Document:

Exhibit 10.1

                                  INNOVEX, INC.
                             STOCK OPTION AGREEMENT

         This Option is hereby issued pursuant to the terms and conditions set
forth in this Option Agreement (the "Agreement") and is not issued pursuant to
any existing Stock Option Plan of Innovex, Inc. (the "Company").

I.       NOTICE OF STOCK OPTION GRANT

         Optionee:   Stephen S. Lai

         You have been granted an option to purchase Common Stock of the
Company, subject to the terms and conditions of this Option Agreement, as
follows:

         Date of Grant                           May 6, 2009

         Vesting Commencement Date               May 6, 2010

         Exercise Price per Share                $0.22

         Total Number of Shares Granted          225,000

         Type of Option                          Nonstatutory Stock Option

         Term/Expiration Date                    May 6, 2019

         1.    Exercise and Vesting Schedule. This Option may be exercised in
whole or in part and shall vest in accordance with the following vesting
schedule:

         a.    One-third of the total number of options granted hereunder shall
vest on the Vesting Commencement Date;

         b.    One-third of the total number of options granted hereunder shall
vest on the first anniversary of the Vesting Commencement Date; and

         c.    One-third of the total number of options granted hereunder shall
vest on the second anniversary of the Vesting Commencement Date.

         2.    Termination Period. This Option may be exercised, to the extent
it is then vested, for 30 days after termination of employment; provided,
however, that if the employment is terminated as a result of the Optionee's
deliberate, willful or gross misconduct as determined by the Compensation
Committee of the Board, if any, or such other committee of the Board of
Directors as may be designated, all rights under this Option Agreement shall
terminate and expire upon such termination. Notwithstanding the foregoing:

               2.1    If the Optionee dies while in the employ of the
               Corporation or a Subsidiary, or within not more than one month
               after termination of his or her employment, the Optionee's rights
               under the option may be exercised in whole or in part, without
               regard to any installment exercise restrictions, at any time
               within six months following such death by his or her personal
               representative or by the person or persons to whom such rights
               under the Option shall pass by will or by the laws of descent and
               distribution.

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               2.2    If the employment of the Optionee is terminated because of
               permanent disability, the Optionee, or his or her legal
               representative, may at any time within not more than six months
               after termination of his or her employment, exercise his or her
               Option rights in whole or in part, without regard to any
               installment exercise restrictions.

II.      AGREEMENT

         1.    Grant of Option. The Company hereby grants to the Optionee named
in the Notice of Grant above (the "Optionee"), an option (the "Option") to
purchase a number of Shares, as set forth above, at the exercise price per share
set forth above (the "Exercise Price"), subject to the terms and conditions set
forth in this Option Agreement.

         The Option will be administered by the Compensation Committee of the
Company's Board of Directors (the "Committee"). Any or all functions of the
Committee specified in this Agreement may be exercised by the Board of
Directors, unless this Agreement specifically states otherwise. The Committee
has the authority to adopt, alter and repeal such administrative rules,
guidelines and practices governing the Option as it may, from time-to-time, deem
advisable; to interpret the terms and provisions of this Option Agreement and to
otherwise supervise the administration of the Option. The Committee may not
amend, alter or terminate the Option without the written consent of Optionee.
All decisions made by the Committee pursuant to this Agreement will be final and
binding on all persons, including the Company and Optionee.

         2.    Exercise of Option.

               (a)    Right to Exercise. Subject to subsection (i) below, this
Option is exercisable during its term in accordance with the Vesting Schedule
set out in the Notice of Grant and the provisions of this Option Agreement;
provided, however, that the Committee may, in its discretion, accelerate the
exercise date for any unexercisable options when the Committee deems such action
to be appropriate under the circumstances. In the event of Optionee's death,
disability or other termination of Optionee's employment, the exercisability of
the Option is governed by Section 2 of Article I of this Option Agreement.

                      (i)    Extraordinary Corporate Transactions. In the event
that one of the following occur, the Optionee shall have the right within a
30-day period prior to or concurrently with such dissolution, liquidation,
merger, consolidation, acquisition, separation, reorganization or similar
occurrence, to exercise any unexpired Option granted hereunder without regard to
any installment exercise restrictions:

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                             1)    upon dissolution or liquidation of the
                                   Corporation, or similar occurrence,
                             2)    upon any merger, consolidation, acquisition,
                                   separation, reorganization, or similar
                                   occurrence, where the Corporation will not be
                                   a surviving entity or
                             3)    upon a transfer of substantially all of the
                                   assets of the Corporation or more than 80% of
                                   the outstanding Common Stock.

               (b)    Method of Exercise. This Option is exercisable by delivery
of an exercise notice, in the form attached as Exhibit A (the "Exercise
Notice"), which shall state the election to exercise the Option, the number of
Shares in respect of which the Option is being exercised (the "Exercised
Shares"), and such other representations and agreements as may be required by
the Company. The Exercise Notice shall be signed by the Optionee and shall be
delivered in person or by certified mail to the principal financial officer of
the Company. The Exercise Notice shall be accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares. This Option shall be deemed
to be exercised upon receipt by the Company of such fully executed Exercise
Notice accompanied by such aggregate Exercise Price.

               No Shares shall be issued pursuant to the exercise of this Option
unless such issuance and exercise complies with all relevant provisions of law
and the requirements of any stock exchange upon which the Shares are then
listed. Assuming such compliance, for income tax purposes the Exercised Shares
shall be considered transferred to the Optionee on the date the Option is
exercised with respect to such Exercised Shares.

         3.    Method of Payment. Payment of the aggregate Exercise Price shall
be by either by certified or bank check, or by any other form of legal
consideration deemed sufficient by the Committee, including a properly executed
exercise notice together with irrevocable instructions to a broker acceptable to
the Company to promptly deliver to the Company the amount of sale proceeds to
pay the exercise price. As determined by the Committee, in its sole discretion,
payment in full or in part may also be made in the form of unrestricted Stock
already owned by the Optionee. No shares of Stock shall be issued until full
payment therefore has been made. An Optionee shall have the rights to dividends
and other rights of a shareholder with respect to shares subject to the option
when the Optionee has given written notice of exercise and has paid in full for
such shares.

         4.    Non-Transferability of Option. This Option may not be transferred
in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by the Optionee. The
terms of this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of the Optionee.

         5.    Term of Option. This Option may be exercised only within the term
set out in the Notice of Grant, and may be exercised during such term only in
accordance with the terms of this Option Agreement.

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         6.    Registration. If any law or regulation of the Securities and
Exchange Commission or of any other body having jurisdiction shall require the
Corporation or the Optionee to take any action in connection with the exercise
of an option, then notwithstanding any contrary provision of this Option
agreement, the date for exercise of such Option and the delivery of the shares
purchased thereunder shall be deferred until the completion of the necessary
action. In the event that the Corporation shall deem it necessary, the
Corporation may condition the grant or exercise of an Option granted under this
Agreement upon the receipt of a satisfactory certificate that the Optionee is
acquiring the option or the shares obtained by exercise of the Option for
investment purposes and not with the view or intent to resell or otherwise
distribute such Option or shares. In such event, the stock certificate
evidencing such shares shall bear a legend referring to applicable laws
restricting transfer of such shares. In the event that the Corporation shall
deem it necessary to register under the Securities Act of 1933, as amended, or
any other applicable statute, any Options or any shares with respect to which an
option shall have been granted or exercised, then the Optionee shall cooperate
with the Corporation and take such action as is necessary to permit registration
or qualification of such Options or shares.

         7.    Tax Withholding. Upon notification of the amount due and prior
to, or concurrently with, the delivery to the Optionee of a certificate
representing any shares purchased pursuant to the exercise of an option, the
Optionee shall promptly pay to the Corporation any amount necessary to satisfy
applicable federal, state or local withholding tax requirements.

         8.    Notices. Notices required hereunder shall be given in person or
by first class mail to the address of Optionee shown on the records of the
Company, and to the Company at its principal executive office.

         9.    Survival of Terms. This Agreement shall apply to and bind
Optionee and the Company and their respective permitted assignees and
transferees, heirs, legatees, executors, administrators and legal successors.

         10.   Entire Agreement; Governing Law; Notice. This Option Agreement,
together with Exhibit A, constitute the entire agreement of the parties with
respect to the subject matter of this Option Agreement and supersedes in its
entirety all prior undertakings and agreements of the Company and Optionee with
respect to the subject matter hereof, and may not be modified adversely to the
Optionee's interest except by means of a writing signed by the Company and
Optionee. This Option Agreement is governed by the internal substantive laws but
not the choice of law rules of Minnesota.

         OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO
THE OPTION IS EARNED ONLY BY CONTINUING EMPLOYMENT (NOT THROUGH THE ACT OF BEING
HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT SHALL CONFER UPON
OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT, NOR SHALL IT
INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE
OPTIONEE'S EMPLOYMENT WITH OR WITHOUT CAUSE.

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         By your signature and the signature of the Company's representative
below, you and the Company agree that this Option is granted under and governed
by the terms and conditions of this Option Agreement. Optionee has reviewed
Option Agreement in their entirety, has had an opportunity to obtain the advice
of counsel prior to executing this Option Agreement and fully understands all
provisions of this Option Agreement.

OPTIONEE                                             INNOVEX, INC.

/s/ Stephen L. Lai                    By:  /s/ Terry M. Dauenhauer
-----------------------------              -------------------------------------
Stephen S. Lai                             Terry M. Dauenhauer
                                      Its: President and Chief Executive Officer

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                                                                       EXHIBIT A
                                                                       ---------

                                  INNOVEX, INC.

                                 EXERCISE NOTICE

Innovex, Inc.
3033 Campus Drive, Suite E180
Plymouth, MN 55441
Attention:     Principal Financial Officer

         1.    Exercise of Option. Effective as of today, _____________________,
_____________________, the undersigned ("Purchaser") hereby elects to purchase
_________ shares (the "Shares") of the Common Stock of Innovex, Inc. (the
"Company") under and pursuant to the Stock Option Agreement dated November ___,
2009 (the "Option Agreement"). The purchase price for the Shares shall be
$______________, as required by the Option Agreement.

         2.    Delivery of Payment. Purchaser herewith delivers to the Company
the full purchase price for the Shares.

         3.    Representation of Optionee. Optionee acknowledges that Optionee
has received, read and understood the Option Agreement and agrees to abide by
and be bound by their terms and conditions.

         4.    Rights as Shareholder. Subject to the terms and conditions of
this Agreement, Optionee shall have all of the rights of a shareholder of the
Company with respect to the Shares from and after the date that Optionee
delivers full payment of the Exercise Price until such time as Optionee disposes
of the Shares.

         5.    Tax Consultation. Optionee understands that Optionee may suffer
adverse tax consequences as a result of Optionee's purchase or disposition of
the Shares. Optionee represents that Optionee has consulted with any tax
consultants Optionee deems advisable in connection with the purchase or
disposition of the Shares and that Optionee is not relying on the Company for
any tax advice.

         6.    Entire Agreement; Governing Law. The Option Agreement is
incorporated herein by reference. This Agreement and the Option Agreement
constitute the entire agreement of the parties and supersede in their entirety
all prior undertakings and agreements of the Company and Optionee with respect
to the subject matter hereof, and such agreement is governed by Minnesota law
except for that body of law pertaining to conflict of laws.

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Submitted by:                              Accepted by:

OPTIONEE:                                  INNOVEX, INC.

_________________________________          By:_____________________________
       Signature

_________________________________          Its:____________________________

       Print Name

---------------------------------
       Social Security Number

Address:

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                                       2THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
        EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

         

        KEYON COMMUNICATIONS HOLDINGS, INC.

         

        SENIOR SUBBORDINATED SECURED PROMISSORY NOTE

         

        	
                    $___________

                	
                    _______, 2009

                

         

         

        FOR VALUE RECEIVED, KeyOn Communications Holdings, Inc., a Delaware corporation (the “Maker”), with its principal offices located at 11742 Stonegate Circle, Omaha, NE 68164, promises to pay to the order of ________________, or its registered assigns (the “Payee”), upon the terms set forth below, the principal sum of ______________ ($________) (this
        “Note”), together with compounded monthly interest from the date of this Note on the unpaid principal balance at a rate equal to seventeen percent (17%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days. Terms used herein but not otherwise defined herein shall have the meanings given to such terms in the Loan and Security Agreement, dated as of August __, 2008, between the Maker, the Guarantors and the Secured Parties (as
        such terms are defined in such Loan and Security Agreement) (the “Loan and Security Agreement”).

         

        1.         Payments.

         

        (a)       All unpaid principal, together with any then accrued but unpaid interest and any other amounts payable hereunder, shall be due and payable on the earlier of (i) the completion of a Sale of Securities Proceeds (as hereinafter defined) or (ii) September 30, 2009 (the “Maturity Date”), except as otherwise
        

         

        

        

        

        provided in this Section. This Note is one of a series of up to $1,750,000 Maximum Credit Amount of Notes of like tenor that may be issued to various other Holders pursuant to the Loan and Security Agreement.

         

        (b)       Except as otherwise set forth in this Note, the Maker shall not be required to pay interest to the Payee on the aggregate then outstanding principal amount of this Note. 

         

        (c)       The Maker hereby agrees to prepay this Note from funds received by Maker pursuant to the sale or a series of
          sales of any debt (not including any lines of credit) or Securities, including Common Stock or Common Stock Equivalents, of the Maker (“Sale of Securities Proceeds”) so long as such sale results in aggregate gross proceeds to the Maker of $5,000,000 or more. All funds received pursuant to this Section 1(d) shall be paid by the Maker to the Payee within 5 business days of their receipt. Provided however, if the Sale of Securities Proceeds does not permit the re-payment
          of the Note in cash, the Note may be repaid in stock, at a price to be negotiated in good faith between the Payee and the Directors.

     

        2.         Secured Obligation. The obligations of the Maker under this Note are secured by all of the assets of the Maker and its subsidiaries pursuant to the Loan and Security Agreement, subject to certain subordination obligations of the Maker and its subsidiaries to other secured lenders.

         

        3.         Prepayment. The Maker may prepay any portion of the principal amount of this Note upon at least 3 business days’ notice to the Payee. Any such prepayments shall be pro rata among all holders of the series of Notes of which this Note is a part.

         

        4.         Conversion. The Holder may convert all or any portion of the principal and accrued interest due and owing under this Note at any time prior to Maturity into Common Stock of the Maker at a price per share of $0.25.

         

        5.         Warrants. The Holder and Maker shall enter into a Warrant Agreement which shall provide the Holder with warrants equal to 50% of the principal amount of the Note at an exercise price of $0.50 per share.

         

        6.         Events of Default.

         

        (a) “Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

         

        
            

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        (i)        any default in the payment of the principal of this Note, as and when the same shall become due and payable;

         

        (ii)       Maker shall fail to observe or perform any material obligation or shall breach any material term or provision of this Note and such failure or breach shall not have been remedied within 10 days after the date on which notice of such failure or breach shall have been delivered;

         

        (iii)      Maker or any of its subsidiaries shall fail to observe or perform any of their respective material obligations owed to Payee or any other material covenant, agreement, representation or warranty contained in, or otherwise commit any breach hereunder or in any of the Transaction Documents or any other agreement executed in connection herewith and
        such failure or breach shall not have been remedied within 10 days after the date on which notice of such failure or breach shall have been delivered;

         

        (iv)      Maker or any of its subsidiaries shall commence, or there shall be commenced against Maker or any subsidiary a case under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or Maker or any subsidiary commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of
        debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to Maker or any subsidiary, or there is commenced against Maker or any subsidiary any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 60 days; or Maker or any subsidiary is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or Maker or any subsidiary
        suffers any appointment of any custodian or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of 60 days; or Maker or any subsidiary makes a general assignment for the benefit of creditors; or Maker or any subsidiary shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or Maker or any subsidiary shall call a meeting of its creditors with a view to
        arranging a composition, adjustment or restructuring of its debts; or Maker or any subsidiary shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by Maker or any subsidiary for the purpose of effecting any of the foregoing;

         

        (v)       Maker or any subsidiary shall default in any of its respective obligations in excess of $500,000 under any other note or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by 

         

        
            

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        which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of Maker or any subsidiary, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due
        and payable; or

         

        (vi)      Trading in the Common Stock shall have been suspended by the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., or the Company’s principal Trading Market for any period in excess of 5 Trading Days.

         

        (b) If any Event of Default occurs, the full principal amount of this Note shall become, at the Payee's election, immediately due and payable in cash. Commencing 5 days after the occurrence of any Event of Default that results in the acceleration of this Note, the interest rate on this Note shall accrue at the rate of 20% per annum, or such lower maximum amount of
        interest permitted to be charged under applicable law. The Payee need not provide and Maker hereby waives any presentment, demand, protest or other notice of any kind, and the Payee may immediately subject to any grace period, enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Payee at any time prior to payment hereunder. No such rescission or annulment shall affect any
        subsequent Event of Default or impair any right consequent thereon.

         

        7.         Negative Covenants.  So long as any portion of this Note is outstanding, the Maker will not and will not permit any of its Subsidiaries to directly or indirectly:

         

        a)         other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income
        or profits therefrom outside of the ordinary course of business;   

         

        b)        other than Permitted Liens, enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom outside of the ordinary course of business;

     

        c)         amend its certificate of incorporation, bylaws or other charter documents so as to materially adversely affect any rights of the Payee;

         

        d)        repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of securities;

         

        
            

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        e)         repay, repurchase or offer to repay, repurchase or otherwise acquire any indebtedness, other than the Debentures if on a pro-rata basis, other than regularly scheduled interest payment as such terms are in effect as of the Original Issue Date; provided, however, that no regularly scheduled
        principal and interest payments may be made if, at the time such payment is due or is otherwise made or after giving effect to such payment, an event constituting, or that with the passage of time and without being cured would constitute, an Event of Default has occurred and is continuing;

         

        f)         pay any accrued salaries for any officer or director of the Company or any subsidiary accrued prior to the date hereof;

         

        g)        pay cash dividends or distributions on any equity securities of the Maker; or

         

        h)        enter into any agreement with respect to any of the foregoing.

         

        “Permitted Indebtedness” shall mean (a) indebtedness incurred in the ordinary course of business, including but not limited to lease financing of network and customer premise equipment, (b) the indebtedness existing on the date of issuance of this Note as described in the Loan and Security Agreement and (c) indebtedness that (i) is expressly
        subordinate to the Debentures pursuant to a written subordination agreement with the Purchasers that is acceptable to each Purchaser in its sole and absolute discretion and (ii) matures at a date later than the 91st day following the Maturity Date or (iii) is a material obligation of the Maker, in the case of each individual creditor, vendor or employee, not exceeding, in the aggregate, $50,000.

         

        “Permitted Lien” shall mean the individual and collective reference to the following: (a) liens in connection with this Note; (b) liens for taxes, assessments and other governmental charges or levies not yet due or liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for
        which adequate reserves (in the good faith judgment of the management of the Maker) have been established in accordance with generally accepted accounting procedures; and (c) liens imposed by law which were incurred in the ordinary course of business, such as carriers’, warehousemen’s and mechanics’ liens, statutory landlords’ liens, and other similar liens arising in the ordinary course of business, and (x) which do not individually or in the aggregate
        materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Maker and its consolidated subsidiaries or (y) which are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such lien.

         

        i)      for purposes of clarification, any Sale of Securities Transaction shall not be subject to this Section 5.

         

        
            

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                  8.         No Waiver of Payee's Rights. All payments of principal shall be made without setoff, deduction or counterclaim. No delay or failure on the part of the Payee in exercising any of its options, powers or rights, nor any partial or single exercise of its options,
        powers or rights shall constitute a waiver thereof or of any other option, power or right, and no waiver on the part of the Payee of any of its options, powers or rights shall constitute a waiver of any other option, power or right. Maker hereby waives presentment of payment, protest, and all notices or demands in connection with the delivery, acceptance, performance, default or endorsement of this Note. Acceptance by the Payee of less than the full amount due and payable hereunder
        shall in no way limit the right of the Payee to require full payment of all sums due and payable hereunder in accordance with the terms hereof.

         

                  9.         Modifications. No term or provision contained herein may be modified, amended or waived except by written agreement or consent signed by the party to be bound thereby.

         

                  10.       Cumulative Rights and Remedies; Usury. The rights and remedies of Payee expressed herein are cumulative and not exclusive of any rights and remedies otherwise available under this Note, the Loan and Security Agreement, or applicable law (including at equity). The election of
        Payee to avail itself of any one or more remedies shall not be a bar to any other available remedies, which Maker agrees Payee may take from time to time. If it shall be found that any interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall be reduced to the maximum permitted rate of interest under such law.

         

                  11.       Use of Proceeds. Maker shall use the proceeds from the sale of this Note to the Payee for working capital purposes and shall not use such proceeds for (a) the satisfaction of any portion of Maker’s or any subsidiary’s debt (other than payment of trade payables in
        the ordinary course of Maker's business and prior practices), (b) the redemption of any of Maker’s or any subsidiary’s equity or equity-equivalent securities, (c) the settlement of any outstanding litigation or (d) the payment of the previously earned salary or bonus of any director or officer of the Maker.

         

                  12.       Collection Expenses. If Payee shall commence an action or proceeding to enforce this Note, then Maker shall reimburse Payee for its costs of collection and reasonable attorneys fees incurred with the investigation, preparation and prosecution of such action or
        proceeding.

         

                  13.       Severability. If any provision of this Note is declared by a court of competent jurisdiction to be in any way invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall
        nevertheless remain applicable to all other persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest 

         

        
            

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        due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.

         

                  14.       Successors and Assigns. This Note shall be binding upon Maker and its successors and shall inure to the benefit of the Payee and its successors and assigns. The term “Payee” as used herein, shall also include any endorsee, assignee or other holder of this
        Note.

         

                  15.       Lost or Stolen Promissory Note. If this Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute and deliver to the Payee a new promissory note containing the same terms, and in the same form, as this Note. In such event, Maker may require the Payee to
        deliver to Maker an affidavit of lost instrument and customary indemnity in respect thereof as a condition to the delivery of any such new promissory note.

         

                  16.       Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
        thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Note and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
        state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
        action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of
        process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
        of such action or proceeding.

         

        17.       Notice. Any and all notices or other communications or deliveries to be provided by the Payee hereunder, including, without limitation, any conversion notice, shall be in writing and delivered personally, by facsimile, electronic mail, sent by a nationally recognized overnight courier service or sent by certified or registered mail,
        

         

        
            

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        postage prepaid, addressed to the Maker, KeyOn Communications Holdings, Inc., 11742 Stonegate Circle, Omaha, NE 68164, 402-998-4111 or such other address or facsimile number as the Maker may specify for such purposes by notice to the Payee delivered in accordance with this paragraph. Any and all notices or other communications or deliveries to be provided by the Maker hereunder shall be in writing and
        delivered personally, by facsimile, electronic mail, sent by a nationally recognized overnight courier service or sent by certified or registered mail, postage prepaid, addressed to the Payee at the address of the Payee appearing on the books of the Maker (as set forth in the Loan and Security Agreement), or if no such address appears, at the principal place of business of the Payee. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the
        earliest of (i) the date of transmission if delivered by hand or by telecopy that has been confirmed as received by 5:00 p.m. on a business day, (ii) one business day after being sent by nationally recognized overnight courier or received by telecopy after 5:00 p.m. on any day, or (iii) five business days after being sent by certified or registered mail, postage and charges prepaid, return receipt requested.

         

        18.       Required Notice to Payee.    The Payee is to be immediately notified by the Maker, in accordance with Section 15, of the existence or occurrence of any Event of Default.

         

        
            

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        19.       Transferability of Note. Subject to compliance with any applicable securities laws and the prior written consent of the Maker, which consent shall not be unreasonably withheld, this Note and all rights hereunder are transferable, in whole or in part, upon surrender of this Note at the principal office of the Maker, together with a
        written assignment or endorsement of this Note duly executed by the Payee or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Maker shall execute and deliver a new Note or Notes in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Note evidencing the portion of
        this Note not so assigned, and this Note shall promptly be cancelled.

                  The undersigned signs this Note as a maker and not as a surety or guarantor or in any other capacity.

         

        	
                     

                	
                    KeyOn Communications Holdings, Inc.,

                
	 	a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

         

         

        
            

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