Document:

PARTICIPATING
      TERM NOTE

     

    FOR
      VALUE
      RECEIVED, Thomas Ventures, Inc., a Delaware corporation (the “Company”),
      promises, to pay to Clifford Rhee, an individual with an address located at
      5423
      Planter’s Wood Court, Mississauga, Ontario (the “Holder”)
      or his
      registered assigns or successors in interest, the sum of Seven Million Eight
      Hundred Thousand Dollars ($7,800,000), together with any accrued and unpaid
      interest hereon, on February 13, 2012 (the “Maturity
      Date”),
      if
      not sooner indefeasibly paid in full.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in the Stock Purchase Agreement, dated as of the date hereof by and among
      the Company, Tcomt, Inc. and the Holder (as amended, restated, modified and/or
      supplemented from time to time, collectively, the “Purchase
      Agreement”).
      

     

    The
      following terms shall apply to this Participating Term Note (this “Note”):

     

    ARTICLE
      I

    INTEREST
      AND PRINCIPAL PAYMENTS

     

    1.1  Interest
      Rate and Payments.
      Interest payable on the outstanding principal amount of this Note (the
“Principal
      Amount”)
      shall
      accrue at a rate per annum equal to the London Inter-bank Borrowing Rate for
      loans with a ninety-day maturity (“LIBOR”) plus two (2) percent (“Interest
      Rate”).
      The
      Interest Rate shall be reset according to the LIBOR as published in the
      Financial Times on the first day of the month every ninety (90) days from the
      initial date of this Note. Interest shall be (i) calculated on the basis of
      a
      365 day year, and (ii) payable monthly, in arrears, commencing on March , 2008,
      on the tenth business day of each consecutive calendar month thereafter through
      and including the Maturity Date, and on the Maturity Date, whether by
      acceleration or otherwise. Notwithstanding the foregoing, Interest accrued
      during each of the first twelve (12) months after the initial date of this
      Note
      shall be added to the Principal Amount of the Note on the first day of each
      successive month.

     

    1.2  Principal
      Payments.
      Amortization of the Principal Amount and interest shall commence eighteen (18)
      months from the initial date of this Note. Amortization shall be based upon
      a
      fifteen (15) year time period with the monthly payment based upon one hundred
      eighty (180) equal installments. Upon the Maturity Date, all outstanding
      principal and interest shall be due and payable.

     

    1.3  Prepayment
      Participation Rights.
      Notwithstanding the provisions of section 1.2 above, after the payment in full
      of the outstanding principal amount, and accrued but unpaid interest, due
      pursuant to the Secured Term Note, dated the date hereof, made by Thomas
      Equipment, Inc., a Delaware Corporation, and Thomas Ventures, Inc., a Delaware
      Corporation, in favor of Federal Partners, L.P., a Delaware limited partnership,
      in principal amount of Three Million Dollars ($3,000,000), 100% of future net
      profits from TComt, Inc. and Tcomt, Ltd. shall be used to pay all outstanding
      amounts due under this Note for Principal Amount or Interest (“Prepayment”). The
      calculation of net profits available for such prepayment shall be based upon
      the
      net profit of the Company, if any, as presented in the quarterly or annual
      financial statements of the Company which have been reviewed or audited by
      the
      Company’s regularly engaged independent auditors (“Company Profits”). Such
      payments shall not exceed the then outstanding Principal Amount, plus accrued
      but unpaid interest. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    1.4  Mandatory
      Payment. After (i) the holders of the Company’s Series A Convertible Preferred
      Stock have been redeemed in full and (ii) the obligation owed to Laurus Master
      Fund, Ltd. in the amount of Fifty-Five Million Dollars ($55,000,000), has been
      paid in full, the Holder shall be entitled to receive a mandatory payment in
      the
      amount of Ten Million Dollars ($10,000,000) upon the occurrence of the sale
      of
      all or substantially all of the assets of the Company. Such mandatory prepayment
      shall be due immediately following such sale.

     

    1.5  Optional
      Prepayment in Cash.
      The
      Company may prepay this Note in whole or in part, without premium or penalty
      except as otherwise specifically set forth herein. 

     

    ARTICLE
      II

    EVENTS
      OF DEFAULT

     

    2.1  Events
      of Default.
      The
      occurrence of any of the following events set forth in this Section 2.1 shall
      constitute an event of default (“Event
      of Default”)
      hereunder:

     

    (a)  Failure
      to Pay.
      The
      Company fails to pay, within five (5) days of due date any installment of
      principal, interest or other fees hereon in accordance herewith.

     

    (b)  Breach
      of Covenant.
      The
      Company breaches any covenant or any other term or condition of this Note in
      any
      material respect and such breach, if subject to cure, continues for a period
      of
      fifteen (15) days after the occurrence thereof.

     

    (c)  Breach
      of Representations and Warranties.
      Any
      representation, warranty or statement made or furnished by any Company in this
      Note shall at any time be false or misleading in any material respect on the
      date as of which made or deemed made.

     

    (d) Bankruptcy.
      The
      Company shall (i) apply for, consent to or suffer to exist the appointment
      of,
      or the taking of possession by, a receiver, interim receiver, custodian, trustee
      or liquidator or like official of itself or of all or a substantial part of
      its
      property, (ii) make a general assignment for the benefit of creditors, (iii)
      commence a voluntary case or proceeding under applicable federal or foreign
      bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt,
      (v) acquiesce to, without challenge within thirty (30) days of the filing
      thereof, or failure to have dismissed, within sixty (60) days, any petition
      or
      proceeding filed against it in any involuntary case or proceeding under such
      bankruptcy laws, or (vi) take any action for the purpose of effecting any of
      the
      foregoing. 

     

    ARTICLE
      III

    MISCELLANEOUS

     

    3.1  Issuance
      of New Note.
      Upon
      any partial redemption 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
      Company to the Holder for the principal balance of this Note and interest which
      shall not have been paid as of such date. Subject to the provisions of Article
      III of this Note, the Company shall not pay any costs, fees or any other
      consideration to the Holder for the production and issuance of a new
      Note.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    3.2  Cumulative
      Remedies.
      The
      remedies under this Note shall be cumulative.

     

    3.3  Failure
      or Indulgence Not 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.

     

    3.4  Notices.
      Any
      notice herein required or permitted to be given shall be in writing and shall
      be
      deemed effectively given: (a) upon personal delivery to the party notified,
      (b)
      when sent by confirmed telex or facsimile if sent during normal business hours
      of the recipient, if not, then on the next business day, (c) five(5) 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 to the Companies at the address set
      forth in the Purchase Agreement, or at such other address as the Company or
      the
      Holder may designate by ten(10) days advance written notice to the other parties
      hereto.

     

    3.5  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
      as such successor instrument may be amended or supplemented.

     

    3.6  Assignability.
      This
      Note shall be binding upon the Company and its successors and assigns, and
      shall
      inure to the benefit of the Holder and its successors and assigns. The Company
      may not assign any of its obligations under this Note without the prior written
      consent of the Holder, any such purported assignment without such consent being
      null and void.

     

    3.7  Cost
      of Collection.
      In case
      of any Event of Default under this Note, the Company shall pay the Holder the
      Holder’s reasonable costs of collection, including reasonable attorneys’
fees.

     

    3.8  Governing
      Law, Jurisdiction and Waiver of Jury Trial.

     

    (a)  THIS
      NOTE
      SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
      LAW.

     

    (b)  THE
      COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
      IN
      THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
      TO
      HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY, ON THE ONE HAND,
      AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS NOTE OR ANY OF THE OTHER
      RELATED AGREEMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS NOTE;
      PROVIDED, THAT THE COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS
      MAY
      HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE
      OF
      NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS NOTE SHALL BE DEEMED OR
      OPERATE TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION
      IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE
      COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT
      OR OTHER COURT ORDER IN FAVOR OF THE HOLDER. THE COMPANY EXPRESSLY SUBMITS
      AND
      CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN
      ANY
      SUCH COURT, AND EACH COMPANY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE
      BASED
      UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS.
      

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    3.9  Severability.
      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 with such statute or rule of law. 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.

     

    3.10  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 rate permitted by such law, any payments in excess
      of such maximum rate shall be credited against amounts owed by the Company
      to
      the Holder and thus refunded to the Company.

     

    3.11  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.

     

    [Balance
      of page intentionally left blank; signature page follows]

    
      
         

      

      
        4

        
          

        

      

       

    

     

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Senior Secured Participating Term Note to be signed
      in
      its name effective as of this 13th day of February, 2007.

     

    
      	 	 	 
	 	
              THOMAS
                VENTURES, INC.

            
	 
 	 
 	 
 
	
            	By:  	
              /s/MICHAEL
                S. LUTHER

            
	 	
              

              Michael
                S. Luther, CRO

            

    

     

    
      	 	 	 
	 	
              Agreed
                to and Accepted:

            
	 
 	 
 	 
 
	
            	
            	
              /s/
                CLIFFORD RHEE 

            
	 	
              

              Clifford
                Rhee

            
	 	
            

    

     

    
      
         

      

      
        5Unassociated Document

    

    

    

    Execution
      copy

    

    

    

    

    

    

    

    SALE
      AND PURCHASE AGREEMENT

    

    

    

    among

    

    

    (1) EMVELCO
      CORP. (former company name: EUROWEB INTERNATIONAL CORPORATION)

    

     

    AS
      VENDOR

    and

    

    
      	 	
              (2)

            	
              MARIVAUX
                INVESTMENTS LIMITED 

            

    

    
      	 	
              (3)

            	
              FLEMINGHOUSE
                INVESTMENTS LIMITED

            

    

    

    AS
      PURCHASERS

    relating
      to

    

    

    

    NAVIGATOR
      INFORMATIKA ÜZLETI SZOLGÁLTATÓ ÉS 

    KERESKEDELMI
      ZÁRTKÖRŰEN
      MŰKÖDŐ részvényTÁRSaság

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    This
      SALE AND
      PURCHASE AGREEMENT
      is
      concluded by and among

    

    1.
      EMVELCO CORP.
      (former
      company name: EUROWEB
      INTERNATIONAL CORP. business
      address: 468 North Camden Drive Suite 256(I) Beverly Hills, CA 90210, USA;
      IRS
      NUMBER: 133696015) ("Vendor”)

    and
      

    

    2.
      MARIVAUX
      INVESTMENTS LIMITED (registered
      seat: 256 Makarios Avenue, Eftapaton Court, CY3105 Limassol, Cyprus; Inc.no.
      HE
      160815) ("Purchaser
      1");
      and

    

    3.
      FLEMINGHOUSE
      INVESTMENTS LIMITED (registered
      seat: Chrysanthou Mylona 3, Limassol, PC. 3030 Cyprus; Inc.no. HE 146593)
      ("Purchaser
      2")

    

     

    Purchasers
      1 and Purchasers 2 will be referred to collectively as "Purchasers"
      and
      individually each as "Purchaser";
      while
      the Vendor and the Purchasers will be referred to collectively as the
      "Parties"
      and
      individually each as a "Party".

     

    

    RECITALS

    

    
      	A.	
              WHEREAS,
                Navigator Informatika Üzleti Szolgáltató és Kereskedelmi Zártkörűen Működő
                Részvénytársaság (registered seat: H-1095 Budapest, Máriássy u. 5-7.;
                registration number: Cg.01-10-044621)
                (the "Company")
                is engaged in the provision of business IT services. Navigator Informatika
                Kft. and Navigator Engineering Kft., the former subsidiaries of the
                Company (the “Merging
                Companies”)
                merged into the Company as of 17 October 2006, consequently the Company
                operates as the legal successor of the Merging
                Companies.

            

    

    

    
      	B.	
              WHEREAS,
                the Vendor is the owner of the 100% of the registered shares of the
                Company after having exercised the option right of Vendor vis-à-vis an
                individual shareholder, at the latest on the date of executing this
                Agreement relating to 1 piece of a registered ordinary share, with
                a
                nominal value of HUF 10.000 (ten thousand Hungarian forints) issued
                by the
                Company.

            

    

    

    
      	
              C.

            	
              WHEREAS,
                the
                Company and Commerzbank Zártkörűen Működő Részvénytársaság (registered
                seat: 1054 Budapest, Széchenyi rkp.8.; registration number: 01-10-042115)
                ("Commerzbank")
                concluded a loan agreement for the value of HUF 201.250.000 (two
                hundred
                and one million two hundred and fifty thousand Hungarian forints)
                on 6
                April 2005 (contract number: 2005/036) (the "Loan
                Agreement").
                The Vendor concluded a share-deposit agreement, respectively, with
                Commerzbank in connection with the Loan Agreement (the "Share
                Deposit Agreement"),
                on the basis of which the Sale Shares (as defined below) are deposited
                with Commerzbank. 

            

    

    

    
      	
              D.

            	
              WHEREAS,
                the Purchasers intend to buy, in accordance with the conditions set
                forth
                in this Agreement, all the shares in the Company at Closing. The
                Vendor
                intends to sell 100% of the shares in the Company to the
                Purchasers.

            

    

    

    

    NOW
      IT IS
      HEREBY AGREED as follows:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ARTICLE
      I: DEFINITIONS; INTERPRETATION

    

    1.1 Definitions Wherever
      used in this Agreement or the Schedules hereto, unless the context otherwise
      requires, the following shall apply to the following terms, respectively, when
      said terms are used with an upper-case first letter.

    

    "2006
      Accounts" means the financial statements of the Company prepared for the period
      ended December 31, 2006, together with the unqualified auditors report
      thereon;

    

    "Accounts"
      means the 2006 Accounts, the financial statement of the Company reflecting
      the
      Company’s business position as of the accounting date thereof, prepared for the
      period ended December 31, 2006, together with the unqualified auditors report
      thereon, and the Interim Account and the Final Merger Accounts;

    

    "Affiliates"
      means two or more companies, one of which directly or indirectly owns at least
      50% (fifty percent) of the share capital of the other company, or which are
      both
      owned directly or indirectly as to at least 50% (fifty percent) of their share
      capital by a third company.

    

    "Agreed
      Encumbrances" means (i) the deposit (óvadék) on the basis of the share Deposit
      Agreement granted by the Vendor to Commerzbank over its shareholding interest
      in
      the Company in connection with the Company entering into the Loan Agreement,
      and
      (ii)a floating charge on all property owned by the Company granted to
      Commerzbank established in the maximum principal amount of HUF 380.000.000
      (three hunderd and eighty million Hungarian forints).

    

    "Agreement"
      means this Sale and Purchase Agreement and all schedules attached hereto, as
      the
      same may be amended or modified from time to time.

    

    "Articles"
      means the Articles of Association of the Company as at the date
      hereof.

    

    "Business
      Day" means a day other than a Saturday or Sunday or public holiday in Hungary
      or
      the United States of America.

    

    "Closing"
      shall mean the occasion on which the Purchasers and the Vendor performs their
      respective obligations subject to Article V hereof and as contemplated by
      Section III hereof.

    

    "Closing
      Date" means the date upon which the Closing occurs.

    

    "Commerzbank"
      means Commerzbank Zártkörűen Működő Részvénytársaság (registered office: 1054
      Budapest, Széchenyi rkp. 8.; registration number: Cg. 01-10-042115).

    

    "Company"
      shall have the meaning as defined in Recital A hereof.

    

    "Consideration
      for the Sale Shares" means the consideration to be paid by the Purchasers to
      the
      Vendor as consideration for the sale of the Sale Shares as set out in Section
      2.1., in the ratio as indicated in Schedule 1.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    "Consideration
      1 for the Sale Shares" means altogether USD
      3.200.000 (three million two hundred thousand United States dollars)
      to be
      paid by the Purchasers to the Vendor as consideration for the sale of the Sale
      Shares as set out in Section 2.1., in the ratio as indicated in Schedule
      1.

    

    "Consideration
      2 for the Sale Shares" means the consideration to be calculated as
      follows:

    Reference
      Price multiplied by the number of pieces of Transferable EMVELCO Shares (i.e.
      622.531) 

    

    "Controlling
      Influence" means that the controlling entity directly or indirectly owns more
      than 50% of the share capital of the controlled company or is entitled to
      appoint more than 50% of the management of the controlled company.

    

    "Data
      Room" means the room at the Company’s principal place of business that contained
      certain information and documents in connection with the Company reviewed by
      the
      Purchasers.

    

    "EMVELCO
      Shares" shall mean outstanding and issued shares in EMVELCO Corp. of common
      stock par value USD 0,001 each, and "EMVELCO Share" means any one of the EMVELCO
      Shares.

    

    "Final
      Merger Accounts" shall mean financial statements of the Company with the Merging
      Companies prepared for the period 17 October, 2006, together with the
      unqualified auditors report thereon 

    

    "Financial
      Information" means the financial information provided to the Purchasers, as
      set
      out in Shedule 3 hereto; 

    

    "Interim
      Account" means the unaudited financial statement of the Company for the twelve
      months period ended 31 December 2006; attached hereto as Shedule 3;

    

    "Loan
      Agreement" shall have the meaning as defined in Recital C. 

    

    "Party"
      or "Parties" shall mean, collectively the Purchasers and the Vendor, and
      individually any one of them.

    

    “Reference
      Price/1 Transferable EMVELCO Share” means the amount indicated in Schedule 1 of
      this Agreement, i.e. the closing market price on the NASDAQ National Market
      System per 1 Transferable EMVELCO Share applicable on the date of one Business
      Day prior to the date of the Closing.

    

    "Sale
      Shares" shall mean the entire Share1 package and the Share2 package being
      purchased by the Purchasers from the Vendor pursuant to this Agreement and
      being
      all the issued registered capital of the Company.

    

    "Share
      package" shall mean 9.000 pieces registered ordinary shares, each having a
      nominal value of HUF 10.000 (ten thousand Hungarian forints), representing
      100%
      (one hundred per cent) of the issued registered capital of the Company, owned
      by
      Vendor, having the serial numbers 003501-012500, being sold to
      Purchasers;

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    "Share
      package 1" shall mean 4.590 pieces registered ordinary shares, each having
      a
      nominal value of HUF 10.000 (ten thousand Hungarian forints), representing
      51%
      (fifty-one per cent) of the issued registered capital of the Company, owned
      by
      Vendor, having the serial numbers 003501-008090, being sold to Purchaser
      1;

    

    "Share
      package 2" shall mean 4.410 pieces registered ordinary shares, each having
      a
      nominal value of HUF 10.000 (ten thousand Hungarian forints), representing
      49%
      (forty-nine per cent) of the issued registered capital of the Company, owned
      by
      Vendor, having the serial numbers 008091-012500, being sold to Purchaser
      2;

    

    "Transferable
      EMVELCO Shares" shall mean the EMVELCO Shares comprising the Transferable
      EMVELCO Shares 1 and Transferable EMVELCO Shares 2.

    "Transferable
      EMVELCO Shares 1" shall mean 100.477 pieces of Transferable EMVELCO Shares
      held
      by Purchaser 1.

    

    "Transferable
      EMVELCO Shares 2" shall mean 522.054 pieces of Transferable EMVELCO Shares
      held
      by Purchaser 2.

    

    1.2 Singular/Plural;
      References In
      this
      Agreement:

    

    (a) unless
      the context otherwise requires, words denoting the singular include the plural
      and vice versa, and words denoting persons include natural or juridical persons,
      corporations, partnerships and legal entities;

    

    (b) the
      terms
      "hereof", "hereto" and "hereunder" and similar expressions mean and refer to
      this Agreement; and any particular Article, Section, Clause or Paragraph of
      this
      Agreement followed by a number means and refers to the specified Article,
      Section, Clause or Paragraph of this Agreement.

    

    ARTICLE
      II: THE TRANSACTION

    2.1 Purchase
      and Sale of the Sale Shares. Subject
      to the terms and conditions of this Agreement, Vendor hereby agrees to sell,
      transfer and deliver the Share package 1 to Purchaser 1 and the Share package
      2
      to Purchaser 2; and the Purchaser 1 agrees to purchase Share package 1 at the
      Closing; while Purchaser 2 agrees to purchase Share package 2 at the Closing.
      In
      consideration of the sale, transfer and delivery of the Sale Shares by the
      Vendor, the Purchaser 1 shall pay 51% of the Consideration for Share1
      package and
      Purchaser 2 shall pay 49%
      of Consideration
      for Share2
      package to
      the
      Vendor as
      set
      out below:

    The
      Sale
      Shares endorsed to blank are deposited with Commerzbank (physically with
      MKB).

    

    
      	
            	2.1.1	
              Purchaser
                1 shall pay a part of Consideration 1 and
                Purchaser 2 shall pay the outstanding amount of Consideration 1 to
                Vendor,
                as calculated in Schedule 1, in cash by wire transfer, as set out
                in
                Section 3.2.1 below, at Closing;
                and

            

    

    

    
      	
            	2.1.2	
              Purchaser
                1
                shall
                pay a part of Consideration 2 calculated on the basis of the number
                of the
                Transferable EMVELCO Shares 1 while the outstanding amount of
                Consideration 2 shall be paid by Purchaser 2 calculated on the basis
                of
                the number of the Transferable EMVELCO Shares 2 to Vendor. The Parties
                agree that Consideration 2 shall be paid at Closing in Transferable
                EMVELCO shares, as calculated in accordance with Section
                2.2.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
      Consideration for the Sale Shares consists of two elements: Consideration 1
      payable in cash, and Consideration 2 payable in Transferable EMVELCO
      Shares.

    

    The
      Parties acknowledge that the Sale Shares are issued for the previous company
      name of the Company (AM-IT Informatikai Szolgáltató és Kereskedelmi
      Részvénytársaság) and the Sale Shares are deposited with Commerzbank endorsed
      blank.]

    

    2.2 Calculation
      of the value of Transferable EMVELCO Shares.
      The
      value of Transferable EMVELCO Shares shall be calculated based on the Reference
      Price; i.e. the Consideration 2 shall be equal to 622.531 pieces of Transferable
      EMVELCO Shares. 

     

    

    ARTICLE
      III: CLOSING

    

    3.1 Closing
      Date, Place of the Closing The
      Closing shall take place in 1138 Budapest, Hungary at Váci út 141., 4 (four)
      business days after all of the conditions precedent (set out in Article V.
      hereof) have been satisfied, or on such other date as the Parties may mutually
      agree.

     

    3.2 Closing
      Matters Subject
      to the terms and conditions of this Agreement:

    

    3.2.1 at
      the
      Closing, the Purchaser 1 and Purchaser 2 shall pay to the Vendor the
      Consideration 1 in full by wire transfer of immediately available funds to
      the
      bank account of Vendor held at JPMorgan Chase Bank (600 Madison Avenue, New
      York, NY 10022 USA), account number 026094361365 SWIFT CHASUS33 (ABA routing
      number: 021-000-021)

    

    provided
      that not later than 3 (three) Business Days preceding the Closing Date Vendor
      shall be entitled to designate alternative accounts for Consideration 1.
      Purchaser 1 and Purchaser 2 shall both present to Vendor a copy of each transfer
      instruction on the payment; and the receipt of which instruction shall be
      acknowledged by Vendor. Title to the Sale Shares shall pass if and when the
      irrevocable and unconditional transfer instruction on the payment of
      Consideration 1 certifying receipt by Commerzbank is presented to Vendor; who
      shall immediately issue a confirmation thereon to the Purchasers.

    

    3.2.2
      at
      the Closing, the Purchaser 1 and Purchaser 2 shall deliver stock certificates
      representing the EMVELCO Shares together with (i) an irrevocable medallion
      guaranteed stock power executed in blank, (ii) transfer instructions executed
      by
      Purchaser 1 and Purchaser 2 authorizing the transfer of the EMVELCO Shares
      and
      (iii) an executed resolution of both Purchaser 1 and Purchaser 2 authorizing
      the
      transfer of the EMVELCO Shares. 

    

    3.2.3 at
      the
      Closing, the Vendor shall 

    

    
      	
            	(a)	
              deliver
                to the Purchasers such resignations or recalls of members of the
                board of
                directors and supervisory board, and the auditors of the Company
                as the
                Purchasers shall request;

            

    

    

    
      	 	
              (b)

            	
              upon
                receipt of Consideration 1 

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (i) obtain
      the release from Commerzbank of the Share Deposit; and present the related
      declarations of Commerzbank to Purchasers. 

    

    The
      Purchasers acknowledge that said declarations are conditional upon the title
      to
      the Sale Shares passing to the Purchasers when Vendor receives the Consideration
      1 credited on its accounts; upon the occurrence of which Vendor shall
      immediately issue to the Purchasers, to Commerzbank and to Magyar
      Külkereskedelmi Bank Rt ("MKB") a confirmation thereon.

    

    (ii) the
      Sale
      Shares shall not be physically delivered to the Purchasers. The Sale Shares
      endorsed to blank shall be deposited with Commerzbank (physically with MKB)
      and
      shall remain deposited therewith due to the loan obtained by the Purchasers
      for
      the acquisition. 

    Commerzbank
      shall have acknowledged the sale of the Sale Shares and instructed MKB to
      re-book the Sale Shares for the name of the Purchasers (on the condition of
      the
      title passing to the Purchasers, as referred to above). By the Vendor sending
      to
      Commerzbank its acknowledgement notice on receiving the irrevocable and
      unconditional transfer instruction on the payment of Consideration 1 certifying
      receipt by Commerzbank, thus, title to the Sale Shares passing to the
      Purchasers, the Sale Shares shall be deemed duly handed over and delivered
      to
      the Purchasers without any further action required to be done by the
      Parties.

    

    3.2.4
      Closing shall be deemed occurred and completed only if any and all actions
      listed under 3.2.1-3.2.3 have been completed. 

    

    3.2.5.
      Immediately following the delivery of the Sale Shares pursuant to Section 3.2.3,
      the Purchasers shall be registered in the share register of the Company as
      the
      owners of the Sale
      Shares.

    

    ARTICLE
      IV: ACTIONS PRIOR TO CLOSING

    

    4.1 Conduct
      of Business prior to Closing In
      the
      period as from the signing this Agreement until Closing, the following shall
      apply:

    

    (a) the
      Vendor shall cause the Company to provide reasonable notice to the Purchasers
      of
      all significant transactions (having a value of at least HUF 10,000,000) in
      which the Company is involved;

    

    (b) the
      Vendor shall cause the Company to operate in the ordinary course in all material
      respects;

    

    (c) the
      Vendor shall not cause adverse change to the Company’s business;

    

    (d) the
      Parties agree that prior to the Closing; no payment of dividend shall take
      place.

    

    4.2 Further
      Actions Subject
      to the terms and conditions hereof, each of the Parties hereto agrees to use
      all
      reasonable efforts to take, or cause to be taken, all actions and to do, or
      cause to be done, all things necessary, proper or advisable to consummate and
      make effective the transactions contemplated by this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      V: CONDITIONS TO CLOSING

    

    5.1 Condition
      to Obligations of the Parties The
      respective obligations of the Parties hereto are subject to the satisfaction
      at
      or prior to Closing of the following conditions precedent:

    

    (a) the
      Purchasers shall have obtained the
      acquisition loan from Commerzbank pursuant to this Agreement;

    

    (b) the
      obtaining of the approval of Commerzbank to
      the
      change in the Company’s ownership and management structure pursuant to this
      Agreement;
      

    

    (c)
       the
      Company shall issue a declaration to the Purchasers certifying that as of the
      date of this Agreement neither Vendor nor any related companies of them has
      any
      outstanding accounts payable vis-à-vis the Company which is overdue more than 60
      days; in the form attached hereto as Schedule 2;

    

    (d) the
      Vendor shall have obtained the required authorization to execute, deliver and
      perform this Agreement and approval of the Board of Directors of Vendor for
      the
      sale of the Company to Purchaser 1 and Purchaser 2 in consideration of the
      Consideration for the Sale Shares;

    

    (e) Purchaser
      1 and Purchaser 2 shall have obtained the required authorization to execute,
      deliver and perform this Agreement and approval of the Board of Directors
      approving the sale of the EMVELCO Shares;

    

    (f) the
      Vendor shall have been registered as 100% shareholder in the Book of Shares
      of
      the Company.

    

    5.2 Actions
      Relating to the Closing Conditions 
      The
      Parties record that the acquisition of controlling interest over the Company
      by
      the Purchasers do not fall under the scope of section 24 of the Act LVII of
      1996
      on the Prohibition of Unfair and Restrictive Market Practices (concentration
      of
      undertakings being subject to authorization), therefore, authorization of the
      Office of Economic Competition is not required to effectuate the acquisition,
      i.e. to transfer the ownership rights relating to the Shares to the Purchaser.
      

    

    The
      Purchasers shall use their best endeavours to obtain the acquisition loan from
      Commerzbank, the provision of which may not fail because of reasons attributable
      to the Purchasers and the Purchasers may not withdraw from applying to
      Commerzbank for receiving the acquisition loan.

    

    The
      Parties will mutually co-operate as to obtaining of the approval of Commerzbank
      to the change in the ownership and management structure of the Company.

    

    5.3 Notices Each
      Party shall give prompt written notice to the other Parties of:

    

    (a) the
      occurrence of each event or action required as a condition set forth in Section
      5.1; and

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) the
      occurrence of any event or action of which it becomes aware which may reasonably
      be anticipated to result in the non-satisfaction of any such condition by the
      Closing Date.

    

    For
      the
      purpose of this Section 5.3, notice given by Vendor to one Purchaser shall
      be
      deemed to be notice given by Vendor to all Purchasers.

    

    ARTICLE
      VI. REPRESENTATIONS
      AND WARRANTIES

    

    6.1 Representations
      and Warranties of the Vendor The
      Vendor represents and warrants to the Purchasers severally as follows (unless
      the wording of the representations and warranties refer to a specific date,
      the
      following representations and warranties refer to both the date of the signing
      of this Agreement as well as the Closing Date):

    

    (a) Authorisation
      and Validity of the Agreement The
      Vendor has the legal capacity, right, power and authority to execute, deliver
      and perform this Agreement and the other agreements and documents contemplated
      by this Agreement. The execution, delivery and performance by the Vendor of
      this
      Agreement and the consummation by them of the transactions contemplated hereby
      have been duly authorised by all necessary action on the part of the Vendor.
      This Agreement has been duly executed and delivered by the Vendor.

    

    (b) Capitalisation The
      Sale
      Shares are the whole of the issued registered capital of the Company. There
      are
      no rights of first refusal, pre-emptive rights or other similar agreements
      (whether by the Vendor or otherwise) obligating the Company or any Vendor to
      offer any Sale Shares to any person and none of the Sale Shares were issued
      in
      violation of any pre-emptive or similar rights.

    

    (c) Sale
      Shares The
      Sale
      Shares are validly issued, fully paid up and owned by and registered under
      the
      name of the Vendor in the Company's Book of Shares; and the Vendor made all
      filings and reporting to the competent court of registration required in
      connection with the acquisition and holding of the Sale Shares. Upon the Closing
      the Sale Shares will be transferred to the Purchasers, free from all
      encumbrances, claims and litigation except for the Agreed Encumbrances and
      other
      encumbrances as Commerzbank and the Purchasers may agree.

    

    (d) Organisation
      of the Company  The
      Company is a company limited by shares established under the laws of the
      Republic of Hungary and is duly organized, validly existing and in good
      standing. There are no filings made with the Court of Registry or under
      procedure affecting the registered corporate data of the Company.

    

    (e) Taxation To
      the
      best of the knowledge of the Vendor the Company and the Merging Companies have
      lawfully performed their obligations to file all relevant tax returns and to
      pay
      taxes and contributions.

    

    (f) Books To
      the
      best of the knowledge of the Vendor (i) the Company and the Merging Companies
      have kept their books in accordance with the relevant legal rules and the
      Accounts and the Merging Companies' respective financial statements present
      a
      true and fair view of the Company’s and the Merging Companies' financial
      position in all material respects as of the date thereof and (ii) the Financial
      Information are true and fair in all material respects as of the date
      thereof.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.2 Representations
      and Warranties of the Purchasers The
      Purchasers represent and warrant to the Vendor as follows (unless the wording
      of
      the representations and warranties refer to a specific date, the following
      representations and warranties refer to both the date of the signing of this
      Agreement as well as the Closing Date):

    

    (a) Authorisation
      and Validity of the Agreement The
      Purchasers have the legal capacity, right, power and authority to execute,
      deliver and perform this Agreement and the other agreements and documents
      contemplated by this Agreement. The execution, delivery and performance by
      the
      Purchasers of this Agreement and the consummation by the Purchasers of the
      transactions contemplated hereby have been duly authorised by all necessary
      action on the part of the Purchasers. This Agreement has been duly executed
      and
      delivered by the Purchasers.

    

    (b) Capitalisation There
      are
      no rights of first refusal, pre-emptive rights or other similar agreements
      obligating the Purchasers or any other person to offer any Transferable EMVELCO
      Shares to any person and none of the Transferable EMVELCO Shares were issued
      in
      violation of any pre-emptive or similar rights.

    

    (c) Transferable
      EMVELCO Shares Upon
      the
      Closing, the Purchasers are the lawful record and beneficial owner of all the
      EMVELCO Shares, free and clear of any liens, pledges, encumbrances, charges,
      claims or restrictions of any kind and have, or will have on the Closing Date,
      the absolute, unilateral right, power, authority and capacity to enter into
      and
      perform this Agreement without any other or further authorization, action or
      proceeding. There are no authorized or outstanding subscriptions, options,
      warrants, calls, contracts, demands, commitments, convertible securities or
      other agreements or arrangements of any character or nature whatever that relate
      to the EMVELCO Shares under which the Purchasers are or may become obligated
      to
      issue, assign or transfer the EMVELCO Shares. Upon the delivery to Vendor on
      the
      Closing Date of the certificates representing the EMVELCO Shares, Vendor will
      have good, legal, valid, marketable and indefeasible title to the EMVELCO
      Shares, free and clear of any liens, pledges, encumbrances, charges, agreements,
      options, claims or other arrangements or restrictions of any kind subject to
      the
      applicable law. 

    

    (d) Organisation
      of the Company  The
      Purchasers are companies limited by shares established under the laws of Cyprus,
      respectively, and are duly organized, validly existing and in good
      standing.

    

    6.3 Indemnification
      by the Vendor  Subject
      to the limitations set forth below, the Vendor agrees to indemnify the
      Purchasers against any and all losses which the Purchasers may sustain which
      arise out of or result from a breach of any of the representations, warranties,
      covenants or agreements of the Vendor contained in this Agreement.

    

    The
      Vendor shall not be under any obligation to indemnify or recompense the
      Purchasers for any contingent or other such losses of a similar nature (unless
      and to the extent that such losses become realized) and the Purchasers hereby
      unconditionally waive any claim therefor.

    

    6.4 Indemnification
      by the Purchasers Subject
      to the limitations set forth below, the Purchasers agree to indemnify the Vendor
      against any and all losses which the Vendor may sustain which arise out of
      or
      result from a breach of any of the representations, warranties, covenants or
      agreements of the Purchasers contained in this Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
      liability of the Purchasers for any breach of any of the obligations,
      representations, warranties, covenants or agreements of any of the Purchasers
      contained in this Agreement shall be joint and several.

    

    The
      Purchasers shall not be under any obligation to indemnify or recompense the
      Vendor for any contingent or other such losses of a similar nature (unless
      and
      to the extent that such losses become realized) and the Vendor hereby
      unconditionally waives any claim therefor.

    

    6.5 Conduct
      of Litigation

    

    (a) Subject
      to the limitations set forth in Section 6.6 hereof, whenever a claim for
      indemnification shall arise under this Article VI, the Party (or Parties)
      seeking indemnification (the "Indemnified
      Party")
      shall
      notify, in writing, the Party (or Parties) from whom indemnification is sought
      (the "Indemnifying
      Party")
      of
      such claim, together with an estimate of the amount of such claim in reasonable
      detail, and, as soon as known, the facts constituting the basis for such claim.
      The Indemnified Party shall be under a duty to take commercially reasonable
      efforts to mitigate the losses relating to any such claim, and any losses
      incurred in such commercially reasonable mitigation efforts shall constitute
      losses for purposes of this Article VI.

    

    (b) Without
      limiting the generality of Section 6.5 (a) hereof, in the event of a claim
      for
      indemnification hereunder resulting from or in connection with any claim or
      legal proceeding by a third party (a "Third
      Party Claim"),
      the
      Indemnified Party shall give notice to the Indemnifying Party no later than
      20
      (twenty) Business Days prior to the time any response to an asserted Third
      Party
      Claim is required. The Indemnified Party (or the Company as the case may be)
      shall not make admission of liability, agreement, settlement or compromise
      without the prior written consent of the Indemnifying Party, which consent
      shall
      not be unreasonably withheld. The Indemnifying Party may assume the defence
      of
      any Third Party Claim, provided, however, that no settlement shall be made
      without the prior written consent of the Indemnified Party, which consent shall
      not be unreasonably withheld. If an Indemnifying Party assumes the defence
      of
      any such Third Party Claim or related legal proceeding, the Indemnifying Party
      shall be entitled to select counsel and take all steps necessary in the
      settlement or defence thereof; provided, however, that the Indemnified Party
      may, at its own expense, participate in any such proceeding with the counsel
      of
      its choice. If the Vendor as Indemnifying Party assumes the defence of any
      Third
      Party Claim, the Purchasers shall, and shall cause the Company to, provide
      such
      Vendor such access to persons and information as it may reasonably request
      in
      the defence of such Third Party Claim. 

    

    (c) In
      the
      case of any claim that is not a Third Party Claim, the Indemnifying Party shall
      have 30 (thirty) Business Days within which it may respond to a notice of a
      claim for indemnification given by an Indemnified Party pursuant to Section
      6.5(a) hereof. If such claim is not contested, then the Indemnifying Party
      shall
      as soon as practicable proceed to take whatever action is required to carry
      out
      its indemnification obligations.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.6 Limitations
      on Indemnification

    

    (a) The
      Vendor total liability in respect of all claims under the warranties and
      representations is limited to 10% (ten per cent) of the Consideration for the
      Sale Shares. 

    

    (b) The
      Vendor is not liable in respect of a claim under the warranties and
      representations unless and until liability determined in respect of any such
      claim, when aggregated with any other amount or amounts of liability determined
      in respect of other claims under the warranties and representations exceeds
      2%
      (two per cent) of the Consideration for the Sale Shares (excluding interest,
      costs, etc.) in which event all the claims under the warranties and
      representations will be recoverable hereunder including those within the 2
      %
      threshold, provided that the other limitations contained in Section 6.6 hereof
      will remain unaffected.

    

    (c) The
      Vendor is not liable in respect of a claim under the warranties and
      representations unless and until liability determined in respect of any such
      claim exceeds 0,2% (zero pint two per cent) of the Consideration for the Sale
      Shares (excluding interest, costs, etc.).

    

    (d) The
      Vendor is not liable for a claim under the warranties and representations unless
      the Purchasers have given the Vendor notice of the claim setting out full
      particulars of the grounds on which such claim is based on or before the end
      of
      the 9th
      calendar
      month following the date of the Closing.

    

    (e) The
      Vendor shall not be liable under this Agreement in respect of any claim to
      the
      extent that a provision or reserve is made in the Accounts for the matter giving
      rise to the claim.

    

    (f) The
      Purchasers shall not be entitled to recover damages or otherwise obtain
      reimbursement or restitution more than once in respect of any individual breach
      of the warranties and representations where the Purchasers would thereby reap
      a
      windfall. In particular, the Vendor shall not be liable in respect of any claim
      (i) to the extent that any losses arising from such claim are covered by a
      policy of insurance in force on the date of Closing or would have been so
      covered had such policy of insurance been maintained beyond Closing; or (ii)
      for
      any losses suffered by the Purchasers or the Company to the extent of any actual
      monetary savings realized by the Purchasers or the Company directly
      corresponding to such losses.

    

    (g) The
      Vendor shall not be liable under this Agreement for any losses to the extent
      that such losses arise out of or result from:

    

    (i) any
      act
      taken by the Company after the Closing other than acts taken for the purpose
      of
      mitigating losses;

    

    (ii) any
      change in accounting or taxation policy, bases or practice of the Company
      introduced after the Closing.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      VII: SUPPLY OF INFORMATION

    

    7.1 The
      Purchasers acknowledge that the Data Room and any other written, visual or
      oral
      information made available to the Purchasers or their advisers in connection
      with its or their investigation of the Company and the purchase of the Sale
      Shares (altogether the "Information")
      is not
      necessarily complete nor sufficient to enable them to decide whether or not
      to
      purchase the Sale Shares but the Purchasers have made such investigations as
      it
      believes necessary in order to purchase the Sale Shares.

    

    7.2 Without
      prejudice to the generality of Sections 7.1, the Purchasers acknowledge that
      all
      Information speaks as of the date of the document in which it is contained
      or
      the date on which it was otherwise given.

    

    ARTICLE
      VIII: TERMINATION

    

    8.1 General This
      Agreement may be terminated or rescinded only prior to the Closing, under the
      following circumstances:

    

    (a) by
      mutual
      consent of the Purchasers and the Vendor; or

     

    (b) by
      any of
      the Parties if Commerzbank explicitly rejects in writing its approval to the
      change of the Company’s ownership and management structure pursuant to this
      Agreement.

    

    8.2 Procedure
      Upon Termination  In
      the
      event of the termination of this Agreement pursuant to Section 8.1 by a Party
      hereto, written notice thereof specifying the cause of such termination shall
      promptly be given to each of the other Parties hereto and this Agreement shall
      terminate and the transactions contemplated hereby shall be abandoned without
      further action by any of the Parties hereto. Notwithstanding anything to the
      contrary in this Article VIII, the termination of this Agreement shall not
      release any Party hereto from any obligations or damages attributable to a
      breach of such Party’s representations, warranties, obligations or covenants
      prior to the termination of this Agreement.

    

    8.3 Survival
      of Certain Provisions Notwithstanding
      Section 8.2 hereof, the respective obligations of the Parties hereto pursuant
      to
      Sections 10.1 to 10.3, 10.8, 10.10 and 10.12 shall survive any termination
      of
      this Agreement.

    

    

    ARTICLE
      IX: POST CLOSING OBLIGATIONS

    

    9.1 Claims
      Against Officers  The
      Purchasers hereby irrevocably agree that they will not and will cause the
      Company not to commence any legal action or pursue any claim (other than claims
      for damages caused wilfully or with gross negligence) against members of the
      board of directors and supervisory board of the Company in office at any time
      between the date of execution of this Agreement and the Closing Date with
      respect to their activities performed for the Company prior to the Closing
      as
      members of the board of directors or as supervisory board members. This will
      not
      have an impact on the liability in accordance with the rules and limitations
      contained in the Labour Code of the employees of the Company including those
      who
      have been also members of the board of directors for any damages caused for
      the
      Company, which liability will remain unaffected.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.2 Covenants
      Not to Compete Unless
      acting with the Purchasers’ prior written consent, neither the Vendor or any
      entity over which a Vendor has Controlling Influence will 

    

    (a) divert
      from the Company any business conducted in Hungary existing as at
      Closing;

     

    

    (b) request
      or advise any present or future customer of the Company to withdraw, curtail
      or
      cancel its business dealings with the Company;

    

    (c) directly
      or indirectly solicit or encourage any employee of the Company working in the
      business IT services business to leave the employment of the Company;
      or

    

    (d) actively
      solicit or encourage any consultant under contract with the Company to cease
      work with the Company.

    

    The
      obligations under subparagraphs (a) and (b) shall apply for the period of three
      (3) years immediately following the Closing, while the obligations under
      subparagraphs (c) and (d) shall apply for the period of one (1) year immediately
      following the Closing.

    

    9.3
      Filings
      Pursuant to Securities Exchange Act of 1934  Vendor
      acknowledges that Sections 13 and 16 of the Securities Exchange Act of 1934,
      as
      amended, oblige holders of shares of a registered class of securities to make
      certain filings once the interests of such holders reach specified thresholds
      and that such filing requirements may apply to Vendor upon the acquisition
      of
      the Transferable EMVELCO Shares.

    

    9.4
      December
      31, 2006 Audit.
      The
      Purchasers acknowledge that the Company will provide the necessary financials
      statements according to the Hungarian accounting rules (Profit and Loss
      statements, Balance Sheet and other requested items) for the Vendor to fulfil
      the Vendor's USGAAP based financial reporting requirements of the fiscal year
      ended December 31, 2006 to be filed with the Securities and Exchange Commission.
      The audit process will be carried out at the offices of the Company by Deloitte
      Hungary within the framework of the signed audit contract for the year of 2006.
      The Vendor has the right to require and receive financial information (including
      reports and general ledgers) about December 31, 2006 financials statements
      through February 28, 2007.

    

    

    ARTICLE
      X:
      MISCELLANEOUS

    

    10.1 Fees
      and expenses Whether
      or not the transactions contemplated hereby are consummated, each of the Parties
      hereto shall pay its own fees and expenses incident to the negotiation,
      preparation and execution of this Agreement and through Closing, including
      attorneys’, accountants and other advisors’ fees and the fees and expenses of
      any broker, finder or agent retained by such Party in connection with the
      transactions contemplated by this Agreement. Notwithstanding the foregoing,
      the
      Purchasers shall be responsible for any procedure, professional or other fees
      and expenses related to any filings and reporting to be made with any US
      authorities or other bodies or otherwise accruing in connection with the US
      legal implications of this Agreement and the transactions contemplated
      hereby. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.2 Arbitration Any
      dispute, controversy or claim arising out of or in connection with this
      Agreement, or the breach, termination or invalidity thereof, shall be finally
      settled by arbitration in accordance with the Rules of the Permanent Arbitration
      Court attached to the Hungarian Chamber of Commerce and Industry. The place
      of
      arbitration shall be Budapest, the number of arbitrators shall be three (3)
      and
      the language to be used in the arbitral proceedings shall be
      English.

    

    10.3 Notices  Any
      notice, request, demand, waiver or other communication to be given or made
      under
      this Agreement to the Parties shall be in writing. Except as otherwise provided
      in this Agreement, such notice, request, demand, waiver or other communication
      shall be deemed to have been duly given or made to the Party to which it is
      required or permitted to be given or made at such Party’s address specified
      below or at such other address as such Party shall have designated by notice
      to
      the Party making such notice, request, demand, waiver or other communication,
      if
      hand-delivered, on the date of such delivery, if sent by certified or registered
      mail, on the date of receipt specified in any return receipt, if sent by telex
      or telefax or other similar form of telecommunications (with receipt confirmed)
      on the next working day following such transmission.

    

    (a) If
      to the
      Vendor:

    

    EMVELCO
      Corp.

    Address:
      c/o Robin Ann Gorelick 

    Law
      Offices of Gorelick & Associates 

    468
      North
      Camden Drive 

    Suite
      244

    Beverly
      Hills , CA 90210

    or

    c/o.
      Navigator Informatika Zrt.

    1095
      Budapest, Máriássy u. 5-7.

    Fax:
      +1
      310 559-5584 or +36-1-452-3751

    Attention:
      Yossi Attia

    

    

    (b) If
      to
      Purchaser 1:

    

    Attention:
      Ferber Ferenc 

    Address:
      1134 Budapest, Kassák Lajos u. 58-60. 

    Fax:
      +36-1-450-5331 

    

    If
      to
      Purchaser 2:

    

    Attention:
      Gyula Gansperger

    Address:
      c/o. Wallis Zrt. 1138 Budapest, Váci út 141.

    Fax:
      +36-1-451-4981

    

    

    or
      to
      such other persons, addresses and fax numbers as a Party shall specify as to
      itself by notice in writing to the other Parties.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.4 Entire
      Agreement This
      Agreement constitutes the entire agreement between the Parties pertaining to
      the
      subject matter hereof and supersedes all prior agreements, understandings,
      negotiations and discussions, whether oral or written, of the
      Parties.

    

    10.5 Assignment None
      of
      the rights and obligations under this Agreement shall be assignable by any
      of
      the Parties hereto without the prior written consent of the other Parties,
      except that any of the Parties may, without such consent, assign its rights
      hereunder to any of its Affiliates or successors thereof. 

    

    10.6 Amendment
      and Modification This
      Agreement may be amended, modified and supplemented only by a written instrument
      authorised and executed on behalf of each of the Parties.

    10.7 Public
      Announcements Within
      3
      (three) Business Days following the date hereof the Parties shall enter into
      bona fide negotiations and will, without delay, mutually agree on the principles
      of making public disclosure in respect of this Agreement. None of the Purchasers
      or the Vendor shall, unless fully in compliance with such principles, make
      or
      issue, or cause to be made or issued, any public disclosure, announcement or
      written statement concerning this Agreement or the transactions contemplated
      hereby without the prior consent of the other Parties. 

    

    10.8 Language This
      Agreement has been executed in the English language, which shall be the binding
      and controlling language for all matters relating to the meaning or
      interpretation of this Agreement.

    

    10.9 Counterparts This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

    

    10.10 Applicable
      Law This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      Republic of Hungary without regard to the conflict of laws principles thereof,
      provided, however, that provisions specifically referencing the laws of the
      United States, any actions to be taken pursuant to or in compliance with such
      laws shall be construed in accordance with US laws and matters relating to
      the
      legal authority or capacity of Purchasers, the issuance and nature of EMVELCO
      Shares, the rights of holders of EMVELCO Shares shall be construed in accordance
      with the laws of the State of Delaware.

    

    10.11 Severability The
      provisions of this Agreement will be deemed severable, and if any part of any
      provision is held to be illegal, void or unenforceable in its entirety or
      partially or as to any Party, for any reason, such provision may be changed
      by
      the applicable arbitration tribunal or court of competent jurisdiction,
      consistent with the intent of the Parties hereto, to the extent reasonably
      necessary to make the provision, as so changed, legal, valid, binding, and
      enforceable. If any provision of this Agreement is held to be illegal, void,
      or
      unenforceable in its entirety or partially or as to any Party, for any reason,
      and if such provision cannot be changed consistent with the intent of the
      Parties hereto to make it fully legal, valid, binding, and enforceable, then
      such provisions will be stricken from this Agreement, and the remaining
      provisions of this Agreement will not in any way be affected or impaired, but
      will remain in full force and effect.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    10.12. Confidentiality Except
      as
      permitted or contemplated by Section 10.7 hereof, each of the Parties undertakes
      to keep any and all information relating to this Agreement confidential and
      not
      to divulge or disclose such information to any third party without the prior
      express written consent of the other Parties to this Agreement. This will not
      limit any of the Parties to provide information on this Agreement to the extent
      reasonably necessary to its Affiliates.

    

    10.13.
      Effective
      Date After
      having executed this Agreement by all Parties, this Agreement enters into effect
      on the latest date of execution as indicated below. 

    

    Schedules:

    

    Schedule
      1:    Consideration
      payable by Purchasers 

    Schedule
      2:    Form
      of
      Declaration of the Company

    Schedule
      3:    Y2006
      December, Interim Account 

    Schedule
      4:     Financial
      Information

    
      	 	
              ·

            	
              Y2006
                Final Audited Merger Balance Sheets and Final Merger Inventories
                and
                Comfort Letter

            

    

    
      	 	
              ·

            	
              Y2006
                Forecast Profit and Loss

            

    

    
      	 	
              ·

            	
              Y2006
                Forecast Cash Flow

            

    

    
      	 	
              ·

            	
              Y2007
                Preliminary Financial Plan

            

    

    
      	 	
              ·

            	
              31
                December 2006 General Ledger

            

    

    

    IN
      WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
      as
      set forth herein, on the day and year written below.

    

    EMVELCO
      CORP.

    Name
      (print): Yossi Attia

    Signature:
      /s/Yossi Attia 

    

    
      	Dated:	
              February
                9, 2007

            

    

    

    Marivaux
      Investments Limited:

    Name
      (print): Ferenc Ferber

    Signature:
      /s/Ferenc Ferber

    

    
      	Dated:	
              February
                16, 2007

            

    

    

    Fleminghouse
      Investments Limited:

    Name
      (print): Gyula Gansperger and Domonkos Kovács

    Signature:
      /s/ Gyula Gansperger and Domonkos Kovács

     

    
      	Dated:	
              February
                16, 2007

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