Document:

Unassociated Document

    NEITHER
      THE SECURITIES REPRESENTED BY THIS CONVERTIBLE SECURED PROMISSORY NOTE NOR
      THE
      COMMON STOCK ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED, SOLD,
      PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT (i) PURSUANT TO A
      REGISTRATION STATEMENT UNDER THE ACT WHICH HAS BECOME EFFECTIVE AND IS CURRENT
      WITH RESPECT TO SUCH SECURITIES, OR (ii) PURSUANT TO A SPECIFIC EXEMPTION FROM
      REGISTRATION UNDER THE ACT, BUT, THEN, ONLY UPON THERE HAVING FIRST BEEN
      OBTAINED A WRITTEN OPINION OF COUNSEL TO THE CORPORATION, OR OTHER COUNSEL
      REASONABLY ACCEPTABLE TO THE COMPANY, THAT THE PROPOSED DISPOSITION IS
      CONSISTENT WITH ALL APPLICABLE PROVISIONS OF THE ACT AS WELL AS ANY APPLICABLE
      "BLUE SKY" OR SIMILAR STATE SECURITIES LAW.

    

    Innovative
      Software Technologies, Inc.

    

    CONVERTIBLE
      PROMISSORY
      NOTE

     

    

    
      	 	
              October
                16, 2006

            
	
              USD
                $300,000

            	
              Tampa,
                Florida

            

    

    

    FOR
      VALUE RECEIVED, Innovative
      Software Technologies, Inc., a
      California corporation, having its principal place of business located at 3998
      FAU Blvd., Bldg. 1-210, Boca Raton, Florida (the "Company"), hereby promises
      to
      pay to the order of Crescent
      International Ltd.,
      a
      Bermuda corporation, having its principal place of business located at
      84 av.
      Louis-Casaï, CH 1216 COINTRIN , Geneva Switzerland, (the "Original Holder"), or
      registered assigns (each, a "Subsequent Holder", and, together with the Original
      Holder, a "Holder" or the "Holders"), in immediately available funds and subject
      to the terms hereof, the principal sum of Three
      Hundred Thousand dollars and 00/100
      (USD
$300,000)
      payable
      in a single sum on the earlier of (i) the date that is one hundred eighty (180)
      days after the date of this Note or (ii) the Mandatory Repayment Date. For
      purposes hereof, the term “Mandatory Repayment Date” shall mean the date that is
      fourteen (14) days after the Company closes any public or private equity or
      debt
      offering for cash that, together with all preceding public or private equity
      or
      debt offerings for cash that closed after the date of this Note, results in
      the
      Company receiving gross cash proceeds of at least $2,000,000 (provided that
      purchase money financing for equipment or capital assets shall be excluded
      from
      this calculation).

    

    1. Registered
      Owner.
      The
      Company may consider and treat the person or entity in whose name this Note
      shall be registered as the absolute owner hereof for all purposes whatsoever
      (whether or not this Note shall be overdue) and the Company shall not be
      affected by any notice to the contrary. The registered owner of this Note shall
      have the right to transfer it by assignment and the transferee thereof, upon
      its
      registration as owner of this Note, shall become vested with all the powers
      and
      rights of the transferor. Registration of any new owner shall take place upon
      presentation of this Note to the Company at its principal place of business
      together with an assignment of this Note duly authenticated. In the case of
      transfers by operation of law, the transferee shall notify the Company of such
      transfer and of its address, and shall submit appropriate evidence regarding
      the
      transfer so that this Note may be registered in the name of the transferee.
      This
      Note is transferable only on the books of the Company by the Holder, in person
      or by attorney, upon the surrender hereof, duly endorsed. Communications sent
      to
      any registered owner shall be effective as against all holders or transferees
      of
      this Note not registered at the time of sending the
      communication.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    

    2. Conversion
      Right.
      

    

    2.1 Grant
      of Right.
      Subject
      to the terms hereof, and for so long as any amounts remain unpaid hereunder,
      beginning on the date on which a Qualified Transaction closes and ending on
      the
      thirtieth (30th)
      calendar day thereafter, the Holder or the Company shall have the right to
      convert all (but not less than all) of the principal amount (the “Conversion
      Amount”), into shares (“Conversion Shares”) of the common stock, par value
      $0.001 per share, of the Company (the "Common Stock") at a conversion price
      per
      share (the "Conversion Price") equal to seventy percent (70%) of the lowest
      price per share paid by a third-party investor for a share of Common Stock
      in a
      Qualified Financing. For purposes hereof, the term “Qualified Financing” shall
      mean the first transaction after the date of this Note in which the Company
      issues to any person or entity any shares of Common Stock, or any rights,
      options, warrants or convertible or exchangeable securities containing the
      right
      to subscribe for or purchase shares of Common Stock (excluding (i) the issuance
      of any convertible promissory note on or after the date hereof having
      substantially the same conversion price as this Note and the issuance of any
      warrants issued thereon having substantially the same terms and provisions
      as
      the warrants issued in connection this Note, as well as any shares of Common
      Stock issuable upon the conversion or exercise of such note or warrant in
      accordance with the terms thereof, (ii) any shares of Common Stock issued or
      issuable upon conversion or exchange of any rights, options, warrants or
      convertible or exchangeable securities, and any shares of Common Stock issuable
      upon exercise thereof, which rights, options, warrants or convertible or
      exchangeable securities were issued on or prior to the date of this Note, (iii)
      any rights, options, warrants or convertible or exchangeable securities and
      any
      shares of Common Stock issued upon conversion or exercise thereof or any shares
      of Common Stock otherwise issued or issuable pursuant to employees, directors,
      officers, consultants, or independent contractors of the Company in
      consideration of past or future services rendered by such parties to the Company
      or its affiliates, (iv) shares of Common Stock issued for consideration other
      than cash, including without limitation shares issued in the settlement of
      any
      claim against the Company, (v) shares of Common Stock or other securities issued
      in a financing transaction that, together with all prior related financing
      transactions containing the same terms, results in gross proceeds to the Company
      of less than $2,000,000, and (vi) shares of Common Stock issued as consideration
      for a merger or acquisition of all or substantially all of the assets of a
      third
      party). In a Qualified Financing, if the Company issues any rights, options,
      warrants or convertible or exchangeable securities containing the right to
      subscribe for or purchase shares of Common Stock, the per share Common Stock
      purchase price in such transaction shall be determined by dividing (1) the
      total
      amount receivable by the Company in consideration for the sale and issuance
      of
      such rights, options, warrants or convertible or exchangeable securities, plus
      the total consideration receivable by the Company upon exercise, conversion
      or
      exchange thereof, by (2) the total number of shares of Common Stock covered
      by
      such rights, options, warrants or convertible or exchangeable securities. For
      purposes of the preceding sentence, the “total amount receivable by the Company”
will include the fair market value of all non-cash consideration received or
      receivable by the Company in consideration for the issuance, including, in
      the
      case of warrants granted in conjunction with a debt facility, the value received
      by the Company for such warrants in excess of the exercise price
      thereof.

    

    2.2 Exercise
      Procedure.
      The
      foregoing conversion privilege may be exercised by the Holder only by delivery
      and surrender of this Note to the Company at its then principal place of
      business together with the Note Conversion Form annexed hereto as Exhibit A
      duly
      executed ("Notice of Exercise"). Subject to the terms hereof, upon Notice of
      Exercise, the Holder shall be deemed to be the holder of record of the
      Conversion Shares, notwithstanding that the stock transfer books of the Company
      shall then be closed or that certificates representing such Conversion Shares
      shall not then have actually been delivered to the Holder. The Company may
      exercise the foregoing conversion privilege by delivering to Holder a stock
      certificate evidencing ownership of the Conversion Shares along with a copy
      of
      this Promissory Note marked “Cancelled”.

    

    2.3 No
      Fractional Shares.
      The
      Company shall not be required to issue certificates representing fractions
      of
      shares upon any conversion hereof, nor shall it be required to issue scrip
      or
      pay cash in lieu of fractional interests, it being the intent of the Company
      and
      the Holder that all fractional interests shall be eliminated.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    

    2.4 Limitation
      on Rights of the Holder.
      The
      Holder shall not, by virtue hereof, be entitled to any rights of a shareholder
      of the Company prior to any conversion hereof, either at law or in equity,
      and
      the rights of the Holder are limited to those expressed in this
      Note.

    

    2.5 Certain
      Adjustments.
      In case
      the Company shall: (i) pay a dividend with respect to its Common Stock in shares
      of Common Stock, (ii) subdivide its outstanding shares of Common Stock, (iii)
      combine its outstanding shares of Common Stock into a smaller number of shares,
      or (iv) issue any shares of its capital stock in a reclassification of the
      Common Stock (including any such reclassification in connection with a merger,
      consolidation or other business combination in which the Company is the
      continuing corporation) (each of the actions in (i)-(iv) is hereinafter referred
      to as an “Adjustment Event”), the number of Conversion Shares that may be
      acquired upon conversion of this Note immediately prior to the record date
      for
      such Adjustment Event shall be adjusted so that the Holder shall thereafter
      be
      entitled to receive the number of Conversion Shares or other securities of
      the
      Company that such Holder would have owned or have been entitled to receive
      after
      the happening of such Adjustment Event, had the Note been converted in whole
      immediately prior to the happening of such Adjustment Event or any record date
      with respect thereto. An adjustment made pursuant to this Section 2.5 shall
      become effective immediately after the effective date of such Adjustment Event,
      retroactive to the record date, if any, for such Adjustment Event. Whenever
      the
      number of Conversion Shares that can be acquired upon the conversion of this
      Note is adjusted pursuant to this Section 2.5, the Conversion Price payable
      upon
      conversion of this Note shall be adjusted by multiplying such Conversion Price
      immediately prior to such adjustment by a fraction, the numerator of which
      shall
      be the number of Conversion Shares that may be acquired upon the conversion
      of
      this Note immediately prior to such adjustment, and the denominator of which
      shall be the number of Conversion Shares that may be acquired immediately
      thereafter.

     

    3. [Omitted]

    

    4. Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants to the Holder (which representations
      and
      warranties shall be deemed to be repeated by the Company on each day on which
      any amounts remain outstanding hereunder) that:

    

    (a) Corporate
      Organization & Standing.
      The
      Company is a corporation duly organized, validly existing, and in good standing
      under the laws of the state of California.

    

    (b) Power,
      Due Authorization, Execution and Delivery.
      The
      Company has full corporate power and authority to (i) carry on its present
      business as currently conducted, (ii) own its properties and assets, (iii)
      execute and deliver this Note, (iv) borrow and repay the loan evidenced hereby,
      (v) issue the Conversion Shares upon any conversion, and (vi) perform all of
      its
      obligations hereunder. The Company has taken all requisite corporate and other
      action to authorize the execution, delivery and performance of this Note and
      the
      transactions contemplated hereby. This Note has been duly executed and delivered
      by the Company.

    

    (c) Valid
      Issuance of Common Stock.
      Any
      Conversion Shares, when issued and delivered in accordance with the terms
      hereof, will be validly issued, fully paid and nonassessable and, based in
      part
      upon the representations of Holder in this Agreement, will be issued in
      compliance with all applicable U.S. federal and state securities laws. The
      Conversion Shares will be issued free of any preemptive rights.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    

    (d) Binding
      Obligations; No Violation.
      This
      Note constitutes a legal, valid and binding obligation of the Company,
      enforceable against the Company in accordance with its terms, subject to
      applicable bankruptcy, reorganization, insolvency, moratorium or similar laws
      affecting creditors' rights generally and subject, as to enforceability, to
      equitable principles of general application (regardless of whether enforcement
      is sought in a proceeding in equity or at law). The execution, delivery and
      performance of this Note and the payment of all amounts due hereunder by the
      Company and the consummation of the transactions contemplated hereby do not
      and
      will not (i) violate any provision of its certificate of incorporation or
      bylaws, (ii) conflict with or result in the breach of any material provision
      of,
      or give rise to a default under, any agreement with respect to indebtedness
      or
      of any other material agreement to which the Company is a party or by which
      it
      or any of its properties or assets are bound, (iii) conflict with any law,
      statute, rule or regulation or any order, judgment or ruling of any court or
      other agency of government to which it is subject or any of its properties
      or
      assets may be bound or affected, in each case except where such conflict would
      not have a material adverse effect on the Company, or (iv) result in the
      creation or imposition of any lien, charge, mortgage, encumbrance or other
      security interest or any segregation of assets or revenues or other preferential
      arrangement (whether or not constituting a security interest) with respect
      to
      any present or future assets, revenues or rights to the receipt of income of
      the
      Company, except for the liens and security interests created pursuant to the
      Security Agreement.

    

    (e) Proceedings.
      There
      are no legal actions, suits, arbitration proceedings, official investigations
      or
      other proceedings pending or, to the knowledge of the Company, threatened
      against the Company that if adversely determined would materially affect the
      financial condition of the Company or the validity or enforceability of, or
      the
      Company's ability to perform, this Note or the transactions contemplated
      hereby.

    

    (f) Consents
      and Approvals.
      All
      governmental and other consents, authorizations, approvals, licenses and orders
      that are required to have been obtained by the Company with respect to this
      Note
      or the transactions contemplated hereby have been obtained and are in full
      force
      and effect and all conditions of any such consents, authorizations, approvals,
      licenses and orders have been complied with.

    

    (g) Reporting
      Company.
      The
      Company is subject to the reporting requirements of the Securities Exchange
      Act
      of 1934, as amended (the "Exchange Act"), has a class of securities registered
      under Section 15 of the Exchange Act, and has filed all reports required by
      the
      Exchange Act since the date the Company first became subject to such reporting
      obligations. 

    

    5. Investment
      Intent.
      The
      Holder, by its acceptance of this Note and notwithstanding any lack of signature
      hereto on its part, hereby represents and warrants (i) that this Note is being
      acquired, and any Conversion Shares will be acquired, by the Holder for its
      own
      account, for investment purposes, and not with a view to any distribution
      thereof, and (ii) that it will not sell, assign, mortgage, pledge, hypothecate,
      transfer or otherwise dispose of any of the Conversion Shares unless a
      registration statement under the Act with respect thereto is in effect and
      the
      prospectus included therein meets the requirements of Section 10 of the Act,
      or
      (iii) the Company has received a written opinion of its counsel, or counsel
      reasonably satisfactory to it, that, after an investigation of the relevant
      facts, such counsel is of the opinion that such proposed sale, assignment,
      mortgage, pledge, hypothecation, transfer or disposition does not require
      registration under the Act or applicable "blue sky" or state securities
      laws.

    

    6. Events
      of Default.
      An
      "Event of Default" shall be deemed to have occurred if:

    

    (a) The
      Company defaults in any payment due under this Note, when and as the same shall
      become due and payable whether at maturity thereof, or by acceleration or
      otherwise, which default shall continue uncured for a period of ten (10) days
      from the date thereof; or

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (b) The
      Company fails to comply with any of the covenants, conditions or agreements
      set
      forth in this Note and such default shall continue uncured for a period of
      thirty (30) days after receipt of written notice to the Company from the Holder
      stating the specific default or defaults; or

    

    (c) The
      Company shall file or consent by answer or otherwise to the entry of an order
      for relief or approving a petition for relief, reorganization or arrangement
      or
      any other petition in bankruptcy for liquidation or to take advantage of any
      bankruptcy or insolvency law of any jurisdiction, or shall make an assignment
      for the benefit of its creditors, or shall consent to the appointment of a
      custodian, receiver, trustee or other officer with similar powers of itself
      or
      of any substantial part of its property, or shall be adjudicated a bankrupt
      or
      insolvent, or shall take corporate action for the purpose of any of the
      foregoing, or if a court or governmental authority of competent jurisdiction
      shall enter an order appointing a custodian, receiver, trustee or other officer
      with similar powers with respect to the Company or any substantial part of
      its
      property or an order for relief or approving a petition for relief or
      reorganization or any other petition in bankruptcy or for liquidation or to
      take
      advantage of any bankruptcy or insolvency law, or an order for the dissolution,
      winding up or liquidation of the Company, or if any such petition shall be
      filed
      against the Company and such petition shall not be dismissed within sixty (60)
      days.

    

    7. Remedies. In
      case
      an Event of Default (other than an Event of Default resulting from the Company's
      failure to pay the principal amount of this Note, when the same shall be due
      and
      payable in accordance with the terms hereof and an Event of Default resulting
      from bankruptcy, insolvency or reorganization) shall occur and be continuing
      after giving effect to any applicable cure provisions herein, the Holder may
      declare by notice in writing to the Company all unpaid principal on the Note
      then outstanding to be due and payable immediately. In case an Event of Default
      resulting from the Company's non-payment of principal upon this Note shall
      occur, the Holder may declare all unpaid principal on this Note to be due and
      payable immediately. In case an Event of Default resulting from bankruptcy,
      insolvency or reorganization shall occur, all unpaid principal on the Note
      shall
      be due and payable immediately without any declaration or other act on the
      part
      of the Holder. Any such acceleration may be annulled and past defaults (except,
      unless theretofore cured, a default in payment of principal on the Note) may
      be
      waived by the Holder.

    

    8. Costs
      of Collection.
      Should
      the indebtedness represented by this Note or any part thereof be collected
      in
      any proceeding, or this Note be placed in the hands of attorneys for collection
      following any Event of Default, the Company agrees to pay as an additional
      obligation under this Note, in addition to the principal due and payable
      hereunder, all costs of collecting this Note, including reasonable attorneys'
      fees.

    

    9. Waiver
      and Amendments.
      This
      Note may be amended, modified, superseded, canceled, renewed or extended, and
      the terms hereof may be waived only by a written instrument signed by the
      Company and the Holder. No delay on the part of any party in exercising any
      right, power or privilege hereunder shall operate as a waiver hereof, nor shall
      any waiver on the part of any party of any right, power or privilege hereunder
      preclude any other or further exercise hereof or the exercise of any other
      right, power or privilege hereunder. The rights and remedies provided herein
      are
      cumulative and are not exclusive of any rights or remedies which any party
      may
      otherwise have at law or in equity.

    

    10. Loss,
      Theft, Destruction or Mutilation of Note. Upon
      receipt by the Company of evidence reasonably satisfactory to the Company of
      the
      loss, theft, destruction or mutilation of this Note, and of indemnity or
      security reasonably satisfactory to the Company, and upon reimbursement to
      the
      Company of all reasonable expenses incidental thereto, and upon surrender and
      cancellation of this Note, if mutilated, the Company will make and deliver
      a new
      Note, of like tenor, in lieu of this Note. Any Note made and delivered in
      accordance with the provisions of this Section 11 shall be dated as of the
      date
      hereof.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    

    11. Restrictions
      on Transfer.

    

    11.1 Transfer
      to Comply with the Securities Act of 1933.
      This
      Note and any Conversion Shares may not be sold, assigned, mortgaged, pledged,
      hypothecated, transferred or otherwise disposed of except as follows: (i) to
      a
      person or entity who, in the opinion of counsel to the Company, is a person
      or
      entity to whom this Note or the Conversion Shares may legally be transferred
      without registration and without the delivery of a current prospectus under
      the
      Act with respect thereto, and then only against receipt of an agreement of
      such
      person to comply with the provisions hereof with respect to any resale or other
      disposition of such securities; or (ii) to any person upon delivery of a
      prospectus then meeting the requirements of the Act relating to such securities
      and the offering thereof for such sale or disposition, and thereafter to all
      successive assignees.

    

    11.2 Legend.
      Upon
      conversion of this Note and the issuance of any of the Conversion Shares
      thereunder, all certificates representing shares shall bear on the face thereof
      substantially the following legend:

    

    THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED, SOLD,
      PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT (i) PURSUANT TO A
      REGISTRATION STATEMENT UNDER THE ACT WHICH HAS BECOME EFFECTIVE AND IS CURRENT
      WITH RESPECT TO SUCH SECURITIES, OR (ii) PURSUANT TO A SPECIFIC EXEMPTION FROM
      REGISTRATION UNDER THE ACT, BUT, THEN, ONLY UPON THERE HAVING FIRST BEEN
      OBTAINED A WRITTEN OPINION OF COUNSEL TO THE CORPORATION, OR OTHER COUNSEL
      REASONABLY ACCEPTABLE TO THE COMPANY, THAT THE PROPOSED DISPOSITION IS
      CONSISTENT WITH ALL APPLICABLE PROVISIONS OF THE ACT AS WELL AS ANY APPLICABLE
      "BLUE SKY" OR SIMILAR STATE SECURITIES LAW.

    

    12.  Limitation
      on Recourse.
      No
      recourse shall be had for the payment of the principal of, or other fees in
      connection with, this Note against any officer, director or agent of the
      Company, past, present or future, all such liability of the officers, directors
      and agents having been waived, released and surrendered by the Holder hereof
      by
      its acceptance of this Note. 

    

    13. Integration.
      This
      Note constitutes the rights and obligations of the Holder and the Company.
      No
      provision of this Note may be modified except by an instrument in writing signed
      by the party against whom the enforcement of any such modification is
      sought.

    

    14. Notice.
      Any
      notice, demand or request relating to any matter set forth herein shall be
      in
      writing and shall be deemed effective when hand delivered or when mailed,
      postage pre-paid by registered or certified mail, return receipt requested,
      or
      by overnight courier, or when sent by facsimile transmission to either the
      Company at its address stated above, or to the Holder at its address stated
      above, or such other address as either party shall have notified the other
      in
      writing as aforesaid. 

    

    15. Applicable
      Law.
      This
      Note is issued under and shall for all purposes be governed by and construed
      in
      accordance with the laws of the Florida, without regard to conflict of
      laws.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be signed on its behalf
      in
      its corporate name, by its duly authorized officer, all as of the date first
      above written.

    

    
      	 	 
	 	
              Innovative
                Software Technologies, Inc.

            
	 	 
	 	 
	 	 
	 	 
	 	
              By:____________________________

            
	 	
              Name:Christopher
                J. Floyd

            
	 	
              Title:Chief
                Financial Officer

            

    

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Exhibit
      A

    

    Innovative
      Software Technologies, Inc..

    

    ___________

    

    CONVERTIBLE
      PROMISSORY NOTE

    

    CONVERSION
      FORM

    

    The
      undersigned hereby irrevocably elects to convert an amount equal to
      $_____________ in principal (the "Conversion Amount") of the Convertible Secured
      Promissory Note into a number of shares of Innovative Software Technologies,
      Inc. as determined by dividing the Conversion Amount by the Conversion Price.
      

    

    

    
      	 	 
	
              Date:______________
                

            	
              ____________________________________________

            
	 	
              Print
                Name of Entity or Individual

            
	 	
              [As
                it is to appear on stock certificate]

            
	 	 
	 	 
	 	
              FOR
                INDIVIDUAL:

            
	 	 
	 	
              _____________________________________________

            
	 	
              Signature
                

            
	 	 
	 	
              _____________________________________________

            
	 	
               Address

            
	 	
              _______________________________________________

            
	 	 
	 	
              _______________________________________________

            
	 	
              Social
                Security Number

            
	 	 
	 	 
	 	
              FOR
                ENTITY:

            
	 	 
	 	
              By:__________________________________________

            
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	
              _____________________________________________

            
	 	
               Address

            
	 	
              _______________________________________________

            
	 	 
	 	
              _______________________________________________

            
	 	
              Employer
                Identification Number

            

    

     

    

    
      
         

      

      
        8Unassociated Document

    

    
      	
              Warrant
                No. 15

            	
              Issuance
                Date: October 16, 2006

            

    

    

    

    THE
      SECURITIES REPRESENTED BY THIS AGREEMENT HAVE BEEN SOLD IN RELIANCE UPON AN
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED (THE “SECURITIES ACT”), AND HAVE NOT BEEN REGISTERED OR QUALIFIED
      UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES
      MAY
      NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, PLEDGED, HYPOTHECATED, OR OTHERWISE
      TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT
      TO
      THE SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL OR OTHER
      EVIDENCE REASONABLY SATISFACTORY TO INNOVATIVE
      SOFTWARE TECHNOLOGIES, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

    

    WARRANT
      TO PURCHASE SHARES

    OF
      COMMON STOCK

    OF
      INNOVATIVE
      SOFTWARE TECHNOLOGIES, INC.

     

    1. Grant
      of Warrant.

     

    (a) Innovative
      Software Technologies, Inc. a California corporation (the “Company”), hereby
      agrees that Crescent
      International Ltd.,
      a
      Bermuda corporation (the “Holder”), for value received, is entitled, subject to
      the provisions of this Warrant, to purchase from the Company, in whole or in
      part and at any time or from time to time, during the period commencing on
      the
      date hereof and expiring at 5:00 p.m., Eastern time, on the Expiration Date
      (as
      defined below), One
      Million Two Hundred Thousand,
      (1,200,000)
      fully
      paid and non-assessable shares of Common Stock (as defined below). The “Exercise
      Price” for such shares shall be the lesser of five cents ($.05) or the price per
      share paid by a third-party investor for a share of Common Stock in a Qualified
      Financing. For purposes hereof, the term “Qualified Financing” shall mean the
      first transaction after the date of this Note in which the Company issues to
      any
      person or entity any shares of Common Stock, or any rights, options, warrants
      or
      convertible or exchangeable securities containing the right to subscribe for
      or
      purchase shares of Common Stock (excluding (i) the issuance of any convertible
      promissory note on or after the date hereof having substantially the same
      conversion price as the Convertible Promissory Note of even date herewith in
      the
      principal amount of $300,000
      issued
      by the Company to Holder (the “Note”) and the issuance of any warrant having
      substantially the same terms and conditions as this Warrant, as well as the
      issuance of any shares of Common Stock upon the conversion or exercise of such
      note or warrant pursuant to the terms thereof , (ii) any shares of Common Stock
      issued or issuable upon conversion or exchange of any rights, options, warrants
      or convertible or exchangeable securities, and any shares of Common Stock
      issuable upon exercise thereof, which rights, options, warrants or convertible
      or exchangeable securities were issued on or prior to the date of this Warrant,
      (iii) any rights, options, warrants or convertible or exchangeable securities
      and any shares of Common Stock issued upon conversion or exercise thereof or
      any
      shares of Common Stock otherwise issued or issuable pursuant to employees,
      directors, officers, consultants, or independent contractors of the Company
      in
      consideration of past or future services rendered by such parties to the Company
      or its affiliates, (iv) shares of Common Stock issued for consideration other
      than cash, including without limitation shares issued in the settlement of
      any
      claim against the Company, (v) shares of Common Stock or other securities issued
      in a financing transaction that, together with all prior related financing
      transactions containing the same terms, results in gross proceeds to the Company
      of less than $2,000,000, and (vi) shares of Common Stock issued as consideration
      for a merger or acquisition of all or substantially all of the assets of a
      third
      party). In a Qualified Financing, if the Company issues any rights, options,
      warrants or convertible or exchangeable securities containing the right to
      subscribe for or purchase shares of Common Stock, the per share Common Stock
      purchase price in such transaction shall be determined by dividing (1) the
      total
      amount receivable by the Company in consideration for the sale and issuance
      of
      such rights, options, warrants or convertible or exchangeable securities, plus
      the total consideration receivable by the Company upon exercise, conversion
      or
      exchange thereof, by (2) the total number of shares of Common Stock covered
      by
      such rights, options, warrants or convertible or exchangeable securities. For
      purposes of the preceding sentence, the “total amount receivable by the Company”
will include the fair market value of all non-cash consideration received or
      receivable by the Company in consideration for the issuance, including, in
      the
      case of warrants granted in conjunction with a debt facility, the value received
      by the Company for such warrants in excess of the exercise price thereof. The
      Exercise Price is subject to adjustment as set forth in Section 4 below. This
      Warrant is being granted in connection with, and in consideration of, a loan
      in
      the amount of One Hundred Thousand Dollars ($300,000) as evidenced by that
      certain Convertible Promissory Note of even date herewith granted to the
      Holder.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    (b) The
      term
“Common Stock” means the common stock, par value $0.001 per share, of the
      Company as constituted on the date hereof, together with any other equity
      securities that may be issued by the Company in substitution therefor. The
      number of shares of Common Stock to be received upon the exercise of this
      Warrant, and the Exercise Price, shall be adjusted from time to time as
      hereinafter set forth. The shares of Common Stock deliverable upon such
      exercise, and as adjusted from time to time, are hereinafter referred to as
      “Warrant Stock” or “Warrant Shares.” The term “Company” means and includes the
      Company as well as (i) any successor corporation resulting from the merger
      or consolidation of the Company with another corporation, or (ii) any
      corporation to which the Company has transferred its property or assets as
      an
      entirety or substantially as an entirety.

     

    2. Exercise
      of Warrant.

     

    (a) Subject
      to the limitations set forth in Section 5, this Warrant may be exercised in
      whole or in part at any time or from time to time during the period commencing
      on the date hereof and expiring at 5:00 p.m. Tampa (Florida) time, on the fifth
      anniversary of the Issuance Date of this Warrant as stated above, or, if such
      date is a day on which banking institutions in Florida are authorized by law
      to
      close, then on the next succeeding day that banking institutions in Florida
      shall not be authorized to close. 

     

    (b) The
      Holder may exercise this Warrant by presentation and surrender of this Warrant
      to the Company at its principal office with the Warrant Exercise Form attached
      hereto duly executed and accompanied by payment (either in cash, wire transfer,
      or by certified or official bank check, payable to the order of the Company)
      of
      an amount equal to the Exercise Price multiplied by the number of shares of
      Warrant Stock purchased (the “Purchase Price”). The Purchase Price shall be
      payable in cash.

     

    (c) If
      this
      Warrant is exercised in part only, the Company shall, upon surrender of this
      Warrant for cancellation, execute and deliver a new Warrant evidencing the
      rights of the Holder thereof to purchase the balance of the shares purchasable
      hereunder. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    (f) Upon
      receipt by the Company of this Warrant, together with the Purchase Price, at
      its
      office in proper form for exercise, the Holder shall be deemed to be the holder
      of record of the shares of Common Stock issuable upon such exercise,
      notwithstanding that the stock transfer books of the Company shall then be
      closed or that certificates representing such shares of Common Stock shall
      not
      then be actually delivered to the Holder.

     

    3. Reservation
      of Shares.
      The
      Company will, on the date of issuance of this Warrant, reserve, and use
      reasonable best efforts to maintain such reservation, for issuance and delivery
      of all shares of Warrant Stock. All such shares shall be duly authorized and,
      when issued upon exercise in compliance with the terms of this Agreement, shall
      be validly issued, fully paid and non-assessable. No fractional shares or scrip
      representing fractional shares shall be issued upon the exercise of this
      Warrant, but the Company shall pay the Holder an amount equal to the applicable
      Exercise Price multiplied by such fraction in lieu of each fraction of a share
      otherwise called for upon any exercise of this Warrant.

     

    4. Adjustments.

     

    (a) Capital
      Adjustments.
      In case
      the Company shall: (i) pay a dividend with respect to its capital stock in
      shares of Stock, (ii) subdivide its outstanding shares of Stock, (iii) combine
      its outstanding shares of Stock into a smaller number of shares, or (iv) issue
      any shares of its capital stock in a reclassification of the Stock (including
      any such reclassification in connection with a merger, consolidation or other
      business combination in which the Company is the continuing corporation) (each
      of the actions in (i)-(iv) is hereinafter referred to as an “Adjustment Event”),
      the number of shares of Warrant Stock purchasable upon exercise of this Warrant
      immediately prior to the record date for such Adjustment Event shall be adjusted
      so that the Holder shall thereafter be entitled to receive the number of shares
      of Warrant Stock or other securities of the Company that such Holder would
      have
      owned or have been entitled to receive after the happening of such Adjustment
      Event, had such Warrant been exercised in whole immediately prior to the
      happening of such Adjustment Event or any record date with respect thereto.
      An
      adjustment made pursuant to this Section 4(a) shall become effective immediately
      after the effective date of such Adjustment Event, retroactive to the record
      date, if any, for such Adjustment Event. Whenever the number of shares of
      Warrant Stock purchasable upon the exercise of this Warrant is adjusted pursuant
      to this Section 4(a), the Exercise Price payable upon exercise of this Warrant
      shall be adjusted by multiplying such Exercise Price immediately prior to such
      adjustment by a fraction, the numerator of which shall be the number of shares
      of Warrant Stock purchasable upon the exercise of this Warrant immediately
      prior
      to such adjustment, and the denominator of which shall be the number of shares
      of Warrant Stock so purchasable immediately thereafter.

     

    (b) Business
      Combinations.
      If the
      Company is a party to a merger, sale of all or substantially all of its assets,
      share exchange or other similar business combination transaction, this Warrant
      shall pertain and apply to the securities and/or other property to which the
      Holder would have otherwise been entitled had this Warrant then been exercised
      in whole prior to such business combination.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    (c) Notice
      to Warrant Holder of Adjustment.
      Whenever the number of shares of Warrant Stock or the Exercise Price is adjusted
      as herein provided, the Company shall cause to be mailed to the Holder in
      accordance with the provisions of this Section 4 a notice (i) stating
      that an event giving rise to an adjustment hereunder has occurred,
      (ii) setting forth the adjusted number of shares of Warrant Stock and the
      adjusted Exercise Price and (iii) showing in reasonable detail the
      computations and the facts upon which such adjustments are based.

    

    5. Restrictions
      on Transfer.
      The
      Holder hereby acknowledges that neither this Warrant nor any of the securities
      that may be acquired upon exercise of this Warrant have been registered or
      qualified under the Securities Act of 1933, as amended (the “Securities Act”),
      or under the securities laws of any state. The Holder acknowledges that, upon
      exercise of this Warrant, the securities to be issued upon such exercise will
      be
      subject to applicable federal and state securities (or other) laws requiring
      registration, qualification or approval of governmental authorities before
      such
      securities may be validly issued or delivered upon notice of such exercise.
      The
      Holder agrees that the issuance of such securities may be deferred until the
      issuance or sale of such securities shall be compliant with federal and state
      securities laws. The restrictions imposed by this Section 5 upon the
      exercise of this Warrant shall cease and terminate as to any particular shares
      of Warrant Stock (i) when such securities shall have been effectively
      registered and qualified under the Securities Act and all applicable state
      securities laws and disposed of in accordance with the registration statement
      covering such securities, or (ii) when, in the reasonable opinion of
      counsel reasonably acceptable to the Company, such restrictions are no longer
      required in order to insure compliance with the Securities Act and all
      applicable state securities laws.

     

    6. Legends.
      Unless
      (i) the shares of Warrant Stock have been registered under the Securities Act,
      or (ii) in the reasonable opinion of counsel for the Company such legend is
      no
      longer required in order to ensure compliance with the Securities Act and all
      applicable state securities laws, upon exercise of any of the Warrants and
      the
      issuance of any of the shares of Warrant Stock, all certificates representing
      such shares shall bear on the face thereof substantially the following legend
      and any additional legends as may be required under state securities
      laws:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN SOLD IN RELIANCE UPON
      AN
      EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”), AND HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OR THE
      SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR
      SALE, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE
      OF
      A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE
      SECURITIES ACT OR AN OPINION OF COUNSEL OR UPON EVIDENCE REASONABLY SATISFACTORY
      TO INNOVATIVE SOFTWARE TECHNOLOGIES, INC. THAT SUCH REGISTRATION IS NOT
      REQUIRED.”

     

    7. Notices
      of Record Date, Etc.
      In
      case:

     

    (a) the
      Company shall establish a record date for the holders of its Stock for the
      purpose of entitling them to receive any dividend or other distribution, or
      any
      right to subscribe for, purchase or otherwise acquire any shares of stock of
      any
      class or any other securities or to receive any other right; 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

     

    (b) of
      any
      capital reorganization of the Company, any reclassification of the capital
      stock
      of the Company, any consolidation or merger of the Company with or into another
      entity, any share exchange for shares of capital stock of another corporation
      or
      any conveyance of all or substantially all of the assets of the Company to
      another entity; 

     

    (c) of
      any
      voluntary or involuntary dissolution, liquidation or winding up of the Company;
      or

     

    (d) the
      Company shall enter into a letter of intent or agreement with respect to a
      transaction by which all or substantially all of the outstanding shares of
      Stock
      of the Company are to be acquired by a third party;

     

    then
      the
      Company shall mail or cause to be mailed to each Holder at the time outstanding
      a notice specifying, as the case may be, (i) the date on which a record is
      to be taken for the purpose of such dividend, distribution or rights, and
      stating the amount and character of such dividend, distribution or rights,
      (ii) the date on which such reorganization, reclassification, offering,
      consolidation, merger, conveyance, dissolution, liquidation or winding up is
      to
      take place, and the time, if any is to be fixed, as to which the holders of
      record of Stock shall be entitled to exchange their shares for securities or
      other property deliverable upon the completion of such transaction, or
      (iii) the date on which the closing of the acquisition by a third party of
      all or substantially all of the outstanding shares of Stock is to occur. Such
      notice shall be mailed as soon as practicable after the occurrence or likelihood
      of such event is publicly disclosed, but in no event later than 15 days prior
      to
      the consummation of such event.

    

    8. Transfer
      and Assignment.

     

    (a) Neither
      this Warrant nor any rights hereunder may be assigned, transferred, pledged
      or
      hypothecated (a “Disposition”) in any way (whether by operation of law or
      otherwise), unless such securities are registered under the Securities Act,
      or
      unless and until Holder shall have obtained the Company’s prior written consent
      to such Disposition. Any attempted assignment, transfer, pledge, hypothecation
      or other disposition of this Warrant contrary to the provisions of this
      Agreement shall be null and void and without legal effect.

     

    (b) Each
      permitted Disposition of this Warrant shall be effected by the surrender of
      this
      Warrant certificate, along with the form of assignment attached hereto, properly
      completed and executed by the registered holder hereof, at the principal
      executive office of the Company in the United States of America.

     

    9. Representations
      and Warranties. The
      Holder represents and warrants to the Company that:

     

    (a) Investment
      Purpose.
      The
      Holder is acquiring the Warrant for the Holder’s own account and not with a
      present view to the distribution thereof, and Holder does not have any contract,
      undertaking, agreement or arrangement with any person or entity to sell,
      transfer, distribute or grant participation to any third person or entity with
      respect to the Warrant or Warrant Stock. The Holder understands that the Holder
      may be required to bear the economic risk of this investment indefinitely,
      unless the Warrant Stock is registered pursuant to the Securities Act and any
      applicable state securities or blue sky laws or an exemption from such
      registration is available, and that the Company has no present intention of
      registering the Warrant Stock.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    (b) Holder
      Status.
      The
      Holder is either: (i) a “qualified institutional buyer” as defined in Rule 144A
      under the Securities Act; or (ii) an “accredited investor” as defined in Rule
      501(a)(1), (2), (3) or (7) of Regulation D. The Holder is not registered as
      a
      broker or dealer under Section 15(a) of the Securities Exchange Act of 1934,
      as
      amended (the “Exchange Act”) or a member of the National Association of
      Securities Dealers, Inc.

     

    (c) Reliance
      on Exemptions.
      The
      Holder understands that the Warrant and Warrant Stock are being offered and
      sold
      to Holder in reliance upon specific exemptions from the registration
      requirements of the United States federal and state securities laws and that
      the
      Company is relying upon the truth and accuracy of, and the Holder’s compliance
      with, the representations, warranties, agreements, acknowledgments and
      understandings of the Holder set forth herein to determine the availability
      of
      such exemptions and the eligibility of the Holder to acquire the Warrant and
      Warrant Stock.

     

    (d) Information.
      The
      Holder and its advisors, if any, have been furnished with all materials relating
      to the business, finances and operations of the Company, and materials relating
      to the offer and sale of the Warrant, that have been requested by the Holder
      or
      its advisors, if any. The Holder and its advisors, if any, have been afforded
      the opportunity to ask questions of the Company and have received what the
      Holder and its advisors, if any, believe to be satisfactory answers to any
      such
      inquiries. The Holder acknowledges and understands that its investment in the
      Warrant or Warrant Stock involves a significant degree of risk. 

     

    (e) Experience.
      The
      Holder is experienced in evaluating companies such as the Company, is able
      to
      fend for itself in transactions such as the one contemplated by this Agreement,
      has such knowledge and experience in financial and business matters that such
      Holder is capable of evaluating the merits and risks of such Holder’s
      prospective investment in the Company, and has the ability to bear the economic
      risks of an investment in the Warrant and the Warrant Stock.

     

    (f) Governmental
      Review.
      The
      Holder understands that no United States federal or state agency or any other
      government or governmental agency has passed upon or made any recommendation
      or
      endorsement of the Warrant or the Warrant Stock or an investment
      therein.

     

    (g) Transfer
      or Resale.
      The
      Holder understands that: 

     

    i. neither
      the delivery of the Warrant nor the Warrant Stock has been registered under
      the
      Securities Act or any applicable state securities laws, and consequently, the
      Holder may have to bear the risk of owning the Warrant or the Warrant Stock
      for
      an indefinite period of time because the Warrant and Warrant Stock may not
      be
      transferred except as set forth in Section 8 of this Agreement and unless;
      (i)
      the resale of the Warrant or the Warrant Stock, as the case may be, is
      registered pursuant to an effective registration statement under the Securities
      Act or (ii) if requested by the Company, the Holder has delivered to the Company
      an opinion of counsel (which opinion shall be in form, substance and scope
      customary for opinions of counsel in comparable transactions and which counsel
      shall be reasonably satisfactory to the Company) to the effect that the
      securities to be sold or transferred may be sold or transferred pursuant to
      one
      or more exemptions from such registration (whether pursuant to statute,
      regulation or otherwise); 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    

    ii. any
      sale
      of the Warrant or Warrant Stock made in reliance on Rule 144 may be made only
      in
      accordance with the terms of Rule 144 (including the holding period requirement,
      the volume limitations and the manner of sale restrictions, if applicable);
      and

    

    iii. neither
      the Company nor any other person is under any obligation to register the Warrant
      or Warrant Stock under the Securities Act or any state securities laws or to
      comply with the terms and conditions of any exemption thereunder.

    

    (h) No
      Public Offering.
      The
      Holder has not received any information relating to the Warrant, the Warrant
      Stock or the Company, and is not purchasing the Warrant as a result of, any
      form
      of general solicitation or general advertising, including, but not limited
      to,
      any advertisement, article, notice or other communication published in any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      pursuant to any seminar or meeting whose attendees were invited by any general
      solicitation or general advertising.

     

    (i) Representation.
      The
      Holder has had an opportunity to consult with an attorney in connection with
      the
      Holder’s investment in the Company.

     

    10. Notices.
      All
      notices required hereunder must be in writing and shall be deemed given when
      telefaxed, delivered personally or within three days after mailing when mailed
      by certified or registered mail, return receipt requested, if to the Company,
      at
      100 North Tampa Street, Tampa, Florida 33602, and if to the Holder, at the
      address for the Holder set forth below Holder’s signature hereto, or at such
      other address of which the Company or Holder has been advised by notice
      hereunder.

     

    11. Rights
      as a Shareholder.
      The
      Holder shall have no rights as a shareholder with respect to any shares of
      Warrant Stock until the date of issuance of such shares.

     

    12. Lost
      or Destroyed Warrant.
      Upon
      receipt by the Company of evidence reasonably satisfactory to the Company of
      the
      loss, theft, destruction or mutilation of this Warrant, and upon surrender
      and
      cancellation of this Warrant, if mutilated, the Company shall execute and
      deliver a new Warrant of like tenor and date. The Holder agrees with the Company
      that this Warrant is issued, and all the rights hereunder shall be held subject
      to, all of the conditions, limitations and provisions set forth
      herein.

     

    13. Applicable
      Law.
      The
      Warrant is issued under and shall for all purposes be governed by and construed
      in accordance with the internal laws of the State of Florida, without regard
      to
      conflicts of laws principles.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    

    

    

    IN
      WITNESS WHEREOF, the
      parties have caused this Warrant to be signed on its behalf, in its corporate
      name, by its duly authorized officer, as of the day and year first above
      written.

    

    
      	 	
              INNOVATIVE
                SOFTWARE TECHNOLOGIES, INC.

            
	 	 
	 	 
	 	
              By:
                _______________________________________

            
	 	
              Christopher
                J. Floyd

            
	 	
              Chief
                Financial Officer

            
	 	 
	 	 
	 	 
	 	
              HOLDER

            
	 	 
	 	 
	 	
              By:
                _______________________________________

            
	 	
              [insert
                name of Holder]

            
	 	 
	 	
              ___________________________________________

            
	 	 
	 	
              ___________________________________________

            
	 	 
	 	
              ___________________________________________

            

    

    

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

        
        

      

    

    WARRANT
      EXERCISE FORM

    

    The
      undersigned hereby irrevocably elects to exercise the within Warrant to the
      extent of purchasing __________ shares of common stock, par value $0.001 per
      share, of Innovative Software Technologies, Inc., a Californica corporation,
      and
      hereby makes payment of $____________ in payment therefore. 

    

      
        	 	 
	 	
                Signature

              
	 	 
	 	 
	 	
                Signature,
                  if jointly held

              
	Date:_____________________	
                 

              

      

    

    

     

     ********************************************************************************************

    

    

    INSTRUCTIONS
      FOR ISSUANCE OF STOCK

    

    (if
      other
      than to the registered holder of the within Warrant)

    

    

    

      
        	
                Name

              	 
	 	
                (Please
                  typewrite or print in block letters)

              
	 	 
	 	 
	
                Address

              	 
	 	 

      

      
        	
                Social
                  Security or Taxpayer Identification Number

              	 

      
       

    

    

    ********************************************************************************************

    

    

    

    ASSIGNMENT
      FORM

    

    FOR
      VALUE
      RECEIVED, ______________________________ hereby sells, assigns and transfers
      unto 

     

    
      

    

    Name
      (please typewrite or print in block letters)

    the
      right
      to purchase common stock, par value $0.001 per share, of Innovative Software
      Technologies, Inc., a California corporation (the “Company”), represented by
      this Warrant to the extent of shares as to which such right is exercisable
      and
      does hereby irrevocably constitute and appoint ______________________________,
      as its attorney in fact, to transfer the same on the books of the Company with
      full power of substitution in the premises. 

     

    

    
      
        	Dated:_____________________	 
	 	
                Signature

              
	 	 
	 	 
	 	
                Signature,
                  if jointly held

              
	 	
                 

              

      
  

    
      
         

      

      
        9

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