Document:

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR STATE
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF BIO NITROGEN CORPORATION (THE “CORPORATION”)
THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED
STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S (“REGULATION S”) UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE
WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR
(2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS,
(D) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT; OR (E) IN A TRANSACTION
THAT IS OTHERWISE EXEMPT FROM OR DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (E) ABOVE, A WRITTEN CERTIFICATION OR OTHER EVIDENCE SATISFACTORY
TO THE CORPORATION, ACTING REASONABLY, WHICH MAY INCLUDE, A LEGAL OPINION TO BE PROVIDED TO THE CORPORATION.

 

BIO
NITROGEN CORPORATION

 

Convertible
Debenture

 

Due June 30, 2013

 

RECITALS:

 

		1.	Bio Nitrogen Corporation (the “Corporation”) is indebted to [Insert Name
of Holder] of [Insert Address] (the “Holder”) in an amount equal to $[●] (the “Principal
Amount”) together with interest thereon and other indebtedness of the Corporation to the Holder as set forth herein;

 

		2.	The Holder has requested and the Corporation has agreed to grant this debenture (“Debenture”)
as general and continuing security for the full and timely payment and performance of the obligations of the Corporation hereunder,
including but without limitation, the repayment of the Principal Amount together with interest as described herein;

 

THIS DEBENTURE WITNESSETH THAT:

 

Article
1

INTERPRETATION

 

		1.1	Definitions. In this Debenture, unless the context otherwise
requires, the following words and phrases will have the meanings set forth below:

 

		(a)	“Common Shares” means common shares in the capital
of the Corporation;

 

    	 

    	 

    

 

		(b)	“Control” or “Controlled” means,
with respect to any corporation, the ownership, beneficially and legally, of voting securities in the capital of such corporation,
to which are attached more than fifty percent (50%) of the votes that may be cast to elect the directors of such corporation and
such votes are sufficient (and are exercised) to elect a majority of the directors thereof;

 

		(c)	“Conversion Notice” means the conversion notice
form attached hereto as Schedule “A”;

 

		(d)	“Conversion Price” means the price at which the
Principal Amount is convertible into Common Shares as more particularly described in Section 5.1 hereof;

 

		(e)	“Corporation” means Bio Nitrogen Corporation and
its permitted successors and assigns;

 

		(f)	“Current Market Price” of a Common Share at any
date means

 

		(i)	the price per share equal to the weighted average trading price at
which the Common Shares have traded on any stock exchange on which the Common Shares are then listed, for the 20 consecutive Trading
Days ending 5 Trading Days prior to such date, or

 

		(ii)	if the Common Shares are not then listed on any stock exchange, then
on the over-the-counter market with the weighted average price per Common Share being determined by dividing the aggregate sale
price of all Common Shares sold on the said exchange or market, as the case may be, during the said 20 consecutive Trading Days
by the aggregate number of Common Shares so sold, or

 

		(iii)	if the Common Shares are not then traded on any recognized market
or exchange, the price per share as determined by such firm of independent chartered accountants (that qualifies as a big four
accounting firm) as may be selected by the directors of the Corporation, acting reasonably.

 

		(g)	“director” means a director of the Corporation
for the time being and “directors” or “board of directors” means the board of directors of the Corporation;

 

		(h)	“dollars” or “$” means lawful
currency of the United States of America and all references to cash or money shall mean dollars in lawful currency of the United
States of America;

 

		(i)	“Holder” means the person or entity as set forth
and described on the face page hereof, or the persons or entities in whose name this Debenture shall be registered from time to
time on the books of the Corporation, kept for that purpose in accordance with the terms of this Debenture;

 

		(j)	“Maturity Date” means June 30, 2013;

 

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		(k)	“obligations” shall mean any and all present and
future indebtedness and all performance obligations which may at any time be due and owing by the Corporation to the Holder under
this Debenture and all other agreements, instruments and documents now or hereafter executed by or on behalf of the Corporation
with respect to any of the foregoing, or any of the transactions contemplated thereby, whether now in existence or incurred hereafter,
whether incurred directly or incurred by others and assumed by the Corporation, whether such indebtedness is absolute or contingent,
matured or unmatured, direct or indirect, and whether the Corporation is liable for such indebtedness as principal, surety, endorser
or otherwise;

 

		(l)	“Principal” or “Principal Amount”
means the amount set forth on the face page hereof or such part thereof which remains outstanding and unpaid from time to time;

 

		(m)	“Subscription Agreement” means the Subscription
Agreement dated as of the date hereof, between the Holder and the Corporation whereby the Holder agreed to subscribe for the Debenture;
and

 

		(n)	“Trading Day” with respect to a stock exchange
means a day on which such stock exchange is open for business and with respect to the over-the-counter market means a day on which
the over-the-counter market is open for business.

 

		1.2	Time. Time is of the essence hereof.

 

		1.3	Governing Law. The laws of the State of Florida will govern
all matters arising under this Debenture.

 

		1.4	Headings. The division of this Debenture into sections, sub-sections,
clauses, sub clauses, and paragraphs in the provisions of headings for all or any thereof is for convenience or reference only
and not for the construction or interpretation of this Debenture.

 

		1.5	Gender and Number. This Debenture shall be read with changes
to number and gender as the context so requires.

 

		1.6	Invalidity. If a provision of this Debenture is wholly or
partially invalid, this Debenture shall be interpreted as if the invalid provision had not been a part hereof.

 

Article
2

REPAYMENT

 

		2.1	Promise to Pay.

 

		(a)	The Corporation hereby acknowledges itself indebted and promises
to pay to the Holder the Principal Amount, together with all accrued and unpaid Interest thereon, in lawful money of the United
States of America, on the Maturity Date and in the meantime promises to pay Interest on the Principal Amount at the rate and times
as hereinafter set forth. Should the Corporation at any time make default on its obligations or in the payment of any part or all
of the Principal Amount or Interest or any other amount hereunder, then the Corporation shall pay Interest on the amount in default
both before and after judgment at an incremental of 3% over the Interest Rate.

 

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		(b)	Upon at least 30 days and not more than 60 days prior written notice,
the Corporation may satisfy its obligation to pay the Principal Amount due on the Maturity Date, in whole or in part, by issuing
freely tradable Common Shares of the Corporation to the Holder at a price per share equal to the result of dividing the Principal
Amount by the lower of (i) the Conversion Price or (ii) 80% of the Current Market Price of the Common Shares on the Maturity Date.

 

		2.2	Interest.

 

		(a)	Subject to Section 2.2(b), interest (“Interest”)
shall be payable on the outstanding balance of the Principal Amount at the rate equal to twelve percent (12%) per annum (“Interest
Rate”), calculated and payable semi-annually, in arrears (on or before that date that is 14 days following each semi-annual
anniversary of the date hereof), including Interest payable on overdue Interest at the same rate, calculated in dollars from and
including the date of this Debenture to and including the Maturity Date. On the Maturity Date, the Principal Amount then outstanding
and all Interest and other amounts owing hereunder, shall become immediately due and payable by the Corporation to the Holder in
full.

 

		(b)	Interest shall be calculated and paid annually for the term of the
Debentures. Interest will be computed on the basis of a 365 day year. When this Interest becomes due hereunder, the Corporation
will pay such Interest as contemplated by Section 2.2(a).

 

		(c)	The Corporation, in its discretion, may satisfy its obligation to
pay Interest on the outstanding balance of the Principal Amount in cash or by issuing Common Shares of the Corporation to the Holder
at a price per share equal to 80% volume-weighted average trading price of the Common Shares for the 10 Trading Day immediately
preceding the applicable semi-annual interest payment date, or such higher price as any regulatory body shall require (“Interest
Share Price”). The number of Common Shares issuable to the Holder shall be equal to value of the semi-annual Interest
payment divided by 80% of the applicable Interest Share Price (subject to any adjustments required under Section 5.6) and forthwith,
and in any event within two days after the due date for such Interest Payment, the Corporation shall deliver or cause to be delivered
to the Holder, its nominee(s) or assignee(s), a certificate or certificates representing such number of Common Shares.

 

		2.3	Surrender. If any Principal Amount becomes payable by prepayment
or otherwise before the Maturity Date as provided herein, the person presenting this Debenture for payment must surrender this
Debenture for cancellation or for notation thereon of the Principal Amount thereof being paid.

 

		2.4	Order of Payment. The Holder shall, and the Corporation hereby
irrevocably authorizes the Holder to, apply all payments made by the Corporation against the Principal Amount, Interest thereon
and other monies which are payable by the Corporation under this Debenture in the following order:

 

		(a)	Interest payable hereunder, and

 

		(b)	Principal Amount.

 

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Article
3

Prepayment.

 

		3.1	Definitions. In this Article 3, the following words and phrases
have the meanings set forth below:

 

		(a)	“Fully Diluted Basis” means that, for purposes
of any calculation with respect to Common Shares or the number of votes eligible to be cast at a meeting of shareholders of the
Corporation by the holders of outstanding Common Shares, all outstanding securities which are convertible into or exercisable or
exchangeable for Common Shares, are assumed to be so converted, exercised or exchanged; and

 

		(b)	“Prepayment Price” means the outstanding Principal
Amount of this Debenture, unless the Corporation elects to prepay only a portion of the Principal Amount outstanding, and in such
case, such elected portion of the Principal Amount, plus all accrued and unpaid Interest.

 

		3.2	Right of Prepayment. The Corporation may prepay this Debenture
in whole or in part, at the Prepayment Price, at the Corporation’s sole option on not more than 60 days’ and not less
than 30 days’ prior notice, provided that the Current Market Price of the Common Shares is not less than $0.80.

 

		3.3	Notice of Prepayment. Whenever any portion of the Principal
Amount is to be prepaid, the Corporation shall give notice of prepayment (a “Prepayment Notice”) to the holder
of this Debenture on not more than 60 days and not less than 30 days’ prior to the Prepayment Date (as defined herein). Every
Prepayment Notice shall specify the date on which prepayment of this Debenture is to be made (the “Prepayment Date”),
the Prepayment Price, and the place or places where payment may be made (“Place of Payment”). The Prepayment
Notice shall also state:

 

		(a)	that the Prepayment Price will be paid to the Holder upon presentation
of the Debenture at the Place of Payment; and

 

		(b)	that Interest upon the Principal Amount of the Debenture so called
for prepayment shall cease to be payable from and after the Prepayment Date,

 

provided always that the accidental
omission to mail any such Prepayment Notice to or the non-receipt of any such Prepayment Notice by any such Holder or Holders shall
not invalidate or otherwise prejudicially affect the prepayment contemplated thereby.

 

		3.4	Prepayment Price Due.

 

		(a)	Upon delivery of a Prepayment Notice, the Principal Amount so called
for prepayment shall thereupon be and become due and payable on the specified Prepayment Date in the same manner and with the same
effect as if it were the date of maturity specified herein, anything herein to the contrary notwithstanding.

 

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		(b)	Notwithstanding anything to the contrary in this Article, upon at
least 30 days and not more than 60 days prior written notice, the Corporation may satisfy its obligation to pay the Prepayment
Price by issuing freely tradable Common Shares of the Corporation to the Holder at a price per share equal to 90% of the Current
Market Price of the Common Shares on the Prepayment Date.

 

		3.5	Cancellation of Interest Prepaid Portion. From and after a
Prepayment Date, if the moneys necessary to redeem such portion of the Principal Amount, in whole or in part have been provided
to the Holder, subject to Section 2.2, Interest upon the Principal Amount of this Debenture prepaid shall cease from such Prepayment
Date.

 

		3.6	Cancellation upon Prepayment. All Debentures prepaid in full
pursuant to this Article shall forthwith be cancelled.

 

Article
4

Change of Control and key person event

 

		4.1	Definitions. In this Article 4, the following words and phrases
have the meanings set forth below:

 

		(a)	“Adjusted Conversion Price” means the price per
Common Share equal to 80% of the Conversion Price.

 

		(b)	“Adjusted Repayment Price” means the entire Principal
Amount of the Debenture then outstanding together with all accrued and unpaid interest plus a premium of 25% of the entire Principal
Amount.

 

		(c)	“Change of Control Event” means the consummation
of any transaction (whether by purchase, merger or otherwise) whereby a person or persons acting jointly or in concert directly
or indirectly acquires the right to cast, at a general meeting of shareholders of the Corporation, more than 50% of the votes that
may ordinarily be cast at a general meeting.

 

		(d)	“Key Person Event” means any event whereby Carlos
A. Contreras Sr., ceases to be president, chief executive officer, chairman of the board of the Corporation or otherwise ceases
to be actively engaged in the operations, business and affairs of the Corporation.

 

		4.2	Offer to Repay or Convert. If a Change of Control Event or
a Key Person Event has occurred with respect to the Corporation prior to the Maturity Date, the Corporation shall within 10 days
of such event deliver a written offer (“Notice”) to the Holder to either, at the Holder’s option:

 

		(a)	repay the entire Adjusted Repayment Price (“Offer to Repay”);
and

 

		(b)	convert the entire Principal Amount then outstanding together with
all accrued and unpaid interest into Common Shares at the Adjusted Conversion Price (“Offer to Convert”).

 

		4.3	Options of the Holder

 

		(a)	The Holder shall be entitled to accept either of the offers contained
in the Notice within 20 days of its receipt or deemed receipt by the Holder (the “Acceptance Period”).

 

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		(b)	If the Holder Accepts the Offer to Repay, the Corporation shall repay
the Adjusted Repayment Price, by certified cheque, money order or other immediately available funds, to the Holder or as the Holder
may direct, within 15 days of the receipt or deemed receipt of the Holder’s acceptance by the Corporation. Upon repayment
of the Principal Amount, the Holder shall surrender this Debenture for cancellation.

 

		(c)	If the Holder accepts the Offer to Convert, upon surrender of this
Debenture the Corporation, the Holder and subject to compliance with all reasonable requirements of the Corporation, its nominee(s)
or assignee(s), shall be entitled to be entered in the books of the Corporation as at the last date of the Acceptance Period, as
the holder of the number of Common Shares which is equal to the Principal Amount, together with all accrued and unpaid interest,
divided by the Adjusted Conversion Price (subject to any adjustments required under Section 5.6) and forthwith, and in any event
within two days, thereafter the Corporation shall deliver or cause to be delivered to the Holder, its nominee(s) or assignee(s),
a certificate or certificates representing the number of Common Shares into which this Debenture is converted.

 

		(d)	If the Holder does not accept either the Offer to Repay or the Offer
to Convert within the Acceptance Period, the Holder shall be deemed to have accepted the Offer to Convert on the last day of the
said Acceptance Period, and the provisions of Section 4.3(b) shall apply.

 

Article
5

CONVERSION OF DEBENTURE

 

		5.1	Right of Conversion. The Holder shall have the right, at its
option, at any time and from time to time, including the period during which the Holder has received a Prepayment Notice, and prior
to 5:00 p.m. on the Maturity Date (such time and date in this Debenture being referred to as the “Time of Expiry”)
in the manner hereinafter in this Debenture provided, to convert (subject to adjustment as provided herein) the Principal Amount
and all accrued and unpaid Interest, in whole or in part, into Common Shares at the conversion price of $0.03 per Common Share
(the “Conversion Price”), provided that the Corporation receives Conversion Notice from the Holder of the Holder's
election to so convert.

 

		5.2	Surrender of Debenture. A conversion of the Principal Amount
will be effected by the surrender of this Debenture in satisfaction of all or part of the Principal Amount so converted, at any
time during usual business hours at the offices of the Corporation, accompanied by a duly completed and executed Conversion Notice.

 

		5.3	Certificates. Upon surrender of this Debenture, the Holder
and subject to compliance with all reasonable requirements of the Corporation, its nominee(s) or assignee(s), shall be entitled
to be entered in the books of the Corporation as at the Conversion Date (as hereinafter defined) as the holder of the number of
Common Shares into which this Debenture is convertible in accordance with the provisions of this Debenture and forthwith, and in
any event within two days, thereafter the Corporation shall:

 

		(a)	deliver or cause to be delivered to the Holder, its nominee(s) or
assignee(s), a certificate or certificates representing the number of Common Shares into which this Debenture is converted; and

 

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		(b)	if less than the entire Principal Amount of the Debenture is so converted,
in exchange for the surrendered Debenture and without charge, deliver to the Holder a like Debenture for the Principal Amount of
the Debenture remaining after conversion.

 

		5.4	No Fractional Common Shares. The Corporation shall not be
required to issue fractional Common Shares. If any fractional interest in a Common Share would, except for the provisions of this
Section, be deliverable upon the conversion of any principal of this Debenture, the Corporation shall, in lieu of delivering any
certificate(s) for such fractional interest, satisfy such fractional interest by paying to the Holder an amount in lawful money
of the United States of America equal (computed to the nearest cent) to the appropriate fraction of the value of a Common Share
on the business day next preceding the Conversion Date.

 

		5.5	Manner of Conversion.

 

		(a)	This Debenture will be deemed to be surrendered for conversion by
the Holder on the date on which it is so surrendered by the Holder in accordance with the provisions of this Article 5 and, in
the case of this Debenture so surrendered by post or other means of transmission, on the date on which it is received by the Corporation
at its office specified herein, whichever is the first to occur (the “Conversion Date”); provided that if this
Debenture is surrendered for conversion on a day on which the register of Common Shares is closed, the person or persons entitled
to receive Common Shares shall become the holder or holders of record of such Common Shares as at the date on which such register
is next reopened.

 

		(b)	The Holder of this Debenture surrendered for conversion in accordance
with this Debenture shall only be entitled to receive dividends declared in favour of shareholders of record on and after the Conversion
Date or such later date as such holder shall become the holder of record of such Common Shares pursuant to this Article, from which
applicable date they will for all purposes be and be deemed to be issued and outstanding as fully paid and non-assessable Common
Shares.

 

		(c)	In the event the Principal Amount, or any portion thereof, is converted
into Common Shares pursuant to the terms hereof, then same shall be applied in the reverse order of payment of indebtedness as
is set forth in Section 2.4 hereof.

 

		5.6	Adjustments.

 

		(a)	In the event of any reclassification, subdivision or redivision of
the issued Common Shares at any time prior to the Maturity Date into a greater number of Common Shares (including the declaration
or payment of any stock dividend), the Conversion Price in effect on the effective date of any such event shall be adjusted immediately
after such event, so that it shall equal the amount determined by multiplying the Conversion Price in effect immediately prior
to such event by a fraction, of which the numerator shall be the total number of Common Shares outstanding immediately prior to
such event and of which the denominator shall be the total number of Common Shares outstanding immediately after such event. Upon
any adjustment of the Conversion Price pursuant to this subparagraph (a), the number of Common Shares subject to the right of conversion
under each Debenture (the “Exchange Rate”) shall be contemporaneously adjusted by multiplying the number of
Common Shares theretofore obtainable on the exercise thereof by a fraction of which the numerator shall be the respective Conversion
Price in effect immediately prior to such adjustment and the denominator shall be the respective Conversion Price resulting from
such adjustment. Any such adjustments shall be made successively whenever any event referred to in this subparagraph (a) shall
occur.

 

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		(b)	In the event of any consolidation or change in the Common Shares
of the Corporation at any time prior to the Maturity Date into a lesser number of Common Shares, the Conversion Price in effect
on the effective date of any such event shall be adjusted immediately after such event, so that it shall equal the amount determined
by multiplying the Conversion Price in effect immediately prior to such event by a fraction, of which the numerator shall be the
total number of Common Shares outstanding immediately prior to such event and of which the denominator shall be the total number
of Common Shares outstanding immediately after such event. Upon any adjustment of the Exercise Price pursuant to this subparagraph
(b), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on
the exercise thereof by a fraction of which the numerator shall be the respective Conversion Price in effect immediately prior
to such adjustment and the denominator shall be the respective Conversion Price resulting from such adjustment. Any such adjustments
shall be made successively whenever any event referred to in this subparagraph (b) shall occur.

 

		(c)	Except in the case of a Change of Control Event, in which case the
provisions of Article 4 will apply, in the event that the Corporation shall at any time prior to the Maturity Date, amalgamate,
consolidate with or merge into another corporation, the Holder shall thereafter receive, upon the conversion of its right to purchase,
but only as to the Common Shares in respect of which the Debenture are then converted, the securities or property which the Holder
would have been entitled to if it had converted the Debenture immediately prior to the amalgamation, consolidation or merger, and
the Corporation will take steps in connection with such amalgamation, consolidation or merger as may be necessary to ensure that
the provisions hereof shall thereafter be applicable, as near as reasonably may be possible in relation to any securities or properties
thereafter delivered upon the conversion of the Debenture. A sale of all or substantially all of the assets of the Corporation
for a consideration (apart from the assumption of obligations) consisting primarily of securities, shall be deemed a consolidation,
amalgamation or merger for the foregoing purposes.

 

		(d)	If and whenever at any time prior to the Maturity Date, the Corporation

 

		(A)	shall fix a record date or if a date of entitlement to receive is otherwise established (any such
date, the “record date”) for the issuance of rights, options or warrants to all or substantially all of the
holders of the outstanding Common Shares entitling them, for a period expiring not more than 45 days after such record date, to
subscribe for or purchase Common Shares or securities convertible into or exchangeable for Common Shares at a price per share or,
as the case may be, or

 

		(B)	issues or sells, or in accordance, is deemed to have issued or sold, any Common Shares or securities
exchangeable for or convertible into Common Shares,

 

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having a conversion
or exchange price per share less than 100% of the Current Market Price then in effect (any such issuance, a “Rights Offering”),
the Conversion Price shall be adjusted immediately after such record date so that it shall equal the price determined by multiplying
the Conversion Price in effect on such record date by a fraction,

 

		(i)	the numerator of which shall be the total number of Common Shares
outstanding on such record date plus a number equal to the number arrived at by dividing whichever, as applicable, of the following
by the Current Market Price: (i) the aggregate subscription or purchase price of the total number of additional Common Shares offered
for subscription or purchase; or (ii) the aggregate conversion or exchange price of the convertible or exchangeable securities
so offered; and

 

		(ii)	the denominator of which shall be the total number of Common Shares
outstanding on such record date plus the total number of additional Common Shares so offered (or into which the convertible or
exchangeable securities so offered are convertible or exchangeable). In making the adjustment provided for in this subparagraph
5.6(d):

 

		(A)	Common Shares owned by or held for the account of the Corporation
or any subsidiary of the Corporation shall be deemed not to be outstanding for the purpose of any such computation;

 

		(B)	such adjustment shall be made successively whenever such a record
date is fixed; and

 

		(C)	to the extent that any rights or warrants are not so issued or any
such rights or warrants are not converted prior to the expiration thereof, the Conversion Price shall then be readjusted to the
Conversion Price which would then be in effect if such record date had not been fixed or to the Conversion Price which would then
be in effect based upon the number of Common Shares or conversion or exchange rights contained in convertible or exchangeable securities
actually issued upon the conversion of such rights or warrants, as the case may be.

 

		(e)	If any time prior to the Time of Expiry, the Corporation shall fix
a record date for the issuance or distribution to the holders of all or substantially all of the Common Shares:

 

		(i)	shares of the Corporation of any class other than Common Shares;

 

		(ii)	rights, options or warrants to acquire Common Shares or securities
exchangeable for or convertible into Common Shares (other than rights, options or warrants pursuant to which holders of Common
Shares are entitled, during a period expiring not more than 45 days after the record date for such issue, to subscribe for or purchase
Common Shares at a price per share (or in the case of securities exchangeable for or convertible into Common Shares at an exchange
or conversion price per share at the date of issue of such securities) of at least 95% of the Current Market Price of the Common
Shares on such record date);

 

		(iii)	evidences of indebtedness of the Corporation; or

 

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		(iv)	any property or assets of the Corporation (excluding cash dividends
that a Holder is otherwise entitled to receive); and if such issue or distribution does not constitute a corporate change contemplated
in sections 5.6(a),5.6(b), 5.6(c) or a Rights Offering (any of such non-excluded events, a “Special Distribution”),
the Conversion Price shall be adjusted effective immediately after the record date for the Special Distribution to the amount determined
by multiplying the Conversion Price in effect on the record date for the Special Distribution by a fraction:

 

		(A)	the numerator of which shall be the difference between:

 

		(I)	the product of the number of Common Shares outstanding on such record
date and the Current Market Price of the Common Shares on such record date; and

 

		(II)	the fair value, as determined by the directors of the Corporation
(provided, however, that if the Holder objects such valuation of the directors, the fair value shall be determined by a firm of
independent chartered accountants (that qualifies as a big four accounting firm) as may be selected by the directors), to
the holders of the Common Shares of the shares, rights, options, warrants, evidences of indebtedness or property or assets to be
issued or distributed in the Special Distribution; and

 

		(B)	the denominator of which shall be the product obtained by multiplying
the number of Common Shares outstanding on such record date by the Current Market Price of the Common Shares on such record date.

 

Any Common Shares owned by or held
for the account of the Corporation shall be deemed not to be outstanding for the purpose of such calculation. To the extent that
any adjustment in the Conversion Price occurs pursuant to this Section 5.6(e) as a result of the fixing by the Corporation of a
record date for the issue or distribution of rights, options or warrants to acquire Common Shares or securities exchangeable for
or convertible into Common Shares referred to in this section 5.6(e), the Conversion Price shall be readjusted immediately after
the expiry of any relevant conversion, exchange or conversion right to the amount which would then be in effect if the fair market
value had been determined on the basis of the number of Common Shares issued and remaining issuable immediately after such expiry,
and shall be further readjusted in such manner upon the expiry of any further such right.

 

		5.7	Rules Regarding Calculating Adjustments.

 

		(a)	Adjustments shall be made successively whenever any event referred
to in this Article shall occur. Upon any adjustment of the number of Common Shares which may be purchased hereunder, the Corporation
shall give written notice to the Holder, giving particulars of such adjustment.

 

		(b)	No adjustment of the Conversion Price shall be made if the amount
of such adjustment shall be less than 1% of the Conversion Price in effect immediately prior to the event giving rise to the adjustment,
provided, however, that in such case any adjustment that would otherwise be required then to be made shall be carried forward and
shall be made at the time of and together with the next subsequent adjustment which, together with any adjustment so carried forward,
shall amount to at least 1% of the Conversion Price.

 

    	- 11 -

    	 

    

 

		(c)	Upon any adjustment of the number of Common Shares and upon any adjustment
of the Conversion Price, then and in each such case the Corporation shall give written notice thereof to the Holder, which notice
shall state the Conversion Price and the number of Common Shares or other securities subject to the unconverted Debenture resulting
from such adjustment, and shall set forth in reasonable detail the method of calculation and the facts upon which such calculation
is based. Upon the request of the Holder, there shall be transmitted promptly to the Holder a statement of the firm of independent
chartered accountants retained to audit the financial statements of the Corporation to the effect that such firm concurs in the
Corporation’s calculation of the change.

 

		(d)	In case at any time:

 

		(i)	the Corporation shall declare any dividend upon its Common Shares;

 

		(ii)	the Corporation shall offer for subscription pro rata to the holders
of its Common Shares any additional shares of any class or other rights;

 

		(iii)	there shall be any capital reorganization or reclassification of
the capital stock of the Corporation, or consolidation, amalgamation or merger of the Corporation with, or sale of all or substantially
all of its assets to, another corporation; or

 

		(iv)	there shall be a voluntary or involuntary dissolution, liquidation
or winding-up of the Corporation,

 

then, in any one or more of such
cases, the Corporation shall give to the Holder:

 

		(A)	at least 30 days’ prior written notice of the date on which
a record shall be taken for such dividend, distribution or subscription rights or for determining rights to vote in respect of
any such reorganization, reclassification, consolidation, merger, amalgamation, sale, dissolution, liquidation or winding-up; and

 

		(B)	in the case of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding up, at least 30 days’ prior written notice of the date when the same shall
take place.

 

Such notice in accordance with
the foregoing Section 5.7(d)(iv)(A) shall also specify, in the case of any such dividend, distribution or subscription rights,
the date on which the holders of Common Shares shall be entitled thereto, and such notice in accordance with the foregoing Section
5.7(d)(iv)(B) shall also specify the date on which the holders of Common Shares shall be entitled to exchange their Common Shares
for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, amalgamation, sale,
dissolution, liquidation or winding-up, as the case may be.

 

		5.8	Reservation of Sufficient Common Shares.  The Corporation
shall at all times when any part of this Debenture remains outstanding reserve and keep available out of its authorized but unissued
Common Shares, for the purpose of effecting the conversion of this Debenture, such number of Common Shares as shall from time to
time be sufficient to effect the conversion hereof and to satisfy the obligation to issue Common Shares. As a condition precedent
to the taking of any action which would require an adjustment to the Conversion Price, the Corporation shall take any corporate
action which may be necessary in order that the Corporation shall have unissued and reserved in its authorized capital, and may
validly and legally issue, the Common Shares to which the Holder is entitled on the full exercise of its conversion rights in accordance
with the provisions hereof.

 

    	- 12 -

    	 

    

 

Article
6

NON-NEGOTIABLE INSTRUMENT

 

		6.1	This Debenture is not to be treated as a negotiable instrument. The
Corporation hereby expressly does not waive presentment, demand, protest or notice of any kind in connection with this Debenture.

 

Article
7

REPRESENTATIONS of the CORPORATION

 

		7.1	The Corporation represents and warrants as of the date hereof that:

 

		(a)	it is a corporation, duly organized, validly existing and in good
standing under the laws of New Jersey;

 

		(b)	it has taken all action necessary to authorize the execution and
delivery of this Debenture and has duly executed and delivered this Debenture;

 

		(c)	its delivery of this Debenture and its obligations hereunder, do
not and will not conflict with any law, its articles of incorporation or bylaws, or any material agreement, judgment, license,
order or permit applicable to or binding upon it;

 

		(d)	no permit, consent, approval, authorization or order of, and no notice
or filing is required in connection with the execution, delivery or performance of this Debenture;

 

		(e)	this Debenture is a legal, valid and binding obligation of Corporation
enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or similar laws of
general application relating to enforcement of creditor’s rights;

 

		(f)	no certificate, statement or other information delivered herewith
or heretofore by Corporation in connection with the negotiation of this Debenture in connection with any transaction contemplated
hereby contains any untrue statement of a material fact or omits to state any material fact known to Corporation necessary to make
the statements contained herein not misleading as of the date made or deemed made;

 

		(g)	there is no fact known to Corporation that has not been disclosed
to the Holder in writing which could cause a material adverse change to Corporation’s financial condition, business, assets,
operations, properties or prospects;

 

		(h)	upon giving effect to the issuance hereof and the consummation of
the transactions contemplated hereby and thereby, Corporation will be solvent (as such term is used in applicable bankruptcy, liquidation,
receivership, insolvency or similar laws);

 

    	- 13 -

    	 

    

 

		(i)	no Event of Default has occurred and is continuing; and

 

		(j)	this Debenture has been issued in accordance with resolutions of
the directors of the Corporation, and all other matters and things have been done and performed so as to authorize and make the
creation and issue of this Debenture and its execution and delivery legal, valid and binding in accordance with the constating
documents of the Corporation and all other applicable statutes and laws in that behalf, and this Debenture is given as security
for unconditional and absolute payment of the Principal Amount and Interest thereon, and all other monies entitled to the benefit
of the security hereby created, with Interest thereon at the rate aforesaid, payable in the manner and at the times and places
set forth herein and also as security for the due performance of all obligations of the Corporation hereunder and for the purposes
and subject to the conditions, provisions, covenants and stipulations herein expressed.

 

Article
8

COVENANTS OF THE CORPORATION

 

		8.1	The Corporation covenants and agrees as follows:

 

		(a)	to pay the Principal Amount together with Interest and other monies
hereby and other appurtenant charges thereon, in accordance with the terms hereof;

 

		(b)	to immediately give any notice to the Holder as required pursuant
to this Debenture including, without limitation, any notice of any Event of Default or of any event which with notice or lapse
of time, or both, would constitute an Event of Default hereunder; and

 

		(c)	at all times when any part of this Debenture remains outstanding
reserve and keep available out of its authorized but unissued Common Shares, for the purpose of effecting the conversion of this
Debenture, such number of Common Shares as shall from time to time be sufficient to effect the conversion hereof and to satisfy
the obligation to issue Common Shares.

 

Article
9

EVENTS OF DEFAULT AND ACCELERATION

 

		9.1	Notwithstanding anything herein contained, in the event of a Default,
the entire Principal Amount and all Interest either due or accruing due hereunder and other monies payable by the Corporation hereunder
thereon shall become immediately due and payable with or without prior demand therefor. The occurrence of any one or more of the
following events (herein called an “Event of Default”) constitutes an Event of Default in respect of this Debenture:

 

		(a)	failure by the Corporation to make due and punctual payments of the
Principal Amount or Interest thereon when and as the same become due and payable pursuant to the terms hereof and such failure
or default persists after five (5) business days notice by Holder to the Corporation requiring that the Corporation remedy, correct,
desist or comply with same;

 

    	- 14 -

    	 

    

 

		(b)	if the Corporation makes default in the observance or performance
of any covenants, agreements or conditions herein on the part of the Corporation to be kept, observed and performed and such failure
or default persists after ten (10) business days notice by Holder to the Corporation requiring that the Corporation remedy, correct,
desist or comply with same;

 

		(c)	if an order is made or an effective resolution is passed for the
winding up of the Corporation or if a petition is filed for the winding up of the Corporation;

 

		(d)	if the Corporation becomes insolvent or makes an authorized assignment
or bulk sale of its assets or if a petition in bankruptcy is filed or presented against the Corporation;

 

		(e)	if the Corporation ceases or threatens to cease to carry on its business
or if the Corporation commits or threatens to commit any act of bankruptcy; or

 

		(f)	if a receiver or receiver manager of any of the Corporation's undertaking
or property is appointed.

 

		9.2	The Holder may waive, in writing, any breach by the Corporation of
any of the provisions contained in this Debenture or any default by the Corporation in the observance or performance of any covenant,
agreement or condition required to be kept, observed or performed by the Corporation under the terms of this Debenture; provided
always that no act or omission of the Holder in the premises shall extend to or be taken in any manner whatsoever to affect any
subsequent breach of default or the rights of the Holder resulting therefrom.

 

Article
10

NOTICES

 

		10.1	Notice may be served on the Corporation and any demand for payment
for any monies owing hereunder may be made upon the Corporation by sending such notice or demand through the post by prepaid registered
letter or by fax, or by personal delivery addressed to the Corporation at

 

Bio Nitrogen Corporation

8725 N.W. 18th. Terrace, Suite 105

Doral, Florida 33172

 

Fax: +1 (305) 418-8565

Attention: Carlos A. Contreras, Sr.

 

and any notice or demand so mailed
shall be deemed to have been received at the expiration of five (5) days after it is posted and twenty four (24) hours if forwarded
by fax or personal delivery. In computing the foregoing time, Saturdays, Sundays and holidays shall be excluded. Any such notice
or demand may be served by delivery of such notice or demand in writing to the registered office of the Corporation.

 

		10.2	Notice may be served on the Holder by sending such notice through
the post by prepaid registered letter or by fax, or by personal delivery addressed to the Holder, and any notice so mailed shall
be deemed to have been received at the expiration of five (5) days after it is posted and twenty four (24) hours if forwarded by
fax or personal delivery. In computing the foregoing time, Saturdays, Sundays and holidays shall be excluded. Any such notice may
be served by delivery of such notice in writing to the address of the Holder at the address listed above.

 

    	- 15 -

    	 

    

 

Article
11

RETENTION OF REGISTER

 

		11.1	The Corporation shall at all times, keep in its head office in Doral,
Florida, registration books in which there shall be entered the name and address of the Holder of this Debenture and in which transfers
of this Debenture shall be registered, and which at all reasonable times, shall be open for inspection by the Holder.

 

Article
12

COPY OF DEBENTURE

 

		12.1	The Corporation hereby acknowledges receipt of a copy of this Debenture.

 

Article
13

REGISTRATION RIGHTS

 

		13.1	If the Corporation proposes to register any of its stock or other
securities under the Securities Act of 1933 in connection with the public offering of such securities, the Corporation shall, at
such time, promptly give the Holder written notice of such registration. Upon the written request of the Holder given within twenty
(20) days after mailing of such notice by the Corporation, the Corporation shall, use all commercially reasonable efforts to cause
to be registered under the Securities Act of 1933 all of the securities that each such Holder requests to be registered. All expenses
other than underwriting discounts and commissions incurred in connection with the registration, including, without limitation,
all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the
Corporation shall be borne by the Corporation.

 

this
Debenture has been executed this [●] day of June, 2012.

 

	 	 	bio nitrogen corporation
	 	 	 
	 	By: 	 
	 	 	  Name: Carlos A. Contreras, Sr.
	 	 	  Title: President & CEO

 

    	- 16 -

    	 

    

 

SCHEDULE “A”

 

CONVERSION NOTICE

 

TO:  BIO
NITROGEN CORPORATION

 

The undersigned hereby irrevocably elects
to convert the said Debenture (or $ Principal Amount) and exercises the right to acquire and hereby subscribes for and agrees to
acquire _______________ Common Shares of Bio Nitrogen Corporation, in accordance with and subject to the provisions of such Debenture
and herewith acknowledges satisfaction of payment of $0.03 per Common Share.

 

		(a)	All terms capitalized herein and not otherwise defined shall have
the same meaning as are ascribed to them in the Debenture of the Corporation.

 

		(b)	Such securities (please check one):

 

		(i)	_____ should be sent by first class mail to the following address:

 

OR

 

		(ii)	______ should be held for pick up at the office of the Corporation.

 

		(c)	If the amount of Principal Amount of the Debenture converted is less
than the total Principal Amount, the undersigned requests that the new Debenture certificate representing the balance of the Debenture
be registered in the name of _____________________ whose address is:

 

_________________________________________________________.

 

Such securities (please check one):

 

		(i)	______ should be sent by first class mail to the following address:

 

OR

 

		(ii)	______ should be held for pick up at the office of the Corporation.

 

In the absence of instructions to the contrary,
the securities or other property will be issued in the name of or to the holder hereof and will be sent by first class mail to
the last address of the holder appearing on the register maintained for the Debentures.

 

DATED this ____ day of ____________,
201____.

 

	 	 
	 	  Signature of Holder
	 	 
	 	 
	     	  Print Full Name
	 	 
	 	 
	 	  Print Full Address

 

    	- 17 -THE SECURITIES REPRESENTED HEREBY AND
THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER
HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT IN A TRANSACTION COMPLETED IN
ACCORDANCE WITH THE REGISTRATION STATEMENT, (B) TO THE CORPORATION, (C) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE U.S. SECURITIES ACT, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
PROVIDED BY (i) RULE 144 OR (ii) RULE 144A THEREUNDER, IF AVAILABLE, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION
UNDER THE U.S. SECURITIES ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, AND IN THE CASE OF SUBPARAGRAPH
D(i) OR (E) THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY
TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF
TRANSACTIONS ON STOCK EXCHANGES IN THE UNITED STATES OF AMERICA. 

 

THIS SECURITY MAY NOT BE EXERCISED IN
THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A PERSON IN THE UNITED STATES OR A U.S. PERSON UNLESS
THIS SECURITY AND SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE
APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES”
AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.

 

WARRANT TO PURCHASE COMMON SHARES

 

BIO
NITROGEN CORPORATION

 

	Certificate Number	Number of Warrants
	W 2012 - [●]	[●]

 

THIS
CERTIFIES that [Insert Name of Holder] of [Insert Address] (the
“Holder”) is the registered holder of [●] warrants (the “Warrants”)
of Bio Nitrogen Corporation (the “Corporation”), each of which entitles the Holder, subject to the terms
and conditions set forth in this Warrant certificate, to acquire from the Corporation twenty five thousand (25,000) common shares
(each a “Common Share”) in the capital of the Corporation at any time commencing on the date hereof and continuing
up to and including 5:00 p.m. (Eastern Daylight Time) on June 30, 2015 (the “Time of Expiry”) on payment of
USD$0.06 per Common Share (the “Exercise Price”). The number of Common Shares that the Holder is entitled to
acquire upon exercise of the Warrants and the Exercise Price thereto are subject to adjustment as hereinafter provided. 

 

    	 

    	 

    

 

		1.	Exercise of Warrant.

 

	 	(a)	Election to Acquire. The rights evidenced by this Warrant certificate may be exercised by the Holder at any time or from time to time prior to the Time of Expiry in whole or in part and in accordance with the provisions hereof by delivery of an exercise form in substantially the form attached hereto as Exhibit “1” (the “Exercise Form”), properly completed and executed, together with payment of the Exercise Price, or indication that the rights are exercised through a Cashless Exercise (as set forth in Section 1(d) below), for the number of Common Shares specified in the Exercise Form at the address of the Corporation specified in accordance with Section 14. In the event that the rights evidenced by this Warrant certificate are exercised in part, the Corporation will, contemporaneously with the issuance of the Common Shares issuable on the exercise of the Warrants so exercised, issue to the Holder (without charge), a Warrant certificate on identical terms hereto in respect of that number of Common Shares in respect of which the Holder has not exercised the rights evidenced by this Warrant certificate.

 

		(b)	Exercise. The Corporation shall, within three business days following the date (the “Exercise
Date”) it receives a duly executed Exercise Form and the Exercise Price for the number of Common Shares specified
in the Exercise Form (and that the Holder is entitled to), issue that number of Common Shares specified in the Exercise Form as
fully paid and non-assessable Common Shares.

 

		(c)	Common Share Certificates. As promptly as practicable after the Exercise Date and, in any
event, within three (3) business days of receipt of the Exercise Form, the Corporation will issue and deliver to the Holder, registered
in such name or names as the Holder may direct, or if no such direction has been given, in the name of the Holder, a certificate
or certificates for the number of Common Shares specified in the Exercise Form (and that the Holder is entitled to). To the extent
permitted by law, such exercise will be deemed to have been effected as of the close of business on the Exercise Date, and at such
time the rights of the Holder with respect to the number of Warrants that have been exercised as such shall cease, and the person
or persons in whose name or names any certificate or certificates for Common Shares are then issuable upon such exercise shall
be deemed to have become the holder or holders of record of the Common Shares represented thereby.

 

		(d)	Cashless Exercise: The Holder, at its option, may exercise the rights evidenced by this
Warrant certificate in a cashless exercise transaction pursuant to this subsection (d) (a “Cashless Exercise”).
In order to effect a Cashless Exercise, the Holder shall elect such option in the Exercise Form, in which event the Company shall
issue Holder a number of shares of Common Stock computed using the following formula: “X = Y*(A-B)/A”,
where (i) X = means the number of shares of Common Stock to be issued to Holder, (ii) Y = means the number of shares of Common
Stock for which the Warrant is being exercised, (iii) A = means the Current Market Price (as defined in Section 2(a)(ii) below)
and (iv) B = means the Exercise Price.

 

		2.	Anti-Dilution Protection.

 

		(a)	Definitions. For the purposes of this section 2, unless there is something in the subject
matter or context inconsistent therewith, the words and terms defined below will have the respective meanings specified therefor
in this subsection:

 

		(i)	“Adjustment Period” means the period commencing on the date hereof and ending
at the Time of Expiry;

 

    	- 2 -

    	 

    

 

		(ii)	“Current Market Price” of the Common Shares at any date means the price per
share equal to the weighted average price at which the Common Shares have traded on a stock exchange as may be selected by the
directors of the Corporation for such purpose or, if the Common Shares are not then listed on any stock exchange, in the over-the-counter
market, during the period of any twenty consecutive trading days ending not more than five business days before such date; provided
that the weighted average price will be determined by dividing the aggregate sale price of all Common Shares sold on the said exchange
or market, as the case may be, during the said twenty consecutive trading days by the total number of Common Shares so sold; and
provided further that if the Common Shares are not then listed on any stock exchange or traded in the over-the counter market,
then the Current Market Price will be determined by such firm of independent chartered accountants (that qualifies as a big
four accounting firm) as may be selected by the directors;

 

		(iii)	“director” means a director of the Corporation for the time being and, unless
otherwise specified herein, a reference to action “by the directors” means action by the directors of the Corporation
as a board or, whenever empowered, action by the executive committee of such board; and

 

		(iv)	“trading day” with respect to a stock exchange or over-the-counter market means
a day on which such stock exchange or market is open for business.

 

		(b)	Adjustments. The Exercise Price and the number of Common Shares issuable to the Holder on
exercise of the Warrants will be subject to adjustment from time to time in the events and in the manner provided as follows:

 

		(i)	If at any time during the Adjustment Period the Corporation:

 

		(a)	fixes a record date for the issue of, or issues, Common Shares or securities exchangeable or convertible
into Shares, to the holders of all or substantially all of the then outstanding Common Shares by way of a stock dividend;

 

		(b)	fixes a record date for the distribution to, or makes a distribution to, the holders of all or
substantially all of the Common Shares payable in Common Shares or securities exchangeable for or convertible into Common Shares;

 

		(c)	subdivides, redivides or changes the outstanding Common Shares into a greater number of Common
Shares; or

 

		(d)	consolidates, reduces or combines the outstanding Common Shares into a lesser number of Common
Shares;

 

(any of such events in subclauses
(a), (b), (c) and (d) above being herein called a “Common Share Reorganization”), the Exercise Price will be
adjusted on the earlier of the record date on which holders of Common Shares are determined for the purposes of the Common Share
Reorganization and the effective date of the Common Share Reorganization to the amount determined by multiplying the Exercise Price
in effect immediately prior to such record date or effective date, as the case may be, by a fraction:

 

    	- 3 -

    	 

    

 

		(a)	the numerator of which will be the number of Common Shares outstanding on such record date or effective
date before giving effect to such Common Share Reorganization; and

 

		(b)	the denominator of which will be the number of Common Shares that will be outstanding immediately
after giving effect to such Common Share Reorganization (including in the case where securities exchangeable for or convertible
into Common Shares are distributed, the number of Common Shares that would be outstanding had such securities all been fully exchanged
for or converted into Common Shares on such date).

 

To the extent that any adjustment
in the Exercise Price occurs pursuant to this Section 2(b)(i) as a result of the fixing by the Corporation of a record date for
the distribution of securities exchangeable for or convertible into Common Shares, the Exercise Price will be readjusted immediately
after the expiry of any relevant exchange or conversion right to the Exercise Price that would then be in effect based upon the
number of Common Shares actually issued and remaining issuable after such expiry and will be further readjusted in such manner
upon the expiry of any further such rights.

 

		(ii)	If at any time during the Adjustment Period the Corporation

 

		(a)	fixes a record date for the issue or distribution to the holders of all or substantially all of
the outstanding Common Shares of rights, options or warrants pursuant to which such holders are entitled, during a period expiring
not more than 45 days after the record date for such issue (such period being the “Rights Period”), to
subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares; or

 

		(b)	issues or sells, or in accordance, is deemed to have issued or sold, any Common Shares or securities
exchangeable for or convertible into Common Shares,

 

at a price
per Common Share (or in the case of securities exchangeable for or convertible into Common Shares at an exchange or conversion
price per Common Share at the date of issue of such securities) of less than 100% of the Current Market Price of the Common Shares
on such record date (any of such events being herein called a “Rights Offering”), the Exercise Price
will be adjusted effective immediately after the record date for the Rights Offering to the amount determined by multiplying the
Exercise Price in effect on such record date by a fraction:

 

		(a)	the numerator of which will be the aggregate of:

 

		(I)	the number of Common Shares outstanding on the record date for the Rights Offering; and

 

		(II)	the quotient determined by dividing:

 

    	- 4 -

    	 

    

 

		(1)	either (a) the product of the number of Common Shares offered during the Rights Period pursuant
to the Rights Offering and the price at which such Common Shares are offered, or, (b) the product of the exchange or conversion
price of the securities so offered and the number of Common Shares for or into which the securities offered pursuant to the Rights
Offering may be exchanged or converted, as the case may be, by

 

		(2)	the Current Market Price of the Common Shares as of the record date for the Rights Offering; and

 

		(b)	the denominator of which will be the aggregate of the number of Common Shares outstanding on such
record date and the number of Common Shares offered pursuant to the Rights Offering (including in the case of the issue or distribution
of securities exchangeable for or convertible into Common Shares, the number of Common Shares for or into which such securities
may be exchanged or converted).

 

If by the terms of the rights,
options, or warrants referred to in this Section 2(b)(ii), there is more than one purchase, conversion or exchange price per Common
Share, the aggregate price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate
conversion or exchange price of the convertible or exchangeable securities so offered, will be calculated for purposes of the adjustment
on the basis of the lowest purchase, conversion or exchange price per Common Share, as the case may be. Any Common Shares owned
by or held for the account of the Corporation will be deemed not to be outstanding for the purpose of any such calculation. To
the extent that any adjustment in the Exercise Price occurs pursuant to this Section 2(b)(ii) as a result of the fixing by the
Corporation of a record date for the issue or distribution of rights, options or warrants referred to in this Section 2(b)(ii),
the Exercise Price will be readjusted immediately after the expiry of any relevant exchange, conversion or exercise right to the
Exercise Price that would then be in effect based upon the number of Common Shares actually issued and remaining issuable after
such expiry and will be further readjusted in such manner upon the expiry of any further such rights.

 

		(iii)	If at any time during the Adjustment Period the Corporation fixes a record date for the issue or
distribution to the holders of all or substantially all of the Common Shares of:

 

		(a)	shares of the Corporation of any class other than Common Shares;

 

		(b)	rights, options or warrants to acquire Common Shares or securities exchangeable for or convertible
into Common Shares;

 

		(c)	evidences of indebtedness of the Corporation; or

 

		(d)	any property or assets of the Corporation;

 

and if such issue or distribution
does not constitute a Common Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a “Special
Distribution”), the Exercise Price will be adjusted effective immediately after the record date for the Special Distribution
to the amount determined by multiplying the Exercise Price in effect on the record date for the Special Distribution by a fraction:

 

    	- 5 -

    	 

    

 

		(I)	the numerator of which will be the difference between:

 

		(1)	the product of the number of Common Shares outstanding on such record date and the Current Market
Price of the Common Shares on such record date, and

 

		(2)	the fair value, as determined by the directors of the Corporation (provided, however, that if the
Holder objects such valuation of the directors, the fair value shall be determined by firm of independent chartered accountants
(that qualifies as a big four accounting firm) as may be selected by the directors), to the holders of the Common Shares
of the shares, rights, options, warrants, evidences of indebtedness or property or assets to be issued or distributed in the Special
Distribution, and

 

		(II)	the denominator of which will be the product obtained by multiplying the number of Common Shares
outstanding on such record date by the Current Market Price of the Common Shares on such record date.

 

Any Common Shares owned by or
held for the account of the Corporation will be deemed not to be outstanding for the purpose of such calculation. To the extent
that any adjustment in the Exercise Price occurs pursuant to this Section 2(b)(iii) as a result of the fixing by the Corporation
of a record date for the issue or distribution of rights, options or warrants to acquire Common Shares or securities exchangeable
for or convertible into Common Shares referred to in this Section 2(b)(iii), the Exercise Price will be readjusted immediately
after the expiry of any relevant exercise, exchange or conversion right to the amount that would then be in effect if the fair
market value had been determined on the basis of the number of Common Shares issued and remaining issuable immediately after such
expiry, and will be further readjusted in such manner upon the expiry of any further such rights.

 

		(iv)	If at any time during the Adjustment Period there occurs:

 

		(a)	a reclassification or redesignation of the Common Shares, any change of the Common Shares into
other shares or securities or any other capital reorganization involving the Common Shares, other than a Common Share Reorganization;

 

		(b)	a consolidation, amalgamation, arrangement or merger by the Corporation with or into any other
body corporate or entity, or any other transaction that results in a reclassification or redesignation of the Common Shares or
a change of the Common Shares into other shares or securities of another body corporate or entity; or

 

		(c)	the transfer of the undertaking or assets of the Corporation as an entirety or substantially as
an entirety to another corporation or entity;

 

    	- 6 -

    	 

    

 

			(any of such events being herein called a “Capital Reorganization”),
then after the effective date of the Capital Reorganization, the Holder will be entitled to receive, and will accept, for the same
aggregate consideration, upon exercise of the Warrants, in lieu of the number of Common Shares to which the Holder was theretofore
entitled upon the exercise of the Warrants, the kind and aggregate number of shares and other securities or property resulting
from the Capital Reorganization that the Holder would have been entitled to receive as a result of the Capital Reorganization if,
on the effective date thereof, the Holder had been the registered holder of the number of Common Shares to which the Holder was
at such time entitled to acquire upon the exercise of the Warrants. If necessary, as a result of any Capital Reorganization, appropriate
adjustments will be made in the application of the provisions of this Warrant certificate with respect to the rights and interests
thereafter of the Holder and the provisions of this Warrant certificate will thereafter correspondingly be made applicable as nearly
as may reasonably be possible in relation to any shares or other securities or property thereafter deliverable upon the exercise
of the Warrants.

 

		(v)	If at any time during the Adjustment Period any adjustment or readjustment in the Exercise Price
occurs pursuant to the provisions of Section 2(b)(i), Section 2(b)(ii) or Section 2(b)(iii) hereof, then the number of Common Shares
purchasable upon the subsequent exercise of the Warrants, will be simultaneously adjusted or readjusted, as the case may be, by
multiplying the number of Common Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment or readjustment
by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the adjustment and the denominator
of which shall be the Exercise Price resulting from such adjustment.

 

		3.	Rules.

 

The following rules
and procedures will be applicable to adjustments made pursuant to Section 2 of this Warrant certificate.

 

		(a)	Subject to the following provisions of this Section 3, the adjustments provided in Section 2 are
cumulative, and any adjustment made pursuant to Section 2 hereof will be made successively whenever an event referred to therein
occurs.

 

		(b)	No adjustment in the Exercise Price will be required unless the adjustment would result in a change
of at least one per cent in the Exercise Price then in effect and no adjustment will be made in the number of Common Shares purchasable
or issuable on the exercise of the Warrant unless it would result in a change of at least one one-hundredth of a Common Share;
provided, however, that any adjustments that, except for the provisions of this Section 3(b), would otherwise have been required
to be made will be carried forward and taken into account in any subsequent adjustment. Notwithstanding any other provision of
Section 2 of this Warrant certificate, no adjustment of the Exercise Price will be made that would result in an increase in the
Exercise Price or a decrease in the number of Common Shares issuable upon the exercise of the Warrant (except in respect of a consolidation
of the outstanding Common Shares) pursuant to Section 2(b)(i)(d).

 

    	- 7 -

    	 

    

 

		(c)	If at any time during the Adjustment Period the Corporation takes any action affecting the Common
Shares, other than an action or an event described in Section 2 hereof, which would have a material adverse effect upon the rights
of the Holder under this Warrant certificate, the Exercise Price and/or the number of Common Shares purchasable under this Warrant
certificate will be adjusted in such manner and at such time as shall be equitable in the circumstances.

 

		(d)	If applicable, no adjustment in the Exercise Price or in the number or kind of securities purchasable
on the exercise of the Warrants will be made in respect of any event described in Section 2 hereof if the Holder is entitled to
participate in such event on the same terms mutatis mutandis as if the Holder had exercised the Warrants prior to, or on,
the record date or effective date, as the case may be, of such event.

 

		(e)	If the Corporation sets a record date to determine holders of Common Shares for the purpose of
entitling such holders to receive any dividend or distribution or any subscription or purchase rights and thereafter and before
the distribution to such holders of any such dividend, distribution or subscription or purchase rights legally abandons its plan
to pay or deliver such dividend, distribution or subscription or purchase rights, no adjustment in the Exercise Price or the number
of Common Shares purchasable upon the exercise of the Warrant will be required by reason of the setting of such record date and
any such adjustment will be reversed.

 

		(f)	In any case in which this Warrant certificate requires that an adjustment become effective immediately
after a record date for an event referred to in Section 2 hereof, the Corporation may defer, until the occurrence of such event:

 

		(i)	issuing to the Holder, to the extent that the Warrants are exercised after such record date and
before the occurrence of such event, the additional Common Shares (or other shares or securities or property) issuable upon such
exercise by reason of the adjustment required by such event; and

 

		(ii)	delivering to the Holder any distribution declared with respect to such additional Common Shares
after such record date and before such event;

 

provided, however,
that the Corporation delivers to the Holder an appropriate instrument evidencing the right of the Holder, upon the occurrence of
the event requiring the adjustment, to an adjustment in the Exercise Price or the number of Common Shares purchasable upon the
exercise of the Warrant.

 

		(g)	If a dispute arises at any time with respect to any adjustment of the Exercise Price or the number
of Common Shares purchasable pursuant to this Warrant certificate, such dispute will be conclusively determined by the auditors
of the Corporation or if they are unable or unwilling to act by such other firm of independent chartered accountants (that qualifies
as a big four accounting firm) as may be selected by the directors.

 

		(h)	As a condition precedent to the taking of any action that would require an adjustment pursuant
to Section 2 hereof, the Corporation will take any action which may, in the opinion of the Corporation's legal counsel, be necessary
in order that the Corporation may validly and legally issue as fully paid and non-assessable shares all of the Common Shares that
the Holder is entitled to receive in accordance with the provisions of this Warrant certificate.

 

    	- 8 -

    	 

    

 

		(i)	At least twenty-one days prior to any record date or effective date, as the case may be, for any
event that requires or might require an adjustment in any of the rights of the Holder, including the Exercise Price or the number
of Common Shares, as the case may be and as applicable, that are obtained under this Warrant certificate, the Corporation will
deliver to the Holder, at the Holder’s registered address, a certificate of the Corporation specifying the particulars of
such event and, if determinable, the required adjustment and the calculation of such adjustment. In case any adjustment for which
a notice in this Section 3(i) has been given is not then determinable, the Corporation will promptly after such adjustment is determinable
deliver to the Holder, a certificate providing the calculation of such adjustment. The Corporation hereby covenants and agrees
that the register of transfers and share transfer books for the Common Shares will be open, and that the Corporation will not take
any action that might deprive the Holder of the opportunity of exercising the rights contained in this Warrant certificate, during
such twenty-one day period.

 

		4.	Shares to be Reserved.

 

The Corporation will
at all times keep available, and reserve, out of its authorized Common Shares, solely for the purpose of issuing upon the exercise
of the Warrants, such number of Common Shares as shall then be issuable upon the exercise of the Warrants. The Corporation covenants
and agrees that all Common Shares that are so issuable will, upon issuance, be duly authorized fully paid and non-assessable. The
Corporation will use its best efforts to ensure that all such Common Shares may be so issued without violation of any applicable
laws or the applicable requirements of any exchange upon which the Common Shares may be listed or in respect of which the Common
Shares are qualified for unlisted trading privileges.

 

		5.	Fractional Common Shares.

 

The Corporation will
not be required to issue fractional Common Shares upon exercise of any Warrant in satisfaction of its obligations hereunder. If
any fractional interest in a Common Share would be deliverable upon the exercise of a Warrant, the Corporation will, in lieu of
delivering the fractional Common Share, satisfy the right to receive such fractional interest by payment to the Holder of an amount
in cash equal (computed in the case of a fraction of a cent to the next lower cent) to the value of the right to acquire such fractional
interest on the basis of the Current Market Price of the Common Shares on the date of exercise.

 

		6.	Replacement.

 

Upon receipt
of evidence satisfactory to the Corporation, acting reasonably, of the loss, theft, destruction or mutilation of this Warrant certificate
and, if requested by the Corporation, upon delivery of a bond of indemnity satisfactory to the Corporation (or, in the case of
mutilation, upon surrender of this Warrant certificate), the Corporation will issue a replacement certificate to the Holder which
contains the same terms and conditions as this Warrant certificate.

 

		7.	No Transfer.

 

This Warrant may be
transferred. No transfer of this Warrant shall be effective unless this Warrant certificate is accompanied by a duly executed transfer
form in the form the Corporation may from time to time reasonably prescribe, together with such evidence of the genuineness of
each endorsement, execution and authorization and of other matters as may reasonably be required by the Corporation, are delivered
to the Corporation. No transfer of this Warrant shall be made if in the opinion of counsel to the Corporation such transfer would
result in the violation of any applicable securities laws. No fee shall apply to any transfer.

 

    	- 9 -

    	 

    

 

		8.	Expiry Date.

 

The Warrants will expire
and all rights to acquire Common Shares hereunder will cease and become null and void at the Time of Expiry.

 

		9.	Enforcement.

 

All or any of the rights
conferred upon the Holder by the terms hereof may be enforced by the Holder by appropriate legal proceedings.

 

		10.	Exchange.

 

The registered holder
of this Warrant may at any time up to and including the Expiry Time, upon the surrender hereof to the Corporation at the address
of the Corporation specified in accordance with Section 14, exchange this Warrant for one or more Warrants entitling the holder
to subscribe in the aggregate for the same number of Common Shares as is expressed in this Warrant certificate. Any Warrant certificate
tendered for exchange shall be surrendered to the Corporation and cancelled.

 

		11.	Severability

 

If any one or more
of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect
in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be,
as to such jurisdiction, severable therefrom and:

 

		(a)	the validity, legality or enforceability of such remaining provisions or parts thereof shall not
in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

 

		(b)	the invalidity, illegality or unenforceability of any provision or part thereof contained in this
Warrant in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant in
any other jurisdiction.

 

		12.	Covenants and Representations, Warranties and Covenants of the Company.

 

		(a)	The Corporation represents and warrants to the Holder (and acknowledges that the Holder is relying
on such representations and warranties) that:

 

		(i)	it is a corporation amalgamated and existing under the laws of the State of New Jersey;

 

		(ii)	it has the corporate power to enter into and perform its obligations under this Warrant certificate
and the execution and delivery of and performance by the Corporation of this Warrant certificate has been authorized by all necessary
corporate action on the part of the Corporation;

 

		(iii)	this Warrant certificate has been duly executed and delivered by the Corporation and constitutes
a legal, valid and binding agreement of the Corporation enforceable against it in accordance with its terms; and

 

		(iv)	all Common Shares issued pursuant to the Warrants will be validly issued as fully paid and non-assessable.

 

    	- 10 -

    	 

    

 

		(b)	The Corporation covenants and agrees that:

 

		(i)	it will reserve and keep available, free from any pre-emptive rights, out of its authorized and
unissued equity securities, a sufficient number of Common Shares, as may be adjusted pursuant to the terms hereof, for the purpose
of enabling it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants;

 

		(ii)	it will cause the Common Shares acquired pursuant to the exercise of the Warrants to be duly issued
and delivered in accordance with the terms of this Warrant certificate;

 

		(iii)	all Common Shares that are issued upon exercise of the Warrants will be duly authorized and be
issued as validly issued, fully paid and non-assessable;

 

		(iv)	it will make all requisite filings, including filings with securities regulatory authorities in
the United States of America, in connection with the exercise of the Warrants and the issue of the Common Shares upon exercise
thereof and will make all requisite filings necessary to remain a reporting issuer not in default thereunder;

 

		(v)	it will use its best efforts to ensure that all Common Shares may be so issued pursuant to the
terms hereof without violation of any applicable laws, including U.S. securities laws) or the applicable requirements of any exchange
upon which the Common Shares may be listed or in respect of which such Common Shares are qualified for unlisted trading privileges;

 

		(vi)	it will expeditiously use its best commercial efforts to obtain the listing of all Common Shares
issued pursuant to this Warrant Certificate on such exchange or over the counter market which the Common Shares are listed from
time to time; and

 

		(vii)	it will do, or cause to be done, all commercially reasonable things necessary to preserve and keep
in full force and effect its corporate existence.

 

		13.	United States Restrictions.

 

The Warrants have not
been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”)
or any state securities laws; accordingly, the Warrants may not be exercised in the United States or by or on behalf of U.S. persons
(as defined in Regulation S under the U.S. Securities Act) unless an exemption from registration under the U.S. Securities Act
and applicable state securities laws is available, and the Corporation receives an opinion of counsel to such effect in form and
substance satisfactory to it.

 

		14.	Notice.

 

Any notice, direction,
election, form or other communication given regarding the matters contemplated by this Agreement (each a “Notice”)
must be in writing, sent by personal delivery, courier or facsimile (but not by email) and addressed:

 

	 	to the Corporation at:	8725 N.W. 18th. Terrace, Doral, Florida 33172
	 	 	Attention: Carlos A. Contreras, Sr.
	 	 	Facsimile: +1 (305) 418-8565
	 	to the Holder at the address of the Holder listed above.

 

    	- 11 -

    	 

    

 

A Notice is deemed to be given and received
(i) if sent by personal delivery or same day courier, on the date of delivery if it is a business day and the delivery was made
prior to 4:00 p.m. (local time in place of receipt) and otherwise on the next business day, (ii) if sent by overnight courier,
on the next business day, or (iii) if sent by facsimile, on the business day following the date of confirmation of transmission
by the originating facsimile. A Party may change its address for service from time to time by providing a Notice in accordance
with the foregoing. Any subsequent Notice must be sent to the Party at its changed address. Any element of a Party’s address
that is not specifically changed in a Notice will be assumed not to be changed.

 

		15.	Governing Law.

 

This Agreement will
be governed by, interpreted and enforced in accordance with the laws of the State of Florida.

 

		16.	Successors.

 

This Warrant certificate
will enure to the benefit of and will be binding upon the Holder and the Corporation and their respective successors.

 

		17.	General.

 

The holding of Warrants
evidenced by this Warrant certificate will not constitute the holder a shareholder of the Corporation or entitle the holder to
any right or interest in respect thereof except as expressly provided in this Warrant certificate.

 

		18.	Registration Rights.

 

If the Corporation
proposes to register any of its stock or other securities under the Securities Act of 1933 in connection with the public offering
of such securities, the Corporation shall, at such time, promptly give the Holder written notice of such registration. Upon the
written request of the Holder given within twenty (20) days after mailing of such notice by the Corporation, the Corporation shall,
use all commercially reasonable efforts to cause to be registered under the Securities Act of 1933 all of the securities that each
such Holder requests to be registered. All expenses other than underwriting discounts and commissions incurred in connection with
the registration, including, without limitation, all registration, filing and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation shall be borne by the Corporation

 

IN WITNESS WHEREOF
the Corporation has caused this Warrant certificate to be signed by its duly authorized officer.

 

DATED
as of the [●] day of June, 2012.

 

	 	Bio Nitrogen Corporation
	 	 
	 	By: 	 
	 	 	Name: Carlos A. Contreras, Sr.
	 	 	Title:  President and CEO

 

    	- 12 -

    	 

    

 

EXHIBIT “1”

 

ELECTION TO EXERCISE

 

		TO:	BIO NITROGEN CORPORATION
(the “Company”)

 

The undersigned holder of the Warrants
represented by the Warrant certificate attached hereto hereby irrevocably elects to exercise in accordance with and subject to
the provisions of this Warrant certificate the number of Warrants of the Company set out below for the number of Common Shares
(or other property or securities subject thereto) as set forth below through a Cash Exercise/Cashless Exercise [circle the applicable
option and complete below as applicable]:

 

OPTION 1: Cash Exercise

 

	 	(a)	Number of Warrants to be exercised:	 
	 	 	 	 
	 	(b)	Number of Common Shares to be acquired:	 

  

	 	(c)	Exercise Price (US$0.06, or such adjusted price in effect):	US	$
	 	 	 	 	 
	 	(d)	Aggregate Purchase Price [(b) multiplied by (c)]	US	$

 

and
either (i) encloses herewith cash or a certified cheque or bank draft payable in U.S. dollars to or to the order of the Company,
or (ii) sends, contemporaneously herewith, a wire transfer to an account designated by the Company for the full subscription price
for the Common Shares so subscribed for.

 

OPTION 2: Cashless Exercise

 

Number of Common Shares
to be acquired:                                            

 

Capitalized
terms used in this Election to Exercise which are not defined have the respective meanings ascribed to such terms in the Warrant
certificate attached hereto.

 

The
Common Shares hereby subscribed for are to be issued as follows:

 

	 	Name:	 	 
	 	 	 	 
	 	Address in full:	 	 
	 	 	 	 
	 	 	 	 

 

Note:
If further nominees are intended, please attach (and initial) a schedule providing these particulars.

 

1[Please
check box if the undersigned represents and warrants to the Company as follows (check one):

 

 ̈       (i)         The
undersigned (a) at the time of exercise of this Warrant is not in the United States; (b) is not a “U.S. Person” as
defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and
is not exercising this Warrant on behalf of a “U.S. Person”; and (c) did not execute or deliver this Subscription Form
in the United States.

 

 

 

1
Bracketed language applicable to Warrant issued to U.S. holder.

 

    	 

    	 

    

 

 ̈       (ii)         An
exemption from registration under the U.S. Securities Act and any applicable state securities law is available for the issuance
of Common Shares pursuant to this exercise, and attached hereto is an opinion of counsel to such effect, it being understood that
any opinion of counsel tendered in connection with the exercise of this Warrant must be in form and substance satisfactory to
the Company.

 

 ̈       (iii)         The
undersigned is an “accredited investor” as defined in Rule 501(a) of Regulation D (an “Accredited Investor”)
under the U.S. Securities Act and it is exercising this Warrant and acquiring the Common Shares issuable upon exercise thereof
for its own account or for the account of an Accredited Investor, as to which it exercises sole investment discretion, and not
with a view to any resale, distribution or other disposition of the Common Shares in violation of the United States securities
laws, and hereby represents, warrants and covenants and agrees (on its own behalf and, if applicable, on behalf of each beneficial
owner for whom it is acting hereunder) as follows:

 

		1.	It, alone or with its advisors, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Common Shares and
is able to bear the economic risks of such investment.

 

		2.	It understands and acknowledges that the Company is not obligated
to file and does not have any present intention of filing with the United States Securities and Exchange Commission or with any
state securities administration any registration statement in respect of resales of the Common Shares.

 

		3.	It agrees that if it decides to offer, sell or otherwise transfer
any of the Common Shares, it will not offer, sell or otherwise transfer any of such Common Shares, directly or indirectly, except:
only (A) to the Company, (B) in the United States, in compliance with Rule 144A under the U.S. Securities Act, if available, (C)
outside the United States, in compliance with Rule 904 of Regulation S and in compliance with applicable local laws and regulations,
(D) in a transaction exempt from registration under the U.S. Securities Act pursuant to Rule 144 and in compliance with any applicable
state securities laws of the United States, or (E) in a transaction that does not require registration under the U.S. Securities
Act or any applicable United States state securities laws, and in the case of (D) and (E) it has furnished to the Company an opinion
of counsel of recognized standing in form and substance satisfactory to the Company to that effect.
	 	 	 

		4.	It understands that upon the original issuance thereof, and until
such time as the same is no longer required under applicable requirements of the U.S. Securities Act or state securities laws,
the certificates representing the Common Shares, and all certificates issued in exchange therefor or in substitution thereof, shall
bear on the face of such certificates the following legend:

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT IN A TRANSACTION COMPLETED IN ACCORDANCE WITH THE REGISTRATION STATEMENT,
(B) TO THE CORPORATION, (C) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT,
(D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) RULE 144A
THEREUNDER, IF AVAILABLE, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT, AND IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, AND IN THE CASE OF SUBPARAGRAPH D(i) OR (E) THE SELLER FURNISHES
TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT.
DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN
THE UNITED STATES OF AMERICA;

 

    	- 2 -

    	 

    

 

provided,
that if Common Shares are being sold in compliance with the requirements of Rule 904 of Regulation S, and provided that
the Company is a “foreign issuer” within the meaning of Regulation S at the time of sale, the above legend may be removed
by providing a declaration to the Company or, if one has been appointed, to the registrar and transfer agent for the Common Shares,
to the following effect (in addition to such further documents or evidence that the Company or its transfer agent may reasonably
require from time to time which may include an opinion of counsel in form and substance satisfactory to the Company):

 

“The
undersigned (a) acknowledges that the sale of the securities of Bio Nitrogen Corporation (the “Corporation”) to which
this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”) and (b) certifies that (1) the undersigned is not an “affiliate”
of the Corporation as that term is defined in Rule 405 under the U. S. Securities Act, (2) the offer of such securities was not
made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United
States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States or (B)
the transaction was executed on or through the facilities of a stock exchange and neither the seller nor any person acting on its
behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate
of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United
States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of “washing
off” the resale restrictions imposed because the securities are “restricted securities” (as that term is defined
in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace such securities with fungible unrestricted
securities and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical
compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U. S. Securities Act. Terms
used herein have the meanings given to them by Regulation S”;

 

provided,
further, that if any such Common Shares are being sold pursuant to Rule 144 of the U.S. Securities Act, the above legend may
be removed by delivery to the Company or, if one has been appointed, to the registrar and transfer agent for the Common Shares,
of an opinion of counsel, of recognized standing in form and substance satisfactory to the Company, to the effect that such legend
is no longer required under applicable requirements of the U.S. Securities Act or state securities laws; 

 

and
the Company shall use its reasonable best efforts to cause the registrar and transfer agent of the Company to remove the foregoing
U.S. legend within three business days (excluding weekends and holidays) of receipt of the foregoing, as applicable.

 

		5.	It will deliver to each person to whom it transfers any Common
Shares notice of the applicable restrictions on transfer of such Common Shares.

 

		6.	It is aware of the resale restrictions applicable to the Common
Shares and confirms that no representation has been made respecting its ability to resell the Common Shares.

 

    	- 3 -

    	 

    

 

DATED
this _____ day of _______________, ________.

 

	 	 	 
	Signature Guaranteed (See Instruction #1, below)	 	Signature of Holder (to be the same as the name that appears on the face of the Warrant certificate attached hereto)
	 	 	 
	 	 	 
	 	 	Name of Holder (please print)
	 	 	 
	 	 	 
	 	 	Address of Holder (please print)

 

Instructions:

 

		1.	If the Election to Exercise indicates that Common Shares are to be issued to a person or persons
other than the registered holder of the Warrant certificate, the signature of such holder on the Subscription Form must
be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized
stock exchange, and such holder must pay any applicable transfer taxes or fees.

 

		2.	If the Election to Exercise is signed by a trustee, executor, administrator, curator, guardian,
attorney, officer of a company or any person acting in a judiciary or representative capacity, the Election to Exercise must be
accompanied by evidence of authority to sign satisfactory to the Company.

 

		3.	Warrants shall only be transferable in accordance with the applicable terms and conditions thereof
and applicable securities laws.

 

    	- 4 -

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