Document:

Exhibit
10.59

    

    NEITHER
THIS CONVERTIBLE DEBENTURE NOR THE SECURITIES INTO WHICH THIS CONVERTIBLE
DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

    

    DOT
VN, INC.

    CONVERTIBLE
DEBENTURE

    

    
      
        	
                $51,390.00

              	
                SAN
      DIEGO, CALIFORNIA

              	
                JUNE
      17, 2010

              
	
                No.
      D-001b

              	 
      	 
      

      

    

    

    DOT VN, INC., a Delaware
corporation (the “Maker” or “Company”), hereby promises to pay to the order of
VISION
OPPORTUNITY MASTER FUND, (the “Holder”) or its successors and assigns the
principle sum of Fifty-One Thousand Three Hundred Ninety Dollars and No Cents
($51,390.00), with interest at the rate of ten (10%) per annum accruing from the
date of this Convertible Debenture (the “Debenture”) until paid in
full.  All outstanding principal and accrued and unpaid interest shall
become due thirty-six (36) months from the date upon which the Debenture is
executed (May 11, 2013)
(the “Due Date”).

    

    All
payments due and owing under this Debenture shall be subject to the terms and
conditions set forth herein.

    

    
      	
               
      

            	
              1.

            	
              Agreement.

            

    

    

    The
Debenture is issued in settlement of $45,000 in unpaid Liquidated Damages
pursuant to that certain Investors Registration Rights Agreement dated January
31, 2007, which are hereby incorporated by reference, and was due January 31,
2009 with accrued and unpaid interest of $6,390.00 as of May 31,
2010.  The principal amount of the Debenture is $51,390.00 (the
“Debenture Principal”).

    

    
      	
               
      

            	
              2.

            	
              Register.

            

    

    

    The
Company shall keep at its principal office a register in which the Company shall
provide for the registration of the Holder of the Debenture or for the
registration of a transfer of the Debenture to a different
Holder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              3.

            	
              Loss, Theft,
      Destruction or Mutilation of the
  Debenture.

            

    

    

    Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of the Debenture and, in the case of any such loss,
theft or destruction, upon receipt of an indemnity bond in such reasonable
amount as the Company may determine (or if such Debenture is held by the
original Holder, of an unsecured indemnity agreement reasonably satisfactory to
the Company) or, in the case of any such mutilation, upon surrender and
cancellation of such Debenture, the Company will make and deliver, in lieu of
such lost, stolen, destroyed or mutilated Debenture, a new Debenture of like
tenor and unpaid principal amount and dated as of the date to which interest has
been paid on the Debenture so lost, stolen, destroyed or mutilated.

    

    
      	
               
      

            	
              4.

            	
              Registered
      Holder.

            

    

    

    The
Company may deem and treat the person in whose name any Debenture is registered
as the absolute owner and Holder of such Debenture for the purpose of receiving
payment of the principal of and interest on such Debenture and for the purpose
of any notices, waivers or consents thereunder, whether or not such Debenture
shall be overdue, and the Company shall not be affected by notice to the
contrary.  Payments with respect to any Debenture shall be made only
to the registered Holder thereof.

    

    
      	
               
      

            	
              5.

            	
              Surrender of the
      Debenture.

            

    

    

    The
Company may, as a condition of payment of all or any of the principal of the
Debenture, or its conversion, require Holder to present the Debenture for
notation of such payment and, if the Debenture be paid in full or converted in
full at the election of Holder as herein provided, require the surrender
hereof.

    

    
      	
               
      

            	
              6.

            	
              Conversion.

            

    

    

    At any
time prior to or at the Due Date, at the option of the Holder, all principal and
accrued interest due on this Debenture (the “Convertible Amount”) may be
converted, in whole or in part at any time and from time to time, into common
stock of the Company at $0.25 per share (the “Conversion Price”).  If,
on or prior to the Due Date, Holder has not elected to convert this Debenture,
all outstanding principal and accrued and unpaid interest shall become due and
payable on the Due Date and the conversion feature of this Section 6 hereof
shall expire.

    

    
      	
               
      

            	
              7.

            	
              Mechanics of
      Conversion.

            

    

    

    (a)           Upon
the Company’s receipt of written notice in the form attached hereto as Exhibit B
of Holder’s election to convert (the “Conversion Election”) the Debenture, in
whole or in part, the principal amount of this Debenture plus any accrued and
unpaid interest, if so elected, (the “Conversion Amount”) shall be deemed
converted into such number of shares of the Company’s Common
Stock.  The number of shares of Common Stock issuable upon conversion
hereunder equals the quotient obtained by dividing (x) the Conversion Amount by
(y) the Conversion Price as determined pursuant to Sections 6 and 8
hereof.  Holder shall return this Debenture to the Company at the
address set forth below, or such other place as the Company may require in
writing.  Within ten (10) days after receipt of this Debenture and the
Conversion Election, the Company shall cause to be issued in the name of and
delivered to Holder at the address set forth on Exhibit A, or to such other
address as to which Holder shall have notified the Company in writing, a
certificate evidencing the securities to which Holder is entitled (the
“Conversion Shares”).  No fractional securities will be issued upon
conversion of the Debenture, in whole or in part.  If on conversion of
the Debenture a fraction of a security results, the Company shall round up the
total number of securities to be issued to Holder to the nearest whole
number.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           Certain
Conversion Restrictions.  The Company
shall not effect any conversions of this Debenture and the Holder shall not have
the right to convert any portion of this Debenture or receive shares of Common
Stock as payment of interest hereunder to the extent that after giving effect to
such conversion or receipt of such interest payment, the Holder, together with
any affiliate thereof, would beneficially own (as determined in accordance with
Section 13(d) of the Exchange Act and the rules promulgated thereunder) in
excess of 9.99% of the number of shares of Common Stock outstanding immediately
after giving effect to such conversion or receipt of shares as payment of
interest.  Since the Holder will not be obligated to report to the
Company the number of shares of Common Stock it may hold at the time of a
conversion hereunder, unless the conversion at issue would result in the
issuance of shares of Common Stock in excess of 9.99% of the then outstanding
shares of Common Stock without regard to any other shares which may be
beneficially owned by the Holder or an affiliate thereof, the Holder shall have
the authority and obligation to determine whether the restriction contained in
this Section will limit any particular conversion hereunder and to the extent
that the Holder determines that the limitation contained in this Section
applies, the determination of which portion of the principal amount of this
Debenture is convertible shall be the responsibility and obligation of the
Holder.  If the Holder has delivered a Conversion Notice for a
principal amount of this Debenture that, without regard to any other shares that
the Holder or its affiliates may beneficially own, would result in the issuance
in excess of the permitted amount hereunder, the Company shall notify the Holder
of this fact and shall honor the conversion for the maximum principal amount
permitted to be converted on such Conversion Date in accordance with the periods
described herein and, any principal amount tendered for conversion in excess of
the permitted amount hereunder shall remain outstanding under this
Debenture.  The provisions of this Section 7(b) may be waived by the
Holder (but only as to itself and not to any other Holder) upon sixty-one (61)
days notice to the Company.

    

    
      	
               
      

            	
              8.

            	
              Antidilution
      Provisions.

            

    

    

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

    

    (b)           If
the Company, at any time while the amount of this Debenture outstanding is equal
to or greater than Fifty Percent (50%) of the Debenture Principal, shall issue
securities or convertible securities (other than securities issued to employees,
officers and directors of the Company or consultants to the Company, securities
issued in connection with a merger, share exchange or acquisition, or in
connection with equipment leasing) (the “New Securities”) entitling the
recipient to shares or the right to convert into shares of Common Stock at a
price per share less than the Conversion Price (the “New Securities Price”),
then the Conversion Price shall be reduced to the New Securities Price (the “New
Conversion Price”).  Such adjustment shall be made whenever such New
Securities are issued.  However, upon the expiration of any such New
Securities right to purchase shares of the Common Stock the issuance of which
resulted in an adjustment in the Conversion Price pursuant to this Section, if
such New Securities shall expire and shall not have been exercised into Common
Stock, the Conversion Price shall immediately upon such expiration be recomputed
and effective immediately upon such expiration be increased to the price which
it would have been (but reflecting any other adjustments in the Conversion Price
made pursuant to the provisions of this Section after the issuance of any other
such New Securities) had the adjustment of the Conversion Price made upon the
issuance of such New Securities had not been made.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (c)           Whenever
the Conversion Price is adjusted pursuant to Section 8 hereof, the Company shall
promptly mail to the Holder a notice setting forth the Conversion Price after
such adjustment (either the Adjusted Conversion Price or the New Conversion
Price) and setting forth a brief statement of the facts requiring such
adjustment.

    

    
      	
               
      

            	
              9.

            	
              Registration
      Rights.

            

    

    

    (a)           Piggyback
Registrations.

     

    (i)           Notice of
Registration.  If, at any time, the Company proposes to file a
registration statement with the Securities and Exchange Commission (the “SEC”) in connection with any
public offering of common stock (other than in connection with an initial public
offering of common stock), whether for the account of the Company or any other
person (other than a Registration Statement on Form S-4 or Form S-8 (or any
successor forms under the Securities Act) or other registrations relating solely
to employee benefit plans or any transaction governed by Rule 145 under the
Securities Act), the Company shall (i) include the Shares for resale (the “Registrable Securities”) in
such Registration Statement, and (ii) give written notice of such filing and the
date thereof to each Holder that owns Shares not later than fifteen (15) after
the filing of such Registration Statement, by means of the prospectus contained
in such Registration Statement.  Subject to subsection 9(b) hereof,
the Company shall include in such Registration Statement, if filed, all
Registrable Securities held by such Holder to be included so as to permit such
securities to be sold or disposed of in the manner and on the terms set forth in
such request.  Such registration shall hereinafter be called a
“Piggyback Registration”.  Each Holder shall only have one (1) right
to receive a Piggyback Registration.  The Company shall have the right
at any time to delay or discontinue, without liability to the Holders, any
Piggyback Registration under this subsection 9(a) at any time prior to the
effective date of the Registration Statement if the proposed offering of common
stock contemplated thereunder is discontinued.

     

    (ii)           Request for Opinion
Letter.  At any time after six (6) months from the date of
Closing, and upon receipt of a written request by the Holder, the Company shall
assist the Holder in obtaining
legal opinion (the “Opinion
Letter”), at Holder’s cost, within thirty (30) days of
receipt of a written request from Holder, provided that the request is made
pursuant to and in reliance upon an exemption from the registration requirements
of the United States Securities Act of 1933, as amended.

     

    (iii)           Withdrawal
Right.  Any Holder shall have the right to withdraw its
inclusion of its Registrable Securities in any Registration Statement pursuant
to this subsection 9(a) by giving written notice to the Company of its request
to withdraw; provided, however, that (A)
such withdrawal request must be made in writing prior to the earlier of the
execution of the underwriting agreement or the execution of the custody
agreement with respect to such Piggyback Registration and (B) such withdrawal
shall be irrevocable and, after making such withdrawal, such Holder shall no
longer have any right to include Registrable Securities in the Piggyback
Registration from which such Investor withdrew.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)       Allocation of Securities
Included in Registration Statements.  In connection with any
Registration Statement, in the case of an underwritten public offering, if the
managing underwriter(s) of such offering advise(s) or, in the case of a
non-underwritten public offering, the Company determines, that the inclusion in
such Registration Statement of some or all of the shares sought to be registered
thereunder exceeds the number of shares (the “Saleable Number”) that can be
sold in an orderly fashion without a substantial risk that either the price per
share to be derived from such registration, the timing of such registration or
the distribution of the Registrable Securities pursuant to such registration
will be materially and adversely affected, then the number of shares offered
thereunder shall be limited to the Saleable Number and shall be allocated as
follows:  (i) first, to all the shares of common stock that the
Company proposes to register for its own account, (ii) second, the difference,
if any, between the Saleable Number and the number of shares to be included
pursuant to clause (a) above, to the Holders pro rata on the basis of the number
of Registrable Securities offered for sale by each Holder, and (iii) third, the
difference, if any, between the Saleable Number and the number of shares to be
included pursuant to clauses (i) and (ii) above, to all other selling
shareholders, pro rata on the basis of the number of shares offered for sale by
each such shareholder.

     

    (c)       Furnish
Information.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Sections 4(a) that the
Holders shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them, and the intended method of disposition of
such securities as shall be required to timely effect the registration of their
Registrable Securities.

     

    (d)       Certain Notices; Suspension
of Sales.  The Company may, upon written notice to the Holders,
suspend the Holders’ use of any Prospectus (which is a part of any Registration
Statement) for a reasonable period not to exceed ninety (90) days if the Company
in its reasonable judgment believes it may possess material non-public
information the disclosure of which in its reasonable judgment would have a
material adverse effect on the Company and its subsidiaries taken as a
whole.  Each Holder of Registrable Securities agrees by its
acquisition of such Registrable Securities to hold any communication by the
Company pursuant to this section 9(d) in confidence.

     

    (e)       Amendments.  Subject
to Section 9(d) hereof, the Company shall (i) prepare and file with the SEC such
amendments and post-effective amendments to the Registration Statement as may be
necessary to keep the Registration Statement effective for a period no less than
12 months from the date of effectiveness of the Registration Statement, (ii)
cause the Prospectus to be supplemented by any required Prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the Securities
Act, and (iii) comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such Registration Statement during
the applicable period in accordance with the intended methods of disposition by
the Registering Shareholders set forth in such Registration Statement or
Prospectus supplement.

     

    (f)        Indemnification.  In
the event any Registrable Securities are included in a registration statement
under Section 9(a):

     

    (i)           To
the extent permitted by law, the Company will indemnify and hold harmless each
Holder and the partners, officers, directors and stockholders of each Holder,
any underwriter (as defined in the Securities Act) for such Holder and each
person, if any, who controls such Holder or underwriter within the meaning of
the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against any
losses, claims, damages, or liabilities joint or several) to which they may
become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a “Violation”) by the
Company:  (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto, (ii) the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
state securities law in connection with the offering covered by such
registration statement; provided however, that the indemnity agreement contained
in this Section 9(f)(i) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable in any such case for any such loss,
claim, damage, liability or action to the extent that it arises out of or is
based upon a Violation which occurs in reliance upon and in conformity with
written information furnished expressly for use in connection with such
registration by such Holder, partner, officer, director, stockholder,
underwriter or controlling person of such Holder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii)           To
the extent permitted by law, each Holder will, if Registrable Securities held by
such Holder are included in the securities as to which such registration,
qualification or compliance is being effected, indemnify and hold harmless the
Company, each of its directors, its officers and each person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter
and any other Holder selling securities under such registration statement or any
of such other Holder’s partners, directors, officers or stockholders or any
person who controls such Holder, against any losses, claims, damages or
liabilities to which the Company or any such person may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out
of or are based upon any Violation, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder under an instrument duly executed
by such Holder and stated to be specifically or use in connection with such
registration; and each such Holder will pay as incurred any legal or other
expenses reasonably incurred by the Company or any such person in connection
with investigating or defending any such loss, claim, damage, liability or
action if it is judicially determined that there was such a Violation; provided,
however, that the indemnity agreement contained in this Section 9(f)(ii) shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the
Holder, which consent shall not be unreasonably withheld.

     

    (iii)           Promptly
after receipt by an indemnified party under this Section 9(f) of notice of the
commencement of any action (including any governmental action), such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 9(f), deliver to the indemnifying party a written
notice of the commencement thereof and the indemnifying party shall have the
right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the
defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party shall have the right to retain its own
counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding.  The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such
action, if materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under
this Section 9(f), but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 9(f).

     

    (iv)           If
the indemnification provided for in this Section 9(f) is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to
any losses, claims, damages or liabilities referred to herein, the indemnifying
party, in lieu of indemnifying such indemnified party thereunder, shall to the
extent permitted by applicable law contribute to the amount paid or payable by
such indemnified party as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in
connection with the Violation(s) that resulted in such loss, claim, damage or
liability, as well as any other relevant equitable
considerations.  The relative fault of the indemnifying party and of
the indemnified party shall be determined by a court of law by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (v)           The
obligations of the Company and Holders under this Section 9(f) shall survive
completion of any offering of Registrable Securities in a registration statement
and the termination of this Agreement.  No Indemnifying Party, in the
defense of any such claim or litigation, shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability
in respect to such claim or litigation.

     

    (g)       Termination of the Company’s
Obligations.  The Company shall have no obligations pursuant to
Section 9 (a) with respect to:  (i) any Registrable Securities
proposed to be sold by a Holder in a registration pursuant to Section 9(a) if
all such Registrable Securities proposed to be sold by a Holder may be sold in a
six (6) month period without registration under the Securities Act pursuant to
Rule 144 under the Securities Act, or under any replacement rule promulgated by
the SEC permitting the resale of restricted securities without the necessity of
a registration statement; or (ii) in connection with any particular registration
undertaken by the Company, any Holder who fails to provide promptly the Company
such information as the Company may reasonably request at any time to enable the
Company to comply with any applicable law or regulation or to facilitate
preparation and filing of said registration.

     

    (h)       Expenses.  All
expenses incurred in connection with a Piggyback Registration (excluding
underwriters’ and brokers’ discounts and commissions), including without
limitation, all federal and “blue sky” registration and qualification fees,
printers and accounting fees and fees and disbursements of counsel for the
Company shall be borne by the Company.

     

    
      	
            	
              10.

            	
              Notices.

            

    

    

    Any
notice required or desired to be given under this Agreement shall be in writing
and shall be deemed given when personally delivered, one business day after
deposit with a reputable overnight courier service for next business day
delivery, or three days after being sent by certified or registered mail postage
prepaid to the addresses set forth below, or such other address as to which one
party may have notified the other in such manner.

    

    
      
        
          
            	
                    If
      to Holder:

                  	
                    At
      the address shown on Exhibit A

                  
	 
      	 
      
	
                    If
      to the Company:

                  	
                    Dot
      VN, Inc.

                  
	 
      	
                    9449
      Balboa Ave., Suite 114

                  
	 
      	
                    San
      Diego, CA 92123

                  

          

        

      

    

    

    
      	
            	
              11.

            	
              Default.

            

    

    

    Upon an
Event of Default that is not cured within twenty (20) business days, then at the
option of Holder, or Holder’s successors or assigns, Holder may (i) accelerate
all amounts due and owing under this Debenture and demand payment immediately
and/or (ii) declare the right to exercise any and all remedies available to
Holder under applicable law.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
            	
              12.

            	
              Miscellaneous.

            

    

    

    (a)           Interest
hereunder shall be calculated based on ten percent (10%) per annum calculated
using a 365-day year, payable in full, unless otherwise converted to common
stock in the Company, each calendar month starting with December 2010 to be paid
on the first of the month and monthly thereafter on the first day of each month,
in arrears for the prior month, in cash.

    

    (b)           The
Company agrees that all Conversion Shares at the time of issuance will be fully
paid and non-assessable.  Maker shall pay all expenses in connection
with the issuance of the Conversion Shares.  In the event an action is
instituted to enforce or interpret any of the terms of this Debenture, the
prevailing party shall be entitled to recover its costs, including reasonable
attorney’s fees.

    

    (c)           All
parties to this Debenture hereby waive presentment, dishonor, notice of dishonor
and protest.  All parties hereto consent to, and Holder is hereby
expressly authorized to make, without notice, any and all renewals, extensions,
modifications or waivers of the time for or the terms of payment of any sum or
sums due hereunder, or under any documents or instruments relating to or
securing this Debenture, or of the performance of any covenants, conditions or
agreements hereof or thereof or the taking or release of collateral securing
this Debenture.  Any such action taken by Holder shall not discharge
the liability of any party to this Debenture.

    

    (d)           The
Company may prepay the amount due and owing under this Debenture upon ten (10)
days written notice of the Company’s intent.

    

    (e)           This
Debenture shall be governed by and construed in accordance with the laws of the
State of New York without regard to conflict of law principles.

    

    (f)           All
payments due and owing under this Debenture shall be delivered to Holder at the
address set forth on Exhibit A unless Holder provides the Company with written
notice of a change of such instructions.

    

    (g)           Capitalized
terms used but not defined in this Debenture have the meanings assigned to them
in the Subscription Agreement.

    

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    IN WITNESS WHEREOF, the parties execute
this Debenture as of this 17th day of
June, 2010.

    

    
      
        
          
            
              
                	
                        “Company”
      and “Maker”

                      	 	
                        “Holder”

                      
	
                        DOT
      VN, INC.

                      	 	
                        VISION
      OPPORTUNITY MASTER FUND,

                        LTD.

                      
	 
      	 
      	 	 
      	 
      
	  
      	
                        /s/ Thomas Johnson

                      	 	  
      	
                        /s/ Adam Benowitz

                      
	
                        By:

                      	
                        Thomas
      Johnson

                      	 	
                        By:

                      	
                        Adam Benowitz

                      
	
                        Its:

                      	
                        Chief
      Executive Officer

                      	 	
                        Its:

                      	
                        Director

                      

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

     

    REGISTERED HOLDER OF THIS
CONVERTIBLE DEBENTURE

    

    Name of
Registered Holder

    Vision Opportunity Master
Fund, Ltd.

    

    Address

    Vision Opportunity Master
Fund, Ltd. c/o Vision Capital Advisors, LLC

    20 West 55th Street, 5th Floor

    New York, NY
10019

    Attn: Michael
Mosiello

    

    Taxpayer
Identification Number

    27-0120759

    

    Facsimile
Number

    212-867-1416

    

    Email
Address

    m.mosiello@visicap.com

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
B

     

    CONVERSION
ELECTION

     

    (To
be executed by the Holder in order to Convert the Convertible
Debenture)

    

    
      
        
          
            
              
                
                  
                    	
                            TO:

                          	
                            Dot
      VN, Inc.

                          
	 
      	 
      
	 
      	 
      
	 
      	 
      

                  

                

              

            

          

        

      

    

    

    The
undersigned hereby irrevocably elects to convert the below stated principal
amount of its Convertible Debenture into shares of Common Stock of DOT VN, INC., according to the
conditions stated therein, as of the Conversion Date written below.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    Conversion
      Date:

                                                  	 	 
      
	
                                                    Amount
      of Debenture to be converted:

                                                  	 	 
      
	
                                                    Principal

                                                  	 	
                                                    $

                                                  	 
      
	
                                                    Accrued
      Interest

                                                  	 	
                                                    To
      be   included with /
      excluded from   principal to be
      converted

                                                    (Holder
      to select one)

                                                  
	
                                                    Conversion
      Price:

                                                  	 	
                                                    $

                                                  	
                                                    0.25

                                                  
	
                                                    Amount
      of Debenture Unconverted:

                                                  	 	
                                                    $

                                                  	 
      
	 
      	 	 
      
	
                                                    Please
      issue the shares of Common Stock in the following name and to the
      following address:

                                                  
	
                                                    Certificate
      Name:

                                                  	 	 
      
	
                                                    Taxpayer
      Identification Number

                                                  	 	 
      
	
                                                    Address

                                                  	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	
                                                    Authorized
      Signature:

                                                  	 	 
      
	
                                                    Name:

                                                  	 	 
      
	
                                                    Title:Unassociated Document

    Lease
Agreement

    (English
Translation)

    

    

    Lessor
(hereinafter
referred to as Party A):Changzhou CTS Fashion Co., Ltd.

    

    Lessee
(hereinafter
referred to as Party B):Shanghai Baby Fox
Fashion Co., Ltd.

     

    Through
both parties’ friendly negotiation, they agree:

    

    1. Party A is the lawful owner and in
lawful possession of The Third Floor, No.7 Building, 88# Hu Bin North Road, Wujin District, Changzhou. Party B will take the area as the
storehouse of ready-to-wear clothes. The floor takes averagely 1300 square meters with annual rent of 150,000 RMB
Yuan. Party B will pay the rent of
six months each time.

        2. For better conveniences of Party B, Party B leases from Party A the first floor of Building 5th of Party A’s premises with the area 1500 square meters as their office with annual rent of 80,000 RMB
Yuan. Party B will pay the rent of
six months each time.

    3. Party A lets Party B take the demised premises for a period from
January 1, 2010 to December 31, 2010.

    4. By the end of this agreement, Party B has
the preferential releting
right.

    5. For outstanding issues, the two parties
will resolve through negotiation.

    

    
      	
              Party A: Changzhou CTS Fashion Co.,
      Ltd.     

            	
              Party B: Shanghai Baby Fox
      Fashion Co., Ltd.

            
	 
      	 
      
	
              Signed By:

            	
              Signed
  By:

            
	 
      	 
      
	
              Date:

            	
              Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]