted, in violation of any law, statute, ordinance,
        rule,
        order or regulation of any governmental authority or agency, regulatory or
        self-regulatory agency, or court, except for possible violations the sanctions
        for which either individually or in the aggregate would not have a Material
        Adverse Effect. The Company is not required to obtain any consent,
        authorization, permit or order of, or make any filing or registration (except
        the filing of a registration statement) with, any court, governmental authority
        or agency, regulatory or self-regulatory agency or other third party in order
        for it to execute, deliver or perform any of its obligations under, or
        contemplated by, this Note in accordance with the terms hereof or thereof.
        All
        consents, authorizations, permits, orders, filings and registrations which
        the
        Company is required to obtain pursuant to the preceding sentence have been
        obtained or effected on or prior to the date hereof and are in full force
        and
        effect as of the date hereof. The Company and its Subsidiaries are unaware
        of
        any facts or circumstances which might give rise to any of the foregoing.
        The
        Company is not, and will not be, in violation of the listing requirements
        of the
        Principal Market as in effect on the date hereof and is not aware of any
        facts
        which would lead to delisting of the Common Stock by the Principal
        Market.

       

      Section
        22.3 The
        Company and its Subsidiaries are corporations duly organized and validly
        existing in good standing under the laws of the respective jurisdictions
        of
        their incorporation, and have the requisite corporate power and authorization
        to
        own their properties and to carry on their business as now being conducted.
        Both
        the Company and its Subsidiaries are duly qualified to do business and are
        in
        good standing in every jurisdiction in which their ownership of property
        or the
        nature of the business conducted by them makes such qualification necessary,
        except to the extent that the failure to be so qualified or be in good standing
        would not have a Material Adverse Effect. As used in this Note, “Material
        Adverse Effect”
means
        any material adverse effect on the business, properties, assets, operations,
        results of operations, financial condition or prospects of the Company and
        its
        Subsidiaries, if any, taken as a whole, or on the transactions contemplated
        hereby or by the agreements and instruments to be entered into in connection
        herewith, or on the authority or ability of the Company to perform its
        obligations under the Note.

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

         

      

      Section
        22.4 Authorization;
        Enforcement; Compliance with Other Instruments.
        (i) The
        Company has the requisite corporate power and authority to enter into and
        perform its obligations under this Note, and to issue this Note and Incentive
        Shares in accordance with the terms hereof and thereof; (ii) the execution
        and
        delivery of this Note by the Company and the consummation by it of the
        transactions contemplated hereby and thereby, including without limitation
        the
        reservation for issuance and the issuance of the Incentive Shares pursuant
        to
        this Note, have been duly and validly authorized by the Company’s Board of
        Directors and no further consent or authorization is required by the Company,
        its Board of Directors, or its shareholders; (iii) this Note has been duly
        and
        validly executed and delivered by the Company; and (iv) this Note constitutes
        the valid and binding obligations of the Company enforceable against the
        Company
        in accordance with their terms, except as such enforceability may be limited
        by
        general principles of equity or applicable bankruptcy, insolvency,
        reorganization, moratorium, liquidation or similar laws relating to, or
        affecting generally, the enforcement of creditors’ rights and
        remedies.

       

      Section
        22.5 The
        execution and delivery of this Note shall not alter the prior written agreements
        between the Company and the Holder, consisting of the Prior Notes. This Note
        is
        the final agreement between the Company and the Holder with respect to the
        terms
        and conditions set forth herein, and, the terms of this Note may not be
        contradicted by evidence of prior, contemporaneous, or subsequent oral
        agreements of the Parties. The execution and delivery of this Note is done
        in
        conjunction with the previously executed Security Agreement (as defined in
        Article
        21
        hereof).

       

      Section
        22.6 There
        are
        no disagreements of any kind presently existing, or reasonably anticipated
        by
        the Company to arise, between the Company and the accountants, auditors and
        lawyers formerly or presently used by the Company, including but not limited
        to
        disputes or conflicts over payment owed to such accountants, auditors or
        lawyers.

       

      Section
        22.7 All
        representations made by or relating to the Company of a historical nature
        and
        all undertakings described herein shall relate and refer to the Company,
        its
        predecessors, and the Subsidiaries.

       

      Section
        22.8 The
        only
        officer, director, employee and consultant stock option or stock incentive
        plan
        currently in effect or contemplated by the Company has been submitted to
        the
        Holder or is described or within past filings with the SEC. The Company agrees
        not to initiate or institute any new stock option or stock incentive plan
        without the prior written consent of the Holder.

       

      Section
        22.9 The
        Company acknowledges that its failure to timely meet any of its obligations
        hereunder, including, but without limitation, its obligations to make Payments,
        deliver shares and, as necessary, to register and maintain sufficient number
        of
        Shares, will cause the Holder to suffer irreparable harm and that the actual
        damage to the Holder will be difficult to ascertain. Accordingly, the parties
        agree that it is appropriate to include in this Note a provision for liquidated
        damages. The parties acknowledge and agree that the liquidated damages provision
        set forth in this section represents the parties’ good faith effort to quantify
        such damages and, as such, agree that the form and amount of such liquidated
        damages are reasonable and do not constitute a penalty. The payment of
        liquidated damages shall not relieve the Company from its obligations to
        deliver
        the Common Stock pursuant to the terms of this Note.

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

         

      

      Section
        22.10 In
        the
        event that any rules, regulations, oral or written interpretations or Comments
        (as defined in the Debenture Registration Rights Agreement between the Holder
        and the Company dated May 15, 2006) from the SEC, NASD, NYSE, NASDAQ or other
        governing or regulatory body, prohibit or hinder any operation of this Agreement
        or the Equity Line, the Parties hereby agree that those specific terms and
        conditions shall be negotiated in good faith on similar terms within a
        commercially reasonable time period, but in no event greater than ten (10)
        business days, and shall not alter, diminish or affect any other rights,
        duties,
        obligations or covenants in this Note and that all terms and conditions
        will remain in full force and effect except as is necessary to make those
        specific terms and conditions comply with applicable rule, regulation,
        interpretation or Comment. Failure for the Company to agree to such new terms
        as
        necessary to achieve the intent of the original documents, shall constitute
        an
        Event of Default and the Holder may therefore elect to take actions as outlined
        in Article
        4
        hereof;
        provided, however, that the Holder must act in a commercially reasonable
        manner
        for an Event of Default as provided hereunder to occur.

       

      Section
        22.11 The
        Company hereby represent and warrants to the Holder that: (i) it is voluntarily
        issuing this Note of its own freewill, (ii) it is not issuing this Note under
        economic duress, (iii) the terms of this Note are reasonable and fair to
        the
        Company, and (iv) the Company has had independent legal counsel of its own
        choosing review this Note, advise the Company with respect to this Note,
        and
        represent the Company in connection with its issuance of this Note.

       

      [SIGNATURE
        PAGE FOLLOWS] 

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      

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

       

      EXECUTE
        SPORTS, INC.

      

      By:
        /s/
        Geno Apicella

      Name: Geno
        Apicella

      Title: Chief
        Executive Officer

      

      By:/s/
        Celeste Berouty

      Name:
        Celeste Berouty

      Title:
        President

      

      DUTCHESS
        PRIVATE EQUITIES FUND, LTD.

      

      By:
        /s/
        Douglas H. Leighton

      Name: Douglas
        H. Leighton

      Title: Director

      

      
        
           

        

        
          17

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