Document:

EXHIBIT 4.2
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                   NORTH AMERICAN GALVANIZING & COATINGS, INC.

                           DIRECTOR STOCK UNIT PROGRAM

                            (As Amended and Restated)

                                      ss. 1
                           PURPOSE AND EFFECTIVE DATE

     The purpose of this Program is to tie a percentage of each Director's
compensation to the long-term value of Stock. This Program was adopted in
connection with the adoption of the 2004 Incentive Stock Plan by the NAGALV
shareholders July 21, 2004 and was amended by unanimous vote of the Board May
25, 2005. This complete amendment and restatement of the Program reflects
additional amendments intended to bring the Program into compliance with Section
409A of the Internal Revenue Code of 1986, as amended. This amended and restated
Program is effective as of the date it is approved by the Board.

                                      ss. 2
                                   DEFINITIONS

     2.1. Account for purposes of this Program shall mean the bookkeeping
account maintained by the Committee to show for each Director as of any date all
Stock Unit Grant credits made for such Director under this Program, the
adjustments to such credits and any distributions to such Director.

     2.2. Automatic Deferral Period for purposes of this Program shall mean the
period described in ss. 3.4 (b).

     2.3. Beneficiary for purposes of this Program shall mean for each Director
the person designated as such by the Director on the form provided for this
purpose or, if no such person is so designated or if no such person survives the
Director, the Director's estate.

     2.4. Board for purposes of this Program shall mean the Board of Directors
of NAGALV.

     2.5. Committee for purposes of this Program shall mean the Committee under
the 2004 Incentive Stock Plan.

     2.6. Deferral Period for purposes of this Program shall mean the period
described in ss. 3.4(b) and the period described in ss. 3.4(c).

     2.7. Director for purposes of this Program shall mean a member of the
Board.

     2.8. Elective Deferral Period for purposes of this Program shall mean the
period described in ss. 3.4(c).

     2.9. Inside Director for purposes of this Program shall mean a member of
the Board who is an employee of NAGALV.

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     2.10. NAGALV for purposes of this Program shall mean North American
Galvanizing & Coatings, Inc. and any successor to such corporation.

     2.11. Outside Director for purposes of this Program shall mean a member of
NAGALV's Board of Directors who is not an employee of NAGALV.

     2.12. Program for purposes of this Program shall mean this North American
Galvanizing & Coatings, Inc. Director Stock Unit Program, as amended from time
to time.

     2.13. Stock for purposes of this Program shall mean Stock under the 2004
Incentive Stock Plan.

     2.14. Stock Unit Grant for purposes of this Program shall mean a Stock Unit
Grant under the 2004 Incentive Stock Plan.

     2.15. 2004 Stock Incentive Plan for purposes of this Program shall mean the
North American Galvanizing & Coatings, Inc. 2004 Stock Incentive Plan, as
amended from time to time.

     2.16 Section 409A for purposes of this Program shall mean Section 409A of
the Internal Revenue Code of 1986, as amended.

                                      ss. 3
                                STOCK UNIT GRANT

     3.1. Outside Directors. Each Outside Director shall be required to defer at
least 50% of his or her director fees each calendar year and shall have the
right under ss. 3.3 to elect to defer 75% or 100% of such fees each calendar
year. The deferrals for each Outside Director will be deducted (if he or she
elects less than a 100% deferral) on a pro-rata basis from his or her director
fees when such fees are otherwise payable in cash, and the deferrals shall be
converted into a Stock Unit Grant at the average of the closing prices for a
share of Stock for the 10 trading days before the date the director fees for
Outside Directors otherwise would have been payable in cash.

     3.2. Inside Directors. NAGALV automatically shall defer for each Inside
Director a dollar amount equal to 50% of the director fees for Outside
Directors. Inside Directors shall have the right to elect additional deferrals
which will correspond to an Outside Director's right to elect to defer 75% or
100% of such fees each calendar year. Any automatic deferrals by Inside
Directors shall be matched by the Committee at the same rate that applies to
required deferrals by Outside Directors under Section 3.3, and any additional
deferrals by Inside Directors shall be matched by the Committee at the same rate
that applies to additional deferrals by Outside Directors under ss. 3.3. Inside
Directors wishing to elect any additional deferral shall do so in accordance
with the deferral election procedures described in ss. 3.3(d). The deferrals for
each Inside Director shall be effected to coincide with the deferrals for
Outside Directors, and the deferrals for Inside Directors shall be converted
into a Stock Unit Grant at the same time and in accordance with the same
procedure followed for Outside Directors.

     3.3. Matching Units and Deferral Elections.

     (a)  Fifty Percent. If an Outside Director does not elect to defer more
          than the required deferral under ss. 3.1, the Committee shall match
          25% of his or her deferral in an additional Stock Unit Grant

     (b)  Seventy Five Percent. If an Outside Director elects in accordance with
          ss. 3.3(d)

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          to defer 75% of his or her director fees, the Committee shall match
          50% of his or her deferral in an additional Stock Unit Grant.

     (c)  One Hundred Percent. If an Outside Director elects in accordance with
          ss. 3.3(d) to defer 100% of his or her director fees, the Committee
          shall match 75% of his or her deferral in an additional Stock Unit
          Grant.

     (d)  Deferral Election Rules for Outside Directors.

          (1)  General Rule. A deferral election under ss. 3.3(b) or ss. 3.3(c)
               shall be effective for fees for services performed in any
               calendar year only if the election is delivered to NAGALV before
               the beginning of the calendar year in which the services are
               performed, and an election shall be effective only if made on the
               form provided for this purpose.

          (2)  Special Rules. Each Outside Director may make an election under
               ss. 3.3(b) or ss. 3.3(c) with respect to director fees payable
               for services performed in the calendar year in which he or she is
               first elected an Outside Director if such election is delivered
               to NAGALV before the end of the 30 day period which starts on the
               date he or she is first elected an Outside Director. An election
               under this ss. 3.3(d)(2) shall be effective for directors' fees
               for services rendered starting with the first full month after
               such election is delivered to NAGALV.

          (3)  Irrevocable. An election under this ss. 3.3(d) shall be
               irrevocable for the calendar year for which the election is made
               on the last date specified in this Program for making the
               election.

     (e)  Conversion to a Stock Unit Grant. A Director's match under this ss.
          3.3 will be converted into a Stock Unit Grant at the same time and
          under the same procedure as his or her deferrals are converted into a
          Stock Unit Grant.

     3.4. Deferral Periods.

     (a)  General. All deferrals under this Program shall be paid in the
          calendar year immediately following, and within 30 days after the end
          of, an Automatic Deferral Period or, if a Director so elects in
          accordance with this ss. 3.4, the end of an additional Elective
          Deferral Period.

     (b)  Automatic Deferral Period. The Automatic Deferral Period for a
          Director for deferrals effected in any calendar year shall be the five
          calendar year period starting on the immediately following January 1.
          There will be separate Automatic Deferral Period for deferrals
          effected in each calendar year.

     (c)  Elective Deferral Period. If a Director delivers an election on the
          form provided for this purpose to NAGALV at least one full year before
          the end of any Automatic Deferral Period, the payment of the deferrals
          subject to such Automatic Deferral Period shall be deferred for an
          additional five calendar years. Any such election shall be irrevocable
          when delivered to NAGALV.

     (d)  Special Payment Rules.

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          (1)  Termination. All deferrals (whether subject to an Automatic
               Deferral Period or an Elective Deferral Period) shall be payable
               as of the date a Director's service as such ends or the date his
               or her employment with NAGALV ends, whichever comes last. No
               payment shall be made under this paragraph unless the Director
               has "separated from service", by death or otherwise, as that term
               is defined for purposes of Section 409A. If the Director is also
               a "key employee", as defined for purposes of Section 409A, and if
               the stock of NAGALV is publicly traded on an established
               securities market or otherwise at the time of the Director's
               separation from service, the distribution on account of the
               Director's separation from service shall be made as soon as is
               practical six months after the date of the Director's separation
               from service. If separation from service occurs as a result of
               the Director's death, however, the distribution shall be made as
               soon as is practical after the Director's death.

          (2)  Unforseeable Emergency. If a Director can demonstrate to a
               majority of the other members of the Board that he or she has an
               extreme financial hardship as a result of an unforeseeable
               emergency and that access to his or her deferrals under this
               Program is more appropriate under the circumstances than using
               any of his or her other assets to meet the emergency, the Board
               (acting by a majority vote with the affected Director not voting)
               may authorize the payment of all or a portion of his or her
               deferrals to meet the emergency. The term "unforeseeable
               emergency" means a severe financial hardship resulting from an
               illness or accident of the Director, the Director's spouse, or a
               dependent of the Director, loss of the Director's property due to
               casualty, or other similar extraordinary and unforeseeable
               circumstances arising as a result of events beyond the control of
               the Director. The amounts distributed under this paragraph may
               not exceed the amount necessary to meet the emergency plus the
               amount necessary to pay taxes reasonably anticipated to result
               from the distribution and, in any event, may not exceed the
               amount allowable under Section 409A.

     (e)  Accelerated Payments. In general, a scheduled payment may not be
          accelerated, but the Committee may permit the following accelerated
          payments to the extent allowed under Section 1.409A-3 of the
          regulations under Section 409A:

          (1)  Divestiture. Payments necessary to comply with a certificate of
               divestiture;

          (2)  FICA Payments. Payments necessary to pay the FICA Amount, as
               defined in Section 1.409A-3 of the regulations under Section 409A
               of the Code and the income tax withholding related to the FICA
               Amount;

          (3)  409A Tax Payments. Payments of deferred amounts that are
               currently included in income as a result of a failure to comply
               with the requirements of Section 409A of the Code.

          (4)  Domestic Relations Orders. Payments necessary to comply with
               domestic relations orders, but this provision is not intended to
               override or diminish the prohibitions and restrictions on
               alienation of benefits contained elsewhere in this Program.

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     (f)  Delayed Payments. In general, a scheduled payment may not be delayed,
          but the payment will be delayed pursuant to Section 1.409A-2(b)(5) of
          the regulations under Section 409A under the following circumstances:

          (1)  Million Dollar Pay Cap. Payments will be delayed if NAGALV's tax
               deduction for the payment would be limited or eliminated by the
               application of Section 162(m) of the Code, provided that payment
               of the deferred amount shall be made at the earliest date when
               the tax deduction will not be limited or eliminated or, if
               earlier, in the calendar year in which the Participant separates
               from service.

          (2)  Loan Agreements. Payments will be delayed if the payment would
               violate a term of a loan agreement or similar contract, and the
               violation would cause material harm to NAGALV, provided that the
               payment shall be made as soon as the payment would not result in
               such a violation or cause such harm.

          (3)  Securities Laws. Payments will be delayed if the payment would
               violate Federal securities law or other applicable law, provided
               that the payment shall be made as soon as the payment would not
               result in such a violation.

     3.5. Payment. When any deferrals become payable at the end of a Deferral
Period or become payable under ss. 3.4(d), payment shall be made (subject to
applicable withholdings) in whole shares of Stock (and cash, in lieu of a
fractional share, based on the average of the closing prices for a share of
Stock for the 10 trading days before the date as of which payment is made).
NAGALV shall make a payment as soon as practicable after a deferral becomes
payable.

     3.6. Non-Forfeitable Account and Account Adjustments. A Director's interest
in his or her Account shall be non-forfeitable. The number of shares described
in a Stock Unit Grant credited to a Director's Account shall be adjusted at the
same time and in the same manner as other Stock Unit Grants made under the 2004
Incentive Stock Plan, and such number shall be reduced to reflect any cash
payments made or shares of Stock issued to a Director.

                                      ss. 4
                                 ADMINISTRATION

     4.1. Powers. This Program shall be administered by the Committee, and the
Committee shall have the absolute and complete authority, duty and power to
interpret and construe the provisions of this Program as the Committee deems
appropriate, including the final authority to determine a Director's benefits
under this Program, and to take any other action in connection with the
operation or administration of this Program which the Committee deems fair and
appropriate under the circumstances. All interpretations, determinations,
regulations and calculations shall be final and binding on all affected persons.

     4.2. Statements. NAGALV shall furnish individual statements of Account
balances to each Director in such form and as of such dates as determined by the
Committee.

     4.3. Information Reporting. All deferrals under this Program shall be
separately reported on a Form 1099 or Form W-2 as required by Section 6041(g)(1)
and Section 6051(a)(13) of the

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Internal Revenue Code of 1986, as amended, regardless of whether the related
compensation income is includible in gross income for the year.

     4.4. Withholding. Appropriate amounts shall be withheld from the deferred
amounts to satisfy the tax withholding requirements of the Internal Revenue Code
of 1986, as amended.

                                      ss. 5
                            AMENDMENT AND TERMINATION

     5.1  In General. NAGALV reserves the right to amend or terminate this
Program at any time by action of the Board. No amendment or termination shall
directly or indirectly reduce the balance of any Account as of the effective
date of such amendment or termination. Except as otherwise permitted in this
Section 5 or Section 3.4(e) or as permitted by Section 409A and the regulations
or other IRS guidance, no amendment or termination of the Program shall cause
the payment of a deferred amount to be accelerated or further deferred in
violation of Section 409A.

     5.2. Termination After Change in Control. The Committee may terminate the
Program within 30 days preceding or 12 months following a Change of Control as
defined under any of the definitions of a Change of Control in Section 409A or
the regulations or other IRS guidance issued pursuant to Section 409A. In the
event of a termination associated with a Change of Control, Participant accounts
in this Program and all similar NAGALV programs shall be distributed in a lump
sum within 12 months following the termination.

     5.3  Termination After Corporate Dissolution. The Committee may terminate
the Program within 12 months of a corporate dissolution taxed under Section 331
of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C.
Section 503(b)(1)(A), provided that the amounts deferred under the Program are
distributed to the Program Participants and included in their taxable income
within the time limits specified for such terminations in the regulations under
Section 409A.

     5.4. Termination of All Deferral Arrangements. NAGALV may terminate the
Program provided that all the following conditions are met: (a) NAGALV
terminates all of its deferral arrangements that would be aggregated with this
Program pursuant to Section 409A of the Code. (b) No payments of deferred
amounts are made within 12 months of the termination other than payments that
would otherwise be payable under the Program if the Program had not been
terminated. (c) Payments of all remaining Deferred Amounts are made within 24
months of the termination. (d) NAGALV does not adopt any new deferral
arrangement that would be aggregated with any terminated arrangement at any time
within five years following the date of termination.

                                      ss. 6
                                  MISCELLANEOUS

     6.1. General Assets. All cash distributions to, or on behalf of, a Director
under this Program shall be made from NAGALV's general assets and all shares of
Common Stock issued shall be issued under the 2004 Stock Incentive Plan, and any
claim by a Director or by his or her Beneficiary against NAGALV for any cash
distribution or stock issuance under this Program shall be treated the same as a
claim of any general and unsecured creditor of NAGALV.

     6.2. No Liability. No Director and no Beneficiary shall have the right to
look to, or

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have any claim whatsoever against, any officer, director, employee or agent of
NAGALV in his or her individual capacity for the distribution of any Account.

     6.3. No Assignment; Binding Effect. No Director or Beneficiary shall have
the right to alienate, assign, commute or otherwise encumber an Account for any
purpose whatsoever, whether through a domestic relations order or otherwise, and
any attempt to do so shall be disregarded as completely null and void. The
provisions of this Program shall be binding on each Director and Beneficiary and
on NAGALV.

     6.4. Construction. This Program shall be construed in accordance with the
laws of the State of Delaware except to the extent such laws are preempted by
federal law. Headings and subheadings have been added only for convenience of
reference and shall have no substantive effect whatsoever. All references to
sections (ss.) shall be to sections (ss.) in this Program. All references to the
singular shall include the plural and all references to the plural shall include
the singular. All definitions in this Program shall apply exclusively to this
Program.

     6.5. No Contract of Employment. A Director's participation in this Program
shall not constitute a contract of employment by NAGALV or a right to be
nominated to serve on, or serve on, the Board.

     6.6. 2004 Incentive Stock Plan. The terms of the 2004 Incentive Stock Plan
are incorporated by this ss. 6.6 in the Program, and the Program is subject to
the terms of such plan. This Program shall not confer on any Director any rights
with respect to a Stock Unit Grant which are superior to his or her rights under
the 2004 Incentive Stock Plan with respect to such Stock Unit Grant.

     IN WITNESS WHEREOF, NAGALV has caused its duly authorized officer to
execute this Program to evidence its adoption of this Program.

                                                   North American Galvanizing &
                                                   Coatings, Inc.

                                                   By: /s/ Beth B. Hood
                                                       ------------------------
                                                   Date: February 17, 2006

                                      - 7 -EXHIBIT 4.11

THIS DEBENTURE IS ONE OF A SERIES OF DEBENTURES OF LIKE TENOR AND TERMS.

NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS
CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT") OR ANY STATE SECURITIES LAWS AND NEITHER THIS DEBENTURE NOR ANY
INTEREST THEREIN NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE MAY
BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH LAWS OR AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY, IS AVAILABLE.

                   SERIES D 8% UNSECURED CONVERTIBLE DEBENTURE

US$____________                                              _____________, 2006

         FOR VALUE RECEIVED, POWER2SHIP, INC., a Nevada corporation (the
"Company"), hereby promises to pay to ________________ (the "Holder") having an
address at __________________________________________ on the earlier to occur of
i) June 30, 2008 or ii) the date the Company receives the proceeds from the sale
of its securities in a private or public financing resulting in gross proceeds
of at least Five Million Dollars ($5,000,000), subject to Holder's conversion
and exchange rights as set forth elsewhere herein, the principal sum of
________________________________ ($_________), together with simple interest
(computed on the basis of a 360-day year of twelve 30-day months) on the unpaid
balance at the rate of eight percent (8%) per annum from the date hereof until
the principal hereof shall have been paid or converted. The Company shall
provide Holder with at least ten (10) business days written notice prior to
making such repayment during which time the Holder may elect to exercise their
conversion or exchange right as set forth elsewhere herein.

         The Company shall pay interest semi-annually in arrears on June 30 and
December 31 of each year that any portion of the principal balance is unpaid.
Interest payments shall commence on December 31, 2006 and, at the sole
discretion of the Company, may be paid in cash or with shares of common stock of
the Company. If shares of common stock are used to pay interest, then the number
of shares to be issued shall be calculated using the average closing price of
the common stock for the ten (10) trading days immediately prior to the due date
of the interest payment.

         All payments of principal and interest shall be made to the Holder at
the address set forth above or such other address as the Holder shall notify the
Company in writing ten (10) days prior to the due date of any payment or upon
any prepayment of this Debenture as provided herein.

         Subject to and in compliance with the provisions hereof, the Holder
may, at its option, convert all or any portion of the outstanding principal
balance of this Debenture, and all or any portion of the interest accrued
thereon to such date, into shares of common stock of the Company (the "Common
Stock") at a conversion price (the "Conversion Price") equal to eighty percent
(80%) of the price per common share the Company offers in any subsequent private
offering at any time prior to the full repayment or conversion of the Debenture
and interest accrued thereon, but in no event shall the Conversion Price be less
than $0.02 per share or greater than $0.10 per share. Also, the Holder may, at

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its option, exchange all or any portion of the outstanding principal balance of
this Debenture, and all or any portion of the interest accrued thereon to such
date, for any securities being offered by the Company at any time prior to the
full repayment or conversion of the Debenture and interest accrued thereon.

         The Holder hereof shall communicate their intention to convert all or
any portion of the principal amount of this Debenture, and all or any portion of
interest accrued through such conversion, by surrendering this Debenture with
the Form of Notice of Election to Convert attached hereto duly completed and
signed, to the Company at its address for notice set forth elsewhere herein. The
Holder hereof shall communicate their intention to exchange all or any portion
of the principal amount of this Debenture, and all or any portion of interest
accrued through such conversion date, by surrendering this Debenture with
properly completed subscription documents related to the subsequent offering
into which they seek to invest, to the Company at its address for notice set
forth elsewhere herein.

         If the Holder elects to convert or exchange less than the entire
principal amount of this Debenture and interest accrued to the date of such
conversion, the Company shall issue or cause to be issued and delivered to the
Holder, at its expense, a new Debenture evidencing the outstanding amount of
principal due hereunder after giving effect to the amount applied to the
conversion, which such Debenture shall, except as to the principal amount
thereof, be identical to this Debenture in all respects.

         The Company may, at its option, redeem the Debenture for an amount
equal the total outstanding principal amount of this Debenture and accrued but
unpaid interest thereon. To so redeem, the Company shall provide written notice
to the Holder of its intent to redeem, which notice shall specify the amount of
the Debenture that the Company intends to redeem and the closing date (which
shall be on the fifteenth (15) business day after the date of such notice). The
Holder may, at its option, convert or exchange as defined herein, any portion of
this Debenture and accrued interest thereon after receiving the written
redemption notice, provided that the Company receives Holders' written notice of
their intent to convert or exchange is received by the Company at least two (2)
business days prior to the closing date specified in the written redemption
notice.

         If the Company, at any time while this Debenture is outstanding shall
(a) pay a stock dividend or otherwise make a distribution or distributions on
shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock, (b) subdivide outstanding shares of Common
Stock into a larger number of shares, (c) combine (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares,
or (d) issue by reclassification of shares of the Common Stock any shares of
capital stock of the Company, then the Conversion Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding before such event and of which
the denominator shall be the number of shares of Common Stock outstanding after
such event. Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders entitled
to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or
re-classification.

                                       2
<PAGE>
         Subject to receipt by Company of notice from Holders representing in
excess of 50% of the principal amount of Debentures then outstanding, the
Company shall be in default under the terms of this Debenture if it (i) fails to
make a payment of principal or interest when due; or (ii) makes an assignment
for the benefit of creditors, files a petition in bankruptcy, is adjudicated
insolvent or bankrupt, suffers an order for relief under any federal bankruptcy
law, petitions or applies to any tribunal for the appointment of a custodian,
receiver or any trustee for the Company or any substantial part of its assets,
or (iii) commences any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution or liquidation law or statue of
any jurisdiction, whether now or hereafter in effect; or (iv) has any such
petition or application, or any such proceeding, filed or commenced against it,
which remains undismissed, unstayed or unbonded for a period of thirty (30) days
or more; or (v) by any act or omission, shall indicate consent to, approve or
acquiescence in any such petition, application or proceeding or the appointment
of a custodian, receiver or any trustee for all or any substantial part of its
properties, or (vi) allows such custodianship, receivership, or trusteeship to
continue undischarged, unstayed or unbonded for a period of thirty (30) days or
more, or (vii) violates any term or provision of this Debenture (except as set
forth in subsection (i) of this paragraph) and same remains uncured for a period
of ten (10) business days after notice thereof has been received from Holders
representing in excess of 50% of the principal amount of Debentures then
outstanding (unless a longer cure period is set forth in any of the
aforementioned agreements), and the outstanding principal amount of this
Debenture, together with all accrued and unpaid interest thereon, shall be and
become immediately due and payable.

         Notwithstanding any other provision of this Debenture, interest under
this Debenture shall not exceed the maximum rate permitted by law; and if any
amount is paid under this Debenture as interest in excess of such maximum rate,
then the amount so paid will not constitute interest but will constitute a
prepayment on account of the principal amount of this Debenture. If at any time
the interest rate under this Debenture would, but for the provision of the
preceding sentence, exceed the maximum rate permitted by law, then the
outstanding principal balance of this Debenture shall, on demand by the Holder
of this Debenture, become and be due and payable.

         All payments under this Debenture shall be made without deduction for
any taxes of any nature now or hereafter imposed.

         The provisions of this Debenture shall in all respects be construed
according to, and the rights and liabilities of the parties hereto and shall in
all respects be governed by, the laws of the State of Florida. This Debenture
shall be deemed a contract made under the laws of the State of Florida to be
fully performed therein, and the validity of this Debenture and all rights and
liabilities hereunder shall be determined under the laws of said State without
reference to the conflicts of laws provisions thereof. For purposes of any
proceeding involving this Debenture, the Company and the Holder hereby submit to
the exclusive jurisdiction of the courts of the State of Florida and of the
United States having jurisdiction in the County of Palm Beach, State of Florida,
and agree not to raise and waive any objection to or defense based upon the
venue of any such court or based upon forum non conveniens.

                                       3
<PAGE>
         In the event this Debenture is placed in the hands of an attorney for
collection or for enforcement or protection of the security, or if Holder incurs
any costs incident to the collection of the indebtedness evidenced hereby or the
enforcement or protection of the security, the Company agrees to pay to Holder
all reasonable attorneys' fees so incurred, all court and other costs and the
reasonable costs of any other collection efforts, including all costs incurred
in collecting any judgment and in any appellate or bankruptcy proceeding. The
Company agrees to pay any documentary stamp taxes, intangible taxes or other
taxes which may now or hereafter apply to this Debenture or any payment made in
respect of this Debenture.

         No delay or omission on the part of the Holder in the exercise of any
right hereunder shall operate as a waiver of such right or of any other right
under this Debenture. A waiver by the Holder of any right or remedy conferred to
it hereunder on any one occasion shall not be construed as a bar to, or waiver
of, any such right and/or remedy as to any future occasion. The Company and all
persons now or hereafter becoming obligated or liable for the payment hereof do
jointly and severally waive demand, notice of non-payment, protest, notice of
dishonor and presentment. No failure to accelerate the indebtedness evidenced
hereby by reason of default hereunder, acceptance of a past-due installment or
other indulgences granted from time to time, shall be construed as a novation of
this Debenture or as a waiver of such right of acceleration or of the right of
the Holder thereafter to insist upon strict compliance with the terms of this
Debenture or to prevent the exercise of such right of acceleration or any other
right granted hereunder or by applicable law.

         This Debenture may be amended only by a written instrument executed by
the Company and the Holder.

         IN WITNESS WHEREOF, POWER2SHIP, INC. has caused this Series D Unsecured
Convertible Debenture to be executed in its corporate name by its Chief
Executive Officer, thereunto duly authorized.

Dated: ___________, 2006

                                           POWER2SHIP, INC.

                                           By:  ______________________________
                                                Richard Hersh

                                       4
<PAGE>
                                     FORM OF

                          NOTICE OF ELECTION TO CONVERT

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

The undersigned hereby elects to convert the attached Series D Unsecured
Convertible Debenture into shares of common stock (the "Common Stock"), of
Power2Ship, Inc. (the "Company") according to the conditions hereof, as of the
date written below. If shares are to be issued in the name of a person other
than the undersigned, the undersigned will pay all transfer taxes payable with
respect thereto and is delivering herewith such certificates and opinions as
reasonably requested by the Company in accordance therewith. No fee will be
charged to the holder for any conversion, except for such transfer taxes, if
any.

Conversion calculations:          ______________________________________________
                                  Date to Effect Conversion

                                  ______________________________________________
                                  Principal Amount of Debenture to be Converted

                                  Payment of Interest in Kind       [ ] Yes
                                                                    [ ] No

                                  If yes, $ _________  of Interest Accrued on
                                                       Account of Conversion at
                                                       Issue

                                  ______________________________________________
                                  Number of shares of Common Stock to be Issued

                                  ______________________________________________
                                  Applicable Conversion Price

                                  ______________________________________________
                                  Signature

                                  ______________________________________________
                                  Name

                                  ______________________________________________
                                  Address

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