Document:

CONVERTIBLE
        DEBENTURE

      

      THE
        SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH
        THE
        UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
        OF
        ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY SECTION
        3(b) OF
        THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS
        PROMULGATED THEREUNDER (THE “1933 ACT”), AND RULE 504 OF REGULATION D
        PROMULGATED THEREUNDER.

      

      US
        $50,000

       

      CONVERTIBLE
        REDEEMABLE DEBENTURE 

      DUE
        December 31, 2004

      

      THIS
        DEBENTURE of “HRDI”
        High Road International, Inc., a
        corporation duly organized and
        existing under the
        laws
        of Nevada (the “Company”), designated as its 10% Convertible Debenture Due May
        31, 2005, in an aggregate principal face amount not exceeding Fifty Thousand
        Dollars (U.S. $50,000), which Debenture is being purchased at 100% of the
        face
        amount of such Debenture.

      

      FOR
        VALUE
        RECEIVED, the Company promises to pay to Catherine
        Allen,
        the
        registered holder hereof and his authorized successors and permitted assigns
        (“Holder”), the aggregate principal face sum not to exceed Fifty Thousand
        Dollars (U.S. $50,000) on or before May 31, 2005 (“Maturity Date”), and to pay
        interest on the principal sum outstanding, at the rate of 10% per annum
        commencing on the date of funding by Holder and due in full at the Maturity
        Date. Principal and interest so payable will be paid to the Holder. The Company
        will pay the outstanding principal due upon this Debenture before or on the
        Maturity Date, less any amounts required by law to be deducted or withheld,
        to
        the Holder of this Debenture by check if paid more than 10 days prior to
        the
        Maturity Date or by wire transfer and addressed to such Holder at the last
        address appearing on the Debenture Register. The forwarding of such check
        or
        wire transfer shall constitute a payment of outstanding principal and accrued
        interest hereunder and shall satisfy and discharge the liability for principal
        and accrued interest on this
        Debenture to the extent of the sum represented by such check or wire transfer.
        Both Parties agree that they are sophisticated as to this type of transaction,
        and have done their due-diligence, and agree to hold any finders, brokers,
        broker-dealers harmless as to this transaction. Furthermore the Issuer
        guarantees and accepts all liability as to staying current with their transfer
        agent and guarantees certificate will be transferable into streetname or
        electronic form.

       

      This
        Debenture is subject to the following additional provisions: 

       

      1. Conversion
        of Debenture into Common Stock

       

      (a)
        The
        Holder of this Debenture is entitled, at its option, at any time after the
        delivery of this Debenture, to convert all or any portion of the principal
        face
        amount and accrued interest into shares of Common Stock. $.001 par value
        per
        share, of the Company (“Shares” & “Common Stock”), upon written notice of
        such conversion to the Company in the form annexed hereto as Exhibit
        A
        (“Notice
        of Conversion”),
        with
        any such Notices of Conversion not to be less than 10 days apart (unless
        agreed upon by both parties to be sooner), or in a minimum amount less than
        $1,000 per conversion and in 500,000 Share increments. The conversion price
        (“Conversion
        Price”)
        for
        each Share shall equal to 60% of the Three Day Average Price Per Share, as
        defined below to be issued as free trade stock under Texas law and SEC Rule
        504.
        The Issuer is responsible for and will file all regulatory documents and
        facilitate transfer of purchasers stock into street name. Such conversion
        shall be effectuated by the Holder sending the Notice of Conversion to the
        “Escrow Agent”, and the Company by facsimile, executed by the Holder of this
        Debenture, evidencing such Holder’s intention to convert this Debenture or a
        specified portion hereof. Thereafter Escrow Agent shall deliver the Shares
        to
        the Holder within 2 business days of receipt of the Notice of Conversion
        (a
        faxed notice shall be acceptable) pursuant to the Escrow Agreement attached
        hereto as Exhibit B. No fractional shares or scrip representing fractions
        of
        shares will be issued on conversion, but the number of shares issuable shall
        be
        rounded to the nearest whole share.

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

    

     

    For
      purposes of this Debenture, “Three Day Average Price Per Share” is equal to (i)
      the sum of the closing bid price for shares of the Company’s Common Stock for
      each of the three (3) Trading Days immediately preceding (but not including)
      the
      date of receipt of the Company of a Notice of Conversion. “Trading
      Day”
      means
      any trading day on PinkSheets.com during which at least 1,000 shares of the
      Company’s Common Stock are traded.

     

    (b) Upon
      conversion of less than all principal and accrued interest, the total conversion
      price shall be accounted for as a payment to the Holder first applied to accrued
      interest and then to outstanding principal.

     

    (c) At
      any
      time the Company may give the Holder ten (10) days written notice of its intent
      to accelerate the Maturity Date and pay the Debenture and the Holder during
      such
      ten (10) days shall have the option to convert the Debenture or any part thereof
      into Common Stock at the Conversion Price set forth in paragraph 1(a) of this
      Debenture.

     

    (d) To
      secure
      its obligations in the event of any conversion hereunder, within three (3)
      business days of the date hereof, the Company shall deliver Shares equal to
      two
      times the face value to the Escrow Agent, (2 X $50,000 = $100,000 / $0.005
      =
      20,000,000) ten 1,000,000 Share Certificates and twenty 500,000 Share
      Certificates to be held by the Escrow Agent pursuant to the terms of that
      certain escrow agreement (“Escrow Agreement”) attached hereto as Exhibit
      B.
      If
      shares held in escrow fall below 5,000,000 shares, Holder may request Company
      to
      deliver shares equal to two times the remaining principal and interest
      calculated at 60% of the Three Day Average Price Per Share. Upon request by
      Holder, Company shall deliver shares to Escrow within three (3) business days
      of
      the date of request.

     

    2. No
      provision of this Debenture shall alter or impair the obligation of the Company,
      which is absolute and unconditional, to pay the principal of, and interest
      on,
      this Debenture at the time, place, and rate, and in the form, herein
      prescribed.

     

    3. The
      Company hereby expressly waives demand and presentment for payment, notice
      of
      non-payment, protest, notice of protest, notice of dishonor, notice of
      acceleration or intent to accelerate, and diligence in taking any action to
      collect amounts called for hereunder and shall be directly and primarily liable
      for the payment of all sums owing and to be owing hereto.

     

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    4. The
      Company agrees to pay all costs and expenses, including reasonable attorneys’
fees, which may be incurred by the Holder in collecting any amount due under
      this Debenture.

    

    5.  If
      one or
      more of the following described “Events of Default” shall occur and continue for
      30 days, unless a different time frame is noted below:

    

    (a)  The
      Company shall default in the payment of principal or interest on this Debenture;
      or 

    

    (b)  Any
      of
      the representations or warranties made by the Company herein shall be false
      or
      misleading in any material respect at the time made; or

    

    (c)  The
      Company shall fail to perform or observe, in any material respect, any other
      covenant, term, provision, condition, agreement or obligation of the Company
      under this Debenture and such failure shall continue uncured for a period of
      thirty (30) days after notice from the Holder of such failure; or

    

    (d) 
      The
      Company shall (1) become insolvent (where “insolvent” means that the Company is
      unable to pay its debts generally as they mature); (2) admit in writing its
      inability to pay its debts generally as they mature; (3) make an assignment
      for the benefit of creditors or commence proceedings for its dissolution; (4)
      apply for or consent to the appointment of a trustee, liquidator or receiver
      for
      its or for a substantial part of its property or business; (5) file a petition
      for bankruptcy relief, consent to the filing of such petition or have filed
      against it an involuntary petition for bankruptcy relief, which petition is
      not
      withdrawn or dismissed within 30 days of its filing, all under federal or state
      laws as applicable; or

    

    (e)  A
      trustee, liquidator or receiver shall be appointed for the Company or for a
      substantial part of its property or business without its consent and shall
      not
      be discharged within thirty (30) days after such appointment; or

    

    (f)  Any
      governmental agency or any court of competent jurisdiction at the instance
      of
      any governmental agency shall assume custody or control of the whole or any
      substantial portion of the properties or assets of the Company;
      or

    

    (g) 
      Any
      more
      judgment, writ or warrant of attachment, or similar process, in excess of Two
      Hundred Thousand ($200,000) Dollars in the aggregate shall be entered or filed
      against the Company or any of its properties or other assets and shall remain
      unpaid, unvacated, unbonded or unstayed for a period of fifteen (15) days or
      in
      any event later than five (5) days prior to the date of any proposed sale
      thereunder; or

     

    (h)  Escrow
      Agent shall not deliver to the Holder the Shares pursuant to paragraph 1 herein
      within 2 business days of receipt by the Company of written notice from the
      Holder that such Shares were not delivered.

    

    Then,
      or
      at any time thereafter, unless cured, and in each and every such case, unless
      such Event of Default shall have been waived in writing by the Holder (which
      waiver shall not be deemed to be a waiver of any subsequent default) at the
      option of the Holder and in the Holder’s sole discretion, the Holder may
      consider this Debenture immediately due and payable, without presentment,
      demand, protest or (further) notice of any kind (other than notice of
      acceleration), all of which are hereby expressly waived, anything herein or
      in
      any note or other instruments contained to the contrary notwithstanding,
      and the Holder may immediately, and without expiration of any period of grace,
      enforce any and all of the Holder's rights and remedies
      provided herein or any other rights or remedies afforded by
      law.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    
      6.
        If the
        Event of Default in that of paragraph 5(b) above, the Company shall add a
        one
        thousand dollar ($1,000) per week late fee to the Debenture
        principal.

      

      7.
        Upon
        any Event of Default, the principal under this Debenture shall accrue Interest
        thereafter in the amount of twenty percent (20%) per annum. The Holder shall
        also be entitled to all reasonable cost of collection including attorneys’
fees.

      

      8.
        No
        recourse shall be had for the payment of the principal of, or the interest
        on,
        this Debenture, or for any claim based hereon, or otherwise in respect hereof,
        against any incorporator, shareholder, officer or director, as such, past,
        present or future, of the Company or any successor corporation, whether by
        virtue of any constitution, statute or rule of law, or by the enforcement
        of any
        assessment or penalty or otherwise, all such liability being, by the acceptance
        hereof and as part of the consideration for the issue hereof, expressly waived
        and released.

      

      9.
        In
        case any provision of this Debenture is held by a court of competent
        jurisdiction to be excessive in scope or otherwise invalid or unenforceable,
        such provision shall be adjusted rather than voided, if possible, so that
        it is
        enforceable to the maximum extent possible, and the validity and enforceability
        of the remaining provisions of this Debenture will not in any way be affected
        or
        impaired thereby.

      

      10.
        This
        Debenture constitutes the full and entire understanding and agreement between
        the Company and the Holder with respect to the subject hereof. Neither this
        Debenture nor any term hereof may be amended, waived, discharged or
        terminated other than by a written instrument signed by the Company and the
        Holder.

      

      11.
        This
        Debenture shall be governed by and construed in accordance with the laws
        of
        Texas applicable to contracts made and to be performed within the State of
        Texas
        and shall be binding upon the successors and assigns of each party hereto.
        The
        Holder and the Company hereby mutually waive trial by jury and consent to
        exclusive jurisdiction and venue in the courts of Houston, Texas.

      

      12.
        At
        Holder’s election, any dispute between the parties may be arbitrated rather than
        litigated in the courts, before the American Arbitration Association in Houston,
        Texas and pursuant to its rules. Upon demand made by the Holder to the Company,
        the Company agrees to submit to and participate in such
        arbitration.

      

      13.
        This
        Agreement may be executed in counterparts, and the facsimile transmission
        of an
        executed counterpart to this Agreement shall be effective as an
        original.

      

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly executed
        by
        an officer thereunto duly authorized.

      

      Dated:
        November 12, 2004

      

      High
        Road
        International, Inc.

      

      By: 
        
        
          

        

      

      Gerry
        Berg, President

      

      

      _______________,
        Secretary

    

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    
      Exhibit
        A: Notice of Conversion

      

      DATE:
        __________________

      

      TO:
        Dennis Brovaronc, Escrow Agent/High Road International, Inc.

      Fax
        # 303
        466 4826 Fax
        #
        310__________

      

      The
        undersigned hereby irrevocably elects to convert $_________ of principal
        and
        accrued interest
        (Not less than $1,000) of the Convertible Debenture of High Road International
        Inc., dated November____,
        2004, into shares of Common Stock, $0.001 par value per share, of the
        Company.

      

      The
        bid
        price of the Common Stock as reported on the Pink Sheet Market for the three
        (3)
Trading
        Days (where a “Trading Day” means any trading day on the Pink Sheets Market
        during which
        at
        least 1,000 shares of the Company’s Common Stock were traded) immediately
preceding
        the date hereof is:

      

      $_______
        per Share 
        $________ per Share $_______
        per Share

      

      The
        average of those three closing prices is $________and 60% of said average
        closing prices is:
        $___________, resulting in ___________ Shares (MUST BE IN 500,000 SHARE
INCREMENTS)

      

      By: 
         ___________________________________

      Signature
        of Debenture Holder-Catherine Allen

      

      

      
        
          
          

        

        
          -6-Amendment
      to the 10% Convertible Promissory Note

     

    This
      Amendment to the 10% Convertible Promissory Note dated November 12, 2004 between
      Global IT Holdings, Inc. (f/k/a High Road International, Inc.) (“Global”) and
      Catherine Allen (“Allen”), as assigned to Advantage Fund I, LLC (“Advantage”) on
      May 25, 2005, is hereby amended as follows:

     

    RECITALS:

     

    A.
      WHEREAS,
      the
      parties entered into a 10% Convertible Promissory Note dated November 12, 2004,
      (“Note”), which was subsequently assigned to Advantage on May 25, 2005, whereby
      Global agreed to pay the principal sum of $50,000 plus interest as set forth
      in
      the Note on or before May 31, 2005.

     

    B.
      WHEREAS,
      the
      parties to the Agreement desire to amend the terms of the Agreement as set
      forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the mutual promises contained in this Amendment
      and other valuable consideration, the receipt of which is acknowledged, the
      parties to this Agreement agree as follows:

     

    
      	
              1.

            	
              Conversion
                of Debenture into Common Stock:
                The parties agree to amend this Note to increase the amount of shares
                that
                the balance of the Note may be converted into to 800,000,000 shares
                of
                common stock, and to extend the due date for payment on the balance
                of the
                note until May 31, 2006.

            

    

     

    
      	
              2.

            	
              Consideration:
                In
                consideration for the extension of the due date set for above, Global
                hereby agrees that the balance of the Note as of the date of this
                Amendment shall be converted into 800,000,000 shares of common stock,
                at
                the option of the noteholder.

            

    

     

    
      	
              3.

            	
              Full
                Force of Agreement:
                All representations, covenants and warranties as well as all other
                conditions and obligations set forth in the Agreement shall remain
                in full
                force and effect.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    IN
      WITNESS WHEREOF, the
      corporate parties hereto have caused this Agreement to be executed by their
      respective officers, hereunto duly authorized, and entered into as of August
      22,
      2005.

     

    

    
      	
              ATTEST:

            	 	
              GLOBAL
                IT HOLDINGS, INC.

            
	 	 	 
	 	 	 
	 	 	
              CRAIG
                PRESS, Vice-President

            
	 	 	 
	
              ATTEST:

            	 	
              ADVANTAGE
                FUND I, LLC

            
	 	 	 
	 	 	
	 	 	
              ALYCE
                SCHREIBER, President

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

     

    IN
      WITNESS WHEREOF, the
      corporate parties hereto have caused this Agreement to be executed by their
      respective officers, hereunto duly authorized, and entered into as of August
      22,
      2005.

    

    
      	
              ATTEST:

            	 	
              GLOBAL
                IT HOLDINGS, INC.

            
	 	 	 
	 	 	
	 	 	
              CRAIG
                PRESS, Vice-President

            
	 	 	 
	
              ATTEST:

            	 	
              ADVANTAGE
                FUND I, LLC

            
	 	 	 
	 	 	      

	 	 	
              ALYCE
                SCHREIBER, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]