Document:

EX-4.1

AMENDMENT NO. 1

TO

SECURITIES PURCHASE AGREEMENT

THIS AMENDMENT NO. 1 to the Securities Purchase Agreement (this “Amendment”) is
entered into as of this      day of July, 2008, by and among The X-Change Corporation, a Nevada
corporation (the “Company”), and AirGATE Technologies, Inc., a Texas corporation
(“AirGATE”), and Samson Investment Company, a Nevada corporation, Ironman PI Fund (QP),
L.P., a Texas limited partnership, and John Thomas Bridge and Opportunity Fund, LP, a Delaware
limited partnership (each a “Purchaser” and collectively, the “Purchasers”). The
Company, AirGATE and the Purchasers may be referred to herein each as a “Party” and
collectively as the “Parties.”

RECITALS

WHEREAS, the Parties have previously entered into that certain Securities Purchase Agreement,
dated as of December 4, 2007 (the “Purchase Agreement”);

WHEREAS, pursuant to Section 9.5 of the Purchase Agreement, such Purchase Agreement may be
amended by a written instrument executed by the Parties; and

WHEREAS, in connection with the Second Closing Date (as defined in the Purchase Agreement) the
Parties wish to amend the Purchase Agreement to, among other things, (i) amend and restate each
Tranche A Note (as defined in the Purchase Agreement) and (ii) amend the terms of applicable to the
Tranche B Note and the Tranche B Warrant (each as defined in the Purchase Agreement).

TERMS OF AGREEMENT

In consideration of the premises and the mutual covenants and agreements hereinafter
contained, the Parties hereby agree as follows:

SECTION 1. Amendments to the Purchase Agreement.

(1) The first and second recital paragraphs appearing in the Purchase Agreement are hereby
amended in their entirety to read as follows:

“WHEREAS, the Company desires to sell to the Purchasers (a) an aggregate principal
amount of $1,800,000 of the Company’s Senior Secured Convertible Term Notes bearing an
annual interest rate of 8% with a maturity date of five (5) years from the date of issuance
(as amended, restated, amended and restated, modified or supplemented from time to time, the
“Tranche A Notes”), in the form attached hereto as Exhibit A, which are
convertible into shares of the Company’s common stock, $0.001 par value per share (the
“Common Stock”), and (b) warrants, in the form attached hereto as Exhibit B,
to purchase 4,500,000 shares of the Company’s Common Stock (as amended, restated, amended
and restated, modified or supplemented from time to time, each such warrant a “Tranche A
Warrant” and, collectively, the “Tranche A Warrants”); and

WHEREAS, the Company desires to sell to the Purchasers (a) an aggregate principal
amount of $1,800,000 of the Company’s Senior Secured Convertible Term Notes bearing an
annual interest rate of 8% with a maturity date of five (5) years from the date of issuance
(as amended, restated, amended and restated, modified or supplemented from time to time, the
“Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), in
the form attached hereto as Exhibit C, which are convertible into shares of the
Company’s Common Stock, (b) a warrant, in the form attached hereto as Exhibit D, to
purchase up to 25,714,286 shares of the Company’s Common Stock (as amended, restated,
amended and restated, modified or supplemented from time to time, each such warrant a
“Tranche B Warrant” and, collectively, the “Tranche B Warrants” and,
together with the Tranche A Warrants, the “Warrants”) and (c) 16,714,286 shares of
the Company’s Common Stock (the “Tranche B Shares”); and”

(2) Section 1(b) of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“(b) on the Second Closing (as defined herein), (i) a Tranche B Note in the principal
amount as is set forth opposite such Purchaser’s name on Exhibit E attached hereto,
(ii) a Tranche B Warrant to purchase the number of shares of Common Stock set forth opposite
such Purchaser’s name on Exhibit E attached hereto and (iii) the Tranche B Shares in
the amounts set forth opposite such Purchaser’s name on Exhibit E attached hereto.”

(3) The first two sentences of the last paragraph of Section 1 of the Purchase Agreement is
hereby amended in its entirety to read as follows:

“The purchase and sale of the Notes, Warrants and Tranche B Shares, as set forth in
Section 2 hereof, are referred to herein as the “Offering.” Collectively,
the Notes, the Warrants, the Tranche B Shares and the Common Stock issuable upon conversion
of the Notes and upon exercise of the Warrants are referred to as the “Securities”.”

(4) Section 2.1(b) of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“Second Closing. The purchase and sale of the Tranche B Notes, the Tranche B
Warrants and the Tranche B Shares pursuant to this Agreement (the “Second Closing”)
shall take place on June [     ], 2008, at 10:00 a.m. Dallas, Texas time at the offices of the
Company’s counsel, Strasburger & Price, LLP, 901 Main Street, Suite 4400, Dallas, Texas
75202, or at such other time or place as the Company and the Purchasers may mutually agree
(the date on which the Second Closing occurs, the “Second Closing Date”).”

(5) Section 2.2(b) of the Purchase Agreement is hereby amended by deleting the phrase “The
Notes and the Warrants shall be” and replacing such phrase with “The Notes, Warrants and the
Tranche B Shares shall be”.

(6) Section 2.3(j) of the Purchase Agreement is hereby amended by deleting the phrase “shall
not exceed $80,000” and replacing such phrase with “on the First Closing Date shall not exceed
$80,000”:

(7) Section 2.5 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“2.5 Company’s Second Closing Deliverables. At the Second Closing, the Company
shall deliver to each such Purchaser the following:

(a) an executed amended and restated Tranche A Note in such principal amount as is
set forth opposite such Purchaser’s name on Exhibit E;

(b) an executed amended and restated Tranche A Warrant to purchase the number of
            shares of Company Common Stock set forth opposite such Purchaser’s name on Exhibit
E;

(c) an executed Tranche B Note in such principal amount as is set forth opposite
such Purchaser’s name on Exhibit E;

(d) an executed Tranche B Warrant to purchase the number of shares of Company
Common Stock set forth opposite such Purchaser’s name on Exhibit E;

(e) certificates representing the Tranche B Shares set forth opposite such
Purchaser’s name on Exhibit E;

(f) certificates of good standing dated not more than five Business Days prior to
the Second Closing Date with respect to (i) the Company issued by the Secretary of State
of the State of Nevada and (ii) AirGATE issued by the Secretary of State of the State of
Texas;

(g) by wire transfer of immediately available funds to the account or accounts
specified by the Purchasers or in such other form of payment as requested by the
Purchasers $50,000, which represents the reasonable out-of-pocket expenses incurred by
the Purchasers in connection with the preparation and negotiation of, and consummation
of the transactions contemplated by, the Transaction Documents, including but not
limited to legal fees and consultants;

(h) a legal opinion of Company Counsel to the Purchasers in the form attached as
Exhibit J;

(i) an executed original of Amendment No. 1 to the Registration Rights Agreement
dated as of even date herewith between the Company, Tejas Securities Group, Inc. and
each Purchaser substantially in the form of Exhibit K (as amended, modified or
supplemented from time to time, the “Amendment No. 1 to the Registration Rights
Agreement”);

(j) an executed original of the Voting Agreement dated as of even date herewith
between each Purchaser and Michael L Sheriff, Sheriff Family LP, Ivan Chow and Kathleen
Hanafan substantially in the form of Exhibit L (as amended, modified or
supplemented from time to time, the “Voting Agreement”);

(k) an executed original of the engagement agreement of Marathon Advisors LLC dated
as of even date herewith between the Company and Marathon Advisors LLC substantially in
the form of Exhibit M;

(l) updated Schedules to the Agreement as of the Second Closing Date;

(m) a certificate executed by the Chief Executive Officer or Chief Financial
Officer of the Company confirming the satisfaction as of the Second Closing Date of each
of the conditions precedent set forth in Section 2.7 hereof; and

(n) such other documents as the Purchasers shall reasonably request.”

(8) Section 2.6 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“2.6 Purchasers’ Second Closing Deliverables. At the Second Closing, each
Purchaser shall deliver to the Company the following:

(a) by wire transfer of immediately available funds to such bank account or
accounts as the Company may request in writing at least two (2) Business Days prior to
the Second Closing Date an amount equal to the principal amount of the Tranche B Note
set forth opposite such Purchaser’s name on Exhibit E;

(b) the Tranche A Note delivered to such Purchaser on the First Closing Date in
such principal amount as is set forth opposite such Purchaser’s name on Exhibit
E;

(c) the Tranche A Warrant delivered to such Purchaser on the First Closing Date to
purchase the number of shares of Company Common Stock set forth opposite such
Purchaser’s name on Exhibit E;

(d) an executed original of Amendment No. 1 to the Registration Rights Agreement;
and

(e) an executed original of the Voting Agreement.

(9) Section 2.7(b) of the Purchase Agreement is hereby amended by deleting the phrase “the
Tranche B Notes and Tranche B Warrants” and replacing such phrase with “the Tranche B Notes, the
Tranche B Warrants and the Tranche B Shares”.

(10) Section 3.1 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“3.1 Organization, Good Standing and Qualification. Each of the Company and
AirGATE is a corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of incorporation, and has the corporate power and authority (A) to
own and operate its properties and assets, (B) to execute and deliver (i) this Agreement,
(ii) the Notes and the Warrants, (iii) the Security Agreement dated as of even date herewith
between the Company, AirGATE and each Purchaser substantially in the form of Exhibit
F (as amended, modified or supplemented from time to time, the “Security
Agreement”), (iv) the Registration Rights Agreement relating to the Securities dated as
of even date herewith between the Company and each Purchaser substantially in the form of
Exhibit G (as amended, modified or supplemented from time to time, the
“Registration Rights Agreement”), (v) the Guaranty Agreement dated as of even date
herewith between the Company, AirGATE and each Purchaser substantially in the form of
Exhibit H (as amended, modified or supplemented from time to time, the “Guaranty
Agreement”), and (vi) all other agreements, documents, certificates or instruments
contemplated hereunder or delivered pursuant hereto (preceding clauses (iii)-(vi),
collectively, the “Related Agreements”), except as set forth on Schedule
3.1, to issue and sell the Notes and the shares of Common Stock issuable upon conversion
of the Notes (the “Note Shares”), (C) except as set forth on Schedule 3.1,
to issue and sell the Warrant and the shares of Common Stock issuable upon exercise of the
Warrants (the “Warrant Shares,”), (D) to issue and sell the Tranche B Shares, and
(E) to carry out the provisions of this Agreement and the Related Agreements and to carry on
its respective business as presently conducted. Each of the Company and AirGATE is duly
qualified and is authorized to do business and is in good standing as a foreign corporation
in all jurisdictions in which it conducts its business, except for those jurisdictions in
which the failure to be so qualified and authorized has not had, or could not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on the
business, assets, liabilities, condition (financial or otherwise), properties, operations or
prospects of the Company and AirGATE, taken individually and as a whole (a “Material
Adverse Effect”).”

(11) Section 3.3(a) of the Purchase Agreement is hereby amended by inserting immediately
following the last sentence of Section 3.3(a), the following:

“The authorized capital stock of the Company, as of the Second Closing Date, consists
of 100,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock, par value
$0.001 per share (“Preferred Stock”). As of the Second Closing Date, 31,589,501
shares of Common Stock were issued and outstanding, and no shares of Preferred Stock had
been issued or were outstanding. Set forth on Schedule 3.3(a)(iii) is the
Fully-Diluted Common Stock of the Company immediately before the Second Closing. Set forth
on Schedule 3.3(a)(iv) is the Fully-Diluted Common Stock of the Company immediately
after the Second Closing.”

(12) The first sentence of Section 3.3(b) of the Purchase Agreement is hereby amended by
deleting the phrase “Company’s Certificate of Incorporation” and replacing such phrase with
“Company’s Articles of Incorporation.”

(13) The second sentence of Section 3.3(b) of the Purchase Agreement is hereby amended by
deleting the phrase “the issuance of the Note Shares or Warrant Shares” and replacing such phrase
with “the issuance of the Note Shares, Warrant Shares or the Tranche B Shares.”

(14) The third sentence of Section 3.3(b) of the Purchase Agreement is hereby amended by
deleting the phrase “The sale of the Notes and the Warrants” and replacing such phrase with “The
sale of the Notes, the Warrants and the Tranche B Shares.”

(15) The second sentence of Section 3.3(d) of the Purchase Agreement is hereby amended by
deleting the phrase “The Note Shares or Warrant Shares” and replacing such phrase with “Subject to
Section 5.18(a), the Note Shares and the Warrant Shares.”

(16) Section 3.4 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“3.4 Authorization; Binding Obligations. All corporate action on the part of
the Company, AirGATE, their officers and directors necessary for the valid authorization of
the Transaction Documents, and the performance of all obligations of the Company or AirGATE
hereunder and thereunder (including, without limitation, the issuance of the Notes, the
Warrants and the Tranche B Shares and the issuance and reservation for issuance of the Note
Shares and Warrant Shares), has been taken. The Transaction Documents have been (or upon
delivery will have been) duly executed by the Company and when delivered in accordance with
the terms hereof, will be valid and binding obligations of the Company enforceable in
accordance with their terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws of general application affecting enforcement of
creditors’ rights and (ii) general principles of equity that restrict the availability of
equitable or legal remedies. Each of the Securities have been duly and validly authorized
for issuance by the Company and, when executed and delivered, will be valid and binding
obligations of the Company enforceable in accordance with their terms, except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general
application affecting enforcement of creditors’ rights and (ii) general principles of equity
that restrict the availability of equitable or legal remedies. Except as set forth on
Schedule 3.4, no approval of the stockholders of the Company is required for the
Company to issue and deliver to the Purchasers the Securities contemplated by the
Transaction Documents.”

(17) Section 3.5 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“3.5 Liabilities.

(a) Other than as disclosed in the Company’s Quarterly Report on Form 10-QSB for its
fiscal quarter ended September 30, 2007, as of the First Closing Date, neither the Company
nor AirGATE has any material liabilities (contingent or otherwise), except current
liabilities incurred in the ordinary course of business consistent with past practices
subsequent to September 30, 2007.

(b) Other than as disclosed in the Company’s Quarterly Report on Form 10-Q for its
fiscal quarter ended March 31, 2008, as of the Second Closing Date, neither the Company nor
AirGATE has any material liabilities (contingent or otherwise), except current liabilities
incurred in the ordinary course of business consistent with past practices subsequent to
March 31, 2008.”

(18) Section 3.11 of the Purchase Agreement is hereby amended by inserting the phrase “except
as set forth on Schedule 3.4,” immediately prior to the phrase “the Charter, Bylaws or
other organizational documents.”

(19) The second sentence of Section 3.14 of the Purchase Agreement is hereby amended by
inserting the phrase “other than pursuant to the Voting Agreement,” immediately after to the
phrase “To the Company’s or AirGATE’s knowledge,”.

(20) The second sentence of Section 3.15 is hereby amended by (i) inserting the phrase
“Except as set forth on Schedule 3.4,” immediately prior to the words “No governmental
orders” and (ii) making the foregoing word “No” lower case.

(21) The second sentence of Section 3.19 of the Purchase Agreement is hereby amended in its
entirety to read as follows:

“The Company has furnished the Purchasers with, or has otherwise made available to the
Purchasers, copies of: (i) its Annual Reports on Form 10-KSB for its fiscal year ended
December 31, 2006 and December 31, 2007, (ii) its Quarterly Reports on Form 10-QSB for its
fiscal quarters ended March 31, 2007, June 30, 2007 and September 30, 2007, (iii) its
Quarterly Report on Form 10-Q for its fiscal quarter ended March 31, 2008 and (iv) its Form
8-K filings made during fiscal year 2007 and 2008 to date (collectively, the “SEC
Reports”).”

(22) The second sentence of Section 4.3 of the Purchase Agreement is hereby amended by
deleting the phrase “investment decision with respect to the Notes and Warrants” and replacing
such phrase with “investment decision with respect to the Notes, Warrants and the Tranche B
Shares.”

(23) The first sentence of Section 4.5 of the Purchase Agreement is hereby amended by
deleting the phrase “Such Purchaser is acquiring the Notes and Warrants and any Note Shares or
Warrant Shares” and replacing such phrase with “Such Purchaser is acquiring the Notes, Warrants
and the Tranche B Shares and any Note Shares, Warrant Shares or Tranche B Shares.”

(24) The first sentence of Section 4.9(b) of the Purchase Agreement is hereby amended by
deleting the phrase “The Note Shares and the Warrant Shares” and replacing such phrase with “The
Note Shares, the Warrant Shares and the Tranche B Shares.”

(25) The first sentence of Article 5 of the Purchase Agreement is hereby amended by inserting
the phrase “(unless otherwise noted)” immediately after the phrase “as of each of the First
Closing and the Second Closing.”

(26) The first sentence of Section 5.8 of the Purchase Agreement is hereby amended in its
entirety to read as follows:

“If the Company proposes to issue any shares of its capital stock for cash in a
transaction other than the issuance of the Tranche B Shares and other than a transaction in
which shares of the Common Stock are issued (i) in connection with an acquisition (x) of all
of the capital stock (or equivalent form of ownership) of a third party or (y) of all or
substantially all of the operating assets (whether tangible or intangible) of a third party,
(ii) to any officers, directors or employees under any stock option plan or other incentive
plan approved by the Company’s board of directors, (iii) in connection with an offering of
the Company’s shares by a nationally recognized underwriter such that the Company’s
aggregate net proceeds are at least $20,000,000 and the imputed market capitalization of the
Company, pre-sale, is at least $100,000,000 (a “Qualified Offering”), or (iv) in
connection with the conversion or exercise of any options, warrants, or similar rights to
purchase or acquire Common Stock or other equity securities convertible or exchangeable,
with or without consideration, into or for Common Stock outstanding as of the Second Closing
Date, including the Warrants, then the Company shall, subject to the Company’s preexisting
obligations as of the date hereof to offer all of such shares to a previous investor or
investors in the Company, offer to sell such number of shares to each Purchaser equal to
such Purchaser’s fully diluted percentage ownership in the Company, on the terms and
conditions the Company proposes to offer such shares to third parties.”

(27) The last sentence of Section 5.8 of the Purchase Agreement is hereby amended in its
entirety to read as follows:

“For purposes of this Section 5.8, the term “fully diluted percentage
ownership” shall mean (i) the sum of (A) that number of shares of Common Stock that
would be held by each Purchaser upon conversion of all Notes and Warrants held by such
Purchaser and (B) the Tranche B Shares held by such Purchaser divided by (ii) the total
number of shares of Common Stock owned by all stockholders of the Company (including such
Purchaser) after giving effect to all conversions or exercises into Common Stock of all
derivative securities held by all such stockholders.”

(28) Section 5.9 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“5.9 Board Rights and Observer Rights.

(a) The Board of Directors of the Company (the “Board”) shall be comprised of at least
four (4) directors. The Required Purchasers shall have the right to propose up to three (3)
director nominees (the “Required Purchasers’ Director Nominees”) for the vote of the
Company’s shareholders. As soon as practicable after receipt by the Company of written
notice from the Required Purchasers of their election to propose any such director nominees
(the “Director Appointment Notice”), and subject to applicable law, the Company shall take
or cause to be taken all necessary actions to appoint or elect to the Board, and at each
annual meeting of the shareholders of the Company following receipt by the Company of the
Director Appointment Notice for so long as Purchasers own, in the aggregate, not less than
the principal amount of $500,000 of the Notes the Company shall nominate or cause to be
nominated, the Required Purchasers’ Director Nominees. If any of such Required Purchasers’
Director Nominees are unable or unwilling at any time to serve on the Board, then the
Required Purchasers may provide the Company with written notice containing the name or names
of a proposed successor nominee. The Required Purchasers shall provide the Company with all
information required Regulation 14A and Schedule 14A under the Exchange Act with respect to
their director nominees. The provisions of this Section 5.9 are in addition to and
shall not limit any rights that Purchasers or any of their Affiliates may have as a holder
or beneficial owner of the Company’s Common Stock as a matter of Law with respect to the
election of directors or otherwise.

(b) Subject to applicable law, and for so long as Purchasers own, in the aggregate, not
less than the principal amount of $500,000 of the Notes, the Company shall use its
reasonable efforts to cause the election of the Required Purchasers’ Director Nominees to
the Board at the next meeting of the Company’s shareholders at which directors are to be
elected, and the Company shall use its reasonable efforts to cause the reelection of the
Required Purchasers’ Director Nominees at each meeting of the Company’s shareholders at
which any Required Purchasers’ Director Nominee’s term as a director will expire. Reasonable
efforts under this clause (b) shall include the solicitation of proxies in favor of the
election of each Required Purchasers’ Director Nominee, it being understood that efforts
consistent with those used for other members of the slate of nominees recommended by the
Board shall be deemed reasonable.

(c) The Required Purchasers shall take all actions necessary to cause their director
nominees then serving as members of the Board to resign immediately at such time as
Purchasers own, in the aggregate, less than the principal amount of $500,000 of the Notes.

(d) With respect to each of the Company’s Subsidiaries, the Required Purchasers shall
have the right to send one non-voting observer (the “Non-Voting Observer”) to all
meetings of any Subsidiary’s board of directors or other applicable governing body of such
entity, provided (i) the Non-Voting Observer shall enter into an appropriate confidentiality
agreement regarding all confidential information so received, and (ii) that the Company
reserves the right to exclude the Non-Voting Observer from access to any of such materials
or meetings or portions thereof if (A) the Company reasonably considers any such material or
portion thereof to be a trade secret or similar confidential information, (B) the Company
believes, upon advice of counsel, that such exclusion is reasonably necessary to preserve
the attorney-client privilege, (C) in the judgment of a majority of any such board, such
access would materially impair the due consideration by the Board of any matter, or (D) in
the judgment of such board or upon advice of counsel such access will disclose to the
Non-Voting Observer material non-public information. Each of the Company’s Subsidiaries
shall use its reasonable best efforts to provide the Purchasers with notice of all meetings
of its respective board of directors or other applicable governing body of such entity
consistent with that provided to the official members of board of directors or other
applicable governing body of such entity; provided, however, that the
failure to give such notice shall not invalidate any action taken by the board of directors
or other applicable governing body of such entity at the meeting. The foregoing
notwithstanding, at such time as the Purchasers or their Affiliates own, in the aggregate,
less than the principal amount of $500,000 of the Notes, the Purchasers shall lose their
right to have the Non-Voting Observer.”

(29) Section 5.11 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“The Company agrees that it will use the proceeds of the sale of the Notes, Warrants
and the Tranche B Shares to continue development and commercialization of the drill pipe
RFID tagging project and for general working capital purposes only. Attached hereto as
Exhibit N is a spreadsheet which reflects the Company’s estimated cash flow and use
of the proceeds from the sale of the Tranche B Notes, the Tranche B Warrants and the Tranche
B Shares.”

(30) Section 5.18 of the Purchase Agreement is hereby amended in its entirety to read as
follows:

“5.18 Increase and Reservation of Shares.

(a) The Company shall take all lawful action to (i) cause a special meeting of its
shareholders to be duly called and held as soon as practicable after the Second Closing Date
for the purpose of voting on the approval of the amendment to the Company’s Charter to
increase the number of authorized shares of the Company’s Common Stock so that the Company
will have an adequate reserve from its duly authorized shares of Common Stock to comply with
its obligations under the Notes and Warrants and (ii) subject to applicable law, solicit
proxies from its stockholders to obtain the requisite approval of such amendment to the
Company’s Charter. The Board of the Company shall recommend such approval by the Company’s
stockholders and shall not withdraw, amend or modify, in a manner adverse to the Purchasers,
such recommendation (or announce publicly its intention to do so). The Company will, as
promptly as practicable, prepare and file with the SEC a proxy statement in connection with
the vote of the stockholders of the Company in respect of the approval of such amendment to
the Company’s Charter. The Company will provide the Purchasers and their counsel with a
reasonable opportunity to review and comment on the proxy statement and any amendment or
supplement thereto prior to filing the same with the SEC and will provide the Purchasers
with a copy of all such filings with the SEC. The Company shall, as promptly as practicable
after the receipt thereof, provide to the Purchasers and their counsel copies of any written
comments, and advise the Buyers and their counsel of any oral comments, in respect of the
proxy statement received from the staff of the SEC. The Company will promptly respond to
all such SEC comments and will use its reasonable best efforts to cause the proxy statement
to be mailed to its stockholders at the earliest practicable date.

(b) The Company shall maintain a reserve from its duly authorized shares of Common
Stock to comply with its obligations under the Notes and the Warrants.”

(31) The notice address in Section 9.7 of the Purchase Agreement applicable to Ironman PI
Fund (QP), LP is hereby amended in its entirety to read as follows:

“Ironman PI Fund (QP), L.P.

     

     

(32) The second sentence of Section 9.11 of the Purchase Agreement is hereby amended in its
entirety to read as follows:

“The foregoing notwithstanding, the maximum amount to be reimbursed by the Company to
the Purchasers pursuant to this Section 9.11 shall not exceed on the First Closing
Date and the Second Closing Date $130,000 in the aggregate

(33) Exhibit A of the Purchase Agreement is hereby amended in its entirety to read as set
forth on Annex A attached to this Amendment.

(34) Exhibit B of the Purchase Agreement is hereby amended in its entirety to read as set
forth on Annex B attached to this Amendment.

(35) Exhibit C of the Purchase Agreement is hereby amended in its entirety to read as set
forth on Annex C attached to this Amendment.

(36) Exhibit D of the Purchase Agreement is hereby amended in its entirety to read as set
forth on Annex D attached to this Amendment.

(37) Exhibit E of the Purchase Agreement is hereby amended in its entirety to read as set
forth on Annex E attached to this Amendment.

(38) The Purchase Agreement is hereby supplemented by adding a new Exhibit J to the Purchase
Agreement in the form attached as Annex F attached to this Amendment.

(39) The Purchase Agreement is hereby supplemented by adding a new Exhibit K to the Purchase
Agreement in the form attached as Annex G attached to this Amendment.

(40) The Purchase Agreement is hereby supplemented by adding a new Exhibit L to the Purchase
Agreement in the form attached as Annex H attached to this Amendment.

(41) The Purchase Agreement is hereby supplemented by adding a new Exhibit M to the Purchase
Agreement in the form attached as Annex I attached to this Amendment.

(42) The Purchase Agreement is hereby supplemented by adding a new Exhibit N to the Purchase
Agreement in the form attached as Annex J attached to this Amendment.

SECTION 2. Disclosure Schedules. Effective as of the Second Closing Date (as defined
in the Purchase Agreement), all references in the Purchase Agreement to any particular Schedule
shall mean, to the extent applicable, each such Schedule as updated and delivered to Purchasers as
of the Second Closing Date.

SECTION 3. No Implied Amendments. Except as herein provided, the Purchase Agreement
shall remain in full force and effect and is ratified in all respects. On and after the
effectiveness of this Amendment, each reference in the Purchase Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import, and each reference to the Purchase
Agreement in any other agreements, documents or instruments executed and delivered pursuant to the
Purchase Agreement shall mean and be a reference to the Purchase Agreement, as amended by this
Amendment.

SECTION 4. Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, including without limitation delivery by facsimile or electronic
transmission, each of which shall be deemed an original, but all of which together shall constitute
execution and delivery of one and the same instrument.

[The remainder of this page is intentionally left blank.]

1

IN WITNESS WHEREOF,
the Parties hereto have executed this Amendment effective as of the date first written above.

THE COMPANY AND ITS SUBSIDIARY:

The X-Change Corporation

By:

Name:

Its:

AirGATE Technologies, Inc.

By:

Name:

Its:

2

PURCHASERS:

Samson Investment Company

By:

Name:

Its:

3

Ironman PI Fund (QP), L.P.

By: Ironman Energy Partners, L.P.,

its general partner

By: Ironman Capital Management, LLC,

its general partner

By:

4

John Thomas Bridge and Opportunity Fund, LP

By:

Name:

Its:

5

ANNEX A

Exhibit A

Form of Amended and Restated Convertible Note—Tranche A

(See attached)

6

ANNEX B

Exhibit B

Form of Amended and Restated Tranche A Warrant

(See attached)

7

ANNEX C

Exhibit C

Form of Convertible Note—Tranche B

(See attached)

8

ANNEX D

Exhibit D

Form of Tranche B Warrant

(See attached)

9

ANNEX E

Exhibit E

Purchasers and Securities Purchased

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Principal Amount of	 	 	 	 	 	Principal Amount of	 	 	 	 
	Purchaser	 	Tranche A Notes	 	Tranche A Warrants	 	Tranche B Notes	 	Tranche B Warrants	 	Tranche B Shares
	Samson Investment Company
	 	$	775,000	 	 	 	1,937,500	 	 	$	775,000	 	 	 	11,071,429	 	 	 	7,196,429	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ironman PI Fund (QP), L.P.
	 	$	775,000	 	 	 	1,937,500	 	 	$	775,000	 	 	 	11,071,429	 	 	 	7,196,429	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	John Thomas Bridge and
Opportunity Fund, LP
	 	$	250,000	 	 	 	625,000	 	 	$	250,000	 	 	 	3,571,428	 	 	 	2,321,428	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	1,800,000	 	 	 	4,500,000	 	 	$	1,800,000	 	 	 	25,714,286	 	 	 	16,714,286	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

10

ANNEX F

Exhibit J

Form of Legal Opinion

(See attached)

11

ANNEX G

Exhibit K

Form of Amendment No. 1 to the Registration Rights Agreement

(See attached)

12

ANNEX H

Exhibit L

Form of Voting Agreement

(See attached)

13

ANNEX I

Exhibit M

Form of Engagement Agreement

(See attached)

14

ANNEX J

Exhibit N

15EX-4.2

THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE, STATE SECURITIES LAWS.
THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE
OR SUCH SHARES UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE X-CHANGE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

Corporation: The X-Change Corporation

Holder: [Insert name of Holder]

Principal: [Insert principal amount of Note]

Interest Rate: 8% per annum

Date of Issuance: December 4, 2007

Date Amended: July      , 2008

Maturity Date: December 4, 2012

AMENDED AND RESTATED SENIOR SECURED CONVERTIBLE TERM NOTE—TRANCHE A

This Amended and Restated Senior Secured Convertible Term Note—Tranche A (this “Note”) amends
and restates the Senior Secured Convertible Term Note—Tranche A issued in connection with the
transactions described in that certain Securities Purchase Agreement by and among The X-Change
Corporation, a Nevada corporation (the “Corporation”), and (the “Holder”), among others, dated
December 4, 2007, as amended, modified or supplemented from time to time (the “Purchase
Agreement”). This Note is one of the notes referred to as the “Tranche A Notes” in the Purchase
Agreement. All capitalized terms used but not defined herein shall have the meaning ascribed to
each such term in the Purchase Agreement.

The authorization, sale, issuance and delivery of the Note have been approved by all requisite
corporate action of the Corporation. The sale of the Note and the subsequent conversion of the Note
into shares of Common Stock are not and will not be subject to any preemptive rights or rights of
first refusal that have not been properly waived or complied with at or prior to Closing of the
Purchase Agreement.

The following is a statement of the rights of the Holder of this Note and the conditions to
which this Note is subject, and to which the Holder hereof, by the acceptance of this Note, agrees:

	 	1.	 	Principal and Interest.

a. For value received, the Corporation hereby promises to pay to the order of the Holder in
lawful money of the United States at the address of the Holder as set forth in Section 10
below, the amount set out above as the Principal (as reduced pursuant to the terms hereof pursuant
to redemption, conversion or otherwise, the “Principal”), together with interest on the remaining
unpaid Principal balance, computed from the Date of Issuance until maturity at the rate set out
above as the Interest Rate (as adjusted pursuant to the terms hereof, the “Interest Rate”);
provided, however, that in the event such interest rate should ever exceed the
maximum interest rate permissible under applicable Texas or federal Law, then the Interest Rate on
this Note shall be adjusted to the maximum interest rate then permitted by such Laws. Interest
shall accrue on the unpaid Principal of this Note (including, once capitalized as provided below,
payments of interest made by increasing the outstanding Principal of this Note) at the Interest
Rate quarterly in arrears on March 31, June 30, September 30 and December 31 in each year (each
such date, an “Interest Payment Date”), commencing on the date set out above as the Date of
Issuance (the “Date of Issuance”). Interest payable hereunder shall accrue daily and be computed
based on a 360-day year for the number of days elapsed during the relevant interest period. Except
as otherwise provided in Section 3 below, all accrued and unpaid interest as of any
Interest Payment Date that is not paid in cash to the Purchasers on such Interest Payment Date
shall automatically (and without further action by the Corporation or the Purchasers) be added to
the outstanding principal amount of this Note, and thereafter all calculations of interest payable
under this Note shall include such increased amount. The Corporation’s election to accrue interest
and allow such to be added to the outstanding principal amount of this Note shall not constitute an
Event of Default as set forth on Section 4(a)(i). From and after the occurrence of an Event of
Default, the Interest Rate shall be increased to 10.00%. In the event that such Event of Default
is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be
effective as of the date of such cure; provided that the interest as calculated at such increased
rate during the continuance of such Event of Default shall continue to apply to the extent relating
to the days after the occurrence of such Event of Default through and including the date of cure of
such Event of Default. Principal and any accrued but unpaid interest on this Note shall be due and
payable on the date set out above as the Maturity Date or such earlier date as this Note is
required to be repaid as provided hereunder (the “Maturity Date”), unless the Note is earlier
converted into Common Stock by the Purchaser or the Corporation pursuant to the terms hereof.

b. Upon payment in full of all Principal and interest payable hereunder, this Note shall be
surrendered to the Corporation for cancellation.

2. Security; Seniority; Indebtedness; Liens; Payments.

a. Security. This Note shall be secured by all of the assets of the Corporation’s
wholly-owned subsidiary, AirGATE Technologies, Inc., a Texas corporation (“AirGATE”), whether such
assets are now or hereafter existing, in accordance with the terms of that certain Security
Agreement dated as of December 4, 2007 among the Corporation, AirGATE and the holders of the Notes
(as defined in the Purchase Agreement).

b. Seniority. The obligations, rights and preferences under this Note, including
payments of Principal and interest and other payment under this Note, (i) shall be pari passu with
(x) the other Tranche A Notes and Tranche B Notes (as defined in the Purchase Agreement) and (y)
the obligations of the Corporation to Melissa 364 CR, Ltd. under the terms of that certain
Promissory Note, dated August 15, 2006, between the Corporation and Melissa 364 CR, Ltd. (the
“Melissa Note”) and (ii) shall rank senior to all other Indebtedness incurred by the Corporation or
any of its Subsidiaries, including AirGATE.

c. Incurrence of Indebtedness. So long as this Note is outstanding, the Corporation
shall not, and the Corporation shall not permit any Subsidiary to, directly or indirectly, issue,
incur, guarantee, assume or suffer to exist any Indebtedness or Disqualified Stock other than the
Melissa Note, the Tranche A Notes, the Tranche B Notes and Permitted Subordinated Indebtedness.

d. Existence of Liens. The Corporation shall not, and the Corporation shall not
permit any of its Subsidiaries to, directly or indirectly, allow or suffer to exist any mortgage,
lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by the Corporation or any of its Subsidiaries other
than (i) the existing pledge of the common stock of AirGATE to secure the Melissa Note, (ii)
pursuant to the Security Agreement and (iii) Permitted Liens (as defined in the Purchase
Agreement).

e. Restricted Payments. The Corporation shall not, and the Corporation shall not
permit any of its Subsidiaries to, directly or indirectly, pay any dividend or distribution in
respect of capital stock or redeem, defease, repurchase, repay or otherwise acquire (whether by way
of open market purchases, tender offers, private transactions or otherwise) any capital stock or
Permitted Subordinated Indebtedness (including the establishment of any sinking fund therefor).

	 	3.	 	Conversion.

a. Conversion Procedure.

i. The Holder may, at any time after the Date of Issuance and at the option of the
Holder, convert all or any portion of the Principal and all accrued interest on this Note
into fully paid and nonassessable shares of Common Stock in accordance with this Section
3 and at a price per share of Common Stock equal to the Conversion Price then in effect.
The Corporation covenants that it will reserve and keep available out of its authorized and
unissued Common Stock for the sole purpose of issuance upon conversion of this Note and
payment of interest on this Note, each as provided herein.

ii. Each conversion of this Note shall be deemed to have been effected as of the close
of business on the date on which this Note, together with proper Notice of Conversion in the
form of Exhibit A attached hereto, has been delivered to the Corporation. At the
time such conversion has been effected, the person or persons in whose name or names any
certificate or certificates for shares of Common Stock are to be issued upon such conversion
shall be deemed to have become the holder or holders of record of the shares of Common Stock
represented by such certificate or certificates.

iii. As soon as possible after a conversion has been effected (but in any event within
five (5) Business Days), the Corporation shall deliver to the converting Holder:

A. a certificate or certificates representing the number of shares of Common
Stock issuable by reason of such conversion in such name or names and such
denomination or denominations as the converting Holder has specified;

B. if applicable, a new note in the face amount of principal and interest
representing that portion of the Note and accrued but unpaid interest thereon not
converted; and

C. cash in lieu of any fractional share as provided for herein.

iv. The issuance of certificates for shares of Common Stock upon conversion of the Note
shall be made without charge to the Holder for any issuance tax in respect of such issuance
(including documentary, stamp or similar tax) or other cost incurred by the Corporation in
connection with such conversion and the related issuance of shares of Common Stock, other
than any transfer taxes resulting from the transfer of converted shares to a person or
persons other than the converting Holder. Upon conversion of the Note, the Corporation shall
take all such actions as are necessary in order to insure that the Common Stock issuable
with respect to such conversion shall be validly issued, fully paid, and nonassessable.

b. Conversion Price.

i. The Conversion Price shall be $0.20 per share of Common Stock, subject to adjustment
from time to time in accordance with this Section 3 (the “Conversion Price”).

ii. If and whenever, on or after the Date of Issuance, the Corporation issues or sells,
or is deemed to have issued or sold, any shares of its Common Stock for consideration per
share less than the Conversion Price in effect immediately prior to the time of such
issuance or sale (an “Additional Stock Issuance”), then immediately upon such Additional
Stock Issuance, the Conversion Price shall (except as otherwise provided in this Section
3) be reduced to a price (calculated to the nearest 1/10th cent) equal to the product
obtained by multiplying the Conversion Price in effect immediately prior to such Additional
Stock Issuance by a fraction, the numerator of which is equal to the sum of (a) the total
number of shares of Common Stock outstanding (including any shares of Common Stock deemed to
be issued pursuant to Section 3(c)(i) or Section 3(c)(ii) hereof)
immediately prior to such Additional Stock Issuance plus (b) the number of shares of Common
Stock that the aggregate consideration received by the Corporation for such Additional Stock
Issuance would purchase at the Conversion Price in effect immediately prior to such
Additional Stock Issuance, and the denominator of which is equal to the sum of (a) the total
number of shares of Common Stock outstanding (including any shares of Common Stock deemed to
be issued pursuant to Section 3(c)(i) or Section 3(c)(ii) hereof)
immediately prior to such Additional Stock Issuance plus (b) the number of shares of Common
Stock issued in such Additional Stock Issuance.

iii. Notwithstanding the foregoing, the Corporation shall not be required to make any
adjustment to the Conversion Price as a result of an Additional Stock Issuance when such
issuance is (a) in a transaction described in Section 3(d) and for which an
adjustment has been made pursuant to Section 3(d); (b) any conversion of the Notes;
(c) as a distribution on the Notes; (d) pursuant to any stock option plan or other incentive
plan of the Corporation; (e) upon conversion or exercise of any Options or Convertible
Securities outstanding as of the date of the amendment and restatement of this Note (i.e.,
the Date Amended on the first page of this Note); (f) made pursuant to the exercise of any
of the Warrants; or (g) the issuance of the Tranche B Shares.

iv. If any of the Cancelled Shares (as defined below) are treated as issued and
outstanding or given comparable legal effect (a “Cancelled Share Effectiveness”), then
immediately upon such Cancelled Share Effectiveness, the Conversion Price shall (except as
otherwise provided in this Section 3) be reduced to a price (calculated to the
nearest 1/10th cent) equal to the product obtained by multiplying the Conversion Price in
effect immediately prior to such Cancelled Share Effectiveness by a fraction, the numerator
of which is equal to the total number of shares of Common Stock outstanding immediately
prior to such Cancelled Share Effectiveness, and the denominator of which is equal to the
sum of (a) the total number of shares of Common Stock outstanding immediately prior to such
Cancelled Share Effectiveness plus (b) the number of shares of Cancelled Shares treated as
issued and outstanding or given comparable legal effect. To the extent that any Cancelled
Share Effectiveness occurs after all or a portion of this Note has been converted into
            shares of Common Stock, the Corporation shall immediately distribute to the Holder the
number of shares of Common Stock that the Holder would have received had such Cancelled
Share Effectiveness occurred prior to such conversion. “Cancelled Shares” shall mean the
Common Stock issued by the Corporation in connection with (i) the acquisition of WEBiX Inc.,
which was subsequently rescinded on March 13, 2003, (ii) the acquisition of the business,
operations and prospects of Kolt Oil and Gas, which was subsequently rescinded, (iii) the
acquisition of furniture under a note with RHC and (iv) any other issuance of Common Stock
prior to the date hereof that would cause the Corporation to have more than 31,589,501
shares of Common Stock outstanding as of the date hereof (other than shares deemed to be
issued pursuant to Section 3(c)(i) or Section 3(c)(ii) hereof) if such
            shares are treated as issued and outstanding or given comparable legal effect.

c. Effect on Conversion Price of Certain Events. For purposes of determining the
adjusted Conversion Price under this Section 3, the following shall be applicable:

i. If the Corporation in any manner issues or grants any options, warrants, or similar
rights (“Options”) to purchase or acquire Common Stock or other equity securities
convertible or exchangeable, with or without consideration, into or for Common Stock
(“Convertible Securities”), and the price per share for which Common Stock is issuable upon
the exercise of such Options or upon conversion or exchange of such Convertible Securities
is less than the Conversion Price in effect immediately prior to the time of the granting of
such Options, then the total maximum number of shares of Common Stock issuable upon the
exercise of such Options or upon conversion or exchange of the total maximum amount of such
Convertible Securities issuable upon the exercise of such Options shall be deemed to be
outstanding and to have been issued and sold by the Corporation for such price per share.
For purposes of this Section, the “price per share for which Common Stock is issuable” shall
be determined by dividing (a) the total amount, if any, received or receivable by the
Corporation as consideration for the granting of such Options, plus the minimum aggregate
amount of additional consideration payable to the Corporation upon exercise of all such
Options, plus, in the case of such Options which relate to Convertible Securities, the
minimum aggregate amount of additional consideration, if any, payable to the Corporation
upon the issuance or sale of such Convertible Securities and the conversion or exchange of
such Convertible Securities, by (b) the total maximum number of shares of Common Stock
issuable upon the exercise of such Options or upon the conversion or exchange of all such
Convertible Securities issuable upon the exercise of such Options. No further adjustment of
the Conversion Price shall be made when Convertible Securities are actually issued upon the
exercise of such Options or when Common Stock is actually issued upon the exercise of such
Options or the conversion or exchange of such Convertible Securities.

ii. If the Corporation in any manner issues or sells any Convertible Securities and the
price per share for which Common Stock is issuable upon such conversion or exchange is less
than the Conversion Price in effect immediately prior to the time of such issue or sale,
then the maximum number of shares of Common Stock issuable upon conversion or exchange of
such Convertible Securities shall be deemed to be outstanding and to have been issued and
sold by the Corporation for such price per share. For the purposes of this Section, the
“price per share for which Common Stock is issuable” shall be determined by dividing (a) the
total amount received or receivable by the Corporation as consideration for the issue or
sale of such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Corporation upon the conversion or exchange of such
Convertible Securities, by (b) the total maximum number of shares of Common Stock issuable
upon the conversion or exchange of all such Convertible Securities. No further adjustment of
the Conversion Price shall be made when Common Stock is actually issued upon the 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 adjustments of the
Conversion Price had been or are to be made pursuant to other provisions of this Section
3, no further adjustment of the Conversion Price shall be made by reason of such issue
or sale.

iii. If the purchase price provided for in any Options or the additional consideration,
if any, payable upon the 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
readjusted to the Conversion Price that would have been in effect at such time had such
Options or Convertible Securities still outstanding 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. Notwithstanding the foregoing, no readjustment pursuant
to this Section 3(c)(iii) shall have the effect of increasing the Conversion Price
to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior
to the original adjustment made as a result of the issuance of such Option or Convertible
Security, or (ii) the Conversion Price that would have resulted from any Additional Stock
Issuances (other than deemed Additional Stock Issuances as a result of the issuance of such
Option or Convertible Security) between the original adjustment date and such readjustment
date.

iv. Upon the expiration of any Option or the termination of any right to convert or
exchange any Convertible Security which resulted in an adjustment to the Conversion Price,
the Conversion Price then in effect under this Note shall be adjusted to the Conversion
Price that would have been in effect at the time of such expiration or termination had such
Option or Convertible Security, to the extent outstanding immediately prior to such
expiration or termination, never been issued.

v. If any Common Stock, Option, or Convertible Security is issued or sold or deemed to
have been issued or sold for cash, the consideration received for such Common Stock, Option,
or Convertible Security shall be deemed to be the amount received by the Corporation for
such Common Stock, Option, or Convertible Security. In case any Common Stock, Options, or
Convertible Securities are issued or sold for a consideration other than cash, the amount of
the consideration other than cash received by the Corporation shall be the fair value of
such consideration, except where such consideration consists of securities, in which case
the amount of consideration received by the Corporation will be the Closing Sale Price, or
in the absence of a Closing Sale Price, the Closing Bid Price of such securities as of the
date of receipt. If any Common Stock, Option, or Convertible Security is issued in
connection with any merger in which the Corporation is the surviving corporation, the amount
of consideration for such Common Stock, Option, or Convertible Security shall be deemed to
be the fair market 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 market value of any consideration other than cash will be determined
jointly by the Corporation and the Required Holders. 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 market 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 Corporation and the Required
Holders. The determination of such appraiser shall be deemed binding upon all parties absent
manifest error and the fees and expenses of such appraiser shall be borne by the
Corporation.

vi. In case any Option is issued in connection with the issue or sale of other
securities of the Corporation, together comprising one integrated transaction in which no
specific consideration is allocated to such Option by the parties to such transaction, the
Option shall be deemed to have been issued for a consideration of $0.001.

vii. 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 Corporation or any Subsidiary of
the Corporation, and the disposition of any shares so owned or held shall be considered an
issue or sale of Common Stock.

viii. No adjustment in the Conversion Price for the Note need be made if such
adjustment would result in a change in the Conversion Price of less than $0.001. Any
adjustment of less than $0.001 that is not made shall be carried forward and shall be made
at the time of and together with any subsequent adjustment that, on a cumulative basis,
amounts to an adjustment of $0.001 or more in the Conversion Price.

ix. If the Corporation takes a record of the holders of Common Stock for the purpose of
entitling them (a) to receive a dividend or other distribution payable in Common Stock,
Options, or Convertible Securities or (b) to subscribe for or purchase Common Stock,
Options, or Convertible Securities, then such record date shall 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 upon the making of such other distribution or the date of
the granting of such right of subscription or purchase, as the case may be; provided that
if, after the occurrence of the record date, the Corporation increases or reduces the number
of shares of Common Stock issued or deemed issued or fails to consummate the actual or
deemed issuance that was the subject of the record date, the Conversion Price will
thereafter be readjusted up or down to reflect the actual number of shares of Common Stock
issued or deemed issued in connection with such record date.

d. Subdivision or Combination of Common Stock. If the Corporation at any time
subdivides (by any stock split, stock dividend, recapitalization, or otherwise) its outstanding
shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision shall be proportionately reduced, and if the Corporation at any time
combines (by reverse stock split or otherwise) its outstanding shares of Common Stock into a
smaller number of shares, the Conversion Price in effect immediately prior to such combination
shall be proportionately increased.

e. Other Corporate Events. If at any time or from time to time there shall be a
capital reorganization of the Common Stock (other than a subdivision or combination of shares
provided for elsewhere in this Agreement) or a spin-off, merger or consolidation of the Corporation
with or into another corporation where the Corporation is not the surviving corporation, or the
sale, lease, or transfer of all or substantially all of the Corporation’s properties and assets to
any other person (collectively, a “Corporate Event”), then, as a part of such Corporate
Event, provision shall be made so that the Holder of the Note shall, after such Corporate Event, be
entitled to receive upon conversion of the Note, the number of shares of stock or other securities
or property of the Corporation (including cash), or of the successor corporation resulting from
such Corporate Event, to which a holder of Common Stock deliverable upon conversion would have been
entitled on such Corporate Event. In any such case, appropriate adjustment shall be made in the
application of the provisions of this Section 3 with respect to the rights of the Holder,
or any later Holder, of the Note after the Corporate Event to the effect that the provisions of
this Section 3 (including adjustment of the Conversion Price and the number of shares
purchasable upon conversion of Note) shall be applicable after that event as nearly equivalent as
may be practicable.

f. Rights Upon Change of Control.

i. Change of Control. Each of the following events shall constitute a “Change
of Control”:

A. the consolidation, merger or other business combination (including, without
limitation, a reorganization or recapitalization) of the Corporation with or into
another Person (other than (1) a consolidation, merger or other business combination
(including, without limitation, reorganization or recapitalization) in which holders
of the Corporation’s voting power immediately prior to the transaction continue
after the transaction to hold, directly or indirectly, the voting power of the
surviving entity or entities necessary to elect a majority of the members of the
board of directors (or their equivalent if other than a corporation) of such entity
or entities, or (2) pursuant to a migratory merger effected solely for the purpose
of changing the jurisdiction of incorporation of the Corporation);

B. the sale or transfer of all or substantially all of the Corporation’s
assets; or

C. a purchase, tender or exchange offer made to and accepted by the holders of
more than the 50% of the outstanding shares of Common Stock.

ii. No sooner than fifteen (15) days nor later than ten (10) days prior to the
consummation of a Change of Control, but not prior to the public announcement of such Change
of Control, the Corporation shall deliver written notice thereof via facsimile and overnight
courier to the Holder (a “Change of Control Notice”).

iii. Assumption. Prior to the consummation of any Change of Control, the
Corporation will secure from any Person purchasing the Corporation’s assets or Common Stock
or any successor resulting from such Change of Control (in each case, an “Acquiring Entity”)
a written agreement (in form and substance satisfactory to the Required Holders) to deliver
to each Holder of the Tranche A Notes and/or Tranche B Notes in exchange for such Tranche A
Notes and/or Tranche B Notes, a security of the Acquiring Entity evidenced by a written
instrument substantially similar in form and substance to the Tranche A Notes and Tranche B
Notes, including, without limitation, having a principal amount and interest rate equal to
the principal amounts and the interest rates of the Tranche A Notes and Tranche B Notes held
by such Holder, and satisfactory to the Required Holders. In the event that an Acquiring
Entity is directly or indirectly controlled by a company or entity whose common stock or
similar equity interest is listed, designated or quoted on a securities exchange or trading
market, the Required Holders may elect to treat such Person as the Acquiring Entity for
purposes of this Section 3(f).

iv. Holder Redemption Right. At any time during the period beginning after the
Holder’s receipt of a Change of Control Notice and ending on the date of the consummation of
such Change of Control (or, in the event a Change of Control Notice is not delivered at
least ten (10) days prior to a Change of Control, at any time on or after the date which is
ten (10) days prior to a Change of Control and ending ten (10) days after the consummation
of such Change of Control), the Holder may require the Corporation to redeem all or any
portion of this Note by delivering written notice thereof (“Change of Control Redemption
Notice”) to the Corporation, which Change of Control Redemption Notice shall indicate the
Conversion Amount the Holder is electing to require the Corporation to redeem. The portion
of this Note subject to redemption pursuant to this Section 3(f)(iv) shall be
redeemed by the Corporation at a price equal to 120% of the greater of (i) the product of
(x) the Conversion Amount being redeemed and (y) the quotient determined by dividing (A) the
Closing Sale Price of the Common Stock, or in the absence of a Closing Sale Price, the
Closing Bid Price, on the Trading Day immediately preceding consummation of such Change of
Control by (B) the Conversion Price and (ii) the Conversion Amount being redeemed (the
“Change of Control Redemption Price”). Redemptions required by this Section
3(f)(iv) shall be made in accordance with the provisions of Section 6 and, to
the extent permitted by applicable Law, shall have priority to payments by the Corporation
or the Acquiring Entity, as applicable, to the shareholders of the Corporation in connection
with a Change of Control. Notwithstanding anything to the contrary in this Section
3, until the Change of Control Redemption Price is paid in full, the Conversion Amount
submitted for redemption under this Section 3(f)(iv) may be converted, in whole or
in part, by the Holder into Common Stock pursuant to Section 3.

g. Other Events. If any event occurs of the type contemplated by the provisions of
this Section 3 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), then the Corporation’s Board of Directors will make an appropriate adjustment in
the Conversion Price so as to protect the rights of the Holder under this Note; provided that no
such adjustment will increase the Conversion Price as otherwise determined pursuant to this
Section 3.

h. Notices.

i. As soon as practicable, upon any adjustment of the Conversion Price, the Corporation
shall give written notice of such adjustment to the then Holder of the Note, and furnish the
Holder with a certificate of its Chief Financial Officer setting forth in reasonable detail
such adjustment and the facts upon which such adjustment is based. The Corporation shall,
upon written request, furnish the Holder a certificate setting forth the Conversion Price in
effect upon the date thereof and the series of adjustments leading to such Conversion Price.

ii. The Corporation shall give written notice to the Holder of the Note at least twenty
(20) Business Days prior to the date on which the Corporation closes its books or takes a
record (A) with respect to any dividend or distribution upon the Common Stock, or issuance
or granting of rights, options or warrants or (B) with respect to any pro rata subscription
offer to holders of Common Stock.

iii. The Corporation shall give written notice to the Holder at least thirty (30)
Business Days prior to the effective date of any proposed liquidation, dissolution or
winding up of the Corporation; provided in each case that such information shall be made
known to the public prior to or in conjunction with such notice being provided to the
Holder.

i. Automatic Conversion. The Note, and all accrued and unpaid interest hereon, shall
be automatically converted (the “Automatic Conversion”) into Common Stock at the Conversion Price
then in effect upon the earliest to occur of the following:

i. the sale by the Corporation of a minimum of $25,000,000 of equity, in one sale or a
related series of sales, without regard to the class of equity sold,

ii. a Qualified Public Offering, or

iii. the occurrence of (x) receipt by the Corporation or AirGATE of revenue of not less
than (1) $1,000,000 from Hexion Specialty Chemicals, Inc. (“Hexion”), or its customers, as a
result of services rendered by Hexion to its one or more of its customers in connection with
the use of the Pioneer Downhole Tool in the oil and gas industry, and as further described
herein, or (2) $500,000 of revenues from the sale of RFID tags that withstand downhole
pressure, and related equipment and services, and (y) an average Closing Sale Price of the
Common Stock of at least $0.75 per share for the thirty (30) day trading period preceding
the receipt of such revenues.

j. Effect of Automatic Conversion. Upon the Automatic Conversion of this Note, the
Corporation shall not be obligated to issue certificates evidencing the Common Stock unless such
Note is either delivered to the Corporation or its transfer agent, or the Holder notifies the
Corporation or its transfer agent that such Note has been lost, stolen or destroyed and executes an
affidavit of loss and an agreement satisfactory to the Corporation to indemnify the Corporation
from any loss incurred by it in connection with such Note. The Corporation shall, as soon as
practicable after such delivery, or such agreement and indemnification, cause its transfer agent to
issue and deliver to such Holder, a certificate or certificates for the securities to which the
Holder shall be entitled and with any fractional share resulting from such calculation rounded up
to the nearest whole share. Such conversion shall be deemed to have been made immediately prior to
the close of business on the date of closing of the transaction causing the Automatic Conversion.
The person or persons entitled to receive securities issuable upon such Automatic Conversion shall
be treated for all purposes as the record holder or holders of such securities on such date.

k. Issuance of Common Stock. Upon the conversion of the Note, the Corporation shall,
at the request of the Holder, execute and deliver (at the Corporation’s expense) a certificate or
certificates in exchange for the Note representing in the aggregate the number of shares of Common
Stock to be delivered to the Holder pursuant to such conversion. Each such certificate shall be
registered in such name as is requested by the Holder.

l. Replacement. Upon receipt of evidence reasonably satisfactory to the Corporation
of the ownership and the loss, theft, destruction, or mutilation of the Note, and, in the case of
any such loss, theft, or destruction, upon receipt of indemnity reasonably satisfactory to the
Corporation or, in the case of any mutilation, upon surrender of such Note, the Corporation shall
(at its expense) execute and deliver in lieu of such Note a new Note of like kind in such principal
amount as represented by such lost, stolen, destroyed, or mutilated Note.

m. Reissuance of Note. Upon any partial conversion of this Note, a new Note
containing the same date and provisions of this Note shall, at the request of the Holder, be issued
by the Corporation to the Holder for the Principal balance of this Note and all accrued but unpaid
interest which shall not have been converted. The Corporation shall (at its expense) execute and
deliver such new Note.

n. Legend. If the shares of Common Stock issued pursuant to the conversion of the
Note are not subject to an effective registration statement under the Act, the certificates
evidencing shares of Common Stock issued upon conversion of the Note shall bear the following
restrictive legend or a substantially similar legend:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE, STATE SECURITIES
LAWS. THESE SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH SECURITIES ACT AND APPLICABLE STATE LAWS OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE X-CHANGE CORPORATION THAT SUCH REGISTRATION
IS NOT REQUIRED.”

	 	4.	 	Events of Default.

a. The occurrence of any of the following events constitutes an “Event of Default” hereunder:

i. any failure by the Corporation to pay the Holder any amounts of Principal, interest
or other amounts when and as due under this Note or any other Transaction Document (as
defined in the Purchase Agreement);

ii. any breach by the Corporation or any of its Subsidiaries of any covenant or other
term or condition of this Note, the Purchase Agreement, any Related Agreement, the Tranche A
Notes or the Tranche B Notes in any material respect, except, in the case of a breach of a
covenant which is curable, only if such breach continues for a period of at least fifteen
(15) consecutive days after the earlier to occur of (i) any executive officer of the
Corporation becoming aware of such breach and (ii) the receipt of written notice from any
Holder of the Tranche A Notes or Tranche B Notes of such breach;

iii. any breach by the Corporation or any of its Subsidiaries of any representation or
warranty of the Corporation or any of its subsidiaries made herein, in the Purchase
Agreement, in any Related Agreement, the Tranche A Notes or the Tranche B Notes or any
representation or warranty made by the Corporation or any of its subsidiaries made herein,
in the Purchase Agreement, in any Related Agreement, the Tranche A Notes or the Tranche B
Notes that was false or misleading in any material respect on the date that such
representation or warranty was made or deemed made;

iv. if the Corporation or any of its Subsidiaries makes an assignment for the benefit
of creditors, or applies for or consents to the appointment of a receiver or trustee for it
or for a substantial part of its property or business; or such a receiver or trustee shall
otherwise be appointed;

v. if any money judgment, writ or similar final process shall be entered or filed
against the Corporation, any of its Subsidiaries or any of its property or other assets for
more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of thirty
(30) days;

vi. if bankruptcy, insolvency, reorganization or liquidation proceedings or other
proceedings or relief under any bankruptcy Law or any Law for the relief of debtors shall be
instituted by or against the Corporation or any of its Subsidiaries;

vii. if an SEC stop trade order or Principal Market trading suspension of the Common
Stock shall be in effect for five (5) consecutive days or five (5) days during a period of
ten (10) consecutive days, excluding in all cases a suspension of all trading on a Principal
Market;

viii. if it becomes unlawful for the Corporation or any of its Subsidiaries to perform
or comply with its respective obligations under this Note, the Purchase Agreement, in any
Related Agreement, the Tranche A Notes or the Tranche B Notes;

ix. if the Corporation shall fail to timely file all reports required to be filed by it
with the SEC (as defined in the Purchase Agreement) pursuant to Section 13 or 15(d) of the
Exchange Act (as defined in the Purchase Agreement), or otherwise required by the Exchange
Act;

x. any Event of Default (as defined in the other Tranche A Notes and Tranche B Notes)
occurs with respect to any Tranche A Notes or Tranche B Notes; or

xi. if the Corporation fails (i) to timely deliver Common Stock to the Holder pursuant
to and in the form required by this Note, if such failure to timely deliver Common Stock
shall not be cured within two (2) Business Days or (ii) to deliver a replacement Note to
Holder within seven (7) Business Days following the required date of such issuance pursuant
to this Note.

b. Redemption Right Upon Event of Default. Promptly after the occurrence of an Event
of Default with respect to this Note or any other Tranche A Note or Tranche B Note, the Corporation
shall deliver written notice thereof via facsimile and overnight courier (an “Event of Default
Notice”) to the Holder and the Holders of the Tranche A Notes and Tranche B Notes. At any time
after the earlier of the Holder’s receipt of an Event of Default Notice and the Holder becoming
aware of an Event of Default and until the Event of Default is cured, the Holder may require the
Corporation to redeem all or any portion of the Notes by delivering written notice thereof (the
“Event of Default Redemption Notice”) to the Corporation, which Event of Default Redemption Notice
shall indicate the portion of the Notes that the Holder is electing to cause to be redeemed. The
portion of this Note subject to redemption by the Corporation pursuant to this Section 4(b)
shall be redeemed by the Corporation at a price equal to the greater of (i) the product of (x) the
Conversion Amount to be redeemed plus accrued and unpaid interest and (y) 120% and (ii) the product
of (A) the Conversion Rate with respect to such Conversion Amount in effect at such time as the
Holder delivers an Event of Default Redemption Notice, (B) the Closing Sale Price, or in the
absence of a Closing Sale Price, the Closing Bid Price, of the Common Stock on the date immediately
preceding such Event of Default and (C) 120% (the “Event of Default Redemption Price”).
Redemptions required by this Section 4(b) shall be made in accordance with the provisions
of Section 6. For purposes of this Section 4(b), “Conversion Rate” shall mean the
number of shares of Common Stock equal to the amount determined by dividing (i) the Conversion
Amount by (ii) the Conversion Price.

	 	5.	 	Transfer. 

a. Transfer Restricted. This Note, and any rights hereunder, may not be assigned or
transferred, except as provided in the legend hereon and in accordance with and subject to
provisions of (i) all applicable state securities Laws and (ii) the Act, and the rules and
regulations promulgated thereunder. Any purported transfer or assignment made other than in
accordance with this Section 5 shall be null and void and of no force and effect.

b. Assignment. Any assignment permitted hereunder shall be made by surrender of this
Note to the Corporation at its principal place of business as set forth above with a Form of
Assignment in substantially the form attached hereto as Exhibit B, duly completed and
executed and funds sufficient to pay any transfer tax, if any. In such event, the Corporation
shall, without charge, execute and deliver a new note in the name of the assignee named in such
instrument of assignment in the amount so assigned and this Note shall be promptly canceled;
provided, however, that in the event that the Holder hereof shall assign or
transfer less than the full amount of this Note, a new note evidencing the remaining portion of
this Note not so assigned or transferred shall be issued in the name of the Holder.

	 	6.	 	Redemptions.

a. Mechanics. In the event that the Holder has sent a Redemption Notice to the
Corporation pursuant to Section 3(f)(iv) or Section 4(b), the Holder shall promptly
submit this Note to the Corporation in accordance with this Section 6. The Corporation
shall deliver the applicable Event of Default Redemption Price to the Holder within seven (7)
Business Days after the Corporation’s receipt of the Holder’s Event of Default Redemption Notice
and thereafter the Holder shall promptly deliver this Note to the Corporation. If the Holder has
submitted a Change of Control Redemption Notice in accordance with Section 3(f)(iv), the
Corporation shall deliver to the Holder the Change of Control Redemption Price concurrently with
the consummation of such Change of Control if such Change of Control Redemption Notice is received
by the Corporation prior to the consummation of such Change of Control and within seven (7)
Business Days after the Corporation’s receipt of such Change of Control Redemption Notice
otherwise. In the event of a redemption of less than all of the Conversion Amount of this Note, the
Corporation shall promptly cause to be issued and delivered to the Holder a new Note (in accordance
with Section 3(m)) representing the outstanding Principal which has not been redeemed. In
the event that the Corporation does not pay the applicable Redemption Price to the Holder within
the time period required, at any time thereafter and until the Corporation pays such unpaid
Redemption Price in full, the Holder shall have the option to, in lieu of redemption, require the
Corporation to promptly return to the Holder all or any portion of this Note representing the
Conversion Amount that was submitted for redemption and for which the applicable Redemption Price
has not been paid. One (1) day after the Corporation’s receipt of such notice, if the Corporation
has not cured such failure, (x) the Redemption Notice shall be null and void with respect to such
Conversion Amount, (y) the Corporation shall immediately return this Note, or issue a new Note (in
accordance with Section 3(m)) to the Holder representing such Conversion Amount and (z) the
Conversion Price of this Note or such new Notes shall be adjusted to the lesser of (A) the
Conversion Price as in effect on the date on which the Redemption Notice is voided and (B) the
lowest Closing Bid Price of the Common Stock during the period beginning on and including the date
on which the Redemption Notice is delivered to the Corporation and ending on and including the date
on which the Redemption Notice is voided.

b. Redemption by Other Holders. Upon the Corporation’s receipt of notice from any of
the holders of the Other Notes for redemption or repayment as a result of an event or occurrence
substantially similar to the events or occurrences described in Section 4(b) or Section
3(f)(iv) (each, an “Other Redemption Notice”), the Corporation shall immediately forward to the
Holder by facsimile a copy of such notice. If the Corporation receives a Redemption Notice and one
or more Other Redemption Notices during the period beginning on the day the Corporation receives
the first of such Redemption Notice or Other Redemption Notice and ending on the date which is five
(5) Business Days after the Corporation forwards the first such notice (“Redemption Period”) and
the Corporation is unable to redeem all principal, interest and other amounts designated in such
Redemption Notice and such Other Redemption Notices received during such Redemption Period, then
the Corporation shall redeem a pro rata amount from each holder of the Tranche A Notes and the
Tranche B Notes (including the Holder) based on the aggregate principal amount of the Tranche A
Notes and the Tranche B Notes submitted for redemption pursuant to such Redemption Notice and such
Other Redemption Notices received or delivered by the Corporation during such Redemption Period.

7. Noncircumvention. The Corporation hereby covenants and agrees that the Corporation
will not, by amendment of its Certificate of Incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and
will at all times carry out all of the provisions of this Note.

8. Vote to issue, or change the terms of, the Tranche A Notes and Tranche B Notes.
The affirmative vote at a meeting duly called for such purpose or the written consent without a
meeting, of the Required Holders, shall be required for any change or amendment to this Note, the
Tranche A Notes or the Tranche B Notes, all of which shall be amended in like manner; provided,
however, that no such amendment as applied to any particular Holder of Tranche A Notes or Tranche B
Notes, shall, without the consent of that particular Holder, extend the maturity of the Tranche A
Note or the Tranche B Note, reduce the interest rate, extend the time of payment of interest
thereon, or reduce the principal amount thereof or premium, if any, thereon, or reduce any amount
payable on redemption or repurchase thereof or affect any amounts due to any Holder.

	 	9.	 	Definitions

a. “Acquiring Entity” has the meaning set forth in Section 3(f)(iii) of this Note.

b. “Act” has the meaning set forth in the legend of this Note.

c. “Additional Stock Issuance” has the meaning set forth in Section 3(b)(ii) of this
Note.

d. “AirGATE” has the meaning set forth in Section 2(a) of this Note.

e. “Automatic Conversion” has the meaning set forth in Section 3(i) of this Note.

f. “Bloomberg” means Bloomberg Financial Markets.

g. “Business Day” means any day except Saturday, Sunday and any day that is a federal legal
holiday or a day on which banking institutions in the State of Texas are authorized or required by
Law or other governmental action to close.

h. “Cancelled Share Effectiveness” has the meaning set forth in Section 3(b)(iv) of
this Note.

i. “Cancelled Shares” has the meaning set forth in Section 3(b)(iv) of this Note.

j. “Change of Control” has the meaning set forth in Section 3(f)(i) of this Note.

k. “Change of Control Notice” has the meaning set forth in Section 3(f)(ii) of this
Note.

l. “Change of Control Redemption Notice” has the meaning set forth in Section 3(f)(iv)
of this Note.

m. “Change of Control Redemption Price” has the meaning set forth in Section 3(f)(iv)
of this Note.

n. “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the
Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an
extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or last trade price, respectively, of such security prior
to 4:00 p.m., New York City Time, as reported by Bloomberg, or, if the Principal Market is not the
principal securities exchange or trading market for such security, the last closing bid price or
last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such
security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any
market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the
National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price
or the Closing Sale Price, as the case may be, of such security on such date shall be the fair
market value as mutually determined by the Corporation and the Required Holders. If the
Corporation and the Holders are unable to agree upon the fair market value of such security, then
such dispute shall be resolved by an independent, reputable appraiser jointly selected by the
Corporation and the Required Holders. The determination of such appraiser shall be deemed binding
upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne
by the Corporation. All such determinations to be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction that proportionately decreases or
increases the Common Stock during the applicable calculation period.

o. “Contingent Obligation” means, as to any Person, any direct or indirect liability,
contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend or other
obligation of another Person if the primary purpose or intent of the Person incurring such
liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be
complied with, or that the holders of such liability will be protected (in whole or in part)
against loss with respect thereto.

p. “Conversion Amount” means the sum of (A) the portion of the outstanding Principal to be
converted, redeemed or otherwise with respect to which this determination is being made and (B)
accrued and unpaid Interest with respect to such Principal.

q. “Conversion Price” has the meaning set forth in Section 3(b)(i) of this Note.

r. “Conversion Rate” has the meaning set forth in Section 4(b) of this Note.

s. “Convertible Securities” has the meaning set forth in Section 3(c)(i) of this Note.

t. “Corporate Event” has the meaning set forth in Section 3(e) of this Note.

u. “Corporation” has the meaning set forth in the preamble of this Note.

v. “Date of Issuance” has the meaning set forth in Section 1(a) of this Note.

w. "Disqualified Stock” means any capital stock that, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable, in each case at the option
of the holder of the capital stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the capital stock, in whole or in part, on or prior to the date that is 91 days after the
date on which the Notes mature.

x. “Event of Default” has the meaning set forth in Section 4(a) of this Note.

y. “Event of Default Notice” has the meaning set forth in Section 4(b) of this Note.

z. “Event of Default Redemption Notice” has the meaning set forth in Section 4(b) of
this Note.

aa. “Event of Default Redemption Price” has the meaning set forth in Section 4(b) of
this Note.

bb. “GAAP” means the generally accepted accounting principles in the United States.

	 	 	 
	cc.

	 	“Hexion” has the meaning set forth in Section 3(i)(iii) of this Note.
	
 
	 	 
	dd.

	 	“Holder” has the meaning set forth in the preamble of this Note.

ee. “Indebtedness” of any Person means, without duplication (i) all indebtedness for borrowed
money, (ii) all obligations issued, undertaken or assumed as the deferred purchase price of
property or services (other than trade payables entered into in the ordinary course of business),
(iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and
other similar instruments, (iv) all obligations evidenced by notes, bonds, debentures or similar
instruments, including obligations so evidenced incurred in connection with the acquisition of
property, assets or businesses, (v) all indebtedness created or arising under any conditional sale
or other title retention agreement, or incurred as financing, in either case with respect to any
property or assets acquired with the proceeds of such indebtedness (even though the rights and
remedies of the seller or bank under such agreement in the event of default are limited to
repossession or sale of such property), (vi) all monetary obligations under any leasing or similar
arrangement which, in accordance with GAAP, is classified as a capital lease, (vii) all
indebtedness referred to in clauses (i) through (vi) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon
or in any property or assets (including accounts and contract rights) owned by any Person, even
though the Person which owns such assets or property has not assumed or become liable for the
payment of such indebtedness, and (viii) all Contingent Obligations in respect of indebtedness or
obligations of others of the kinds referred to in clauses (i) through (vii) above.

ff. “Interest Rate” has the meaning set forth in Section 1(a) of this Note.

gg. “Law” means any federal, state, local or foreign order, writ, injunction, judgment,
settlement, award, decree, statute, law, rule or regulation.

	 	 	 
	hh.

	 	“Maturity Date” has the meaning set forth in Section 1(a) of this Note.
	
 
	 	 
	ii.

jj.

	 	“Note” has the meaning set forth in the preamble of this Note.

“Options” has the meaning set forth in Section 3(c)(i) of this Note.
	
 
	 	 

kk. “Other Notes” means the Tranche A Notes and the Tranche B Notes, other than this Note.

ll. “Other Redemption Notice” has the meaning set forth in Section 6(b) of this Note.

mm. “Permitted Subordinated Indebtedness” means Indebtedness of Corporation, and not any
Subsidiary, that (i) is made expressly subordinate in right of payment to the Indebtedness
evidenced by this Note, the Tranche A Notes and the Tranche B Notes on terms and pursuant to an
agreement reasonably satisfactory to the Required Holders and, in the event that interest is
payable, directly or indirectly, prior to 91 days after the Maturity Date, provides for interest
that is no greater than market rate interest, and (ii) does not provide at any time for the
payment, prepayment, repayment, repurchase or defeasance, directly or indirectly, of any principal
or premium, if any, thereon until at least 91 days after the Maturity Date.

nn. “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind.

oo. “Principal” has the meaning set forth in Section 1(a) of this Note.

pp. “Principal Market” means the New York Stock Exchange, American Stock Exchange, NASDAQ
Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, or OTC Bulletin Board (whichever
of the foregoing is at the time the principal trading exchange or market for the Common Stock or
other security in question).

qq. “Purchase Agreement” has the meaning set forth in the preamble of this Note.

rr. “Qualified Public Offering” means a public offering of the Common Stock by a nationally
recognized underwriter such that the Corporation’s aggregate net proceeds from such offering are at
least $20,000,000, and the imputed market capitalization of the Corporation, pre-offering, is at
least $100,000,000.

ss. “Redemption Notice” means any of an Event of Default Redemption Notice or Change of
Control Redemption Notice.

tt. “Redemption Period” has the meaning set forth in Section 6(b) of this Note.

uu. “Redemption Price” means any of an Event of Default Redemption Price or Change of Control
Redemption Price.

vv. “Required Holders” means one or more Holders of Tranche A Notes and Tranche B Notes
representing greater than seventy-five percent (75%) of the aggregate principal amount of all
Tranche A Notes and Tranche B Notes then outstanding.

ww. “SEC” means the United States Securities and Exchange Commission.

xx. “Security Agreement” shall have the meaning assigned to such term in the Purchase
Agreement.

yy. “Subsidiary” means (i) a corporation or other entity whose shares of stock or other
ownership interests having ordinary voting power to elect a majority of the directors of such
corporation, are owned, directly or indirectly, by the Corporation or (ii) a corporation or other
entity in which the Corporation owns, directly or indirectly, more than fifty (50%) of the equity
interests.

zz. “Trading Day” means any day on which the Common Stock or other applicable security is
traded on the Principal Market, or, if the Principal Market is not the principal trading market for
the Common Stock or other applicable security, then on the principal securities exchange or
securities market on which the Common Stock or other applicable security is then traded; provided
that “Trading Day” shall not include any day on which the Common Stock or other applicable security
is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common
Stock or other applicable security is suspended from trading during the final hour of trading on
such exchange or market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York City
Time).

aaa. “Tranche A Notes” shall have the meaning assigned to such term in the Purchase Agreement.

bbb. “Tranche B Notes” shall have the meaning assigned to such term in the Purchase Agreement.

ccc. “Tranche B Shares” shall have the meaning assigned to such term in the Purchase
Agreement.

ddd. “Valuation Event” has the meaning set forth in Section 3(c)(v) of this Note.

eee. “Warrants” shall have the meaning assigned to such term in the Purchase Agreement.

	 	10.	 	Miscellaneous.

a. Waiver. No failure or delay on the part of the Holder hereof in the exercise of
any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other right, power or privilege. All rights and remedies existing hereunder are
cumulative to, and not exclusive of, any rights or remedies otherwise available.

b. Notices. All notices required or permitted hereunder shall be in writing and shall
be deemed effectively given:

A. upon personal delivery to the party to be notified;

B. when sent by confirmed facsimile if sent during normal business hours of the
recipient, or if delivered after normal business hours, then on the next Business
Day;

C. three (3) Business Days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or

D. one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt.

All communications shall be sent as follows:

	 	 	 	If to the Corporation, to:

The X-Change Corporation

710 Century Parkway

Allen, Texas 75013

Attention: George DeCourcy, Chief Financial Officer

Facsimile: 972-359-6334

with a copy (which shall not constitute notice) to:

Strasburger & Price, LLP

901 Main Street, Suite 4400

Dallas, Texas 75202

Attention: Kevin Woltjen, Esq.

Facsimile: 214-659-4025

	 	 	 	If to Holder, to

Facsimile:

with a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas 75201

Attention: R. Scott Cohen, Esq.

Facsimile: 214-746-7777

or at such other address as the Corporation or Holder may designate by written notice given in
accordance with this Section 10(b).

c. Amendment Provision. The term “Note” and all references thereto, as used
throughout this instrument, shall mean this instrument as originally executed, or if later amended
or supplemented, then as so amended or supplemented, and any successor instrument issued, as such
may be amended or supplemented.

d. Assignability. This Note shall be binding upon the Holder and the Corporation and
their respective successors and assigns, and shall inure to the benefit of the Holder and the
Corporation and their respective successors and assigns, and may be assigned by the Holder in
accordance with the requirements of the Purchase Agreement. This Note shall not be assigned by the
Corporation without the prior written consent of the Holder.

e. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE CONFLICTS OF LAWS RULES OR PRINCIPLES THEREOF.
EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SERVING DALLAS COUNTY, TEXAS, FOR THE PURPOSES OF ANY ACTION ARISING OUT OF THIS NOTE, OR THE
SUBJECT MATTER HEREOF. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES AND
AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH ACTION (A) THAT SUCH
PARTY IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF THE ABOVE-NAMED COURTS, (B) THAT THE ACTION
IS BROUGHT IN AN INCONVENIENT FORUM, (C) THAT IT IS IMMUNE FROM ANY LEGAL PROCESS WITH RESPECT TO
ITSELF OR ITS PROPERTY, (D) THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR (E)
THAT THIS NOTE, OR THE SUBJECT MATTER HEREOF, MAY NOT BE ENFORCED IN OR BY SUCH COURTS. IN THE
EVENT THAT ANY PROVISION OF THIS NOTE IS INVALID OR UNENFORCEABLE UNDER ANY APPLICABLE STATUTE OR
RULE OF LAW, THEN SUCH PROVISION SHALL BE DEEMED INOPERATIVE TO THE EXTENT THAT IT MAY CONFLICT
THEREWITH AND SHALL BE DEEMED MODIFIED TO CONFORM TO SUCH STATUTE OR RULE OF LAW SO LONG AS THE
ECONOMIC OR LEGAL SUBSTANCE OF THE TRANSACTIONS CONTEMPLATED HEREBY IS NOT AFFECTED IN ANY MANNER
MATERIALLY ADVERSE TO ANY PARTY. ANY SUCH PROVISION WHICH MAY PROVE INVALID OR UNENFORCEABLE UNDER
ANY LAW SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER PROVISION OF THIS NOTE, WHICH
SHALL REMAIN ENFORCEABLE IN ACCORDANCE WITH ITS RESPECTIVE TERMS.

f. Maximum Payments. Nothing contained herein shall be deemed to establish or require
the payment of a rate of interest or other charges in excess of the maximum permitted by applicable
Law. In the event that the rate of interest required to be paid or other charges hereunder exceed
the maximum permitted by such Law, any payments in excess of such maximum shall be credited against
amounts owed by the Corporation to the Holder and thus refunded to the Corporation.

g. Construction. Each party acknowledges that its legal counsel participated in the
preparation of this Note and, therefore, stipulates that the rule of construction that ambiguities
are to be resolved against the drafting party shall not be applied in the interpretation of this
Note to favor any party against the other.

h. Cost of Collection. If default is made in the payment of this Note, the
Corporation shall pay to Holder reasonable costs of collection, including reasonable attorney’s
fees.

1

IN WITNESS WHEREOF, the Corporation has caused this Amended and Restated Senior Secured
Convertible Term Note—Tranche A to be signed in its name effective as of the 4th day of December,
2007.

The X-CHANGE CORPORATION

By:     

Name:     

Title:     

WITNESS:

     

2

Exhibit A

Notice of Conversion

(To be executed by the Holder in order to convert all or part of the Note into Common Stock)

Name of Holder:

Address:

Holder hereby elects to convert into the Common Stock of The X-Change Corporation $     of
the Principal and/or accrued but unpaid interest under the terms of the Amended and Restated Senior
Secured Convertible Term Note—Tranche A issued by The X-Change Corporation dated December 4, 2007,
and amended and restated on July      , 2008, on and subject to the conditions set forth in such
Amended and Restated Senior Secured Convertible Term Note—Tranche A.

1. Date of Conversion:

2. Shares To Be Delivered:

(Please print name of Holder)

By:

Name:

Title:

3

Exhibit B

ASSIGNMENT FORM

(To assign the foregoing Note, execute this form and supply required information.

Do not use this form to exercise the Note)

FOR VALUE RECEIVED, hereby sells, assigns and transfers all of the rights of the undersigned
under the attached Note with respect to the number of shares of Common Stock of The X-Change
Corporation covered thereby set forth below, unto:

	 	 	 	 	 	 	 	 	 
	Name of Assignee	 	Address	 	No. of Shares

By:

Name:

Title:

Signature Guaranteed:

By:

The signature should be guaranteed by an eligible guarantor institution pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.

4

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