Document:

Exhibit 4.8

 

EXECUTION
VERSION

 

SECOND AMENDMENT TO FORBEARANCE AGREEMENT

 

This Second Amendment to Forbearance Agreement (this
“Agreement”), dated as of May 20, 2008, further amends that certain
Forbearance Agreement dated as of April 30, 2008 (as amended, the “Forbearance
Agreement”) and is entered into by and among Vertis, Inc. (the “Issuer”),
each of the undersigned entities listed as guarantors (collectively, the “Guarantors”)
and each of the undersigned holders (collectively, the “Holders”) of the
9.75% Senior Secured Second Lien Notes due 2009 (the “Notes”) issued by
the Issuer.  Each capitalized term used herein and not otherwise
defined herein shall have the meaning attributed to such term in the
Forbearance Agreement.

 

W I T N E S S E T H:

 

WHEREAS, on April 30,
2008, the Issuer, the Guarantors and certain of the Holders entered into the
Forbearance Agreement, pursuant to which those Holders agreed to forbear during
the Forbearance Period from exercising their rights and remedies under the
Indenture and from directing the Trustee to exercise any such rights and
remedies on their behalf resulting from the Existing Default and the Payment
Default; and

 

WHEREAS, the failure of
the Restructuring Agreement Execution to occur on or before 5:00 p.m. (New
York time) on May 13, 2008 (the “Restructuring Execution Deadline”)
resulted in a Forbearance Termination Event under the Forbearance Agreement;
and

 

WHEREAS, on May 14, 2008, the Issuer, the Guarantors
and the Holders entered into the First Amendment to Forbearance Agreement (the “First
Amendment”),  which amended the Forbearance Agreement by waiving the
Forbearance Termination Event thereunder and extending the Restructuring
Execution Deadline to 5:00 p.m. (New York time) on May 20, 2008; and

 

WHEREAS, due to the
ongoing discussions among the parties with respect to the Restructuring
Agreement, the Issuer and the Guarantors have requested that the Holders
continue their forbearance with respect to the Payment Default and the Existing
Default by further extending the Restructuring Execution Deadline; and

 

WHEREAS, subject to the
terms and conditions set forth herein, the Holders have agreed to continue
their forbearance and extend the Restructuring Execution Deadline to 5:00 p.m.
(New York time) on May 27, 2008.

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.  Amendment to Existing Forbearance Agreement. The following
clauses of the definition of Forbearance Termination Event in Section 1 of
the Forbearance Agreement shall be hereby further amended as follows:

 

(1) clause (a) is hereby further
amended to read: “(a) the failure of the Restructuring Agreement Execution
to occur on or before 5:00 p.m. (New York time) on May 27, 2008;”;

 

 

SECTION 2.  Conditions to Effectiveness.  The effectiveness of this Agreement shall be
subject to the satisfaction of each of the following conditions:

 

(a)           Holders
representing in the aggregate more than 75% of the outstanding principal amount
of the Notes shall have executed this Agreement;

 

(b)           the
Holders shall have received from the Issuer a duly executed counterpart of this
Agreement from each Holder, the Issuer and each Guarantor listed on the
signature pages hereto;  provided, however, that
signature pages executed by Holders shall be delivered to (a) other
Holders in a redacted form that removes such Holder’s holdings of the Notes and
(b) the Issuer, the Guarantors and advisors to the Holders in an
unredacted form; provided further, however,
that the advisors to the Holders shall not disclose the unredacted signature pages to
any Holder; and

 

(c)           (i) all
representations and warranties made by the Issuer and the Guarantors in the
Indenture, the Note and the Security Documents shall be true and correct in all
material respects on and as of the effective date of this Agreement as though
made on and as of such date (unless any such representation or warranty relates
solely to an earlier date, in which case it shall have been true and correct in
all material respects as of such earlier date); and (ii) no Default or
Event of Default (except with respect to the Existing Default and the Payment
Default) has occurred or is continuing as of the effective date of this
Agreement.

 

SECTION 3.  Representation of the Holders.  Each Holder severally
represents that it is the beneficial owner and/or investment advisor or manager
of discretionary accounts for the holders or beneficial owners of the aggregate
principal amount of the Notes set forth on the signature page hereof
beneath its name.

 

SECTION 4.  Reference to and Effect Upon the
Existing Forbearance Agreement.

 

(a)           Except as specifically amended hereby,
all terms, conditions, covenants, representations and warranties contained in
the Existing Forbearance Agreement, as amended hereby, and all rights and
obligations of the Issuer, Guarantors and Holders therein, shall remain in full
force and effect.  Each of the Issuer,
Guarantors and Holders hereby confirms that the Existing Forbearance Agreement,
as amended hereby is in full force and effect and that none of the Issuer,
Guarantors and Holders has any defenses, setoffs, recoupments, offsets, claims or
counterclaims to the obligations under the Existing Forbearance Agreement, as
amended hereby.

 

(b)           Except as expressly set forth herein,
the execution, delivery and effectiveness of this Agreement shall not directly
or indirectly (i) create any obligation to continue to defer any
enforcement action after a Default or Event of Default, (ii) constitute a
consent or waiver of any past, present or future violations of any provisions
of the Existing Forbearance Agreement, as amended hereby or (iii) amend,
modify or operate as a waiver of any provision of the Existing Forbearance
Agreement, as amended hereby. Except as expressly set forth herein, each of
Issuer, Guarantors and Holders, as applicable, reserves all of its or their
respective rights, powers, and remedies under the Existing Forbearance
Agreement, as amended hereby and/or applicable law.  All of the provisions of the Existing
Forbearance Agreement, as amended hereby, are hereby reiterated, and if ever
waived, reinstated.

 

2

 

SECTION 5. 
Release. In consideration of the agreements of the Holders
set forth herein, each of the Issuer and each Guarantor hereby releases,
remises, acquits and forever discharges the Holders, and each of their
respective employees, agents, representatives, consultants, attorneys,
officers, directors, partners, fiduciaries, predecessors, successors and
assigns, subsidiary corporations, parent corporations and related corporate
divisions (collectively, the “Released Parties”), from any and all
actions, causes of action, judgments, executions, suits, debts, claims,
demands, liabilities, obligations, damages and expenses of any and every
character, known or unknown, direct or indirect, at law or in equity, of
whatever nature or kind, whether heretofore or hereafter arising, for or
because of any matter of things done, omitted or suffered to be done by any of
the Released Parties prior to and including the date of execution hereof, and
in any way directly or indirectly arising out of any or in any way connected to
this Agreement, the Indenture, the Note or the Security Documents
(collectively, the “Released Matters”). Each of the Issuer and each
Guarantor hereby acknowledges that the foregoing releases in this Agreement are
intended to be in full satisfaction of all or any alleged injuries or damages
arising in connection with the Released Matters. Each of the Issuer and each
Guarantor hereby represents and warrants to each Holder that it has not
purported to transfer, assign or otherwise convey any right, title or interest
in any Released Matter to any other Person and that the foregoing constitutes a
full and complete release of all Released Matters.

 

EACH
OF THE ISSUER AND EACH GUARANTOR AGREES TO ASSUME THE RISK OF ANY AND ALL
UNKNOWN, UNANTICIPATED OR MISUNDERSTOOD DEFENSES, CLAIMS, CONTRACTS,
LIABILITIES, INDEBTEDNESS AND OBLIGATIONS WHICH ARE RELEASED, WAIVED AND
DISCHARGED BY THIS AGREEMENT. EACH OF ISSUER AND EACH GUARANTOR WAIVES AND
RELEASES ANY RIGHT OR DEFENSE WHICH IT MIGHT OTHERWISE HAVE UNDER ANY OTHER LAW
OR ANY APPLICABLE JURISDICTION WHICH MIGHT LIMIT OR RESTRICT THE EFFECTIVENESS
OR SCOPE OF ANY OF ITS WAIVERS OR RELEASES HEREUNDER.

 

SECTION 6.  Costs
and Expenses.  The Issuer
agrees to pay on demand all costs and expenses of the Holders in connection
with the preparation, execution and delivery of this Agreement, including the
reasonable fees, costs and expenses of counsel for the Holders with respect
thereto.

 

SECTION 7. 
Execution in Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.  Delivery of an executed signature page to
this Agreement by facsimile transmission or otherwise transmitted or
communicated by email shall be as effective as delivery of a manually executed
counterpart of this Agreement.

 

SECTION 8. 
Integration.  This Agreement
and any agreements referred to herein constitute the entire contract among the
parties hereto relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the
subject matter hereof.  Upon the
effectiveness of this Agreement as set forth in Section 2 hereof, this
Agreement shall be binding upon and inure to the benefit of the parties to the
Indenture and, subject to and in accordance with Section 11.10 of the
Indenture, their respective successors and assigns.

 

3

 

SECTION 9. 
Severability.  Wherever
possible, each provision of this Agreement shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining
provisions of this Agreement.

 

SECTION 10. Applicable Law.  This Agreement shall be governed by and be
construed and enforced in accordance with, the laws of the State of New York
(including without limitation Section 5-1401 of the New York General
Obligations Law).

 

SECTION 11. Headings.  Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purposes.

 

SECTION 12. 
Confidentiality.  Each
of the Issuer, each Guarantor and each Holder (and their respective successors
and assigns) shall not publicly disclose any information provided to them by
any Holder in connection with this Agreement, nor shall they publicly disclose
signature pages to this Agreement or any other provision of this Agreement
that discloses the Holders’ holdings (collectively, the “Holder Information”)
except: (1) in any legal proceeding relating to this Agreement, provided
that the Issuer, the relevant Guarantor and/or Holder, as applicable, shall use
their reasonable best efforts to maintain the confidentiality of Holder
Information in the context of any such proceeding; (2) to the extent
required by law; and (3) in response to a subpoena, discovery request, or
a request from a government agency for information regarding Holder Information
or the information contained therein; provided that in the case of
clauses (2) and (3) above, the disclosing party provides notice to
the applicable Holder, promptly upon receipt of the subpoena or request, unless
such notice would be prohibited by law. 
If the applicable Holder wishes to oppose the production of such
information, it may do so at its own expense. 
Responding to any such subpoena or other request, after providing notice
as set forth herein, shall not be deemed to be a breach of any provision of
this Agreement.  Notwithstanding anything
to the contrary in this Section 15, the Issuer may: (i) disclose the
aggregate principal amount of Notes held by the Holders executing this
Agreement, taken as a whole and without reference to the names of the Holders
constituting such amount; and (ii) provide the Trustee with the executed
copy of this Agreement that includes the individual signature pages of
each of the Holders, but only in the event that the Issuer first obtains the
Trustee’s written consent not to publicly disclose any information relating to
the individual holdings of each Holder.

 

[SIGNATURE
PAGES FOLLOW]

 

4

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed and delivered by their respective
officers thereunto duly authorized as of the date first written above.

 

 

	
   

  	
  VERTIS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John V.
  Howard, Jr.

  
	
   

  	
   

  	
   Name: 

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
   Title: 

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENTERON GROUP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John V.
  Howard, Jr.

  
	
   

  	
   

  	
   Name: 

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
   Title: 

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WEBCRAFT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John V.
  Howard, Jr.

  
	
   

  	
   

  	
   Name:

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
   Title: 

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  USA DIRECT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John V. Howard, Jr.

  
	
   

  	
   

  	
   Name: 

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
   Title: 

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VERTIS MAILING, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John V.
  Howard, Jr.

  
	
   

  	
   

  	
   Name: 

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
   Title: 

  	
  Secretary

  

 

5

 

	
   

  	
  WEBCRAFT CHEMICALS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John V.
  Howard, Jr.

  
	
   

  	
   

  	
   Name: 

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
   Title: 

  	
  Secretary

  

 

6

 

	
   

  	
  [                               ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  $

  
	
   

  	
  Aggregate
  principal amount of Notes

  
	
   

  	
  beneficially
  owned or managed on behalf

  
	
   

  	
  of
  accounts that hold or beneficially own Notes

  

 

7Filed by sedaredgar.com - Pluris Energy Group, Inc. - Exhibit 10.20

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE 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. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

STOCK OPTION AND SUBSCRIPTION AGREEMENT

This AGREEMENT is entered into as of the 1st day of
April, 2008 (the "Date of Grant").

BETWEEN:

PLURIS ENERGY GROUP INC., with
an office at Suite 2703 – 550 Pacific Street, Vancouver British Columbia Canada
V6Z 3G2 
(the "Company")

AND:

GT VENTURE MANAGEMENT, AG, a
company with an address at 76 Dean Street, Belize City, Belize, Central America

(the "Optionee")

WHEREAS:

A. The Company's board of directors (the "Board") has approved
and adopted an Equity Incentive Plan (the "Plan"), whereby the Board is
authorized to grant stock options to purchase common shares of the Company to
the directors, officers, employees, management company employees and consultants
of the Company;

B. The Company has appointed the Optionee as a consultant to
provide services to the Company (the "Services"); and

C. The Company seeks to grant stock options to purchase a total
of One Million Five Hundred Thousand (1,500,000) shares of Common Stock to the
Optionee in consideration for the provision of the Services.

2

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

1.1 In this Agreement, the following terms shall have the
following meanings:

	 	(a) 	
      "Common Stock" means the shares of common stock of
      the Company;

	 	 	 
	 	(b) 	
      "Exercise Payment" means the amount of money equal
      to the Exercise Price multiplied by the number of Optioned Shares
      specified in the Notice of Exercise;

	 	 	 
	 	(c) 	
      "Exercise Price" means $.50;

	 	 	 
	 	(d) 	
      "Expiry Date" means April 1, 2018;

	 	 	 
	 	(e) 	
      "Notice of Exercise" means a notice in writing
      addressed to the Company at its address first recited (or such other
      address of the Company as may from time to time be notified to the
      Optionee in writing), substantially in the form attached as Appendix "A"
      hereto, which notice shall specify therein the number of Optioned Shares
      in respect of which the Options are being exercised;

	 	 	 
	 	(f) 	
      "Options" means the irrevocable right and option
      to purchase, from time to time, all, or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to Section 1.2 of this
      Agreement;

	 	 	 
	 	(g) 	
      "Optioned Shares" means the shares of Common
      Stock, subject to the Options;

	 	 	 
	 	(h) 	
      "Securities" means, collectively, the Options and
      the Optioned Shares;

	 	 	 
	 	(i) 	
      "Shareholders" means holders of record of the
      shares of Common Stock;

	 	 	 
	 	(j) 	
      "U.S. Person" shall have the meaning ascribed
      thereto in Regulation S under the 1933 Act, and for the purpose of the
      Agreement includes any person in the United States; and

	 	 	 
	 	(k) 	
      "Vested Options" means the Options that have
      vested in accordance with Section 1.3 of this
Agreement.

1.2 The Company hereby grants to the Optionee, on the terms and
conditions set out in this Agreement and in the Plan, Options to purchase a
total of One Million Five Hundred Thousand (1,500,000) Optioned Shares at
the Exercise Price.

1.3 The Options may be exercised after vesting and only in
accordance with the following schedule:

All options pursuant to this Agreement
shall vest immediately upon the effective date of this agreement.

1.4 The Options shall, at 5:00 p.m. (Vancouver time) on the
Expiry Date, expire and be of no further force or effect whatsoever.

1.5 The Company shall not be obligated to cause the issuance,
transfer or delivery of a certificate or certificates representing Optioned
Shares to the Optionee, until provision has been made by 

3

the Optionee, to the satisfaction of the Company, for the
payment of the aggregate exercise price for all Optioned Shares for which the
Option shall have been exercised, and for satisfaction of any tax withholding
obligations associated with such exercise.

1.6 The Optionee shall have no rights whatsoever as a
shareholder in respect of any of the Optioned Shares (including any right to
receive dividends or other distribution therefrom or thereon) except in respect
of which the Option has been properly exercised in accordance with the terms of
this Agreement.

1.7 The Option will terminate under the following
circumstances:

	 	(a) 	
      If the Optionee is an employee, consultant, director or
      officer of the Company or a subsidiary of the Company, and ceases to be an
      employee, consultant, director or officer by reason of termination or
      removal for cause, the Option will terminate on the effective date of the
      Optionee ceasing to be an employee, consultant, director or officer, as
      the case may be, for that reason.

	 	 	 
	 	(b) 	
      If the Optionee dies, the Optionee’s personal
      representative will have the right to exercise any unexercised portion of
      the Option, in whole or in part, at any time until the earlier of (a) the
      Expiry Date and (b) the date that is three months after the date of the
      Optionee’s death.

	 	 	 
	 	(c) 	
      If the Optionee is a director, officer, employee or
      consultant of the Company or a subsidiary of the Company, and ceases to be
      a director, officer, employee or consultant for any reason other than as
      set out in subparagraphs (a) or (b) above, the Option will terminate on
      the earlier of (a) the Expiry Date and (b) the date that is 30 days after
      the effective date of the Optionee ceasing to be a director, officer,
      employee or consultant for that other reason.

	 	 	 
	 	(d) 	
      If the Optionee ceases to be one type of Optionee (i.e.,
      director, officer, employee or consultant, or a company 100% beneficially
      owned by one of them) but concurrently is or becomes one or more other
      type of Optionee, the Option will not terminate but will continue in full
      force and effect and the Optionee may exercise the Option until the
      earlier of (a) the Expiry Date and (b) the applicable date set forth in
      subparagraphs (a), (b) or (c) above where the Optionee ceases to be any
      type of Optionee.

	 	 	 
	 	(e) 	
      The Option will not be affected by any change of the
      Optionee’s employment where the Optionee continues to be employed by the
      Company or any subsidiary of the Company.

1.8 Subject to the provisions of this Agreement and the Plan
and subject to compliance with any applicable securities laws, the Options shall
be exercisable, in full or in part, at any time after vesting, until
termination; provided, however, that if the Optionee is subject to the reporting
and liability provisions of Section 16 of the Securities Exchange Act of
1934 with respect to the Common Stock, the Optionee shall be precluded from
selling, transferring or otherwise disposing of any Common Stock underlying any
Options during the six (6) months immediately following the grant of that
Option. If less than all of the shares included in the vested portion of any
Options are purchased, the remainder may be purchased at any subsequent time
prior to the Expiry Date. Only whole shares may be issued pursuant to the
exercise of any Options, and to the extent that any Options covers less than one
(1) share, it is unexercisable.

4

Each exercise of the Options shall be by means of delivery of a
Notice of Exercise (which may be in the form attached hereto as Appendix A) to
the President of the Company at its principal executive office, specifying the
number of shares of Common Stock to be purchased and accompanied by payment in
cash by certified check or cashier's check in the amount of the full exercise
price for the Common Stock to be purchased. In addition to payment in cash by
certified check or cashier's check, an Optionee or transferee of the Options may
pay for all or any portion of the aggregate exercise price by complying with one
or more of the following alternatives:

	 	(a) 	
      by delivering a properly executed Notice of Exercise
      together with irrevocable instructions to a broker promptly to sell or
      margin a sufficient portion of the Common Stock and deliver directly to
      the Company the amount of sale or margin loan proceeds to pay the exercise
      price; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Board at the time of exercise.

It is a condition precedent to the issuance of Optioned Shares
that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with applicable laws.

1.9 Nothing in this Agreement shall obligate the Optionee to
purchase any Optioned Shares except those Optioned Shares in respect of which
the Optionee shall have exercised the Options in the manner provided in this
Agreement.

1.10 Reference is made to the Plan for particulars of the
rights and obligations of the Optionee and the Company in respect of:

	 	(a) 	
      the terms and conditions on which the Options are
      granted; and

	 	 	 
	 	(b) 	
      a consolidation or subdivision of the Company's share
      capital or an amalgamation or merger;

all to the same effect as if the provisions of the Plan were
set out in this Agreement and to all of which the Optionee assents.

1.11 The terms of the Options are subject to the provisions of
the Plan, as the same may from time to time be amended, and any inconsistencies
between this Agreement and the Plan, as the same may be from time to time
amended, shall be governed by the provisions of the Plan.

2. Acknowledgements of the Optionee

2.1 The Optionee acknowledges and agrees that:

	 	(a) 	
      the Optionee will spend a significant amount of time and
      attention on the affairs and business of the Company;

	 	 	 
	 	(b) 	
      the Securities have not been registered under the 1933
      Act or under any state securities or "blue sky" laws of any state of the
      United States, and are being offered only in a transaction not involving
      any public offering within the meaning of the 1933 Act, and, unless so
      registered, may not be offered or sold in the United States or to U.S.
      Persons (as defined herein), except pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration

5

	 		
      requirements of the 1933 Act, and in each case only in
      accordance with applicable state securities laws;

	 	 	 
	 	(c) 	
      the Company has not undertaken, and will have no
      obligation, to register any of the Securities under the 1933
Act;

	 	 	 
	 	(d) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from, or in a transaction not subject
      to, the registration requirements of the 1933 Act;

	 	 	 
	 	(e) 	
      the decision to execute this Subscription and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      and such decision is based solely upon a review of publicly available
      information regarding the Company available on the website of the United
      States Securities and Exchange Commission (the "SEC") available at
      www.sec.gov (the "Company Information");

	 	 	 
	 	(f) 	
      the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Optionee contained in
      this Agreement, and the Optionee will hold harmless the Company from any
      loss or damage it may suffer as a result of the Optionee's failure to
      correctly complete this Agreement;

	 	 	 
	 	(g) 	
      the Optionee has been advised to consult its own legal,
      tax and other advisors with respect to the merits and risks of an
      investment in the Securities and with respect to applicable resale
      restrictions and it is solely responsible (and the Company is in any way
      responsible) for compliance with applicable resale restrictions;

	 	 	 
	 	(h) 	
      the Optionee has not acquired the Securities as a result
      of, and will not itself engage in, any "directed selling efforts" (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of the Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      the Securities; provided, however, that the Optionee may sell or otherwise
      dispose of the Securities pursuant to registration thereof under the 1933
      Act and any applicable state and provincial securities laws or under an
      exemption from such registration requirements;

	 	 	 
	 	(i) 	
      the Optionee and the Optionee's advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the acquisition of the
      Securities hereunder, and to obtain additional information, to the extent
      possessed or obtainable without unreasonable effort or expense, necessary
      to verify the accuracy of the information about the Company;

	 	 	 
	 	(j) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the acquisition of the Securities hereunder have been made
      available for inspection by the Optionee, the Optionee's attorney and/or
      advisor(s) (if applicable);

6

	 	(k) 	
      the Optionee has been advised to consult the Optionee's
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Securities and with respect to applicable resale
      restrictions, and it is solely responsible (and the Company is not in any
      way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Optionee is resident in connection with the distribution of the Securities
      hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions; and

	 	 	 	 
	 	(l) 	
      the Securities are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Optionee that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      certain market makers make market in the shares of the Company's common
      stock on the OTC Bulletin Board;

	 	 	 	 
	 	(m) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Securities;

	 	 	 	 
	 	(n) 	
      no documents in connection with this Agreement have been
      reviewed by the SEC or any state securities administrators;

	 	 	 	 
	 	(o) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 	 
	 	(p) 	
      this Agreement is not enforceable by the Optionee unless
      it has been accepted by the Company.

3. Representations, Warranties and Covenants of the
Optionee

3.1 The Optionee hereby represents and warrants to and
covenants with the Company (which representations, warranties and covenants
shall survive the closing) that:

	 	(a) 	
      the Optionee is an officer and/or consultant of the
      Company who will spend a significant amount of time and attention on the
      affairs and business of the Company;

	 	 	 
	 	(b) 	
      the Optionee is not acquiring the Securities for the
      account or benefit of, directly or indirectly, any U.S. Person;

	 	 	 
	 	(c) 	
      the Optionee is not a U.S. Person;

	 	 	 
	 	(d) 	
      the Optionee is outside the United States when receiving
      and executing this Agreement and is acquiring the Securities as principal
      for the Optionee's own account, for investment purposes only, and not with
      a view to, or for, resale, distribution or fractionalisation thereof, in
      whole or in part, and no other person has a direct or indirect beneficial
      interest in such Securities;

	 	 	 
	 	(e) 	
      the Optionee acknowledges that the Optionee has not
      acquired the Securities as a result of, and will not itself engage in, any
      "directed selling efforts" (as defined in Regulation S under the 1933 Act)
      in the United States in respect of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of the Securities;

7

	 		
      provided, however, that the Optionee may sell or
      otherwise dispose of the Securities pursuant to registration of the
      Securities pursuant to the 1933 Act and any applicable state and
      provincial securities laws or under an exemption from such registration
      requirements and as otherwise provided herein;

	 	 	 
	 	(f) 	
      it understands and agrees that the Company will refuse to
      register any transfer of the Optioned Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from,
      or in a transaction not subject to, the registration requirements of the
      1933 Act;

	 	 	 
	 	(g) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 
	 	(h) 	
      the Optionee has received and carefully read this
      Agreement;

	 	 	 
	 	(i) 	
      the Optionee has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Optionee is a corporation, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Optionee;

	 	 	 
	 	(j) 	
      the Optionee (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time, and can afford the complete
      loss of such investment;

	 	 	 
	 	(k) 	
      all information contained in this Agreement is complete
      and accurate and may be relied upon by the Company;

	 	 	 
	 	(l) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the Company, and
      the Optionee is providing evidence of such knowledge and experience in
      these matters through the information requested in this
  Agreement;

	 	 	 
	 	(m) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, covenants and agreements contained in this
      Agreement and agrees that if any of such acknowledgements, representations
      and agreements are no longer accurate or have been breached, the Optionee
      shall promptly notify the Company;

	 	 	 
	 	(n) 	
      the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment;

	 	 	 
	 	(o) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if

8

	 		
      applicable, the constating documents of, the Optionee, or
      of any agreement, written or oral, to which the Optionee may be a party or
      by which the Optionee is or may be bound;

	 	 	 	 
	 	(p) 	
      the Optionee has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Optionee
      enforceable against the Optionee;

	 	 	 	 
	 	(q) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the Company, and
      the Optionee is providing evidence of such knowledge and experience in
      these matters through the information requested in this
  Agreement;

	 	 	 	 
	 	(r) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Agreement, and agrees
      that if any of such acknowledgements, representations and agreements are
      no longer accurate or have been breached, the Optionee shall promptly
      notify the Company;

	 	 	 	 
	 	(s) 	
      the Optionee is purchasing the Securities 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 no
      other person has a direct or indirect beneficial interest is such
      Securities, and the Optionee has not subdivided his interest in the
      Securities with any other person;

	 	 	 	 
	 	(t) 	
      the Optionee is not an underwriter of, or dealer in, the
      shares of the Company's common stock, nor is the Optionee participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Securities;

	 	 	 	 
	 	(u) 	
      the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Optionee's decision to acquire the Securities;

	 	 	 	 
	 	(v) 	
      if the Optionee is acquiring the Securities as a
      fiduciary or agent for one or more investor accounts, the Optionee has
      sole investment discretion with respect to each such account, and the
      Optionee has full power to make the foregoing acknowledgements,
      representations and agreements on behalf of such account;

	 	 	 	 
	 	(w) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 	 
	 	(x) 	
      no person has made to the Optionee any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities,
      or

9

	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Company on any stock exchange or automated dealer quotation system, except
      that currently certain market makers make market in the shares of the
      Company's common stock on the OTC Bulletin Board; and

	 	 	 	 
	 	(y) 	
      In this Subscription, the term "U.S. Person" shall have
      the meaning ascribed thereto in Regulation S promulgated under the 1933
      Act and for the purpose of the Subscription includes any person in the
      United States.

4. Acknowledgement and Waiver

4.1 The Optionee has acknowledged that the decision to purchase
the Securities was solely made on the basis of publicly available information
contained in the Company Information. The Optionee hereby waives, to the fullest
extent permitted by law, any rights of withdrawal, rescission or compensation
for damages to which the Optionee might be entitled in connection with the
distribution of any of the Securities.

5. Legending of Subject Securities

5.1 The Optionee hereby acknowledges that that upon the
issuance thereof, and until such time as the same is no longer required under
the applicable securities laws and regulations, the certificates representing
any of the Securities will bear a legend in substantially the following
form:

  THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN
    AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
    PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
    AMENDED (THE "1933 ACT"). 

  NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
    UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED,
    MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS
    DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS
    OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION
    STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE 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.
    IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
    UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S. PERSON"
    ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

5.2 The Optionee hereby acknowledges and agrees to the Company
making a notation on its records or giving instructions to the registrar and
transfer agent of the Company in order to implement the restrictions on transfer
set forth and described in this Agreement.

10

6. Costs

6.1 The Optionee acknowledges and agrees that all costs and
expenses incurred by the Optionee (including any fees and disbursements of any
special counsel retained by the Optionee) relating to the acquisition of the
Securities shall be borne by the Optionee.

7. Governing Law

7.1 This Agreement is governed by the laws of the Province of
British Columbia and the federal laws of Canada applicable therein. The Optionee
irrevocably attorns to the jurisdiction of the courts of the Province of British
Columbia.

8. Survival

8.1 This Agreement, including without limitation the
representations, warranties and covenants contained herein, shall survive and
continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the shares underlying the
Options by the Optionee pursuant hereto.

9. Assignment

9.1 This Agreement is not transferable or assignable.

10. Counterparts and Electronic Means

10.1 This Agreement may be executed in several counterparts,
each of which will be deemed to be an original and all of which will together
constitute one and the same instrument. Delivery of an executed copy of this
Agreement by electronic facsimile transmission or other means of electronic
communication capable of producing a printed copy will be deemed to be execution
and delivery of this Agreement as of the date first above written.

11. Currency

11.1 Unless explicitly stated otherwise, all funds in this
Agreement are stated in United States dollars.

12. Severability

12.1 The invalidity or unenforceability of any particular
provision of this Agreement shall not affect or limit the validity or
enforceability of the remaining provisions of this Agreement.

13. Entire Agreement

13.1 Except as expressly provided in this Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Agreement is the only agreement between the Optionee and the Company with
respect to the Options, and this Agreement supersedes all prior and
contemporaneous oral and written statements and representations and contain the
entire agreement between the parties with respect to the Securities.

11

14. Effectiveness

14.1 This Agreement shall be deemed to be effective following
the delivery by the Optionee to the Company of two fully executed copies of this
Agreement.

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

PLURIS ENERGY GROUP, INC.

	By: 	/s/ Sacha Spindler 	  	 
	  	Authorized Signatory 	  	 
	  	  	) 	 
	WITNESSED BY: 	) 	 
	  	  	) 	 
	  	 
    	) 	 
	Name 	) 	 PER: 
	  	 
    	) 	 /s/ Sacha Spindler 
	Address 	) 	 GT VENTURE
      MANAGEMENT, AG 
	  	 
    	) 	 
	  	  	) 	 
	  	 
    	) 	 
	Occupation 	  	 

APPENDIX A

	TO: 	Pluris Energy Group, Inc. 
	  	Suite 2703 – 550 Pacific Street, 
	  	Vancouver, British Columbia Canada V6Z 3G2
  

Notice of Exercise

This Notice of Exercise shall constitute proper notice pursuant
to Section 1.6 of the Stock Option and Subscription Agreement dated as of April
1st, 2008 (the "Agreement"), between the Company and the undersigned.
The undersigned hereby elects to exercise Optionee's option to purchase
____________________ shares of the common stock of the Company at a price of
US$.50 per share, for aggregate consideration of US$ ____________, on the terms
and conditions set forth in the Agreement. Such aggregate consideration, in the
form specified in Section 1.6 of the Agreement, accompanies this notice.

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows:

  	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	Name to appear on
        certificates 	 	Name
      
	 	 	 
	Address 	 	Address
      
	  	 	  
	  	 	Telephone Number 

DATED at ____________________________________, the _______day
of______________, _______.

	 	 
	 	(Name of Optionee – Please type or print)

	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	(Address of Optionee) 
	 	 
	 	(City, State, and Zip Code of Optionee) 
	 	 
	 	(Fax Number)

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