Document:

NONE
      OF
      THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
      "SUBSCRIPTION AGREEMENT") RELATES HAVE BEEN REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY U.S. STATE
      SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN
      THE
      UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN
      EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
      STATE SECURITIES LAWS.

     

    STOCK
      PURCHASE AGREEMENT

     

    This
      COMMON STOCK PURCHASE AGREEMENT (this “Agreement”),
      dated
      as of [-----] of August, 2008, is entered into by and between Royaltech, Inc.,
      a
      Delaware corporation (“Royaltech”),
      and
FirsTrust
      Group Inc.,
      with an
      address at 1200 Abernathy Rd, Suite 1700, Building 600 Northpark, Atlanta,
      GA
      30328 (the “Purchaser”).

     

    RECITALS

     

    WHEREAS,
      the Purchaser desires to purchase and acquire, and Royaltech desires to issue
      and sell to the Purchaser, 400,000 shares of common stock, par value $0.0001
      of
      Royaltech for a consideration of $150,000; and

     

    WHEREAS,
      the parties hereto desire to enter into this Agreement.

     

    AGREEMENT

     

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      in
      this Agreement and other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto agree as
      follows:

     

    1. Sale
      of Common Stock.

     

    A. Sale
      and Issuance of Common Stock. Subject
      to the terms and conditions of this Agreement, at the Closing, Royaltech will
      sell and issue to the Purchaser, and the Purchaser will purchase from Royaltech,
      400,000 shares of Common Stock (the “Shares”)
      at the
      purchase price of $0.375 per share for an aggregate purchase price of
$150,000.

     

    II. Closing.

     

    A. Closing
      Date.
      The
      purchase and sale of the Shares hereunder shall take place at a closing
      (the “Closing”),
      which
      shall be held simultaneously with the execution of the Share Exchange Agreement
      by and among Royaltech, Densen Equipment Ltd. (“Densen”)
      and
      shareholders of Densen dated as of [-----] of August, 2008 (the “Share
      Exchange Agreement”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    B. Actions
      by Royaltech at the Closing.
      Upon
      receipt of the Subscription Amount, Royaltech shall issue
      the
      Shares to the Purchaser or its designees in the amounts as Purchaser shall
      designate.

     

    C. Actions
      by the Purchaser at the Closing.
      The
      Purchaser shall deliver the $150,000
      purchase price for the Shares (the “Subscription
      Amount”)
      to the
      designated escrow agent under the Escrow Agreement by and among Purchaser,
      Royaltech, Densen, and Clark Wilson LLP dated as of [-----] of August, 2008
      (the
“Escrow
      Agreement”)
      to be
      held by the escrow agent in escrow and disbursed pursuant to the Escrow
      Agreement.

     

    III. Representations
      and Warranties of Royaltech.
      Royaltech hereby represents and warrants to the Purchaser that:

     

    A. Organization;
      Good Standing; Qualification and Corporate Power.

     

    (a)
       Royaltech
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of Delaware and has all requisite corporate power and authority to carry
      on
      its business as now conducted and as proposed to be conducted. Royaltech is
      duly
      qualified to transact business and is in good standing in each jurisdiction(s)
      in which the failure so to qualify would have a material adverse effect on
      its
      business or properties. True and correct copies of Royaltech Certificate of
      Incorporation, as amended (the "Certificate
      of Incorporation")
      and
      Bylaws have been provided to the Purchaser.

    

    (b)
       Royaltech
      has all requisite legal and corporate power and authority to execute and deliver
      this Agreement, to issue the Shares and to carry out and perform its obligations
      under the terms of this Agreement and to consummate the transactions
      contemplated hereby and thereby. All necessary corporate action has been taken
      by Royaltech with respect to the execution, delivery and performance by
      Royaltech of this Agreement and the consummation of the transactions
      contemplated hereby and thereby. The Shares, when issued in
      accordance pursuant to the terms of the Agreement,
      will be
      legally issued, fully paid and non assessable and free of pre-emptive rights
      and
      each Purchaser will own the Shares purchased by such Purchaser, free and clear
      of all liens and encumbrances. 

    

    B. Capitalization
      and Voting Rights.
      The
      entire authorized capital stock and other equity securities of Royaltech consist
      of 50,000,000 authorized shares of common stock with a par value of $0.0001
      (the
“Royaltech Common Stock”). As of the date of this Agreement, there are 1,190,185
      shares of Royaltech Common Stock issued and outstanding. Royaltech will have
      issued and outstanding no more than 18,310,538 shares of Royaltech Common Stock
      immediately after the issuance of the Shares as contemplated by this Agreement
      and the Royaltech Common Stock to be issued pursuant to the Share Exchange
      Agreement. 

     

    C. Subsidiaries;
      Interests of Royaltech.
      Royaltech does not currently own or control, directly or indirectly, any
      interest in any other partnership, limited liability company, corporation,
      joint
      stock company, trust, estate, joint venture, association or unincorporated
      organization, or any other form of business or professional entity.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    D. Authorization.
      This
      Agreement and all other agreements executed and delivered by Royaltech in
      connection therewith, have been duly authorized, executed and delivered by
      Royaltech and constitute the legal, valid and binding obligations of Royaltech,
      enforceable in accordance with their respective terms, subject to (i) applicable
      bankruptcy, insolvency, reorganization and moratorium laws, (ii) other laws
      of
      general application affecting the enforcement of creditors' rights generally
      and
      general principles of equity, (iii) the discretion of the court before which
      any
      proceeding therefor may be brought, and (iv) as rights to indemnity may be
      limited by federal or state securities laws or by public policy.

     

    E. SEC
      Documents.
      Royaltech has filed all reports, schedules, forms, statements and other
      documents required to be filed by it with the Securities and Exchange Commission
      (the “Commission”)
      pursuant to the Securities Act of 1933 (the “Securities
      Act”)
      and
      the Securities Exchange Act of 1934 (the “Exchange
      Act”)
      (the
“SEC
      Documents”),
      and
      during the 12 calendar months prior to the date hereof all such SEC Documents
      have been filed in a timely manner. The SEC Documents have complied in all
      material respects with the requirements of the Securities Act or the Exchange
      Act, as the case may be, and the rules and regulations of the Commission
      promulgated thereunder applicable to the SEC Documents, and none of the SEC
      Documents, at the time they were filed with the Commission, contained any untrue
      statement of a material fact or omitted to state a material fact required to
      be
      stated therein or necessary in order to make the statements therein, in light
      of
      the circumstances under which they were made, not misleading. As of their
      respective dates, to the best of Royaltech’s knowledge during those respective
      dates, the financial statements of Royaltech included in the SEC Documents
      complied as to form in all material respects with applicable accounting
      requirements and the published rules and regulations of the Commission with
      respect thereto. Such financial statements have been prepared in accordance
      with
      accounting principles generally accepted in the United States as in effect
      from
      time to time (“GAAP”),
      consistently applied, during the periods involved (except (a) as may be
      otherwise indicated in such financial statements or the notes thereto, or (b)
      in
      the case of unaudited interim statements, to the extent they may exclude
      footnotes or may be condensed or summary statements) and fairly present in
      all
      material respects the financial condition of Royaltech as of the respective
      dates thereof and the results of its operations and cash flows for the
      respective periods then ended (subject, in the case of unaudited statements,
      to
      normal year-end audit adjustments). 

     

    F. Governmental
      Consents.
      No
      consent, approval, order, or authorization of, or registration, qualification,
      designation, declaration or filing with, any federal, state, local or provincial
      governmental authority on the part of Royaltech is required in connection with
      the consummation of the transactions contemplated by this Agreement. Royaltech
      and each of its subsidiaries has obtained all federal, state, local and foreign
      governmental licenses and permits material to and necessary in the conduct
      of
      its business, such licenses and permits are in full force and effect, no
      material violations are or have been recorded in respect of any such licenses
      or
      permits, and no proceeding is pending or threatened to revoke or limit any
      thereof. There are no consents or waivers necessary for the consummation of
      the
      transactions contemplated by this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    G. Litigation.
      Except
      as set forth in the SEC Documents, (i) there is no action, suit, proceeding,
      or
      investigation pending or currently threatened against Royaltech, and (ii) in
      Royaltech’s reasonable judgment, none of such disclosures are likely to question
      the validity of this Agreement, or the right of Royaltech to enter into such
      agreements, or to consummate the transactions contemplated hereby or thereby,
      or
      which might result, either individually or in the aggregate, in any material
      adverse change in the assets, condition, affairs, or property of Royaltech,
      financially or otherwise, or any change in the current equity ownership of
      Royaltech, including, without limitation, actions pending or to Royaltech’s
      knowledge threatened involving the prior employment of any of Royaltech’s
      employees, their use in connection with Royaltech’s business of any information
      or techniques allegedly proprietary to any of their former employers, or their
      obligations under any agreements with prior employers.

     

    H. Compliance
      with Other Instruments.
      Royaltech is not in violation or default of any provisions of its Certificate
      of
      Incorporation or Bylaws or of any instrument, judgment, order, writ, decree,
      or
      contract to which it is a party or by which it is bound or, to its knowledge,
      of
      any provision of federal or state statute, rule or regulation, license, or
      permit applicable to Royaltech, the violation or default of which would have
      a
      material adverse effect on Royaltech. The execution, delivery, and performance
      of this Agreement and the consummation of the transactions contemplated hereby
      and thereby will not result in any such violation or be in conflict with or
      constitute, with or without the passage of time and giving of notice, either
      a
      default under any such provision, instrument, judgment, order, writ, decree,
      or
      material contract or an event which results in the creation of any lien, charge,
      or encumbrance upon any assets of Royaltech.

     

    IV. Representations
      and Warranties of the Purchaser.
      The
      Purchaser represents and warrants to Royaltech as follows:

     

    A. Purchasing
      for Own Account.
      The
      Purchaser is purchasing the Shares for its own account for investment purposes
      only and not for the account of any other person and not for distribution,
      assignment or resale to others, and other than affiliates of FirsTrust, no
      other
      person has a direct or indirect beneficial interest is such Shares, and the
      Purchaser has not subdivided its interest in the Shares with any other
      person.

     

    B. Not
      an Underwriter.
      The
      Purchaser is not an underwriter of, or dealer in, Royaltech Common Stock, nor
      is
      the Purchaser participating, pursuant to a contractual agreement or otherwise,
      in the distribution of the Share.

     

    C. Review
      and Inspection.
      The
      Purchaser is relying on his own analysis regarding Royaltech’s operations,
      financial condition, assets, liabilities and other relevant matters as the
      Purchaser deemed necessary or desirable in order to evaluate the merits and
      risks of the prospective investment contemplated herein. The
      Purchaser acknowledges
      that he has not relied upon any information given to the Purchaser, or any
      statements made, by Royaltech or any officers or directors of Royaltech, except
      for the representations and warranties of Royaltech expressly made
      herein.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    D. Purchaser
      Due Diligence.
      The
      Purchaser and his representatives are solely responsible for the Purchaser’s own
“due diligence” investigation of Royaltech and its management and business and
      for the Purchaser’s analysis of the financial future and viability of Royaltech
      and desirability of the terms of this investment. The Purchaser acknowledges
      that neither Royaltech nor any officer or director of Royaltech is making any
      representation or warranty regarding any financial projections previously given
      to the Purchaser or the assumptions underlying such financial projections,
      as
      such financial projections are subject to significant business, economic and
      other uncertainties and contingencies. The Purchaser acknowledges that if
      Royaltech is not able to operate profitably or generate positive cash flows,
      Royaltech may have difficulty meeting its obligations and may not be able to
      continue to operate its business, and the Purchaser could lose all of his
      investment. The Purchaser has such knowledge and experience in financial and
      business matters that he is capable of evaluating the merits and risks of the
      purchase of the Shares pursuant to the terms of this Agreement and of protecting
      his interest in connection therewith.

     

    E. Accredited
      Investor Status.
      The
      Purchaser is an “Accredited Investor” as that term is defined in Rule 501 of
      Regulation D promulgated under the Securities Act and the Purchaser is able
      to
      bear the economic risk of the purchase of the Shares pursuant to the terms
      of
      this Agreement, including a complete loss of his investment in the
      Shares.

     

    F. Authority
      for Agreement.
      The
      Purchaser has the full right, power and authority to enter into and perform
      his
      obligations under the Agreement, and the Agreement constitutes the valid and
      binding obligations of the Purchaser enforceable in accordance with its terms,
      subject to (i) applicable bankruptcy, insolvency, reorganization and moratorium
      laws, (ii) other laws of general application affecting the enforcement of
      creditors' rights generally and general principles of equity, (iii) the
      discretion of the court before which any proceeding therefor may be brought,
      and
      (iv) as rights to indemnity may be limited by federal or state securities laws
      or by public policy.

     

    G. Governmental
      Consents.
      To the
      Purchaser’s knowledge, no consent, approval or authorization of or designation,
      declaration or filing with any governmental authority on the part of the
      Purchaser is required in connection with the valid execution, delivery and
      performance of the Agreement.

     

    H. Taxes.
      The
      Purchaser has not relied on any statements or representations of Royaltech
      or
      any of its agents (other than the representations and warranties set forth
      herein) with respect to the federal, state, local and foreign tax consequences
      of this investment and the federal, state, local and foreign tax consequences
      of
      transactions contemplated by this Agreement. With respect to such matters,
      the
      Purchaser understands that he (and not Royaltech) shall be responsible for
      his
      own tax liability that may arise as a result of this investment or the
      transactions contemplated by this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    I. Restricted
      Securities.
      The
      Purchaser understands that the Shares have not been registered under the
      Securities Act or the laws of any state and may not be sold or transferred,
      or
      otherwise disposed of, without registration under the Securities Act and
      applicable state securities laws, or pursuant to an exemption therefrom. In
      the
      absence of an effective registration statement or an exemption therefrom
      covering the Shares, the Purchaser will sell or transfer, or otherwise dispose
      of, the Shares to be acquired by him only in a manner consistent with his
      representations and agreements set forth herein and any applicable federal
      and
      state securities laws.

     

    J. Legends.
      It is
      understood that the certificates evidencing the Shares may bear the following
      legend:

     

    

    (a)
      THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE
      TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT WITH RESPECT TO THE SECURITIES EVIDENCED BY THIS
      CERTIFICATE, FILED AND MADE EFFECTIVE UNDER THE SECURITIES ACT OF 1933 AND
      SUCH
      APPLICABLE STATE SECURITIES LAWS OR, UNLESS REASONABLY REQUESTED BY THE COMPANY,
      THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
      COMPANY TO THE EFFECT THAT REGISTRATION UNDER SUCH ACT AND SUCH APPLICABLE
      STATE
      SECURITIES LAWS IS NOT REQUIRED.

    

    (b)
       Any
      legend required by the securities (“Blue Sky”) laws of any state.

    

    The
      legend referred to in clause (a) above shall be removed by Royaltech from any
      certificate at such time as the holder of the securities represented by the
      certificate delivers an opinion of counsel reasonably satisfactory to Royaltech
      to the effect that such legend is not required in order to establish compliance
      with any provisions of the Securities Act, or at such time as the holder of
      such
      shares satisfies the requirements of Rule 144 or such other substantially
      similar rule promulgated under the Securities Act then in effect under the
      Securities Act; provided, that Royaltech has received from the holder a written
      representation that (i) such holder is not an affiliate of Royaltech and has
      not
      been an affiliate during the preceding three months, (ii) such holder has
      beneficially owned the shares represented by the certificate for a period of
      at
      least six months (or the period of time then required by Rule 144(d)(i) or
      such
      other substantially similar rule promulgated under the Securities Act then
      in
      effect), and (iii) such holder otherwise satisfies the requirements of Rule
      144
      as then in effect with respect to such shares.

    

    K. Truthfulness
      of Representations.
      The
      Purchaser understands and agrees that Royaltech will rely upon the truth and
      accuracy of the acknowledgements, representations and agreements contained
      in
      this Agreement and the Questionnaire attached hereto as Schedule “A”, and agrees
      that if prior to the delivery of the Shares any of such acknowledgements,
      representations and agreements are no longer accurate or have been breached,
      the
      Purchaser shall promptly notify Royaltech.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    V. Conditions
      to the Obligations of the Purchaser.
      The
      obligation of the Purchaser to purchase the Shares at the Closing is subject
      to
      the fulfillment, or the written waiver, of each of the following conditions
      on
      or before the Closing:

     

    A. Accuracy
      of Representations and Warranties.
      Each
      representation and warranty of Royaltech contained in Section
      3
      hereof
      shall be true on and as of the Closing Date with the same effect as though
      such
      representation and warranty had been made on and as of that date.

     

    B. Performance.
      Royaltech shall have performed and complied with all covenants, agreements
      and
      conditions contained in this Agreement and required to be performed or complied
      with by Royaltech prior to or at the Closing.

     

    C. Proceedings
      and Documents.
      All
      documents and instruments incident to the transactions contemplated at the
      Closing shall be reasonably satisfactory in substance and form to the
      Purchaser. 

     

    D. Transmittal
      Letter.
      Royaltech shall deliver an irrevocable letter of transmittal to its transfer
      agent authorizing and instructing the transfer agent to issue the Shares to
      the
      Purchaser or its designees in the amounts as Purchaser shall
      designate.

     

    VI. Condition
      to the Obligations of Royaltech.
      The
      obligation of Royaltech to sell the Shares at the Closing is subject to
      fulfillment, or the written waiver, of each of the following conditions on
      or
      before the Closing:

     

    A. Accuracy
      of Representations and Warranties.
      Each
      representation and warranty of the Purchaser contained in Section
      4
      hereof
      shall be true on and as of the Closing Date with the same effect as though
      such
      representation and warranty had been made on and as of that date.

     

    B. Performance.
      All
      covenants, agreements and conditions contained in this Agreement and required
      to
      be performed by the Purchaser on or prior to the Closing Date shall have been
      performed or complied within all material respects.

     

    C. Accredited
      Investor Questionnaire.
      The
      Purchase has delivered to Royaltech a fully completed and executed copy of
      the
      Accredited Investor Questionnaire attached hereto as Schedule “A”.

     

    VII.  Indemnity.
      

     

    A. Royaltech
      Indemnification. Royaltech
      shall, with respect to the representations, warranties, covenants and agreements
      made by it herein indemnify, defend and hold the Purchaser and its employees,
      partners, agents, counsel and affiliates (each, an “Purchaser
      Indemnified Party”)
      harmless from and against all liability, loss or damage, together with all
      reasonable costs and expenses related thereto (including legal and accounting
      fees and expenses), arising from the untruth, inaccuracy or breach of any such
      representations, warranties, covenants or agreements of Royaltech contained
      in
      this Agreement or the assertion of any claims relating to the foregoing. Without
      limiting the generality of the foregoing, each Purchaser Indemnified Party
      shall
      be deemed to have suffered liability, loss or damage as a result of the untruth,
      inaccuracy or breach of any such representations, warranties, covenants or
      agreements if such liability, loss or damage shall be suffered by the Purchaser
      Indemnified Party as a result of, or in connection with, such untruth,
      inaccuracy or breach or any facts or circumstances constituting such untruth,
      inaccuracy or breach. Royaltech shall indemnify and hold harmless each Purchaser
      Indemnified Party against any losses, claims, damages or liabilities, joint
      or
      several, to which any of the foregoing persons may become subject, insofar
      as
      such losses, claims, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon any violations by Royaltech of the Securities
      Act
      or state Blue Sky laws applicable to Royaltech relating to action or inaction
      required of Royaltech in connection with the Securities Act or registration
      or
      qualification under such state Blue Sky laws; and shall reimburse each such
      Purchaser Indemnified Party for any legal or any other expenses reasonably
      incurred by any of them in connection with investigating or defending any such
      loss, claim, damage, liability or action; provided,
      however,
      that no
      indemnification shall be required hereunder for the gross negligence or willful
      misconduct of any Purchaser Indemnified Party or material breach by Purchaser
      of
      any of the representations and warranties set forth in Section
      4
      hereof.
      In case any such action is brought against an Purchaser Indemnified Party,
      Royaltech will be entitled to participate in and assume the defense thereof
      with
      counsel reasonably satisfactory to such Purchaser Indemnified Party, and after
      notice from Royaltech to such Purchaser Indemnified Party of its election to
      assume the defense thereof, Royaltech shall be responsible for any legal or
      other expenses subsequently incurred by the latter in connection with the
      defense thereof. Royaltech shall not make any settlement of any claims
      indemnified against hereunder without the written consent of the Purchaser
      Indemnified Party or Parties, which consent shall not be unreasonably withheld.
      Any claim for indemnification under this Section
      7.1
      with
      respect to representations and warranties must be made not later than the end
      of
      the 12-month survival period set forth in Section
      8.2.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    B. Purchaser
      Indemnification. The
      Purchaser shall, with respect to the representations, warranties, covenants
      and
      agreements made by it herein indemnify, defend and hold Royaltech and its
      employees, partners, agents, counsel and affiliates harmless from and against
      all liability, loss or damage, together with all reasonable costs and expenses
      related thereto (including legal and accounting fees and expenses), arising
      from
      the untruth, inaccuracy or breach of any such representations, warranties,
      covenants or agreements of the Purchaser contained in this Agreement or the
      assertion of any claims relating to the foregoing. Without limiting the
      generality of the foregoing, Royaltech shall be deemed to have suffered
      liability, loss or damage as a result of the untruth, inaccuracy or breach
      of
      any such representations, warranties, covenants or agreements if such liability,
      loss or damage shall be suffered by Royaltech as a result of, or in connection
      with, such untruth, inaccuracy or breach or any facts or circumstances
      constituting such untruth, inaccuracy or breach. The Purchaser shall indemnify
      and hold harmless Royaltech against any losses, claims, damages or liabilities,
      joint or several, to which any of the foregoing persons may become subject,
      insofar as such losses, claims, damages or liabilities (or actions in respect
      thereof) arise out of or are based upon any violations by Royaltech of the
      Securities Act or state Blue Sky laws applicable to Royaltech relating to action
      or inaction required of the Purchaser in connection with the Securities Act
      or
      registration or qualification under such state Blue Sky laws; and shall
      reimburse Royaltech for any legal or any other expenses reasonably incurred
      by
      any of them in connection with investigating or defending any such loss, claim,
      damage, liability or action; provided,
      however,
      that no
      indemnification shall be required hereunder for the gross negligence or willful
      misconduct of Royaltech or material breach by Royaltech of any of the
      representations and warrants set forth in Section
      5
      hereof.
      . In case any such action is brought against an Purchaser Indemnified Party,
      Royaltech will be entitled to participate in and assume the defense thereof
      with
      counsel reasonably satisfactory to such Purchaser Indemnified Party, and after
      notice from Royaltech to such Purchaser Indemnified Party of its election to
      assume the defense thereof. Any claim for indemnification under this
Section
      7.2
      with
      respect to representations and warranties must be made not later than the end
      of
      the 12-month survival period set forth in Section
      8.2.

     

    VIII. Miscellaneous.

     

    A. Assignment.
      This
      Agreement and all of the provisions hereof will be binding upon and inure to
      the
      benefit of the parties hereto and their respective successors and permitted
      assigns. Except as provided in Section
      8,
      neither
      this Agreement nor any of the rights, interests or obligations hereunder may
      be
      assigned by any party without prior written consent of the other
      party.

     

    B. Survival
      of Representations and Warranties.
      The
      warranties, representations and covenants of Royaltech and the Purchaser
      contained in or made pursuant to this Agreement shall survive the execution
      and
      delivery of this Agreement and the Closing for a period of 12 months and shall
      in no way be affected by any investigation of the subject matter thereof made
      by
      or on behalf of the Purchaser or Royaltech.

     

    C. Notices.
      Unless
      otherwise provided, any notice required or permitted under this Agreement shall
      be given in writing and shall be deemed effectively given (i) upon personal
      delivery to the party to be notified, (ii) four days after deposit with the
      United States Post Office, by registered or certified mail, postage prepaid,
      or
      (iii) one day after deposit with a reputable overnight courier service and
      addressed to the party to be notified:

     

    If
      to
      Royaltech:

    

    1855
      Talleyrand, Suite 203A,

    Brorossard,
      QC, J4W 2Y9

    Canada

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    with
      a
      copy to:

    

    Clark
      Wilson LLP

    800
      - 885
      West Georgia Street

    Vancouver,
      BC, V6C 3H1

    Canada

    Attention:
      Larry Yen

    

    If
      to the
      Purchaser:

    

    FirsTrust
      Group, Inc.

    1200
      Abernathy Road, Suite 1700,

    Building
      600 Northpark

    Atlanta,
      GA 30328

    

    with
      a
      copy to:

    

    Ellenoff
      Grossman & Schole LLP

    150
      East
      42nd
      Street

    New
      York,
      NY 10017

    Attention:
      Barry I. Grossman

    

    D. Expenses.
      Royaltech and the Purchaser shall bear their own expenses incurred with respect
      to this Agreement and the transactions contemplated hereby except that Royaltech
      shall pay the reasonable fees and expenses incurred by the Purchaser for the
      legal services rendered to him with respect to this Agreement and the
      transactions contemplated hereby. 

     

    E. Entire
      Agreement.
      This
      Agreement and the other documents delivered pursuant to the Agreement at the
      Closing embody the entire agreement and understanding between the parties hereto
      with respect to the subject matter hereof and supersede all prior agreements
      and
      understandings relating to such subject matter.

     

    F. Amendments
      and Waivers.
      Any
      term of this Agreement may be amended and the observance of any term of this
      Agreement may be waived (either generally or in a particular instance and either
      retroactively or prospectively) only with the written consent of Royaltech
      and
      the Purchaser. No waivers of or exceptions to any term, condition or provision
      of this Agreement, in any one or more instances, shall be deemed to be, or
      construed as, a further or continuing waiver of any such term, condition or
      provision.

     

    G. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, but all of which shall be one and the same
      document.

     

    H. Section
      Headings.
      The
      Section headings are for the convenience of the parties and in no way alter,
      modify, amend, limit, or restrict the contractual obligations of the
      parties.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    I. Severability.
      Any
      part, provision, representation or warranty of this Agreement that is prohibited
      or that is held to be void or unenforceable shall be ineffective solely to
      the
      extent of such prohibition or unenforceability without invalidating the
      remaining provisions hereof.

     

    J. Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York (without regard to its conflict of laws principles). The
      parties hereto irrevocably consent to the exclusive personal jurisdiction of
      the
      federal and state courts located in the New York County, New York, as
      applicable, for any matter arising out of or relating to this
      Agreement. 

     

    [Signatures
      on the following page]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

    

    
      	 	
              ROYALTECH,
                CORP.

              

              

              Per:
                /s/
                Chenxi Shi

              Name: Chenxi
                Shi

              Title: President
                and Chief Executive Officer

              

              

              FIRSTRUST
                GROUP INC.

              

              

              Per:
                /s/
                Patrick Ko

              Name:
                Patrick Ko

              Title:
                Chairman & CEO

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      “A”

     

    UNITED
      STATES

     

    ACCREDITED
      INVESTOR QUESTIONNAIRE

     

    All
      capitalized terms herein, unless otherwise defined, have the meanings ascribed
      thereto in the Stock Purchase Agreement.

     

    This
      Questionnaire is for use by each Purchaser who is a US person (as that term
      is
      defined Regulation S of the United States Securities Act of 1933 (the “1933
      Act”)) and has indicated an interest in purchasing the securities of Royaltech.
      The purpose of this Questionnaire is to assure Royaltech that the Purchaser
      will
      meet the standards imposed by the 1933 Act and the appropriate exemptions of
      applicable state securities laws. Royaltech will rely on the information
      contained in this Questionnaire for the purposes of such determination. The
      securities will not be registered under the 1933 Act in reliance upon the
      exemption from registration afforded by Section 3(b) and/or section 4(2) and
      Regulation D of the 1933 Act. This Questionnaire is not an offer of the
      Securities or any other securities of the Issuer in any state other than those
      specifically authorized by Royaltech.

     

    All
      information contained in this Questionnaire will be treated as confidential.
      However, by signing and returning this Questionnaire, the Purchaser agrees
      that,
      if necessary, this Questionnaire may be presented to such parties as Royaltech
      deems appropriate to establish the availability, under the 1933 Act or
      applicable state securities law, of exemption from registration in connection
      with the sale of the Securities hereunder.

     

    The
      Purchaser covenants, represents and warrants to Royaltech that it satisfies
      one
      or more of the categories of “Accredited Investors”, as defined by Regulation D
      promulgated under the 1933 Act, as indicated below: (Please initial in the
      space
      provide those categories, if any, of an “Accredited Investor” which the
      Purchaser satisfies.)

     

    
      	 	
                Category
                1

            	
              An
                organization described in Section 501(c)(3) of the United States
                Internal
                Revenue Code, a corporation, a Massachusetts or similar business
                trust or
                partnership, not formed for the specific purpose of acquiring the
                Securities, with total assets in excess of
                US $5,000,000.

            

    

     

    
      	 	
                Category
                2

            	
              A
                natural person whose individual net worth, or joint net worth with
                that
                person’s spouse, on the date of purchase exceeds
                US $1,000,000.

            

    

     

    
      	 	
                Category
                3

            	
              A
                natural person who had an individual income in excess of US $200,000
                in each of the two most recent years or joint income with that person’s
                spouse in excess of US $300,000 in each of those years and has a
                reasonable expectation of reaching the same income level in the current
                year.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
                Category
                4

            	
              A
                “bank” as defined under Section (3)(a)(2) of the 1933 Act or savings
                and loan association or other institution as defined in
                Section 3(a)(5)(A) of the 1933 Act acting in its individual or
                fiduciary capacity; a broker dealer registered pursuant to Section 15
                of the Securities
                Exchange Act of 1934
                (United States); an insurance company as defined in Section 2(13) of
                the 1933 Act; an investment company registered under the Investment
                Company Act of 1940
                (United States) or a business development company as defined in
                Section 2(a)(48) of such Act; a Small Business Investment Company
                licensed by the U.S. Small Business Administration under
                Section 301(c) or (d) of the Small
                Business Investment Act of 1958
                (United States); a plan with total assets in excess of $5,000,000
                established and maintained by a state, a political subdivision thereof,
                or
                an agency or instrumentality of a state or a political subdivision
                thereof, for the benefit of its employees; an employee benefit plan
                within
                the meaning of the Employee
                Retirement Income Security Act of 1974
                (United States) whose investment decisions are made by a plan fiduciary,
                as defined in Section 3(21) of such Act, which is either a bank,
                savings and loan association, insurance company or registered investment
                adviser, or if the employee benefit plan has total assets in excess
                of
                $5,000,000, or, if a self-directed plan, whose investment decisions
                are
                made solely by persons that are accredited
                investors.

            

    

     

    
      	 	
                Category
                5

            	
              A
                private business development company as defined in Section 202(a)(22)
                of the Investment
                Advisers Act of 1940
                (United States).

            

    

     

    
      	 	
                Category
                6

            	
              A
                director or executive officer of the
                Royaltech.

            

    

     

    
      	 	
                Category
                7

            	
              A
                trust with total assets in excess of $5,000,000, not formed for the
                specific purpose of acquiring the securities, whose purchase is directed
                by a sophisticated person as described in Rule 506(b)(2)(ii) under
                the 1933 Act.

            

    

     

    
      	 	
                Category
                8

            	
              An
                entity in which all of the equity owners satisfy the requirements
                of one
                or more of the foregoing
                categories.

            

    

     

    Note
      that
      prospective Purchasers claiming to satisfy one of the above categories of
      Accredited Investor may be required to supply Royaltech with a balance sheet,
      prior years’ federal income tax returns or other appropriate documentation to
      verify and substantiate the Purchaser’s status as an Accredited
      Investor.

     

    If
      the
      Purchaser is an entity which initialled Category 8 in reliance upon the
      Accredited Investor categories above, state the name, address, total personal
      income from all sources for the previous calendar year, and the net worth
      (exclusive of home, home furnishings and personal automobiles) for each equity
      owner of said entity: 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      Purchaser hereby certifies that the information contained in this Questionnaire
      is complete and accurate and the Purchaser will notify Royaltech promptly of
      any
      change in any such information prior to the Closing Date. If this Questionnaire
      is being completed on behalf of a corporation, partnership, trust or estate,
      the
      person executing on behalf of the Purchaser represents that it has the authority
      to execute and deliver this Questionnaire on behalf of such entity.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Questionnaire as of the
      ___
      day of _______________, 2008.

     

    
      	
              If
                a Corporation, Partnership or Other Entity:

            	 	
              If
                an Individual:

            
	 	 	
              X

            
	
              Print
                or Type Name of Entity

            	 	
              Signature

            
	
              X

            	 	 
	
              Signature
                of Authorized Signatory

            	 	
              Print
                or Type Name

            
	 	 	 
	
              Type
                of EntityUnassociated Document

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY
      BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY,
      (B)
      OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
      THE
      SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A THEREUNDER, IF
      AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) PURSUANT
      TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A TRANSACTION THAT DOES NOT
      REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
      LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN
      OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY
      SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES
      MAY
      NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.

     

    0%
      SECURED CONVERTIBLE PROMISSORY NOTE

     

    FEDERAL
      SPORTS & ENTERTAINMENT, INC.

    (formerly
      Rite Time Mining, Inc.)

     

    DUE
      December 8, 2009

     

    
      	
              Original
                Issue Date: September 9, 2008

            	
              US$___________

            

    

    

    This
      Secured Convertible Promissory Note is one of a series of duly authorized and
      issued secured convertible promissory notes of Federal Sports &
Entertainment, Inc. (f/k/a Rite Time Mining, Inc.), a Nevada corporation (the
      “Company”),
      designated its 0% Secured Convertible Promissory Notes due December 8, 2009
      (the
“Note”),
      issued to _________________________________ (together
      with its permitted successors and assigns, the “Holder”)
      in
      accordance with exemptions from registration
      under
      the Securities Act of 1933, as amended (the “Securities
      Act”),
      pursuant to a Securities Purchase Agreement, dated September 9, 2008 (the
“Securities
      Purchase Agreement”)
      between the Company and the Holder. Capitalized terms not otherwise defined
      herein shall have the meanings ascribed to them in the Securities Purchase
      Agreement.

     

    Article
      I. 

     

    Section
      1.01 Principal
      and Interest.
      For
      value received, the Company hereby promises to pay to the order of the Holder,
      in lawful money of the United States of America and in immediately available
      funds the principal sum of five hundred thousand dollars ($500,000) on the
      earliest of (i) December 8, 2009 (the “Maturity
      Date”),
      (ii)
      an Event of Default (as defined in Section 3.01) or (iii) upon an event
      triggering Redemption in accordance with (and as defined in) Section 1.02
      herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a) Except
      as
      otherwise provided for in Section 3.02 of this Note, no interest shall accrue
      on
      the unpaid principal balance of the Note.

     

    (b) On
      the
      Maturity Date, the entire unpaid principal amount shall be paid to the Holder,
      unless this Note is redeemed earlier in accordance with Section 1.02 herein
      or
      converted in accordance with Section 1.03 herein.

     

    (c) Except
      as
      otherwise set forth in this Note, the Company may not prepay any portion of
      the
      principal amount of this Note without the prior written consent of the
      Holder.

     

    Section
      1.02 Redemption.
      Upon
      the closing of any financing, merger or acquisition, or any other business
      combination, including the Merger, resulting in cash proceeds to the Company
      in
      excess of the aggregate amount of the Notes sold by the Company pursuant to
      the
      Securities Purchase Agreement, the Company shall redeem the Note in full (a
      “Redemption”); provided,
      however,
      that at
      the option of the Holder, the Note may be converted in accordance with Section
      1.03 herein. In
      the
      event of a Redemption, the Holder shall retain the right to receive the Bridge
      Warrants and the Bridge Shares.

     

    Section
      1.03 Optional
      Conversion.
      Upon
      the closing of the Merger, the Holder shall be entitled, at its option, to
      convert all or any part of the principal amount of the Note into units
      (“Units”)
      of the
      Company’s securities, at a price (the “Conversion
      Price”)
      of
      $1.00 per Unit. Each Unit shall consist of one share (each, a “Conversion
      Share”)
      of the
      Company’s common stock, par value $0.001 per share (the “Common
      Stock”),
      and
      one half of a common stock purchase warrant (the “Warrants”).
      Each
      whole Warrant shall entitle the Holder to purchase one share of Common Stock
      (the “Warrant
      Shares”)
      at an
      exercise price (the “Exercise
      Price”)
      of
      $2.00 per share, and shall be exercisable for a period of five years commencing
      on the date of issuance. No fraction of shares or scrip representing fractions
      of shares will be issued on conversion, but the number of shares issuable shall
      be rounded to the nearest whole share. The number of Units issuable upon a
      conversion hereunder shall be determined by the quotient obtained by dividing
      (x) the outstanding principal amount of this Note to be converted as set forth
      in the applicable Conversion Notice by (y) the Conversion Price. To convert
      this
      Note, the Holder hereof shall deliver written notice thereof, substantially
      in
      the form of Exhibit A to this Note, with appropriate insertions (the
“Conversion
      Notice”),
      to
      the Company at its address as set forth herein. The date upon which the
      conversion shall be effective (the “Conversion
      Date”)
      shall
      be deemed to be the date set forth in the Conversion Notice. Except as otherwise
      provided herein, the Company shall not have the right to object to the
      conversion or the calculation of the applicable conversion price, absent
      manifest error. Any conversion of any portion of the Note to Units shall be
      deemed to be a pre-payment of principal, without any penalty, and shall be
      credited against any future payments of principal in the order that such
      payments become due and payable. The Company shall afford the Holder the
      opportunity to become a party to all agreements and instruments executed by
      the
      investors in the PPO, including, but not limited to, a registration rights
      agreement (the “Registration Rights Agreement”). The Registration Rights
      Agreement shall, among other things, register the Conversion Shares (and provide
      for “piggyback” registration of the Warrant Shares) under the Securities Act. In
      the event of an Optional Conversion, the Holder shall retain the right to
      receive the Bridge Warrants and Bridge Shares.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Section
      1.04 Reservation
      of Common Stock.
      As set
      forth in Section 4(e) of the Securities Purchase Agreement, the Company shall
      reserve and keep available out of its authorized but unissued shares of Common
      Stock, solely for the purpose of conversion of this Note, issuing the Bridge
      Shares and the exercise of the Bridge Warrants, that number of shares of Common
      Stock equal to the sum of (i) the number of shares of Common Stock into which
      the Note is convertible based upon the Conversion Price, plus (ii) the number
      of
      shares of Common Stock for which the Warrants (issuable upon conversion of
      the
      Note) are exercisable from time to time based upon the Exercise Price, plus
      (iii) the number of shares of Common Stock issuable to the Holder upon the
      closing of the Merger, plus (iv) the number of shares of Common Stock for which
      the Bridge Warrants are exercisable from time to time based upon the Exercise
      Price. 

     

    Section
      1.05 Absolute
      Obligation/Ranking.
      Except
      as expressly provided herein, no provision of this Note shall alter or impair
      the obligation of the Company, which is absolute and unconditional, to pay
      the
      principal of, and liquidated damages (if any) on, this Note at the time, place,
      and rate, and in the coin or currency, herein prescribed. This Note is a direct
      debt obligation of the Company. This Note ranks pari passu
      with all
      other Notes now or hereinafter issued pursuant to the Securities Purchase
      Agreement.

     

    Section
      1.06 Paying
      Agent and Registrar.
      Initially, the Company will act as paying agent and registrar. The Company
      may
      change any paying agent, registrar, or Company-registrar by giving the Holder
      not less than ten (10) business days’ written notice of its election to do
      so, specifying the name, address, telephone number and facsimile number of
      the
      paying agent or registrar. The Company may act in any such
      capacity.

     

    Section
      1.07 Different
      Denominations.
      This
      Note is exchangeable for an equal aggregate principal amount of Notes of
      different authorized denominations, as requested by the Holder surrendering
      the
      same. No service charge will be made for such registration of transfer or
      exchange.

     

    Section
      1.08 Investment
      Representations.
      This
      Note has been issued subject to certain investment representations of the
      original Holder set forth in the Securities Purchase Agreement and may be
      transferred or exchanged only in compliance with the Securities Purchase
      Agreement and applicable federal and state securities laws and
      regulations.

     

    Section
      1.09 Reliance
      on Note Register.
      Prior
      to due presentment to the Company for transfer or conversion of this Note,
      the
      Company and any agent of the Company may treat the person in whose name this
      Note is duly registered on the Note Register as the owner hereof for the purpose
      of receiving payment as herein provided and for all other purposes, whether
      or
      not this Note is overdue, and neither the Company nor any such agent shall
      be
      affected by notice to the contrary.

     

    Section
      1.10 In
      addition to the rights and remedies given it by this Note, the Holder shall
      have
      all those rights and remedies allowed by applicable laws. The rights and
      remedies of the Holder are cumulative and recourse to one or more right or
      remedy shall not constitute a waiver of the others. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Article
      II. 

     

    Section
      2.01 Amendments
      and Waiver of Default.
      The
      Note may not be amended without the consent of the Holder. Notwithstanding
      the
      above, without the consent of the Holder, the Note may be amended to cure any
      ambiguity, defect or inconsistency or to make any change that does not adversely
      affect the rights of the Holder.

     

    Article
      III. 

     

    Section
      3.01 Events
      of Default.
      Each of
      the following events shall constitute a default under this Note (each an
“Event
      of Default”):
      

     

    (a) failure
      by the Company to pay principal amount due hereunder within five (5) days of
      the
      date such payment is due; 

     

    (b) failure
      by the Company’s transfer agent to issue Common Stock to the Holder within
      five (5) days of the Company’s receipt of the attached Conversion Notice
      from Holder in accordance with the Securities Purchase Agreement;

     

    (c) failure
      by the Company for five (5) days after notice to it to comply with any of its
      other agreements in the Note; 

     

    (d) the
      Company shall: (1) make a general assignment for the benefit of its
      creditors; (2) apply for or consent to the appointment of a receiver,
      trustee, assignee, custodian, sequestrator, liquidator or similar official
      for
      itself or any of its assets and properties; (3) commence a voluntary case
      for relief as a debtor under the United States Bankruptcy Code; (4) file
      with or otherwise submit to any governmental authority any petition, answer
      or
      other document seeking: (A) reorganization, (B) an arrangement with
      creditors or (C) to take advantage of any other present or future
      applicable law respecting bankruptcy, reorganization, insolvency, readjustment
      of debts, relief of debtors, dissolution or liquidation; (5) file or
      otherwise submit any answer or other document admitting or failing to contest
      the material allegations of a petition or other document filed or otherwise
      submitted against it in any proceeding under any such applicable law, or
      (6) be adjudicated a bankrupt or insolvent by a court of competent
      jurisdiction;

     

    (e) any
      case,
      proceeding or other action shall be commenced against the Company for the
      purpose of effecting, or an order, judgment or decree shall be entered by any
      court of competent jurisdiction approving (in whole or in part) anything
      specified in Section 3.01(d) hereof, or any receiver, trustee, assignee,
      custodian, sequestrator, liquidator or other official shall be appointed with
      respect to the Company, or shall be appointed to take or shall otherwise acquire
      possession or control of all or a substantial part of the assets and properties
      of the Company, and any of the foregoing shall continue unstayed and in effect
      for any period of sixty (60) days;

     

    (f) default
      shall occur with respect to any indebtedness for borrowed money of the Company
      or under any agreement under which such indebtedness may be issued by the
      Company and such default shall continue for more than the period of grace,
      if
      any, therein specified, if the aggregate amount of such indebtedness for which
      such default shall have occurred exceeds $25,000;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (g) default
      shall occur with respect to any contractual obligation of the Company under
      or
      pursuant to any contract, lease, or other agreement to which the Company is
      a
      party and such default shall continue for more than the period of grace, if
      any,
      therein specified, if the aggregate amount of the Company’s contractual
      liability arising out of such default exceeds or is reasonably estimated to
      exceed $25,000;

     

    (h) final
      judgment for the payment of money in excess of $25,000 shall be rendered against
      the Company and the same shall remain undischarged for a period of 20 days
      during which execution shall not be effectively stayed;

     

    (i) any
      event
      of default of the Company under any agreement, note, mortgage, security
      agreement or other instrument evidencing or securing indebtedness that ranks
      senior in priority to, or pari passu with, the obligations under this Note
      and
      the Securities Purchase Agreement; 

     

    (j) any
      event
      of default by Diamond Sports & Entertainment, Inc. with respect to the
      Bridge Loan;

     

    (k) the
      Common Stock shall not be eligible for quotation on or quoted for trading on
      the
      OTC Bulletin Board and shall not again be eligible for and quoted for trading
      thereon within five (5) trading days; 

     

    (l) any
      breach by the Company of any of its representations or warranties under the
      Securities Purchase Agreement; or

     

    (m) any
      default, whether in whole or in part, shall occur in the due observance or
      performance of any obligations or other covenants, terms or provisions to be
      performed under this Note or the Securities Purchase Agreement which is not
      cured by the Company within five (5) days after receipt of written notice
      thereof. 

     

    Section
      3.02 If
      any
      Event of Default occurs, the full principal amount of this Note, together with
      any other amounts owing in respect thereof, to the date of acceleration shall
      become, at the Holder’s election, immediately due and payable in cash.
      Commencing five (5) days after the occurrence of any Event of Default that
      results in the eventual acceleration of this Note, interest on this Note shall
      begin to accrue at the rate of 15% per annum, or such lower maximum amount
      of
      interest permitted to be charged under applicable law. All Notes for which
      the
      full amount hereunder shall have been paid in accordance herewith shall promptly
      be surrendered to or as directed by the Company. The Holder need not provide
      and
      the Company hereby waives any presentment, demand, protest or other notice
      of
      any kind, and the Holder may immediately and without expiration of any grace
      period enforce any and all of its rights and remedies hereunder and all other
      remedies available to it under applicable law. Such declaration may be rescinded
      and annulled by the Holder at any time prior to payment hereunder and the Holder
      shall have all rights as a Note holder until such time, if any, as the full
      payment under this Section shall have been received by it. No such rescission
      or
      annulment shall affect any subsequent Event of Default or impair any right
      consequent thereon.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Article
      IV. 

     

    Section
      4.01 Negative
      Covenants.
      So long
      as this Note shall remain in effect and until any outstanding principal and
      all
      fees and all other expenses or amounts payable under this Note and the
      Securities Purchase Agreement have been paid in full, unless all Holders shall
      otherwise consent in writing, the Company shall not:

     

    (a) Senior
      or Pari Passu Indebtedness.
      Incur,
      create, assume, guaranty or permit to exist any indebtedness that ranks senior
      in priority to, or pari passu with, the obligations under this Note and the
      Securities Purchase Agreement, except for (i) indebtedness existing on the
      date
      hereof and set forth in Schedule A attached hereto and only to the extent that
      such indebtedness ranks senior in priority to or pari passu with the obligations
      under this Note and the Securities Purchase Agreement on the Original Issue
      Date
      and (ii) indebtedness created as a result of a subsequent financing if the
      gross
      proceeds to the Company of such financing are equal to or greater than the
      aggregate principal amount of the Notes and the Notes are repaid in full upon
      the closing of such financing. 

     

    (b) Liens.
      Create,
      incur, assume or permit to exist any lien on any property or assets (including
      stock or other securities of the Company) now owned or hereafter acquired by
      it
      or on any income or revenues or rights in respect of any thereof, except:

     

    (i) liens
      on
      property or assets of the Company existing on the date hereof and set forth
      in
      Schedule B attached hereto, provided that such liens shall secure only those
      obligations which they secure on the date hereof;

     

    (ii) any
      lien
      created under this Note or the Securities Purchase Agreement;

     

    (iii) any
      lien
      existing on any property or asset prior to the acquisition thereof by the
      Company, provided that 

     

    1) such
      lien
      is not created in contemplation of or in connection with such acquisition and
      

     

    2) such
      lien
      does not apply to any other property or assets of the Company;

     

    (iv) liens
      for
      taxes, assessments and governmental charges;

     

    (v) carriers’,
      warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s or other like
      liens arising in the ordinary course of business and securing obligations that
      are not due and payable;

     

    (vi) pledges
      and deposits made in the ordinary course of business in compliance, with
      workmen’s compensation, unemployment insurance and other social security laws or
      regulations;

     

    (vii) deposits
      to secure the performance of bids, trade contracts (other than for
      indebtedness), leases, statutory obligations, surety and appeal bonds,
      performance bonds and other obligations of a like nature incurred in the
      ordinary course of business;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (viii) zoning
      restrictions, easements, licenses, covenants, conditions, rights-of-way,
      restrictions on use of real property and other similar encumbrances incurred
      in
      the ordinary course of business and minor irregularities of title that, in
      the
      aggregate, are not substantial in amount and do not materially detract from
      the
      value of the property subject thereto or interfere with the ordinary conduct
      of
      the business of the Company;

     

    (ix) purchase
      money security interests in real property, improvements thereto or equipment
      hereafter acquired (or, in the case of improvements, constructed) by the
      Company, provided that 

     

    1) such
      security interests secure indebtedness permitted by this Note, 

     

    2) such
      security interests are incurred, and the indebtedness secured thereby is
      created, within 90 days after such acquisition (or construction),

     

    3) the
      indebtedness secured thereby does not exceed 85% of the lesser of the cost
      or
      the fair market value of such real property, improvements or equipment at the
      time of such acquisition (or construction) and 

     

    4) such
      security interests do not apply to any other property or assets of the
      Company;

     

    (x) liens
      arising out of judgments or awards (other than any judgment that constitutes
      an
      Event of Default hereunder) in respect of which the Company shall in good faith
      be prosecuting an appeal or proceedings for review and in respect of which
      it
      shall have secured a subsisting stay of execution pending such appeal or
      proceedings for review, provided the Company shall have set aside on its books
      adequate reserves with respect to such judgment or award; and

     

    (xi) deposits,
      liens or pledges to secure payments of workmen’s compensation and other
      payments, public liability, unemployment and other insurance, old-age pensions
      or other social security obligations, or the performance of bids, tenders,
      leases, contracts (other than contracts for the payment of money), public or
      statutory obligations, surety, stay or appeal bonds, or other similar
      obligations arising in the ordinary course of business.

     

    (c) Dividends
      and Distributions.
      In the
      case of the Company, declare or pay, directly or indirectly, any dividend or
      make any other distribution (by reduction of capital or otherwise), whether
      in
      cash, property, securities or a combination thereof, with respect to any shares
      of its capital stock or directly or indirectly redeem, purchase, retire or
      otherwise acquire for value any shares of any class of its capital stock or
      set
      aside any amount for any such purpose; provided, however, that the Company
      may

     

    (i) declare
      and pay the Forward Split. 

     

    (d) Limitation
      on Certain Payments and Prepayments.
      

     

    (i) Pay
      in
      cash any amount in respect of any indebtedness or preferred stock that may
      at
      the obligor’s option be paid in kind or in other securities;

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (ii) Optionally
      prepay, repurchase or redeem or otherwise defease or segregate funds with
      respect to any indebtedness of the Company, other than for senior indebtedness
      existing on the date hereof and set forth in Schedule A attached hereto,
      indebtedness under this Note or the Securities Purchase Agreement.

     

    Article
      V. 

     

    Section
      5.01 Re-issuance
      of Note.
      If the
      Holder elects to convert only a part of the Note upon the closing of the Merger,
      then the Company shall reissue a new Note in the same form as this Note to
      reflect the new principal amount and the Holder shall return the Note to the
      Company for cancellation

     

    Article
      VI. 

     

    Section
      6.01 Anti-dilution.
      Adjustment
      of Conversion Price.
      The
      Conversion Price shall be adjusted from time to time as follows:

     

    (a) Adjustment
      of Conversion Price and Number of Shares upon Issuance of Common
      Stock.
      If at
      any time after the Original Issue Date, the Company issues or sells, or is
      deemed to have issued or sold, any shares of Common Stock (including shares
      of
      common stock in the PPO) other than upon issuance, exercise or conversion of
      the
      Other Securities (as defined herein)) for a consideration per share less than
      a
      price (the “Applicable
      Price”)
      equal
      to the Conversion Price in effect immediately prior to such issuance or sale,
      then immediately after such issue or sale the Conversion Price then in effect
      shall be reduced to an amount equal to such consideration per share, provided
      that in no event shall the Conversion Price be reduced below $0.001.

     

    (b) Effect
      on Conversion Price of Certain Events.
      For
      purposes of determining the adjusted Conversion Price under Section 6.01(a)
      above, the following shall be applicable:

     

    (i) Issuance
      of Options.
      If
      after the date hereof, the Company in any manner grants any rights, warrants
      or
      options to subscribe for or purchase Common Stock or convertible securities
      (“Options”),
      other
      than Other Securities, and the lowest price per share for which one share of
      Common Stock is issuable upon the exercise of any such Option or upon conversion
      or exchange of any convertible securities issuable upon exercise of any such
      Option is less than the Conversion Price then in effect, then such share of
      Common Stock shall be deemed to be outstanding and to have been issued and
      sold
      by the Company at the time of the granting or sale of such Option for such
      price
      per share. For purposes of this Section 6.01(b)(i), the lowest price per share
      for which one share of Common Stock is issuable upon exercise of such Options
      or
      upon conversion or exchange of such convertible securities shall be equal to
      the
      sum of the lowest amounts of consideration (if any) received or receivable
      by
      the Company with respect to any one share of Common Stock upon the granting
      or
      sale of the Option, upon exercise of the Option or upon conversion or exchange
      of any other convertible security other than this Note issuable upon exercise
      of
      such Option. No further adjustment of the Conversion Price shall be made upon
      the actual issuance of such Common Stock or of such convertible securities
      upon
      the exercise of such Options or upon the actual issuance of such Common Stock
      upon conversion or exchange of such convertible securities.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (ii) Issuance
      of Convertible Securities.
      If the
      Company in any manner issues or sells any convertible securities after the
      Original Issue Date, other than Other Securities, and the lowest price per
      share
      for which one share of Common Stock is issuable upon the conversion or exchange
      thereof is less than the Conversion Price then in effect, then such share of
      Common Stock shall be deemed to be outstanding and to have been issued and
      sold
      by the Company at the time of the issuance or sale of such convertible
      securities for such price per share. For the purposes of this
      Section 6.01(b)(ii), the lowest price per share for which one share of
      Common Stock is issuable upon such conversion or exchange shall be equal to
      the
      sum of the lowest amounts of consideration (if any) received or receivable
      by
      the Company with respect to one share of Common Stock upon the issuance or
      sale
      of the convertible security and upon conversion or exchange of such convertible
      security. No further adjustment of the Conversion Price shall be made upon
      the
      actual issuance of such Common Stock upon conversion or exchange of such
      convertible securities, and if any such issue or sale of such convertible
      securities is made upon exercise of any Options for which adjustment of the
      Conversion Price had been or are to be made pursuant to other provisions of
      this
      Section 6.01(b), no further adjustment of the Conversion Price shall be made
      by
      reason of such issue or sale. 

     

    (iii) Change
      in Option Price or Rate of Conversion.
      If the
      purchase price provided for in any Options, the additional consideration, if
      any, payable upon the issue, conversion or exchange of any convertible
      securities, or the rate at which any convertible securities are convertible
      into
      or exchangeable for Common Stock changes at any time, the Conversion Price
      in
      effect at the time of such change shall be adjusted to the Conversion Price
      which would have been in effect at such time had such Options or convertible
      securities provided for such changed purchase price, additional consideration
      or
      changed conversion rate, as the case may be, at the time initially granted,
      issued or sold and the number of shares of Common Stock issuable upon conversion
      of this Note shall be correspondingly readjusted. For purposes of this Section
      6.01(b)(iii), if the terms of any Option or convertible security that was
      outstanding as of the Original Issue Date are changed in the manner described
      in
      the immediately preceding sentence, then such Option or convertible security
      and
      the Common Stock deemed issuable upon exercise, conversion or exchange thereof
      shall be deemed to have been issued as of the date of such change. No adjustment
      pursuant to this Section 6.01(b) shall be made if such adjustment would result
      in an increase of the Conversion Price then in effect. 

     

    (c) Effect
      on Conversion Price of Certain Events.
      For
      purposes of determining the adjusted Conversion Price under
      Sections 6.01(a) and 6.01(b), the following shall be applicable:

     

    (i) Calculation
      of Consideration Received.
      If any
      Common Stock, Options or convertible securities are issued or sold or deemed
      to
      have been issued or sold for cash, the consideration received therefore will
      be
      deemed to be the net amount received by the Company therefore. If any Common
      Stock, Options or convertible securities are issued or sold for a consideration
      other than cash, the amount of such consideration received by the Company will
      be the fair value of such consideration, except where such consideration
      consists of marketable securities, in which case the amount of consideration
      received by the Company will be the market price of such securities on the
      date
      of receipt of such securities (measured by the closing sale price of such
      securities on the Over-the-Counter Bulletin Board or its principal trading
      market). If any Common Stock, Options or convertible securities are issued
      to
      the owners of the non-surviving entity in connection with any merger in which
      the Company is the surviving entity, the amount of consideration therefore
      will
      be deemed to be the fair value of such portion of the net assets and business
      of
      the non-surviving entity as is attributable to such Common Stock, Options or
      convertible securities, as the case may be. The fair value of any consideration
      other than cash or securities will be determined jointly by the Company and
      the
      holders of the principal amount of the Notes then outstanding. If such parties
      are unable to reach agreement within ten (10) days after the occurrence of
      an event requiring valuation (the “Valuation
      Event”),
      the
      fair value of such consideration will be determined within five (5) Business
      Days after the tenth (10th)
      day
      following the Valuation Event by an independent, reputable appraiser jointly
      selected by the Company and the holders of the principal amount of the Notes
      then outstanding. The determination of such appraiser shall be final and binding
      upon all parties and the fees and expenses of such appraiser shall be borne
      by
      the Company.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (ii) Integrated
      Transactions.
      In case
      any Option is issued in connection with the issue or sale of other securities
      of
      the Company, together comprising one integrated transaction in which no specific
      consideration is allocated to such Options by the parties thereto, the Options
      will be deemed to have been issued for a consideration of $0.001. 

     

    (iii) Treasury
      Shares.
      The
      number of shares of Common Stock outstanding at any given time does not include
      shares owned or held by or for the account of the Company, and the disposition
      of any shares so owned or held will be considered an issue or sale of Common
      Stock. 

     

    (iv) Record
      Date.
      If the
      Company takes a record of the holders of Common Stock for the purpose of
      entitling them (1) to receive a dividend or other distribution payable in
      Common Stock, Options or in convertible securities or (2) to subscribe for
      or purchase Common Stock, Options or convertible securities, then such record
      date will be deemed to be the date of the issue or sale of the shares of Common
      Stock deemed to have been issued or sold upon the declaration of such dividend
      or the making of such other distribution or the date of the granting of such
      right of subscription or purchase, as the case may be. 

     

    (d) Adjustment
      of Conversion Price upon Subdivision or Combination of Common
      Stock.
      If the
      Company at any time after the date of issuance of this Note subdivides (by
      any
      stock split, stock dividend, recapitalization or otherwise) one or more classes
      of its outstanding shares of Common Stock into a greater number of shares,
      the
      Conversion Price or Future Price in effect immediately prior to such subdivision
      will be proportionately reduced. If the Company at any time after the date
      of
      issuance of this Note combines (by combination, reverse stock split or
      otherwise) one or more classes of its outstanding shares of Common Stock into
      a
      smaller number of shares, the Conversion Price or Future Price in effect
      immediately prior to such combination will be proportionately increased. Any
      adjustment under this Section 6.01(d) shall become effective at the close
      of business on the date the subdivision or combination becomes effective.

     

    (e) Distribution
      of Assets.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of Common Stock, by way of return
      of capital or otherwise (including, without limitation, any distribution of
      cash, stock or other securities, property or options by way of a dividend,
      spin
      off, reclassification, corporate rearrangement or other similar transaction)
      (a
“Distribution”),
      at
      any time after the issuance of this Note, then, in each such case the Conversion
      Price in effect immediately prior to the close of business on the record date
      fixed for the determination of holders of Common Stock entitled to receive the
      Distribution shall be reduced, effective as of the close of business on such
      record date, to a price determined by multiplying such Conversion Price by
      a
      fraction of which (A) the numerator shall be the closing bid price of the Common
      Stock on the trading day immediately preceding such record date minus the value
      of the Distribution (as determined in good faith by the Company’s Board of
      Directors) applicable to one share of Common Stock, and (B) the denominator
      shall be the closing bid price of the Common Stock on the trading day
      immediately preceding such record date. Notwithstanding the foregoing, the
      Distribution in the form of a stock dividend (the “Forward
      Split”)
      to be
      effected prior to, and in connection with, the Merger shall in no event cause
      an
      adjustment to the Conversion Price, nor shall any similar adjustment to the
      capital structure of the Company effected in connection with the Merger and
      the
      PPO.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (f) Certain
      Events.
      If any
      event occurs of the type contemplated by the provisions of this
      Section 6.01 but not expressly provided for by such provisions (including,
      without limitation, the granting of stock appreciation rights, phantom stock
      rights or other rights with equity features but excluding the Recapitalization,
      as such term is defined in the Securities Purchase Agreement), then the
      Company’s Board of Directors will make an appropriate adjustment in the
      Conversion Price so as to protect the rights of the holders of the Note;
      provided, except as set forth in Section 6.01(d), that no such adjustment
      pursuant to this Section 6.01(f) will increase the Conversion Price as otherwise
      determined pursuant to this Section 6.01.

     

    (i) Notices.

     

    1) Immediately
      upon any adjustment of the Conversion Price, the Company will give written
      notice thereof to the holder of this Note, setting forth in reasonable detail,
      and certifying, the calculation of such adjustment.

     

    2) The
      Company will give written notice to the holder of this Note at least ten (10)
      days prior to the date on which the Company closes its books or takes a record
      (A) with respect to any dividend or distribution upon the Common Stock,
      (B) with respect to any pro rata subscription offer to holders of Common
      Stock or (C) for determining rights to vote with respect to any dissolution
      or liquidation, provided that such information shall be made known to the public
      prior to or in conjunction with such notice being provided to such
      holder.

     

    (ii) Definitions.

     

    1.1
      “Other
      Securities”
means
      (i) those options and warrants of the Company issued prior to, and
      outstanding on, the Original Issue Date, (ii) the shares of Common Stock
      issuable on exercise of such options and warrants, provided such options and
      warrants are not amended after the Original Issue Date, (iii) the shares of
      Common Stock issued in connection with the Forward Split and (iv) the
      shares of Common Stock issuable upon exercise of the Bridge Warrants or
      conversion of this Note.

     

    (g) Nothing
      in this Section 6.01 shall be deemed to authorize the issuance of any securities
      by the Company in violation of Section 6.02

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Article
      VII

    

    Section
      7.01 Notice.
      Notices
      regarding this Note shall be sent to the parties at the following addresses,
      unless a party notifies the other parties, in writing, of a change of
      address:

     

    
      	
              If
                to the Company, to:

            	
              Federal
                Sports & Entertainment, Inc.

            
	 	
              47395
                Monroe Street, #274

              Indio,
                CA 92201

            
	 	
              Attention:
                Linda Farrell, President

            
	 	
              Telephone:
                

            
	 	 
	
              With
                a copy to:

            	
              Gottbetter
                & Partners, LLP

            
	 	
              488
                Madison Avenue, 12th
                Floor

            
	 	
              New
                York, New York 10022

            
	 	
              Attention:
                Adam S. Gottbetter, Esq.

            
	 	
              Telephone:
                212-400-6900

            
	 	
              Facsimile:
                212-400-6901

            
	 	 
	
              If
                to the Holder:

            	
              At
                the address set forth in the Securities Purchase
                Agreement

            

    

    

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Section
      7.03 Severability.
      The
      invalidity of any of the provisions of this Note shall not invalidate or
      otherwise affect any of the other provisions of this Note, which shall remain
      in
      full force and effect.

     

    Section
      7.04 Entire
      Agreement and Amendments.
      This
      Note, together with the Securities Purchase Agreement, represents the entire
      agreement between the parties hereto with respect to the subject matter hereof
      and there are no representations, warranties or commitments, except as set
      forth
      herein. This Note may be amended only by an instrument in writing executed
      by
      the parties hereto.

     

    

    [Remainder
      of Page Intentionally Left Blank]

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      with
      the intent to be legally bound hereby, the Company as executed this Note as
      of
      the date first written above.

     

    
      	 	Federal
              Sports & Entertainment, Inc.
	 	 	 
	 	 	 
	 	
              By:

            	
            
	 	Name:	
              Linda
                Farrell

            
	 	Title:	
              President

            

    

     

    [SIGNATURE
      PAGE TO SECURED CONVERTIBLE PROMISSORY NOTE]

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    NOTICE
      OF CONVERSION

     

    (To
      be executed by the Holder in order to convert the Note)

     

    
      	
              TO:

            	 

    

    

    The
      undersigned hereby irrevocably elects to convert $__________________
      of the
      principal amount of the above Note into Shares of Common Stock of Federal Sports
      & Entertainment, Inc., according to the conditions stated therein, as of the
      Conversion Date written below.

     

    
      	
              Conversion
                Date:

            	 
	 	 
	
              Applicable
                Conversion Price:

            	 
	 	 
	
              Signature:

            	 
	 	 
	
              Name:

            	 
	 	 
	
              Address:

            	 
	 	 
	
              Amount
                to be converted:

            	
              $      

            
	 	 
	
              Amount
                of Note unconverted:

            	
              $      

            
	 	 
	
              Conversion
                Price per Unit: 

            	
              $      

            
	 	 
	
              Number
                of shares of Common Stock and Warrants to be issued including as
                payment
                of interest, if applicable:

            	
            
	 	 
	
              Please
                issue the shares of Common Stock and Warrants in the following name
                and to
                the following address:

            	
            
	 	 
	
              Issue
                to the following account of the Holder:

            	
            
	 	 
	
              Authorized
                Signature:

            	
            
	 	 
	
              Name:

            	
            
	 	 
	
              Title:

            	
            
	 	 
	
              Phone
                Number:

            	
            
	 	
            
	
              Broker
                DTC Participant Code:

            	
            
	 	 
	
              Account
                Number:

            	
            
	 	 

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    SENIOR
      AND PARI PASSU INDEBTEDNESS

     

    None.

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

    

    LIENS

    

    None.

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