Document:

Unassociated Document

    
      Exhibit
        10.9

       

      AGREEMENT
        FOR MERGER

       

      This
        Agreement for Merger (this
        “Agreement”) is dated as of June 30, 2005 and is among Dialog Group, Inc., a
        Delaware corporation (“DGI”), AdValiant Acquisition Corp. ("Acquisition"), a
        Delaware corporation, AdValiant Inc., an Ontario corporation (“AdValiant”),
        AdValiant USA, Inc. a Delaware corporation (“AdValiant USA”), and Empire Media,
        Inc., a Delaware corporation (“Empire”), Matthew Wise, and Jivan Manhas, (the
        last three are collectively referred to as the “Shareholders”). The foregoing
        are collectively referred to as the "Parties".

       

      RECITALS
        

       

      1.  The
        parties have engaged in due diligence, including the exchange of the materials
        listed on Schedule R-1 (“Disclosures”). Those Disclosures provided by AdValiant
        are referred to herein as "AdValiant Disclosures" and those Disclosures provided
        by DGI are referred to herein as "DGI Disclosures."

       

      2.  As
        of the
        date hereof, AdValiant’s outstanding capital structure (“AdValiant Equity”)
        consists of 100 common shares, no par value, (“AdValiant Common”). The current
        holders of the equity securities are listed on Schedule R-2 (C).

       

      3.  Prior
        to
        the Initial Closing Date, AdValiant will reorganize its capital structure
        (the
“Reorganization”) by creating a new class of multiple voting shares and certain
        shares exchangeable for common shares of AdValiant USA (the “Exchangeable
        Shares”), changing each outstanding common share in the capital of AdValiant to
        Exchangeable Shares and canceling all authorized and un-issued common shares
        of
        AdValiant.

       

      4.  AdValiant,
        AdValiant USA, DGI, and the Shareholders will make appropriate provision
        and
        establish procedures to support the obligations of AdValiant under the share
        provisions of the Exchangeable Shares.

       

      5.  The
        Shareholders, in reliance upon the DGI Disclosures, desire, as beneficial
        holders of all of the voting stock of AdValiant USA and the right to receive
        all
        of the common stock of AdValiant USA on the exercise of the Exchangeable
        Shares,
        that AdValiant USA merge with Acquisition, a wholly owned subsidiary of DGI
        (the
        "Merger"), and, following the Merger, become entitled to receive the equity
        securities of DGI described below on the exercise of the Exchangeable
        Shares.

       

      6.  DGI,
        in
        reliance upon the AdValiant Disclosures, desires to merge Acquisition with
        AdValiant USA pursuant to, and in accordance with, the terms and conditions
        of
        this Agreement. 

       

      Now,
        Therefore,
        in
        consideration of the mutual promises and covenants contained in this Agreement,
        and for other good and valuable consideration, the receipt and sufficiency
        of
        which is hereby acknowledged, the Parties agree that the Recitals set forth
        above are true and correct and incorporated herein as if fully set forth
        and
        further agree as follows: 

       

      
        
          
          

        

        
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      AGREEMENT

       

       

      ARTICLE
        I.  THE
        PARTIES

       

      Section
        1.01.  The
        Parties

       

      (a)  DGI
        is a
        publicly traded Delaware corporation having a business office at 257 Park
        Avenue
        South, 12th
        Floor,
        New York, NY 10010.

       

      (b)  AdValiant
        is an Ontario corporation having a business office at 2 St. Clair Avenue
        East,
        Suite 800, Toronto, Ontario, Canada M4T 2T5.

       

      (c)  Acquisition
        is a Delaware corporation having a business office at 257 Park Avenue South,
        12th
        Floor,
        New York, NY 10010.

       

      (d)  AdValiant
        USA is a Delaware corporation having a business office at 62 White Street,
        Suite
        3E, New York, NY 10013.

       

      (e)  The
        Shareholders’ equity interests are listed on Schedule R-2(C). They are United
        States or Canadian citizens or entities formed under the laws of states in
        the
        United States. Schedule R-2(C) sets forth the following
        information.

       

      (i)  Their
        name, residence address, notice address, business telephone, 

       

      (ii)  The
        number and class of shares each Shareholder owns prior to the
        Reorganization.

       

      (iii)  The
        amount of any debt owed by AdValiant to each person listed.

       

      (iv)  The
        name
        and style in which they wish their Exchangeable Shares to be issued and the
        address they wish to be shown on AdValiant’s records.

       

      (v)  Their
        Portion, which shall equal the number of common shares of AdValiant they
        owned
        prior to the Reorganization, divided by the total number of common shares
        of
        AdValiant shown on the Schedule.

       

      Section
        1.02.  Assignment

       

      (a)  No
        party
        may assign its rights under this Agreement to another party. Notwithstanding
        the
        foregoing, DGI may assign some of its rights under this Agreement to Acquisition
        to the extent necessary to consummate the transactions contemplated hereby.
        No
        assignment shall relieve DGI of its obligations under this Agreement.

       

      (b)  For
        purposes of this Section 1.02, an assignment includes the purchase or sale
        of
        over 50% of the voting securities of DGI or AdValiant.

       

      
        
          
          

        

        
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      ARTICLE
        II.  PRE-MERGER
        TRANSACTIONS

       

      Section
        2.01     The
        Reorganization

       

      Prior
        to
        the Initial Closing hereunder, the Shareholders shall cause Ad Valiant to
        be
        reorganized as follows:

       

      (a)  Before
        the Initial Closing Date, AdValiant shall file articles of amendment in the
        form
        of Schedule 2.01(a) (“AdValiant Amendment”) to create an unlimited number of
        Class A Common Shares (“AdValiant Class A”) and exchangeable shares (“AdValiant
        Exchangeable Shares”).

       

      (b)  Immediately
        after AdValiant obtains a certificate of amendment under the Business
        Corporations Act
        (Ontario) effecting the AdValiant Amendment and prior to the Initial Closing,
        AdValiant shall issue 800,000 AdValiant Class A to AdValiant USA for cash
        consideration of US $1,000.

       

      (c)  Prior
        to
        the Initial Closing, AdValiant shall issue to the Shareholders a total number
        of
        Exchangeable Shares for their AdValiant Common Shares equal to the number
        of
        total Diluted Outstanding Shares (as defined below).

       

      (d)  Prior
        to
        the Initial Closing:
        (i) the Parties shall enter into the Voting and Exchange Trust Agreement
        substantially in the form attached as Schedule 2.01(e)(i); and (ii) AdValiant
        USA, DGI and AdValiant shall enter into the Support Agreement substantially
        in
        the form attached as Schedule 2.01(e)(ii).

       

      Section
        2.02    Approval of the AdValiant
        Reorganization

       

      Each
        of
        the Shareholders agrees to vote at meetings of the holders of each class
        of
        shares of AdValiant all shares of AdValiant owned by that Shareholder (or
        to
        execute a written resolution in lieu thereof) in favor of the approval of
        the
        Reorganization and the filing of the articles of amendment in furtherance
        of the
        completion of the Reorganization 

       

      Section
        2.03    AdValiant
        USA Class Special Voting Shares

       

      (a)  By
        the
        business day preceding the Initial Closing Date, AdValiant USA shall have
        amended its certificate of incorporation to create a second class of stock
        to be
        known as Special Voting Shares with the rights and privileges, and conditions
        as
        set forth in Schedule 2.03(a).

       

      (b)  By
        the
        business day preceding the Initial Closing Date, AdValiant USA shall have
        issued
        100 shares of its Special Voting shares to Empire as trustee under the Voting
        and Exchange Trust Agreement (“Trustee”) for the beneficial holders of the
        Exchangeable Shares.

       

      Section
        2.04    DGI
        Special Voting Shares

       

      By
        the
        business day preceding the Initial Closing Date, DGI shall have amend its
        certificate of incorporation to create a class of voting preferred stock
        (“DGI
        Special Voting Shares”) with the rights, privileges, restrictions and conditions
        set out in Schedule 2.04.

       

      
        
          
          

        

        
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      ARTICLE
        III.  THE
        MERGER
        

       

      Section
        3.01.    The
        Merger

       

      On
        the
        Effective Date, and subject to any approvals required by this Agreement or
        by
        law, AdValiant USA shall merge with Acquisition. 

       

      Section
        3.02.    The
        Effective
        Date

       

      The
        Effective Date shall be the date on which the Certificate of Merger is filed
        with and accepted by the state of Delaware or June 30th,
        2005
        which ever is later.

       

      Section
        3.03.    The
        Certificate
        of Merger

       

      At
        the
        Initial Closing Conference, AdValiant USA and Acquisition shall execute a
        Certificate of Merger in the form satisfactory to counsel for the parties.
        

       

      Section
        3.04    The
        Required Vote

       

      At
        a
        meeting of the AdValiant USA stockholders, or by written consent, the
        Shareholders shall instruct the trustee to vote or consent to approve the
        Merger
        contemplated by this Agreement.

       

      Section
        3.05    Post
        Merger Leadership of AdValiant

       

      After
        the
        merger, the directors of the surviving corporation and of AdValiant shall
        be
        designated by DGI. The Officers shall initially be the individuals designated
        on
        Schedule 3.05.

       

      
        ARTICLE
          IV.  THE
          SHARE
          EXCHANGE

      

       

      
        Section
          4.01.  DGI
          Stock

      

       

      (a)  As
        a
        group, the AdValiant Shareholders will be entitled exchange their Exchangeable
        Shares for the number of shares of DGI common stock, $0.001 par value (“DGI
        Common”) equal to the “Diluted Outstanding Shares”, as set forth on Schedule
        4.01(a)(1). At the Initial Closing, 252,514,188 Exchangeable Shares shall
        be
        placed in escrow pursuant to Section 8.01.

       

      (b)  At
        any
        time, the AdValiant Shareholders, as a group, shall be entitled to exchange
        all
        their Exchangeable Shares for 336,685,584 shares of DGI Common. 84,171,396
        Exchangeable Shares shall be available for exchange immediately and 252,514,188
        Exchangeable Shares shall be held initially in escrow pursuant to the Escrow
        Agreement.

       

      (c)  The
        DGI
        Common and the DGI Special Voting Shares are collectively referred to as
        the
“DGI Stock”.

       

      (d)  Each
        Shareholder shall receive, at each Closing, the part of the Exchangeable
        Shares
        then released from escrow equal to their Portion as shown on Schedule
        R-2(C).

       

      
        
          
          

        

        
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      (e)  No
        fractional shares shall be issued. Any fractions shall not be settled in
        cash
        but shall be eliminated by rounding to the closest whole number. 

       

      
        Section
          4.02.    DGI
          Special Voting Shares

      

       

      Each
        Special Voting Share of AdValiant USA shall, upon consummation of the Merger,
        be
        exchanged for four (4) DGI Special Voting Shares. 300 of the DGI Special
        Voting
        Shares shall be held initially in escrow pursuant to the Escrow Agreement
        (as
        defined in Section 8.01). 

       

      
        Section
          4.03.    Distribution
          of Exchangeable Shares

      

       

      The
        Exchangeable Shares held in escrow shall be in accordance with the
        following:

       

      (a) 
        The
        number of Exchangeable Shares (“Final
        Number”)
        to be
        released from escrow shall be determined
        in accordance with subsection 4.03(a)(i) through (vi). 

       

      (i)  The
        Final
        Number shall equal (x) one (1%) percent of the “Diluted Outstanding Shares”, as
        set forth on Schedule 4.03(a)(i), for every Twenty-four Thousand ($24,000)
        US
        Dollars of (1) “Gross Profit” derived from “Qualified Sales” for the twelve (12)
        months commencing June 1, 2005 plus (2) one- half of (A) DGI’s sales of
“Adialogin” and any other DGI products agreed to in writing by DGI and the
        Shareholders less (B) the cost of goods associated with those products minus
        (y)
        84,171,396.

       

      (ii)  Notwithstanding
        the foregoing, the Final Number shall be reduced or increased by the amount
        by
        which the difference between AdValiant’s current assets and its current
        liabilities, as reflected in the “June 30 Balance Sheet” (as determined in
        accordance with Section 8.03(c)), is less or more than $83,000. The June
        30
        Balance Sheet shall be compiled accordance with United States generally accepted
        accounting principles on a basis consistent with the March 31, 2005 Balance
        Sheet (the "Reference Balance Sheet") through full application, to the extent
        possible, of the judgements, accounting methods, policies, practices,
        procedures, classifications and estimation methodology used to prepare the
        Reference Balance Sheet.

       

      (iii)  Gross
        Profit is Qualified Sales less affiliate commission payments

       

      (iv)  Qualified
        Sales are the “Collected Sales” from July 1, 2005 to June 30, 2006.

       

      (v)  Collected
        Sales means all revenue recognized from AdValiant products on or prior to
        June
        30, 2006 and collected by August 31, 2006. With respect to any intermediate
        period for which a calculation is made, Collected Sales include revenue
        recognized through the end of that period and collected within 60 days of
        that
        date.

       

      (vi)  Following
        resolution of any dispute arising out of the calculation of the Final Number,
        any Exchangeable shares remaining in the escrow after the Fourth Supplemental
        Closing shall be cancelled.

       

      
        
          
          

        

        
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      (b) At
        each
        Supplemental Closing Conference, the number of Exchangeable Shares to be
        distributed from escrow to the shareholders
        shall be
        determined as follows:

       

      (i) The
        amount of Gross Profit from July 1, 2005 through September 30, 2005, December
        31, 2005, March 31, 2006, or June 30, 2006, which ever most recently occurred,
        shall be calculated.

       

      (ii) The
        amount by which the Gross Profit calculated for that Supplemental Closing
        exceeds the greater of $600,000 or the amount of Gross Profit calculated
        for the
        immediately preceding Supplemental Closing shall be divided by
        $24,000.

       

      (iii) Except
        for the Final Supplemental Closing, the whole number quotient, without regard
        to
        any remainder, shall equal the number of one (1%) percent portions of the
        Diluted Outstanding Shares to be issued to the Shareholders at that Supplemental
        Closing. At the Final Supplemental Closing, the sum of all remainders shall
        be
        divided by 0.00712831 and that number of shares shall be issued to the
        Shareholders

       

      
        Section
          4.04.  Distribution
          of DGI Special Voting Stock

      

       

      (a) At
        the
        Initial Closing Conference, certificates evidencing one hundred (100) shares
        of
        the DGI Special Voting Shares shall be delivered to the Trustee and 300 of
        the
        DGI Special Voting Shares shall be placed in escrow.

       

      (b) At
        each
        Supplemental Closing Conference, additional DGI Special Voting Shares shall
        be
        distributed from escrow to the Trustee.
        The
        number of shares to be distributed shall be determined as follows:

       

      (i) The
        amount of Gross Profit from July 1, 2005 through September 30, 2005, December
        31, 2005, March 31, 2006, or June 30, 2006, which ever most recently occurred,
        shall be calculated.

       

      (ii) The
        amount by which the Gross Profit calculated for that Supplemental Closing
        exceeds the greater of $600,000 or the amount of Gross Profit calculated
        for the
        immediately preceding Supplemental Closing shall be divided by
        $24,000.

       

      (iii) At
        each
        Supplemental Closing, the whole number quotient, without regard to any
        remainder, multiplied by four (4) shall equal the number of DGI Special Voting
        Shares to be issued to the Trustee at that Supplemental Closing.

       

      (iv) Following
        resolution of any dispute arising out of the calculation of the Final Number,
        any DGI
        Special Voting Shares
        remaining in the escrow after the Fourth Supplemental Closing shall be
        cancelled.

       

      
        
          
          

        

        
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        ARTICLE
          V.  REPRESENTATIONS

      

       

      
        Section
          5.01.  AdValiant’s
          and Shareholders’ Representations

      

       

      AdValiant
        and the Shareholders, jointly and severally, represent to DGI as
        follows:

       

      (a)  AdValiant
        is a corporation validly existing and in good standing under the laws of
        the
        Ontario Business Corporations Act. It has no subsidiaries.

       

      (b)  As
        of the
        Initial Closing Date, AdValiant is the only subsidiary of AdValiant USA.
        AdValiant USA is a corporation validly existing and in good standing under
        the
        laws of the State of Delaware.

       

      (c)  The
        AdValiant Disclosures include true and complete copies of all AdValiant’s
        charter documents, by-laws, and any amendments thereto. Prior to the
        Reorganization, the AdValiant Common was AdValiant’s only equity security. No
        rights to obtain any exist. No other rights, other than the Exchangeable
        Shares,
        to acquire any class of AdValiant or AdValiant USA equity exist.

       

      (d)  The
        execution, delivery, and performance of this Agreement and all other agreements
        or documents to be delivered by AdValiant, AdValiant USA, and the Shareholders
        hereunder and the consummation of the transactions contemplated by this
        Agreement and the other agreements or documents to be executed or delivered
        by
        AdValiant, AdValiant USA, and the Shareholders have been duly authorized
        by all
        necessary corporate action by AdValiant’s Board of Directors and AdValiant USA’s
        Board of Directors (as of the Initial Closing Date), and the Shareholders,
        and
        will not contravene any provisions of law, an order of any court or other
        agency
        of government, or of either corporation’s Certificate of Incorporation or
        bylaws. Any consents, approvals, authorizations, registrations, or
        qualifications with any person, bank, or any governmental body, or court
        having
        the authority or power to regulate, supervise, or direct the business and
        affairs of AdValiant or AdValiant USA that are necessary for the consummation
        of
        the transactions specified in this Agreement shall have been obtained prior
        to
        the Initial Closing Date. Nothing in any agreement to which AdValiant or
        AdValiant USA is a party prohibits the execution or implementation of this
        Agreement.

       

      (e)  This
        Agreement constitutes the legal, valid, and binding obligation of AdValiant,
        AdValiant USA (as of the Initial Closing Date), and the Shareholders and
        is
        enforceable against them in accordance with its terms, subject only to the
        effect of bankruptcy, insolvency, reorganization, moratorium, fraudulent
        conveyance, and other similar laws relating to or affecting creditors’ rights
        generally and court decisions with respect thereto, and the award by courts
        of
        money damages rather than specific performance of contractual provisions
        involving matters other than the payment of money.

       

      (f)  The
        lists, copies, and other information provided on the Schedules, or delivered
        pursuant to this Agreement, are accurate and complete in every material respect.
        Any agreement from which AdValiant derives more than five (5%) percent of
        its
        revenues or profits (the “Material Agreements”) is listed on 5.01(f). Copies of
        the Material Agreements are included in the AdValiant Disclosures.

       

      
        
          
          

        

        
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      (g)  With
        respect to any agreements, including the Material Agreements, delivered as
        part
        of the AdValiant Disclosures or referred to in any Schedule, (i) AdValiant
        is
        not in default of any agreement in any material respect, (ii) neither the
        Shareholders, AdValiant, nor AdValiant USA know of any state of facts that,
        with
        the giving of notice or the passage of time, or both, would give rise to
        a
        default under any Material Agreement that would have a material adverse effect
        on AdValiant’s business, and (iii) to the best of the Shareholders and
        AdValiant's knowledge, no other party to any agreement is in default thereof
        (except as may be provided on the applicable Schedule).

       

      (h)  To
        the
        knowledge of the Shareholders or AdValiant, AdValiant has all rights to use
        the
        domain names, patents, trade names, trademarks, service marks or other
        intellectual property currently used in the operation of the AdValiant’s
        business ("AdValiant Rights"). AdValiant Rights are listed on Schedule 5.01(h).
        AdValiant owns all the AdValiant Rights free and clear of any liens, claims,
        or
        other title defects, except as listed on Schedule 5.01(h). AdValiant has
        the
        full power and right to transfer title to the AdValiant Rights without the
        consent of any other person.

       

      (i)  AdValiant
        has not received notification of infringement from any person with respect
        to
        any AdValiant Right, and neither AdValiant nor the Shareholders is aware
        of a
        basis for any claim. To the Shareholders’ or AdValiant’s knowledge, no right or
        other trademark, service mark, or trade name used by AdValiant in connection
        with its business infringes any trademark, service mark, or trade name of
        another person in any country in which the trademark, service mark, or trade
        name is used.

       

      (j)  Set
        forth
        in Schedule 5.01(j) is a list of each piece of AdValiant’s equipment
(“Equipment”)
        that is used
        in
        its business, owned or leased by it, with a fair market value in excess of
        $999.
        The Equipment (except for any Equipment that is held pursuant to leases or
        licenses as described in Schedule 5.01(j)) is owned free and clear of all
        liens,
        mortgages, security interests, pledges, charges and encumbrances (except
        for (i)
        liens for current debts not yet due, (ii) disclosed in Schedule 5.01(j),
        or
        (iii) disclosed on the Financial Statements provided in Schedule
        5.01(m)).
        AdValiant is not in default under any lease for the Equipment and knows of
        no
        state of facts that, with the giving of notice or the passage of time, or
        both,
        would give rise to a default under any lease for the Equipment.

       

      (k)  The
        Equipment is in substantially good operating condition and repair, excluding
        ordinary wear and tear, taking into consideration the age and prior use of
        same,
        and is, to the best of AdValiant’s knowledge, in compliance with all applicable
        laws, regulations, orders, and ordinances. The value of fixed assets used
        in
        AdValiant’s business has not been written up.

       

      (l)  AdValiant's
        insurance policies ("Insurance Policies") are listed on Schedule 5.01(l),
        which
        sets forth each policy’s carrier, the amount of coverage, its expiration date,
        and the date through which premiums have been paid. All Insurance Policies
        are
        now in full force and effect.

       

      (m)  AdValiant's
        financial statements ("Financial Statements") are listed on Schedule 5.01(m).
        True and complete copies of the Financial Statements have been included in
        the
        Disclosures. Each of the Financial Statements
        is true and correct in all material respects. Each item therein was prepared
        in
        accordance with generally accepted accounting principles, consistently applied,
        and present fairly in all material respects the financial condition and
        operating results of AdValiant as of the dates and during the periods indicated
        therein. There has been no material change in the financial condition or
        the
        operations of AdValiant that is not reflected in the Financial Statements
        or
        otherwise disclosed in this Agreement. 

       

      
        
          
          

        

        
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      (n)  The
        Shareholders know of no obstacle to the completion of an annual audit of
        AdValiant for 2004 within the time required by the Securities and Exchange
        Commission (“SEC”).

       

      (o)  Canada
        Revenue Agency has not audited AdValiant’s tax returns.

       

      (p)           (i)      
        AdValiant
        has duly and timely filed, where required, all federal, provincial, and local
        tax returns required to be filed, including income, employment, and sales
        and
        use tax returns, and has paid all taxes shown as due and payable on the returns,
        all deficiencies and assessments notice of which has been received, all other
        taxes, and all governmental charges, duties, penalties, interest and fines
        (collectively, “Other Charges”) due and payable on or before the date of this
        Agreement.

       

      (ii)  There
        are
        no agreements, waivers, or other arrangements providing for an extension
        of time
        with respect to the filing of any tax returns by AdValiant or for the payment
        by, or assessment against, any tax, deficiency, assessment or Other
        Charge.

       

      (iii)  There
        are
        no suits, actions, claims, audits, investigations, inquiries or proceedings
        pending against AdValiant in respect of any unpaid taxes, deficiencies,
        assessments or Other Charges, and there are no such threatened suits, actions,
        claims, audits, investigations or inquiries.

       

      (q)  AdValiant
        is not in arrears in the payment of federal and provincial payroll and employee
        withholding taxes, Canada Pension Plan contributions, employment insurance
        premiums, workers’ compensation premiums, real estate taxes and assessments,
        Provincial Sales Taxes, and Goods and Services Taxes. AdValiant has withheld
        or
        collected from each payment made to each of its employees the amount of all
        taxes required to be withheld or collected there from and has paid the same
        to
        the appropriate governmental entity.

       

      (r)  AdValiant
        is not a party to any civil litigation or arbitration proceeding except as
        listed on Schedule 5.01(r), or otherwise disclosed to DGI. AdValiant and
        the
        Shareholders have no knowledge of, nor has it received notice of, any criminal,
        regulatory, or compliance proceedings or threatened proceedings from or by
        any
        government or governmental entity or agency except as listed on Schedule
        5.01(r). AdValiant has provided, or will provide prior to the Initial Closing
        Date, DGI with a summary of the proceedings listed on the Schedule or otherwise
        disclosed to DGI. 

       

      (s)   (i)    
         The
        Shareholders are acquiring the DGI Stock upon exercise of the Exchangeable
        Shares for investment and not with a view towards distribution. They acknowledge
        and understand that they each must bear the economic risk of an investment
        in
        the Exchangeable Shares being acquired pursuant hereto and the DGI Stock
        for
        which they can be exchanged for an indefinite period of time since these
        securities have not been registered under the Act and, therefore, cannot
        be sold
        unless they are either subsequently registered under the Act or an exemption
        from such registration is available and favorable opinions of counsel in
        form
        and substance satisfactory to DGI to that effect are obtained. The certificates
        representing the Exchangeable Shares and any DGI Stock issued on exercise
        of the
        Exchangeable Shares (unless such securities have been registered) shall bear
        on
        their face the following legend:

       

      
        
          
          

        

        
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      The
        shares represented by this Certificate have not been registered under the
        Securities Act of 1933 (the “Securities Act”), as amended. These shares have
        been acquired for investment and not for distribution or resale. They may
        not be
        mortgaged, pledged, hypothecated or otherwise transferred without an effective
        registration statement for such shares under the Securities Act or an opinion
        of
        counsel acceptable to the Corporation that such registration is not
        required.

       

      (ii)  AdValiant
        and the Shareholders, taking into account the personnel and resources they
        can
        practically bring to bear on the purchase of the DGI Stock contemplated hereby,
        are knowledgeable, sophisticated, and experienced in making, and are qualified
        to make, decisions with respect to investments presenting an investment decision
        like that involved in the purchase of the Exchangeable Shares. 

       

      (iii)  AdValiant
        and the Shareholders have had the opportunity to ask questions of, and receive
        answers from, representatives of DGI or persons acting on its behalf concerning
        the terms and conditions of the proposed investment in the Exchangeable Shares,
        have had the opportunity to obtain additional information necessary to verify
        the accuracy of information previously furnished about DGI, and have requested,
        received, reviewed and considered all information they deem relevant in making
        an informed decision with respect to the purchase of Exchangeable
        Shares.

       

      (iv)  Empire
        Media, Inc is an “accredited investor” as such term is defined in Rule 501
        of Regulation D promulgated under the Act.

       

      (t)  Each
        of
        the Schedules described in this Section 5.01 is certified by AdValiant and
        the
        Shareholders as being true and complete in every material respect as of the
        date
        hereof. None of the representations, warranties, covenants or agreements
        by
        AdValiant or the Shareholders in this Agreement, the AdValiant Disclosures,
        or
        in any document, certificate, or schedule furnished or to be furnished pursuant
        hereto, or in connection with the transactions contemplated hereby, contains
        or
        will contain any untrue statement of a material fact, or omits or will omit
        to
        state a material fact necessary to make the statements of facts contained
        therein not misleading.

       

      (u)  All
        statements contained in any certificate or other instruments delivered by
        or on
        behalf of the AdValiant pursuant hereto or in connection with the transactions
        contemplated hereby shall be deemed a representation and warranty of the
        AdValiant and the Shareholders.

       

      (v)  No
        broker
        or finder procured or was otherwise involved in the Merger transaction or
        has
        any right to compensation as a result of the consummation of the Merger
        transaction.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
         

        Section
          5.02.  DGI’s
          Representations

      

       

      DGI
        represents to the Shareholders as follows:

       

      (a)  DGI
        and
        Acquisition are corporations that were duly incorporated and are validly
        existing and in good standing under the laws of the State of
        Delaware.

       

      (b)  DGI
        has
        issued no capital stock not reflected in its March 31, 2005 Quarterly Report
        on
        Form 10-QSB other than 2,000,000 shares issued on June 17, 2005 for consulting
        services. DGI owns all of the capital stock of its subsidiaries as described
        in
        DGI’s filings with the SEC. There are no restrictions on DGI’s ability to vote
        these shares and no restrictions on transfer exist other than those imposed
        by
        the Securities Act. There are no other subsidiaries nor is the acquisition
        of
        any additional companies contemplated, other than AdValiant. As used in this
        Article alone, the term DGI includes all of its subsidiaries, both direct
        and
        indirect. 

       

      (c)  The
        execution, delivery, and performance of this Agreement and all other agreements
        or documents to be executed or delivered by DGI hereunder and the performance
        of
        the transactions contemplated by this Agreement and the other agreements
        or
        documents to be executed or delivered by DGI or Acquisition have been duly
        authorized by the Board of Directors (and by all other requisite corporate
        action) of DGI and Acquisition, and will not contravene any provisions of
        law,
        an order of any court or other agency of government, their Articles of
        Incorporation or bylaws, or any agreements to which DGI or its subsidiaries
        is a
        party. No consents, approvals, authorizations, or orders of, or registrations
        or
        qualifications with, any person, bank, governmental body, or court having
        authority or power to regulate supervise or direct the business and affairs
        of
        DGI or Acquisition are necessary for the consummation of the transactions
        specified in this Agreement.

       

      (d)  This
        Agreement and all other agreements to be delivered by DGI or Acquisition
        hereunder constitute the legal, valid and binding obligation of DGI and
        Acquisition enforceable against it in accordance with its terms, subject
        to the
        effect of bankruptcy, insolvency, reorganization, moratorium, fraudulent
        conveyance, and other similar laws relating to or affecting creditors’ rights
        generally and court decisions with respect thereto, and the award by courts
        of
        money damages rather than specific performance of contractual provisions
        involving matters other than the payment of money.

       

      (e)  Nothing
        in any agreement to which DGI is a party prohibits the execution or
        implementation of this Agreement. 

       

      (f)  The
        performance of this Agreement or the consummation of the transactions
        contemplated thereby will not violate any law or regulation of any governmental
        jurisdiction in which DGI or Acquisition does business, or to which DGI is
        otherwise subject.

       

      (g)  The
        DGI
        Stock, when issued in accordance with this Agreement, will be duly authorized,
        validly issued, outstanding, fully paid and non-assessable and will not have
        been issued in violation of or subject to any pre-emptive rights or other
        contractual rights to purchase securities issued by DGI. The issuance of
        the DGI
        Special Voting Shares and the DGI Common upon exercise of the Exchangeable
        Shares is exempt from registration under the Securities Act and applicable
        state
        law. There are no restrictions on the Shareholders' ability to vote the DGI
        Stock except as imposed by Subsection 8.02(b) of this agreement and no
        restrictions on transfer exist other than those imposed by the Securities
        Act
        and Rule 144 there under.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (h)  The
        reports and other documents filed by DGI with the SEC were complete, accurate,
        and timely when filed, and have been updated or supplemented as appropriate.
        The
        financial statements included or referenced therein were prepared in accordance
        with generally accepted accounting principles, consistently applied, and
        accurately reflect the financial condition of DGI and the results of its
        operations for the periods to which they relate. Since January 2003, all
        reports
        filed by DGI with the SEC (i) were prepared in all material respects in
        accordance with requirements with federal securities laws and the rules and
        regulations of the SEC, and (ii) did not at the time they were filed (or
        if
        amended or superceded prior to the date of this Agreement, then on the day
        of
        that filing), contain any untrue statement of material fact required to be
        stated therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading. None of the DGI
        subsidiaries are required to file separately any forms, reports or other
        documents with the SEC. There has been no material change in the financial
        condition or the operations of DGI that has not been included in a report
        filed
        with the SEC. DGI has received no notice of and has no knowledge of any SEC
        investigations or proceedings other than regular review of its filings and
        its
        preliminary Information Statement for the 2005 Annual Meeting.

       

      (i)  All
        statements contained in any certificate or other instruments delivered by
        or on
        behalf of the DGI or Acquisition pursuant hereto, or in connection with the
        transactions contemplated hereby, shall be deemed representations and warranties
        by the DGI or Acquisition. 

       

      (j)  The
        IRS
        has not audited DGI’s tax returns since 1997.

       

      (k)   (i)      
        DGI
        has
        duly and timely filed where required all federal, state and local tax returns
        required to be filed prior to the date of this Agreement, including income,
        employment, rent and sales and use tax returns, and has paid all taxes due
        and
        payable on such returns, all deficiencies and assessments notice of which
        has
        been received, all other taxes, and all Other Charges due and payable on
        or
        before the date of this Agreement.

       

      (ii)  There
        are
        no agreements, waivers, or other arrangements providing for an extension
        of time
        with respect to the filing of any tax returns by DGI or for the payment by,
        or
        assessment against, any tax, deficiency, assessment or Other Charge other
        than
        an automatic extension with respect to the tax return for 2004..

       

      (iii)  There
        are
        no suits, actions, claims, audits, investigations, inquiries or proceedings
        pending against DGI in respect of any unpaid taxes, deficiencies, assessments
        or
        Other Charges and there are no such threatened suits, actions, claims, audits,
        investigations or inquiries except for an inquiry from the State of Connecticut
        about a claim from them for about $2,700 and several inquires relating to
        former
        subsidiaries.

       

      (iv)  DGI
        has
        withheld or collected from each payment made to each of its employees the
        amount
        of all taxes required to be withheld or collected there from and has paid
        the
        same to the proper tax receiving officers.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      (l)  DGI
        is
        not in arrears in the payment of federal, state and local withholding taxes,
        FICA, Medicare, real estate taxes and assessments, and sales taxes. DGI has
        withheld or collected from each payment made to each of its employees the
        amount
        of all taxes required to be withheld or collected there from and has paid
        the
        same to the proper tax receiving officers except as listed on Schedule
        5.02(l).

       

      (m)  None
        of
        the representations, warranties, covenants or agreements by DGI or Acquisition
        in this Agreement, nor any document, certificate or schedule furnished or
        to be
        furnished pursuant hereto, or in connection with the transactions contemplated
        hereby, contains or will contain any untrue statement of a material fact,
        or
        omits or will omit to state a material fact necessary to make the statements
        of
        facts contained therein not misleading.

       

      (n)  Neither
        DGI nor Acquisition is a party to any civil litigation or arbitration proceeding
        except as listed in its SEC filings or on Schedule 5.02(n). DGI has no knowledge
        of and has received no notice of any criminal, regulatory, or compliance
        proceedings or threatened proceedings from or by any government or governmental
        entity or agency. DGI has provided, or will provide prior to the Initial
        Closing
        Date, AdValiant with a summary of the proceedings listed on the
        Schedule.

       

      (o)  Each
        of
        the Schedules described in this Section 5.02 is certified by DGI as being
        true
        and complete in every material respect as of the date hereof. None of the
        representations, warranties, covenants or agreements by DGI or Acquisition
        in
        this Agreement, the DGI Disclosures, or in any document, certificate, or
        schedule furnished or to be furnished pursuant hereto, or in connection with
        the
        transactions contemplated hereby, contains or will contain any untrue statement
        of a material fact, or omits or will omit to state a material fact necessary
        to
        make the statements of facts contained therein not misleading.

       

      (p)  As
        of the
        date hereof and as of Initial Closing, there will be Employee Stock Options
        to
        purchase no more than 5,500,000 shares of DGI common stock
        outstanding.

       

      (q)  Other
        than a commitment to elect a director selected by Pearl Street Holdings plc,
        there are no agreements affecting control of DGI or the voting of its
        securities. 

       

       

      
        ARTICLE
          VI.  CONDITIONS
          PRECEDENT TO THE INITIAL CLOSING

      

       

      
        Section
          6.01.  Conditions
          Precedent to DGI’s Obligation to Close

      

       

      Notwithstanding
        any other provision herein, the obligations of the DGI under this Agreement
        are,
        at the option of the DGI, subject to the fulfillment of each of the conditions
        set forth below.

       

      (a)  All
        of
        the Shareholders shall have instructed the Trustee to approve the Merger
        and the
        Trustee shall have voted its AdValiant USA Class B Special Voting Shares
        to
        approve the Merger.

       

      (b)  AdValiant
        shall have achieved the following financial goals:

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      (i)  All
        AdValiant’s obligations to holders of more than five (5%) of its equity shall
        have been cancelled or capitalized.

      

      (ii)  AdValiant
        shall have no Long Term Liabilities. 

      

      
        (c)        
          (i)      
          The
          reorganizations contemplated by Article II with respect to AdValiant and
          AdValiant USA shall have been completed. 

      

       

      (ii)      All
        the
        Shareholders shall have tendered their AdValiant Common for Exchangeable
        Shares.

       

      (d)  The
        Shareholders shall each have executed an employment agreement as set forth
        on
        Schedule 6.01(d) (“Employment Agreements”).

       

      (e)  The
        representations of AdValiant and the Shareholders contained in this Agreement,
        or otherwise made in writing in connection with the transactions contemplated
        hereby, shall be true and correct in all material respects on and as of the
        Initial Closing Date. On or before the Initial Closing Date, AdValiant shall
        have complied with and duly performed any and all covenants, agreements and
        conditions in all material respects on its part to be complied with, performed
        pursuant to or in connection with, this Agreement on or before the Initial
        Closing Date.

       

      (f)  DGI
        shall
        have received a certificate executed by an officer of AdValiant and AdValiant
        USA setting forth a copy of the resolutions adopted by written consent by
        its
        Board of Directors and stockholders approving the execution and delivery
        of this
        Agreement and all agreements contemplated hereunder and the consummation
        of the
        Merger and of all the transactions contemplated hereby. AdValiant shall provide
        a true copy of the notice to the AdValiant Stockholders that did not execute
        the
        written consent and affirm that a copy of that notice has been mailed to
        them as
        provided by statue.

       

      (g)  DGI
        shall
        have received an opinion of McCarthy Tétrault, Ontario counsel for the
        Shareholders, AdValiant dated as of the Initial Closing Date, to the collective
        effect that (i) AdValiant is a corporation that is validly existing under
        the
        laws of the province of its incorporation and has the corporate power to
        carry
        on its business as it is now being conducted; (ii) any and all consents
        or
        orders of any and all courts or governmental agencies, administrative bodies
        of
        Ontario or Canada which are required for the consummation of the transactions
        contemplated by this Agreement have been obtained as of the Initial Closing
        Date; (iii) this Agreement has been duly executed and delivered by
        AdValiant and the Shareholders, and (iv) the transactions contemplated
        hereby will not cause a breach of the certificate of incorporation or by-laws
        of
        AdValiant.

       

      (h)  No
        action
        or proceeding shall have been instituted to restrain or prohibit the Merger.
        

       

      (i)  AdValiant
        shall not have suffered any destruction or damage by fire, explosion or other
        calamity exceeding Ten Thousand Dollars ($10,000.00) in value not covered
        by
        insurance, nor has any other event, condition or state of facts of any character
        occurred which materially and adversely affects, or, to the best of the
        knowledge of AdValiant, threatens to materially and adversely affect, the
        property, business or financial condition of AdValiant.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      (j)  AdValiant
        has executed any Documents (as defined in Section 6.02) that require its
        execution.

       

      (k)  DGI’s
        accounting firm, Berenfeld, Spritzer, Shechter & Sheer ("BSSS"), has
        determined in writing that a satisfactory certified audit of AdValiant for
        the
        year ended December 31, 2004 can be achieved and that the financials
        required for DGI’s report on Form 8-K relating to this transaction can be
        prepared in the time required by the SEC. 

       

      (l)  All
        the
        Shareholders remain alive and not disabled.

       

      (m)  The
        only
        outstanding shares of AdValiant shall be the Class A Common owned by AdValiant
        USA and the Exchangeable Shares. 

       

      (n)  Each
        Shareholder shall have tendered to AdValiant all of that Shareholder’s
        certificates representing AdValiant Common for exchange into Exchangeable
        Shares
        and shall have deposited 252,514,188 of the Exchangeable Shares in accordance
        with their Portions with the Escrow Agent in accordance with the Escrow
        Agreement and the Voting and Exchange Trust Agreement.

       

      
        Section
          6.02.    Conditions
          Precedent to AdValiant’s and Shareholders' Obligation to
          Close

      

       

      Notwithstanding
        any other provision herein, the obligations of the AdValiant, AdValiant USA,
        and
        the Shareholders under this Agreement are, at their option, subject to the
        fulfillment of each of the conditions set forth below.

       

      (a)  The
        representations of DGI contained in this Agreement, or otherwise made in
        writing
        in connection with the transactions contemplated hereby, shall be true and
        correct in all material respects on and as of the Initial Closing Date. On
        or
        before the Initial Closing Date, DGI and Acquisition shall have complied
        with
        and duly performed any and all covenants, agreements and conditions in all
        material respects, on its part to be complied with or performed pursuant
        to or
        in connection with this Agreement on or before the Initial Closing
        Date.

       

      (b)  AdValiant
        shall have received a certificate dated as of the Initial Closing Date executed
        by the Secretary of DGI setting forth (i) a copy of the resolutions adopted
        by
        DGI’s Board of Directors approving the execution and delivery of this Agreement
        and all agreements contemplated hereunder and the consummation of the Merger
        and
        of all the transactions contemplated hereby, (ii)a copy of the resolutions
        adopted by DGI’s Board of Directors authorizing the creation of the DGI Special
        Voting Shares, and (iii) the number of shares authorized and outstanding
        of DGI
        Common including the number of shares issuable upon exercise of rights which
        are
        in the money.

       

      (c)  AdValiant
        shall have received an opinion of Mark Alan Siegel, Esq., counsel for DGI,
        dated
        as of the Initial Closing Date, to the effect that (i) DGI and Acquisition
        are corporations that were duly incorporated and are validly existing and
        in
        good standing under the law of the state of Delaware, and each have the
        corporate power to carry on its business as it is now being conducted and
        are
        qualified to do business in each jurisdiction where the nature of the business
        requires qualification; (ii) any and all consents or orders of any
        and all
        courts or governmental agencies or administrative bodies of New York, Delaware,
        and the United States which are required for the consummation of the
        transactions contemplated by this Agreement have been obtained as of the
        Initial
        Closing Date; (iii) this Agreement and all other agreements to be
        executed
        by DGI or Acquisition hereunder has been duly authorized, executed, and
        delivered by DGI, and is the valid and binding obligation of DGI, in accordance
        with its terms, subject only to the effect of bankruptcy, insolvency,
        reorganization, moratorium, fraudulent conveyance, and other similar laws
        relating to or affecting creditors’ rights generally and court decisions with
        respect thereto, and the award by courts of money damages rather than specific
        performance of contractual provisions involving matters other than the payment
        of money; (iv) the Certificate of Merger has been duly prepared and executed
        for
        filing; (v) the issuance of the DGI Stock to the Shareholders or the
        exercise of the Exchangeable Shares will be exempt from the registration
        provisions of the Securities Act and will not violate the registration
        provisions of Section 5 of the Securities Act; (vi) the DGI Special Voting
        Shares, and the DGI Common to be issued upon the exercise of the Exchangeable
        Shares when issued will be duly issued, fully paid, and non-assessable, and
        except for restrictions arising under the Securities Act and Rule 144 there
        under, will be transferable; and (vii) the transactions contemplated
        hereby
        will not cause a breach of the amended and restated certificate of incorporation
        or by-laws of DGI.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      (d)  No
        action
        or proceeding shall have been instituted to restrain or prohibit the
        consummation of the Merger or to prohibit the issuance of or to order a
        cessation or suspension of trading in, the DGI Stock.

       

      (e)  DGI
        has
        executed any documents that require its execution.

       

      (f)  The
        reorganizations contemplated by Article II, with respect to DGI shall have
        been
        completed.

       

      (g)  AdValiant
        USA and DGI shall have entered into the Voting and Exchange Trust Agreement
        and
        the Support Agreement.

       

      (h)  The
        AdValiant Class B Shares shall have been duly issued and deposited with Empire
        Media, Inc. as trustee for the beneficial holders of Exchangeable Shares
        pursuant to the Voting and Exchange Trust Agreement.

       

      (i)  DGI
        shall
        have created the
        DGI
        Special Voting Shares.

       

      (j)  AdValiant
        shall have received a certificate dated as of the Initial Closing Date executed
        by the Secretary of Acquisition setting forth (i) a copy of the resolutions
        adopted by Acquisition’s Board of Directors and sole shareholder approving the
        execution and delivery of this Agreement and all agreements contemplated
        there
        under and the consummation of the Merger and of all the transactions
        contemplated hereby.

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      
        ARTICLE
          VII.    THE
          CLOSINGS

      

       

      
        Section
          7.01.  The
          Initial Closing Conference and Initial Closing Date

      

       

      The
        Initial Closing Conference and the Initial Closing shall take place at DGI's
        business office or at another place as agreed between the Parties on
        June
        30, 2005. 

       

      Section
        7.02.    AdValiant’s,
        AdValiant USA’s, And The AdValiant Stockholders’ Responsibilities At The
        Initial Closing
        Conference

       

      At
        the
        Initial Closing Conference, AdValiant, AdValiant USA, and the Shareholders
        shall
        take the actions listed below:

       

      (a)  AdValiant
        or AdValiant USA shall deliver all the instruments listed in this subsection
        (“Documents”):

       

      (i)  A
        fully
        executed Certificate of Merger.

       

      (ii)  The
        opinion of McCarthy Tétrault.

       

      (iii)  The
        officers’ certificate as required by Section 6.01(f).

       

      (iv)  An
        officer’s certificate as to compliance with Sections 6.01 (a), (b), (c), (d),
        (e), and (i) and, to the best of his knowledge, compliance with Section 6.01
        (h),

       

      (v)  A
        certificate of status for AdValiant.

       

      (b)  At
        or
        after the Initial Closing Conference, the Shareholders shall deliver either
        of
        the following to the Escrow Agent: 

       

      (i)  All
        certificates evidencing their ownership of 252,514,188 Exchangeable Shares,
        or

       

      (ii)  an
        affidavit of lost certificate.

       

      
        Section
          7.03.  DGI’s
          Responsibilities at the Initial Closing Conference

      

       

      At
        the
        Initial Closing Conference, DGI and Acquisition shall take the actions listed
        below:

       

      (a)  DGI
        shall
        deliver a fully executed Certificate of Merger.

       

      (b)  DGI
        shall
        deliver the opinion of Mark Alan Siegel, Esq.

       

      (c)  DGI
        shall
        deliver the officers' certificate as to compliance with Sections 6.02 (a),
        (d),
        (e), and (f).

       

      (d)  DGI
        shall
        deliver a certificate of good standing for DGI.

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      (e)  DGI
        shall
        deliver to the Trustee a certificate representing 100 shares of the DGI Special
        Voting Shares and a certificate representing 300 shares to the Escrow
        Agent.

       

      Section
        7.04     Supplemental
        Closings

       

      (a)  There
        shall be four Supplemental Closings. Each Supplemental Closing Conference
        and
        Supplemental Closing shall take place at DGI's business office or at another
        place as agreed between the Parties. They shall be held on
        December 15, 2005, March 15, 2006, June 16, 2006 and September 15,
        2006.

       

      (b)  Five
        business days before each Supplemental Closing, DGI shall present to the
        Shareholders a certificate showing the computations specified by Section
        4.03(b)
        and 4.04(b).

       

      (c)  Upon
        acceptance of the certificate, the Escrow Agent shall distribute the computed
        number of shares of Exchangeable Shares to the Shareholders in accordance
        with
        their portions and the computed number of DGI Special Voting Shares to the
        Trustee.

       

       

      
        ARTICLE
          VIII.  ADDITIONAL
          COVENANTS.
          

      

       

      
        Section
          8.01.  Escrow

      

       

      Mark
        Alan
        Siegel shall act as escrow agent hereunder pursuant to an escrow agreement
        in
        the form of Schedule 8.01 (“Escrow Agreement”).

       

      
        Section
          8.02.  Appointment
          of Directors of DGI

      

       

      (a)  Immediately
        after the Initial Closing Conference, DGI shall appoint one person selected
        by
        the Shareholders, by majority vote, to join DGI’s Board of
        Directors.

       

      (b)  For
        a
        period of two years after the Initial Closing Date, in any election of directors
        of DGI, Peter DeCrescenzo, Vincent DeCrescenzo, Sr., and the Shareholders
        shall
        each vote at any regular or special meeting of shareholders all the shares
        of
        DGI Stock then owned by them (or as to which they then have voting power
        or
        control) as may be necessary to elect (i) one (1) director nominated by the
        Shareholders, (ii) one (1) director nominated by Pearl Street Holdings plc,
        and
        (iii) four (4) other directors nominated by DGI’s Board of
        Directors.

       

      
        Section
          8.03.  Audit
          Procedures

      

       

      (a)  The
        parties recognize that the time period permitted by the SEC for filing audited
        financial statements concerning AdValiant and the combined entity is
        limited.

       

      (b)  Immediately
        upon execution of this Agreement, BSSS may commence an audit of AdValiant
        for
        the year ended December 31, 2004 and may review the financial reports for
        2005
        to date.

       

      (c)  On
        or
        before August 1, 2005, a balance sheet for AdValiant as of June 30, 2005
        (the
“June 30 Balance Sheet”) shall be submitted by DGI to the Shareholders for
        review. If there is a dispute, BSSS shall review the June 30 Balance Sheet
        and
        determine the working capital as of that date. BSSS’s determination and any
        adjustments made by it shall be conclusive and binding on the
        Parties.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      
         

        Section
          8.04.  Further
          Actions

      

       

      (a)  The
        Parties agree, in order to perfect DGI’s control of AdValiant and AdValiant USA
        and to accomplish the purpose of this Agreement, to execute all documents
        and
        take all such other action as the Parties may reasonably request, whether
        at or
        after the Initial Closing Date, as may be reasonably necessary or proper
        to
        allow the Parties to receive the full benefits of this Agreement.

       

      (b)  The
        Parties further agree to make any changes to any document executed in connection
        with this Agreement and the merger contemplated hereby to correct or remedy
        and
        deficiencies with respect to tax, regulatory, securities law, or other issued
        as
        determined by counsel for the parties.

       

      (c)  Immediately
        upon the adoption of the proposed one for fifty consolidation of the DGI
        Common,
        DGI shall cause AdValiant USA to cause AdValiant to effect an identical
        consolidation of the Exchangeable Shares.

       

      
        Section
          8.05.  Information

      

       

      The
        parties agree that they will not, and will use their best efforts to cause
        their
        representatives not to, use any information obtained pursuant to this Agreement,
        as well as any other information obtained prior to the date hereof in connection
        with its consideration of the transactions contemplated hereby and the entering
        into of this Agreement, for any purpose unrelated to the consummation of
        the
        transactions contemplated by this Agreement. The parties shall keep
        confidential, and shall cause their representatives to keep confidential,
        all
        information and documents obtained pursuant to this Agreement, as well as
        any
        other information obtained prior to the date hereof in connection with its
        consideration of the transactions contemplated hereby and the entering into
        of
        this Agreement, unless such information (i) was already known to that party,
        (ii) is disclosed with the prior written approval of the party to which such
        information pertains, (iii) is already present in the public domain, or (iv)
        is
        required to be disclosed by law. In the event that this Agreement is terminated
        or the transactions contemplated hereby shall otherwise fail to be consummated,
        the parties shall promptly cause all copies of documents or extracts thereof
        containing information and data as to the other to be returned to the
        other.

       

      
        Section
          8.06.  Dispute
          Resolution

      

       

      (a)  In
        the
        event of any dispute arising out of the calculation of the Final Number,
        the
        Shareholders shall deliver a written notice to DGI within thirty (30) days
        after
        receipt of the certificate pursuant to Section 7.04(b), specifying the
        approximate amount in dispute, the basis for such dispute, and any changes
        proposed to the calculation of Gross Profit, (a “Notice of Disagreement”);
        provided, however, that the Parties may agree on any disputed amounts at
        any
        time within such thirty (30) day period. 

       

      (b)  If
        a
        Notice of Disagreement is timely delivered to the other Party, the DGI and
        the
        Shareholders shall, during the thirty (30) days immediately following delivery
        of the Notice of Disagreement, seek in good faith to resolve any differences
        they may have with respect to the matters specified in the Notice of
        Disagreement. During that time, the Shareholders will have access to DGI’s books
        and records, as well as any accounting work papers or other schedules relating
        to the Qualified Sales, associated costs, and costs of DGI goods sold, as
        applicable, and such other relevant information reasonably requested by the
        Shareholders. If such dispute is not resolved to the mutual satisfaction
        of DGI
        and the Shareholders within such thirty (30) day period, the Shareholders
        shall
        have the right to require that such dispute be submitted to BSSS, or to such
        other certified public accounting firm as DGI and the Shareholders may then
        mutually agree upon in writing (the “Independent Accountant”). 

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      (c)  DGI
        and
        the Shareholders will give the Independent Accountant access to the books
        and
        records, as well as any accounting work papers or other schedules relating
        to
        the Qualified Sales and associated costs, as applicable, and the Notice of
        Disagreement, and such other relevant information reasonably requested by
        the
        Independent Accountant. The fees and expenses of the Independent Accountant
        shall be borne by DGI and the Shareholders in inverse proportion as they
        may
        prevail on matters resolved by the Independent Accountant, which proportionate
        allocations shall also be determined by the Independent Accountant at the
        time
        the determination of the Independent Accountant is rendered on Gross
        Profit.

       

      (d)  The
        Independent Accountant shall resolve the computation of the disputed Gross
        Profit, in accordance with the provisions of this Agreement, and otherwise
        where
        applicable in accordance with US GAAP. If any matters have been submitted
        to the
        Independent Accountant for review and resolution in accordance with the
        provisions above, then DGI and the Shareholders shall use their reasonable
        best
        efforts to cause the Independent Accountant to complete its calculation of
        Gross
        Profit, within thirty (30) days from the submission of the matters specified
        in
        such Notice of Disagreement.

       

      (e)  The
        Independent Accountant shall act as a neutral arbitrator to determine only
        those
        issues in dispute. The Independent Accountant’s determination will be set forth
        in a written statement delivered to DGI and the Shareholders, and shall be
        final, conclusive and binding upon the parties and may be entered and enforced
        in any court of competent jurisdiction. 

       

      (f)  Notwithstanding
        anything herein to the contrary, the Shareholders shall not file a Notice
        of
        Disagreement related to a calculation of Gross Profit unless and until the
        estimated amount in dispute exceeds $24,000 individually or $48,000 in the
        aggregate

       

      
        Section
          8.07.  Termination

      

       

      This
        Agreement may only be terminated at any time prior to the Initial Closing
        Date:

       

      (a) upon
        mutual written consent authorized by the Board of Directors of DGI and
        AdValiant; or

       

      (b) by
        either
        DGI or AdValiant if the Initial Closing shall not have been consummated by
        the
        close of business on June 30, 2005

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      
         

        Section
          8.08.  Reservation
          of Shares

      

       

      DGI
        covenants that it will at all times reserve and keep available out of its
        authorized and unissued Common Stock solely for the purpose of issuance to
        Shareholders hereunder, free from pre-emptive rights or any other actual
        contingent purchase rights of other persons other than the Shareholders,
        a
        number of shares of Common Stock equal to the number of Diluted Outstanding
        Shares.  If at any time, the number of authorized but unissued shares
        of
        DGI Common Stock shall not be sufficient to effect the issuance of the maximum
        number of shares to the AdValiant Shareholders pursuant to Section 4.01,
        DGI
        shall take all corporate action necessary to increase its authorized shares
        of
        Common Stock to such number as shall be sufficient for such
        purpose.

       

      
        Section
          8.09.  Listing
          of Shares

      

       

      In
        the
        event that DGI lists its Common Stock on a stock exchange or other trading
        system, it shall, concurrent with the initial listing of such securities,
        list,
        and maintain the listing on that exchange of, a sufficient number of shares
        of
        its Common Stock to ensure that the maximum number of shares issuable to
        the
        AdValiant Stockholders pursuant to Section 4.01 are listed on that exchange
        or
        trading system.

       

      
        Section
          8.10.  Continued
          Operation

      

       

      DGI
        shall
        ensure that the business currently carried on by AdValiant will continue
        to be
        conducted by AdValiant until the Final Supplemental Closing Date and the
        Shareholders shall, subject to the terms of their respective Employment
        Agreements, continue to manage the business and affairs of
        AdValiant.

       

      
        Section
          8.11.  Restriction
          of Transfer of AdValiant Class A

      

       

      AdValiant
        USA shall not transfer any shares of AdValiant Class A owned by it.

       

      
        Section
          8.12.  Provision
          of Information

      

       

      So
        long
        as any Exchangeable Shares are outstanding, DGI shall provide to the registered
        holders thereof the same information and at the same times that DGI provides
        from time to time to the holders of DGI Common.

       

      
        Section
          8.13.  Registration

      

       

      The
        Shareholders shall, at their sole option following receipt by them of reasonable
        notice of any proposed grant by DGI of registration privileges in connection
        with any other acquisition by DGI, be granted registration privileges, subject
        to any lock-up required by any underwriter, for their DGI Stock issued upon
        exercise of the Exchangeable Shares equal to the registration rights granted
        to
        the holders of DGI common stock issued in connection with any other acquisition
        by DGI after the date hereof.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      
        ARTICLE
          IX.  MISCELLANEOUS

      

       

      
        Section
          9.01.  Currency
          Used

      

       

      All
        monetary amounts expressed herein are in United States Dollars.

       

      
        Section
          9.02.  Consolidation
          of Shares

      

       

      (a)  All
        numbers of shares of DGI Common used in this Agreement are subject to reduction
        by the one for fifty consolidation to be approved at the 2005 Annual Meetings
        of
        Shareholders.

       

      (b)  In
        addition to the foregoing, if, at any time prior to the Final Supplemental
        Closing, DGI (a) shall pay a stock dividend or otherwise make a distribution
        or
        distributions on shares of its Common Stock payable in shares of its capital
        stock, whether payable in shares of its Common Stock or of capital stock
        of any
        class, (b) subdivide outstanding shares of Common Stock into a larger number
        of
        shares, (c) combine outstanding shares of Common Stock into a smaller number
        of
        shares, or (d) issue reclassification of shares of Common Stock any shares
        of
        capital stock of the Company, the number of shares of DGI Common issuable
        hereunder shall be adjusted by multiplying the number of shares of DGI Common
        issuable by a fraction of which the numerator shall be the number of shares
        of
        DGI Common outstanding after such event and of which the denominator shall
        be
        the number of shares of DGI Common outstanding before such event.

       

      
        Section
          9.03.  Entire
          Agreement; Amendments

      

       

      This
        Agreement, including those additional agreements referred to in the Schedules,
        embodies the entire understanding of the Parties. No amendment or modification
        of this Agreement may be made except in writing, signed by the Parties
        hereto.

       

      
        Section
          9.04.  Expenses

      

       

      In
        the
        event that this Agreement does not close, each party shall bear its own costs
        and expenses. In the event that this Agreement does close, all the reasonable
        legal costs and expenses of the transaction incurred by AdValiant shall be
        paid
        by DGI including any and all audit fees incurred by BSSS in reviewing and/or
        auditing AdValiant’s financial statements.

      

      
        Section
          9.05.  Headings

      

       

      The
        headings in this Agreement are intended solely for convenience of reference
        and
        shall be given no effect in the construction or interpretation of this
        Agreement.

       

      
        Section
          9.06.  Notices

      

       

      All
        notices, requests, demands, approvals, consents, waivers or other communications
        hereunder shall be in writing and shall be deemed duly given if delivered
        to or
        mailed by registered or certified mail, postage prepaid or by nationally
        recognized overnight express delivery service as follows:

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

         

      

      
        	
                If
                  to DGI to:

              	
                Dialog
                  Group, Inc.

                Attn:
                  Peter DeCrescenzo

                Twelfth
                  Floor, 257 Park Avenue South

                New
                  York, NY 10010

              
	
                With
                  a copy to:

              	
                Mark
                  Alan Siegel, Esq.

                Suite
                  400 E, 1900 Corporate Boulevard

                Boca
                  Raton, Florida 33431

              
	
                If
                  to AdValiant to:

              	
                AdValiant
                  Inc.

                Attn:
                  Peter Bordes

                2
                  St. Clair Avenue East, Suite 800

                Toronto,
                  Ontario

                M4T
                  2T5

              
	
                If
                  to AdValiant USA to:

              	
                AdValiant
                  USA, Inc.

                Attn:
                  Peter Bordes

                62
                  White Street, Suite 3E

                New
                  York, NY 10013

              
	
                With
                  a copy to:

              	
                Jay
                  M. Hoffman

                McCarthy
                  Tétrault

                Suite
                  4700, Toronto Dominion Tower 

                Toronto,
                  Ontario 

                M5K
                  1E6

              

      

       

      A
        party
        may change its address for purposes of this Section 9.06 by giving
        notice
        hereunder.

       

      
        Section
          9.07.  Governing
          Law; Jurisdiction

      

       

      This
        Agreement and the legal relations among the Parties hereto shall be governed
        by
        and construed in accordance with the substantive law of the State of New
        York
        without regard to conflict of law principles. The Parties consent to the
        jurisdiction of the courts of the State of New York or the U.S. District
        Court
        for the Southern District of New York as if all parts of the agreement were
        negotiated and effectuated there.

       

      
        Section
          9.08.  Beneficiaries

      

       

      This
        Agreement shall inure to the benefit of and be binding upon the Parties hereto
        and their respective successors and legal representatives. Nothing in this
        Agreement, express or implied, is intended to confer on any other person
        other
        than the Parties hereto, AdValiant Shareholders or their respective successors
        and legal representatives, any rights, remedies, obligations or liabilities
        under or by reason of this Agreement.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      
         

        Section
          9.09.  Counterparts

      

       

      This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        deemed to be an original and all of which together shall be deemed to be
        one and
        the same instrument. Its execution shall be effective when copies of signed
        signature pages are exchanged by facsimile between the Parties.

       

      
        Section
          9.10.  Severance

      

       

      If
        any
        section, subsection or provision of this Agreement, or the application of
        such
        section, subsection, or provision, is held invalid, the remainder of this
        Agreement and the application of such section, subsection or provision to
        persons or circumstances other than those to which it is held invalid shall
        not
        be affected thereby.

       

      
        Section
          9.11.  Survival
          of Representations

      

       

      All
        representations and covenants contained in this Agreement shall survive the
        Initial and Supplemental Closings until the Final Supplemental
        Closing.

       

      
        Section
          9.12.  Indemnification

      

       

      (a)  The
        AdValiant Stockholders, severally, shall indemnify and hold DGI, and its
        officers, directors, employees, and agents (each a “AdValiant Indemnified
        Entity”) harmless from and against, and reimburse an AdValiant Indemnified
        Entity with respect to, any and all loss, damage, liability, cost and expense,
        including reasonable attorneys’ fees and costs incurred by the AdValiant
        Indemnified Entity by reason of, or arising out of (i) the material
        breach
        of any representation made by AdValiant or the Shareholders in this Agreement;
        (ii) AdValiant’s or the Shareholder’s failure to perform any action
        required by this Agreement; and (iii) claims arising from any undisclosed
        liability claim which accrued on or before the Initial Closing Date.

       

      (b)  DGI
        shall
        indemnify and hold the AdValiant Stockholders (each a “DGI Indemnified Party”)
        harmless from and against, and reimburse a DGI Indemnified Party with respect
        to, any and all loss, damage, liability, cost and expense, including reasonable
        attorneys’ fees and costs, incurred by the DGI Indemnified Party by reason of or
        arising out of (i) the material breach of any representation, any
        certificate delivered at the Initial Closing, or covenant made by DGI in
        this
        Agreement; and (ii) the failure by DGI to perform any action required
        by
        this Agreement; (iii) claims arising from any liability claim which
        accrued
        after the Initial Closing Date.

       

      (c)  If
        a
        claim for which indemnification may be sought against the other party is
        asserted, the party entitled to indemnification hereunder shall (i) promptly
        submit a notice stating to the other party the nature and basis of the claim,
        including a description in reasonable detail of facts giving rise to the
        claim
        and (if known) the amount of the claim, (ii) give reasonable access to all
        books, records and documents relevant to such claim and (iii) shall thereafter
        permit the other to participate at such party's sole expense in the negotiation
        and settlement of that claim and to join in or assume the defense of any
        legal
        action arising there from with counsel selected by them and reasonably
        satisfactory to the other party. Either party may implead the other in any
        action that is subject to indemnity.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      (d)  Notwithstanding
        the foregoing, (i) the provisions of this indemnity shall not apply unless
        the
        aggregate loss, damage, liability, cost and expense shall exceed $10,000
        and
        (ii) all claims for damages shall be settled by cancellation or issuance
        of
        Exchangeable Shares, as the circumstances require, regardless of the amount
        previously issued. The valuation of Exchangeable Shares to be delivered shall
        be
        the average closing price for the DGI Common on the five trading days
        immediately proceeding the date on which the obligation to deliver shares
        is
        determined.

       

      (e)  Notwithstanding
        the foregoing, all liability under this section shall end on the Final
        Supplemental Closing Date and the maximum liability shall be limited to the
        issuance of additional Exchangeable Shares by AdValiant or to the cancellation
        of outstanding Exchangeable Shares equal, in either case, to the total number
        of
        Exchangeable Shares issued under Section 2.01(c) as adjusted
        hereunder.

       

      (f)  In
        no
        event shall a party to this Agreement be required to indemnify an AdValiant
        Indemnified Party or a DGI Indemnified Party and such indemnifying party
        shall
        have no liability to the extent the liability arises or is increased as a
        result
        of an action taken by the indemnified party or its affiliates.

       

      (g)  No
        party
        shall have any liability to another party under this Agreement for a breach
        of a
        representation or warranty of the party seeking indemnification if such party
        had knowledge at or before the Initial Closing Date of the facts as a result
        of
        which such representation or warranty was breached or inaccurate.

       

      (h)  Notwithstanding
        anything contained herein to the contrary, the amount of any losses incurred
        or
        suffered by an indemnified party shall be calculated after giving effect
        to (x)
        any insurance proceeds received by or otherwise payable to the indemnified
        party
        (or any its affiliates) with respect to such liability and (y) any recoveries
        obtained by the indemnified party (or any of its affiliates) from any other
        third party with respect to any losses incurred or suffered by an indemnified
        party, no liability shall attach to the indemnified party in respect in respect
        of any losses to the extent that the same losses have been recovered by the
        indemnified party from the indemnifying person.  Accordingly, the
        indemnified party may only recover once in respect of the same
        loss.

       

      (i)  For
        purposes of this Section 9.12, losses shall not include consequential or
        punitive damages, lost profits, or lost revenue if the party seeking
        indemnification is not required by a court of competent jurisdiction to pay
        such
        amounts by reason of a claim by a third person.

       

      (j)  Following
        the Initial Closing Date, the indemnification provided in this Section 9.12
        is
        the exclusive remedy for all matters arising under or in connection with
        this
        Agreement and the transactions contemplated hereby, including, without
        limitation for any inaccuracy or breach of any representation, warranty,
        covenant or agreement set forth herein, except that any party may rely on
        any
        equitable remedy in respect of any such inaccuracy or breach.

       

      
        Section
          9.13.  Brokers
          and Finders

      

       

      No
        broker
        or finder shall be entitled to any fees or commissions relating to this
        Merger.

      

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      
         

        Section
          9.14.  Interpretation

      

       

      The
        use
        of words “it” or “its,” in reference to any party hereto shall be construed to
        be a proper reference even though a party may be a partnership, an individual
        or
        two or more individuals. The term “person” includes individuals; corporations,
        partnerships, associations, or other legal entities; and governments,
        governmental subdivisions, agencies, or instrumentalities. Words of one gender
        shall be deemed to include the other, or both, or neither. A provision of
        this
        Agreement that requires a party to perform an action shall be construed as
        requiring the party to perform the action or to cause such action to be
        performed. A provision of this Agreement that prohibits a party from performing
        an action shall be construed as prohibiting such party from performing such
        action or permitting others to perform such action. Wherever the term
“including” is used herein, the same shall be deemed to read “including, but not
        limited to.” The singular shall be deemed to include the plural, and the plural
        shall be deemed to include the singular. The agreements contained in this
        Agreement shall not be construed as independent covenants. “Any” shall be deemed
        to read “any and all” whenever applicable. “Anytime” shall be deemed to read
“anytime and from time to time” whenever applicable. The conjunction “and” shall
        include the conjunction “or” whenever applicable. The conjunction “or” shall
        include the conjunction “and” whenever applicable.

       

       

      {The
        balance of this page has been intentionally left blank}

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      In
        Order
        To Indicate Their Intention to be Bound,
        the
        Parties hereto have caused this Agreement to be duly executed as of the date
        first above written by their respective duly authorized officers.

       

      

        
          	
                  Dialog
                    Group, Inc.

                	 
	 	 
	
                  By:

                	 /s/
                  Peter V. DeCrescenzo	 
	 	
                  Peter
                    V. DeCrescenzo, President

                	 
	 	 	 
	
                  AdValiant
                    Inc.

                	 
	 	 	 
	
                  By:

                	 /s/
                  Peter Bordes	 
	 	
                  Peter
                    Bordes, President

                	 

        

        

        
          	 	
                  The
                    Shareholders

                	 
	 	
                  Empire
                    Media, Inc.

                	 
	 	 	 	 
	 	
                  By:

                	  /s/
                  Peter Bordes	 
	 	 	
                  Peter
                    Bordes, President

                	 
	 	 	 	 
	 	 	 /s/
                  Matt Wise	 
	 	 	
                  Matt
                    Wise

                	 
	 	 	 	 
	 	 	 /s/
                  Jivan Manhas	 
	 	 	
                  Jivan
                    Manhas

                	 

        

        

        
          	
                  AdValiant
                    Acquisition Corp.

                	 
	 	 
	
                  By:

                	 /s/
                  Peter V. DeCrescenzo	 
	 	
                  Peter
                    V. DeCrescenzo, President

                	 
	 	 	 
	
                  AdValiant
                    USA, Inc.

                	 
	 	 	 
	
                  By:

                	  /s/
                  Peter Bordes	 
	 	
                  Peter
                    Bordes, President

                	 

        

        

        
          	
                  With
                    respect to Section 8.02(b):

                	 /s/
                  Peter V. DeCrescenzo
	 	
                  Peter
                    V. DeCrescenzo

                   

                  /s/
                    Vincent
                    DeCrescenzo, Sr.

                
	 	
                  Vincent
                    DeCrescenzo, Sr.

                

        

      

    

     

    
      
        
        

      

      
        27Unassociated Document

    Exhibit
      10.10

    
      	
               

              A.

            	
               

              The
                authorized and issued shares of the Corporation are amended
                to:

            
	 	
               

              (i)

            	
               

              create
                an unlimited number of the following classes of shares:

            
	 	 	 	
               

              Exchangeable
                Shares

              Class
                A Common Shares

            
	 	
               

              (ii)

            	
               

              change
                each issued and outstanding Common Share into 3,366,855.84 Exchangeable
                Shares;

            
	 	
               

              (iii)

            	
               

              following
                the changes as provided in (i) and (ii), cancel all the authorized
                and
                unissued Common Shares and the rights, privileges, restrictions and
                conditions attached thereto;

            
	 	
               

              so
                that after giving effect to the foregoing, the Corporation is authorized
                to issue unlimited Exchangeable Shares and Class A Common
                Shares.

            
	
              B.

            	
               

              The
                rights, privileges, restrictions and conditions attaching to the
                Exchangeable Shares and the Class A Common Shares are set out in
                Schedule
                1 attached hereto.

            

    

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    SCHEDULE
      1

     

    ARTICLE
      1

    INTERPRETATION

    

    For
      the
      purposes of these rights, privileges, restrictions and conditions: 

    

    Section
      1.1 Definitions.

    

    “Act”
      means
      the Business
      Corporations Act
      (Ontario), as amended, consolidated or reenacted from time to time.

    

    “AdValiant
      USA Common Shares”means
      the
      shares of common stock, with a par value of $0.01 per share, in the capital
      of
      AdValiant USA, Inc., a corporation organized and existing under the laws of
      Delaware.

    

    “Automatic
      Redemption Date”
      means
      the date for the automatic redemption by the Corporation of Exchangeable Shares
      pursuant to Article 7 of these share provisions, which date shall be the tenth
      anniversary date of the Effective Date, unless such date shall be extended
      by
      the Board of Directors at any time or from time to time to a specified later
      date being not later than the fifteenth anniversary of the Effective Date,
      upon
      at least 60 days’ prior written notice of any such extension to the registered
      holders of the Exchangeable Shares, in which case the Automatic Redemption
      Date
      shall be the later date designated in such notice.

    

    “Board
      of Directors”
      means
      the Board of Directors of the Corporation and any committee thereof acting
      within its authority.

    

    “Business
      Day”
      means
      any day other than a Saturday, a Sunday or a day when banks are not open for
      business in Toronto, Ontario.

    

    “Class
      A Common Shares”
      means
      the multiple voting common shares in the capital of the
      Corporation.

    

    “Corporation”
      means
      AdValiant, Inc., a corporation incorporated and existing under the
      Act.

    

    “Current
      Market Price”
      means,
      in respect of a ParentCo Common Share on any date, the average of the closing
      bid and ask prices of ParentCo Common Shares during a period of 10 consecutive
      trading days ending not more than five trading days before such date on the
      principal U.S. stock exchange or automated quotation system on which the
      ParentCo Common Shares are listed or quoted, as the case may be, as may be
      selected by the Board of Directors for such purpose; provided, however, that
      if
      in the opinion of the Board of Directors the public distribution or trading
      activity of ParentCo Common Shares during such period does not create a market
      which reflects the fair market value of ParentCo Common Shares or ParentCo
      Common Shares are not listed on a U.S. stock exchange or quoted on an automated
      quotation system, then the Current Market Price of a ParentCo Common Share
      shall
      be determined by the Board of Directors based upon the advice of such qualified
      independent financial advisors as the Board of Directors may deem to be
      appropriate, and provided further than any such selection, opinion or
      determination by the Board of Directors shall be conclusive and
      binding.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “DGI
      Common Shares”means
      the
      shares of common stock, with a par value of $0.001 per share, in the capital
      of
      Dialog Group, Inc., a corporation organized and existing under the laws of
      Delaware;

    

    “Effective
      Date”
      means
      the date of the completion of the Reorganization. 

    

    “Escrow
      Agreement”means
      an
      agreement dated as of June 30, 2005 among the Corporation, Dialog Group, Inc.,
      AdValiant Acquisition Corp., AdValiant USA, Inc., Empire Media, Inc., Jivan
      Manhas and Matthew Wise, and Mark Siegel as escrow agent, pursuant to which
      the
      escrow agent holds a specified number of Exchangeable Shares in accordance
      with
      the terms thereof.

    

    “Exchangeable
      Share Consideration”
      means,
      with respect to each Exchangeable Share, for any acquisition of, or redemption
      of, or distribution of assets of the Corporation in respect of, Exchangeable
      Shares pursuant to these share provisions, the Support Agreement or the Voting
      and Exchange Trust Agreement, for that part of the consideration which
      is:

    

    
      	
              (a)

            	
              the
                Current Market Price of a ParentCo Common Share, such consideration
                shall
                be fully paid and satisfied by the delivery of one ParentCo Common
                Share,
                as evidenced by certificates representing the aggregate number of
                such
                ParentCo Common Shares;

            

    

    

    
      	
              (b)

            	
              the
                amount of all declared and unpaid and undeclared but payable cash
                dividends deliverable in connection with such action, a cheque or
                cheques
                payable at par at any branch of the bankers of the payor;
                and

            

    

    

    
      	
              (c)

            	
              all
                declared and unpaid non-cash dividends deliverable in connection
                with such
                action, such consideration shall be fully satisfied by the delivery
                of
                such non-cash items;

            

    

    

    provided
      that (i) any such share consideration shall be duly issued as fully paid and
      non-assessable and any such property shall be delivered free and clear of any
      lien, claim, encumbrance, security interest or adverse claim or interest created
      by or through the Corporation or ParentCo; and (ii) such consideration shall
      be
      paid less any tax required to be deducted and withheld therefrom, unless the
      holder provides to the Corporation a certificate or such other assurance as
      is
      provided for under applicable legislation as is required to ensure that the
      Corporation is not liable for such tax, and without interest. 

    

    “Exchangeable
      Share Price”
      means,
      for each Exchangeable Share, at any given date, an amount equal to the aggregate
      of:

    

    
      	
              (a)

            	
              the
                Current Market Price of a ParentCo Common Share;
                plus

            

    

    

    
      	
              (b)

            	
              an
                additional amount equal to the full amount of all cash dividends
                declared
                and unpaid on such Exchangeable Share;
                plus

            

    

    

    
      	
              (c)

            	
              an
                additional amount equal to all dividends declared on a ParentCo Common
                Share which have not been declared on each Exchangeable Share in
                accordance herewith; plus

            

    

    

    
      	
              (d)

            	
              an
                additional amount representing the value of non-cash dividends declared
                and unpaid on such Exchangeable
                Share.

            

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Exchangeable
      Shares”
      means
      the Exchangeable Shares of the Corporation having the rights, privileges,
      restrictions and conditions set forth herein.

    

    “Liquidation
      Amount”
      has the
      meaning provided in Section 5.1 hereof.

    

    “Liquidation
      Call Right”
      has the
      meaning provided in the Support Agreement

    

    “Liquidation
      Date”
      has the
      meaning provided in Section 5.1 hereof.

    

    “Merger”means
      the
      merger of AdValiant USA, Inc. and AdValiant Acquisition Corp. under the laws
      of
      Delaware pursuant to the Merger Agreement.

    

    “Merger
      Agreement”
      means
      the agreement between the Corporation, certain shareholders thereof, Dialog
      Group, Inc., AdValiant Acquisition Corp. and AdValiant USA., Inc. contemplating
      the Reorganization and the Merger.

    

    “ParentCo”
      means
      (i) AdValiant USA, Inc., a corporation organized and existing under the laws
      of
      the State of Delaware, if the reference is made in respect of an action to
      be
      taken by or in respect of “ParentCo” prior to the effective time of the Merger
      and (ii) Dialog Group, Inc., a corporation organized and existing under the
      laws
      of Delaware, if the reference is made in respect of an action to be taken by
      or
      in respect of “ParentCo” on or after the effective time of the Merger and, in
      either case, includes any successor corporation of AdValiant USA, Inc. and
      Dialog Group, Inc.

    

    “ParentCo
      Call Notice”
      has the
      meaning provided in Section 6.3 hereof.

    

    “ParentCo
      Common Shares”
      means
      AdValiant USA Common Shares prior to the effective time of the Merger and DGI
      Common Shares on or after the effective time of the Merger and any other
      securities in substitution therefor as provided in Section 2.5 of the Support
      Agreement. 

    

    “ParentCo
      Dividend Declaration Date”
      means
      the date on which the board of directors of ParentCo declares any dividend
      on
      the ParentCo Common Shares.

    

    “ParentCo
      Sub”means
      any
      subsidiary of ParentCo (other than the Corporation) incorporated under the
      laws
      of a Province of Canada or the federal laws of Canada;

    

    “Purchase
      Price”
      has the
      meaning provided in Section 6.3 hereof.

    

    “RCR
      Exercising Party”has
      the
      meaning provided in Section 6.3 hereof.

    

    “Redemption
      Call Purchase Price”
      has the
      meaning provided in the Support Agreement.

    

    “Redemption
      Call Right”
      has the
      meaning provided in the Support Agreement.

    

    “Redemption
      Price”
      has the
      meaning provided in Section 7.1 hereof.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Reorganization”
      means
      the reorganization of the capital structure of the Corporation pursuant to
      which
      the Corporation issued certain Exchangeable Shares.

    

    “Retracted
      Shares”
      has the
      meaning provided in Subsection 6.1(i) hereof.

    

    “Retraction
      Call Right”
      has the
      meaning provided in Subsection 6.1(iii) hereof.

    

    “Retraction
      Date”
      has the
      meaning provided in Subsection 6.1(ii) hereof.

    

    “Retraction
      Price”
      has the
      meaning provided in Section 6.1 hereof.

    

    “Retraction
      Request”
      has the
      meaning provided in Section 6.1 hereof.

    

    “Subsidiary”,
      in
      relation to any person, means any body corporate, partnership, joint venture,
      association or other entity of which more than 50% of the total voting power
      of
      shares or units of ownership or beneficial interest entitled to vote in the
      election of directors (or members of a comparable governing body) is owned
      or
      controlled, directly or indirectly, by such person.

    

    “Support
      Agreement”
      means
      the Support Agreement between AdValiant USA, Inc., Dialog Group, Inc. and the
      Corporation made as of the Effective Date.

    

    “Trustee”
      means
      Empire Media, Inc. and any successor trustee appointed under the Voting and
      Exchange Trust Agreement.

    

    “Voting
      and Exchange Trust Agreement”
      means
      the Voting and Exchange Trust Agreement between the Corporation, Dialog Group,
      Inc., AdValiant USA, Inc., Empire Media, Inc. (as a shareholder of the
      Corporation and Trustee), Jivan Manhas and Matthew Wise made as of the Effective
      Date.

    

    

    ARTICLE
      2

    RANKING
      OF EXCHANGEABLE SHARES

    

    Section
      2.1 The
      Exchangeable Shares shall be entitled to a preference over the Class A Common
      Shares and any other shares ranking junior to the Exchangeable Shares, with
      respect to (i) priority in payment of dividends, and (ii) the distribution
      of
      assets in the event of the liquidation dissolution or winding-up of the
      Corporation, whether voluntary or involuntary, or any other distribution of
      the
      assets of the Corporation among its shareholders for the purpose of winding-up
      its affairs.

    

    

    ARTICLE
      3

    DIVIDENDS

    

    Section
      3.1 A
      holder
      of an Exchangeable Share shall be entitled to receive and the Board of Directors
      shall, subject to applicable law, on each ParentCo Dividend Declaration Date,
      declare a dividend on each Exchangeable Share (a) in the case of a cash dividend
      declared on the ParentCo Common Shares, in an amount in cash for each
      Exchangeable Share equal to the cash dividend declared on each ParentCo Common
      Share or (b) in the case of a share dividend declared on the ParentCo Common
      Share to be paid in ParentCo Common Shares, in such number of Exchangeable
      Shares for each Exchangeable Share as is equal to the number of ParentCo Common
      Shares to be paid on each ParentCo Common Share or (c) in the case of a dividend
      declared on the ParentCo Common Shares in property (other than cash or ParentCo
      Common Shares) in such type and amount of property for each Exchangeable Share
      as is the same as the type and amount of property declared as a dividend on
      each
      ParentCo Common Share. Such dividends shall be paid out of money, assets or
      property of the Corporation properly applicable to the payment of dividends,
      or
      out of authorized but unissued shares of the Corporation.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Section
      3.2 Cheques
      of the Corporation payable at par at any branch of the bankers of the
      Corporation shall be issued in respect of any cash dividends contemplated by
      Subsection 3.1(a) hereof and the sending of such a cheque to each holder of
      an
      Exchangeable Share (less any tax required to be deducted and withheld from
      such
      dividends paid or credited by the Corporation) at the address of such holder
      according to the share register of the Corporation shall satisfy the cash
      dividends represented thereby unless the cheque is not paid on presentation.
      Certificates registered in the name of the registered holder of Exchangeable
      Shares shall be issued or transferred in respect of any share dividends
      contemplated by Subsection 3.1(b) hereof and the sending of such a certificate
      to each holder of an Exchangeable Share at the address for such holder according
      to the share register of the Corporation shall satisfy the share dividend
      represented thereby. Such other type and amount of property in respect of any
      dividends contemplated by Subsection 3.1(c) hereof shall be issued, distributed
      or transferred by the Corporation in such manner as it shall determine and
      the
      issuance, distribution or transfer thereof by the Corporation to each holder
      of
      an Exchangeable Share at the address for such holder according to the share
      register of the Corporation shall satisfy the dividend represented thereby.
      In
      all cases any such dividends shall be subject to any reduction or adjustment
      for
      tax required to be deducted and withheld from such dividends paid or credited
      by
      the Corporation. No holder of an Exchangeable Share shall be entitled to recover
      by action or other legal process against the Corporation any dividend which
      is
      represented by a cheque that has not been duly presented to the Corporation’s
      bankers for payment or which otherwise remains unclaimed for a period of six
      years from the date on which such dividend was payable.

    

    Section
      3.3 The
      record date for the determination of the holders of Exchangeable Shares entitled
      to receive payment of, and the payment date for, any dividend declared on the
      Exchangeable Shares under Section 3.1 hereof shall be the same dates as the
      record date and payment date, respectively, for the corresponding dividend
      declared on the ParentCo Common Shares.

    

    Section
      3.4 If
      on any
      payment date for any dividends declared on the Exchangeable Shares under Section
      3.1 hereof the dividends are not paid in full on all of the Exchangeable Shares
      then outstanding, any such dividends which remain unpaid shall be paid on a
      subsequent date or dates determined by the Board of Directors on which the
      Corporation shall have sufficient moneys, assets or property properly applicable
      to the payment of such dividends.

    

    Section
      3.5 Except
      as
      provided in this Article 3, the holders of Exchangeable Shares shall not be
      entitled to receive dividends in respect thereof.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    ARTICLE
      4

    CERTAIN
      RESTRICTIONS

    

    Section
      4.1 So
      long
      as any of the Exchangeable Shares are outstanding, the Corporation shall not
      without, but may at any time with, the approval of the holders of the
      Exchangeable Shares given as specified in Section 9.2 of these share
      provisions:

    

    
      	
              (a)

            	
              at
                any time amend the articles or by-laws of the Corporation in a manner
                which would prejudicially affect the holders of Exchangeable Shares
                in any
                material respect; or

            

    

    

    
      	
              (b)

            	
              at
                any time amalgamate with any other corporation, initiate the voluntary
                liquidation, dissolution or winding-up of the Corporation nor take
                any
                action or omit to take any action that is designed to result in the
                liquidation, dissolution or winding-up of the
                Corporation.

            

    

    

    Section
      4.2 So
      long
      as any of the Exchangeable Shares are outstanding and the Corporation is in
      default in the declaration and payment of dividends on the outstanding
      Exchangeable Shares corresponding to dividends declared with a record date
      on or
      following the Effective Date on the ParentCo Common Shares, the Corporation
      shall not at any time without, but may at any time with, the approval of the
      holders of the Exchangeable Shares given as specified in Section 9.2 of these
      share provisions:

    

    
      	
              (a)

            	
              pay
                any dividends on the Class A Common Shares, or any other shares ranking
                junior to the Exchangeable Shares, other than share dividends payable
                in
                any such other shares ranking junior to the Exchangeable
                Shares;

            

    

    

    
      	
              (b)

            	
              redeem
                or purchase or make any capital distribution in respect of Class
                A Common
                Shares or any other shares ranking junior to the Exchangeable Shares
                with
                respect to the payment of dividends or on any liquidation distribution;
                or

            

    

    

    
      	
              (c)

            	
              redeem
                or purchase any other shares of the Corporation ranking equally with
                the
                Exchangeable Shares with respect of the payment of dividends or on
                any
                liquidation distribution.

            

    

    

    

    ARTICLE
      5

    DISTRIBUTION
      ON LIQUIDATION

    

    Section
      5.1 In
      the
      event of the liquidation, dissolution or winding-up of the Corporation or any
      other distribution of the assets of the Corporation among its shareholders
      for
      the purpose of winding-up its affairs, a holder of Exchangeable Shares shall
      be
      entitled, subject to applicable law, to receive from the assets of the
      Corporation in respect of each Exchangeable Share held by such holder on the
      effective date of such liquidation, dissolution or winding-up (the “Liquidation
      Date”), before any distribution of any part of the assets of the Corporation to
      the holders of the Class A Common Shares or any other shares ranking junior
      to
      the Exchangeable Shares, an amount equal to the Exchangeable Share Price
      applicable on the last Business Day prior to the Liquidation Date (the
“Liquidation Amount”) which, as set forth in section 5.2, shall be fully paid
      and satisfied by the delivery by or on behalf of the Corporation of the
      Exchangeable Share Consideration representing such holder’s total Liquidation
      Amount. In connection with payment of the Exchangeable Share Consideration
      representing the total Liquidation Amount, the Corporation shall be entitled
      to
      liquidate some of the ParentCo Common Shares which would otherwise be
      deliverable to the particular holder of Exchangeable Shares in order to fund
      any
      statutory withholding tax obligation.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Section
      5.2 Within
      10
      Business Days after the Liquidation Date, and subject to the exercise by
      ParentCo or ParentCo Sub of the Liquidation Call Right, and receipt by the
      Corporation of appropriate certificates or other assurances in respect of
      applicable taxes related to the payment of the Exchangeable Share Consideration,
      the Corporation shall cause to be delivered to the holders of the Exchangeable
      Shares the Exchangeable Share Consideration representing the Liquidation Amount
      for each such Exchangeable Share upon presentation and surrender of the
      certificates representing such Exchangeable Shares, together with such other
      documents and instruments as may be required to effect a transfer of
      Exchangeable Shares under the Act and the by-laws of the Corporation and such
      additional documents and instruments as the Corporation may reasonably require,
      at the registered office of the Corporation or such other office in Ontario,
      Canada as may be specified by the Corporation by notice to the holders of the
      Exchangeable Shares. The Exchangeable Share Consideration representing the
      total
      Liquidation Amount for such Exchangeable Shares shall be delivered to each
      holder, at the address of the holder recorded in the securities register of
      the
      Corporation for the Exchangeable Shares or by holding for pick-up by the holder
      at the registered office of the Corporation or at such other office in Ontario,
      Canada as may be specified by the Corporation by notice to the holders of
      Exchangeable Shares. On and after the Liquidation Date, the holders of the
      Exchangeable Shares shall cease to be holders of such Exchangeable Shares and
      shall not be entitled to exercise any of the rights of holders in respect
      thereof, other than the right to receive their respective Exchangeable Share
      Consideration, unless payment of the Exchangeable Share Consideration
      representing the total Liquidation Amount for such Exchangeable Shares shall
      not
      be made upon presentation and surrender of share certificates in accordance
      with
      the foregoing provisions, in which case the rights of the holders shall remain
      unaffected until the Exchangeable Share Consideration representing the total
      Liquidation Amount has been paid in the manner hereinbefore provided. The
      Corporation shall have the right at any time on or after the Liquidation Date
      to
      deposit or cause to be deposited the Exchangeable Share Consideration in respect
      of the Exchangeable Shares represented by certificates that have not at the
      Liquidation Date been surrendered by the holders thereof in a custodial account
      or for safekeeping, in the case of non-cash items, with any chartered bank
      or
      trust company in Canada. Upon such deposit being made, the rights of the holders
      of Exchangeable Shares after such deposit shall be limited to receiving their
      proportionate share of the Exchangeable Share Consideration representing the
      total Liquidation Amount for such Exchangeable Shares so deposited, against
      presentation and surrender of the said certificates held by them, respectively,
      in accordance with the foregoing provisions. Upon such payment or deposit of
      such Exchangeable Share Consideration, the holders of the Exchangeable Shares
      shall thereafter be considered and deemed for all purposes to be the holders
      of
      the ParentCo Common Shares delivered to them. Notwithstanding the foregoing,
      until such payment or deposit of such Exchangeable Share Consideration, the
      holder shall be deemed to still be a holder of Exchangeable Shares for purposes
      of all voting rights in ParentCo with respect thereto under the Voting and
      Exchange Trust Agreement.

    

    Section
      5.3 After
      the
      Corporation has satisfied its obligations to pay the holders of the Exchangeable
      Shares the Exchangeable Share Consideration representing the Liquidation Amount
      per Exchangeable Share, such holders shall not be entitled to share in any
      further distribution of the assets of the Corporation.

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section
      5.4 If
      ParentCo or ParentCo Sub exercises the Liquidation Call Right, each holder
      of
      Exchangeable Shares shall be obligated to sell on the Liquidation Date all
      the
      Exchangeable Shares held by such holder to whichever of ParentCo or ParentCo
      Sub, has exercised the Liquidation Call Right on payment by whichever of
      ParentCo or ParentCo Sub has exercised the Liquidation Call Right to the holder
      of the Exchangeable Share Consideration representing the Liquidation Call
      Purchase Price for each such share.

    

    

    ARTICLE
      6

    RETRACTION
      OF EXCHANGEABLE SHARES BY HOLDER

    

    Section
      6.1 A
      holder
      of Exchangeable Shares shall be entitled at any time, subject to the exercise
      by
      ParentCo or ParentCo Sub of the Retraction Call Right which, if exercised by
      ParentCo or ParentCo Sub, shall be binding on the holders of Exchangeable
      Shares, and otherwise upon compliance with the provisions of this Article 6,
      to
      require the Corporation to redeem any or all of the Exchangeable Shares
      registered in the name of such holder for an amount equal to the Exchangeable
      Share Price applicable on the last Business Day prior to the Retraction Date
      (the “Retraction Price”), which as set forth in section 6.4, shall be fully paid
      and satisfied by the delivery by or on behalf of the Corporation of the
      Exchangeable Share Consideration representing such holders total Retraction
      Price. In connection with payment of the Exchangeable Share Consideration
      representing the total Retraction Price, the Corporation shall be entitled
      to
      liquidate some of the ParentCo Common Shares that would otherwise be deliverable
      to the particular holder of Exchangeable Shares in order to fund any statutory
      withholding tax obligation. To effect such redemption, the holder shall present
      and surrender at the registered office of the Corporation or at such other
      office in Ontario, Canada as may be specified by the Corporation by notice
      to
      the holders of Exchangeable Shares the certificate or certificates representing
      the Exchangeable Shares which the holder desires to have the Corporation redeem,
      together with such other documents and instruments as may be required to effect
      a transfer of Exchangeable Shares under the Act and the by-laws of the
      Corporation and such additional documents and instruments as the Corporation
      may
      reasonably require, and together with a duly executed statement (the “Retraction
      Request”) in the form of Schedule A hereto or in such other form as maybe
      acceptable to the Corporation:

    

    
      	 	
              (i)

            	
              specifying
                that the holder desires to have all or any number specified therein
                of the
                Exchangeable Shares represented by such certificate or certificates
                (the
                “Retracted Shares”) redeemed by the
                Corporation;

            

    

    

    
      	 	
              (ii)

            	
              stating
                the Business Day on which the holder desires to have the Corporation
                redeem the Retracted Shares (the “Retraction Date”), provided that such
                date shall be not less than ten Business Days nor more than fifteen
                Business Days after the date on which the Retraction Request is received
                by the Corporation and further provided that, in the event that no
                such
                Business Day is specified by the holder in the Retraction Request,
                the
                Retraction Date shall be deemed to be the tenth Business Day after
                the
                date on which the Retraction Request is received by the
                Corporation,

            

    

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	 	
              (iii)

            	
              acknowledging
                the overriding right (the “Retraction Call Right”) of ParentCo or, at
                ParentCo’s option, ParentCo Sub to purchase all but not less than all the
                Retracted Shares directly from the holder and that the Retraction
                Request
                shall be deemed to be a revocable offer by the holder to sell the
                Retracted Shares in accordance with the Retraction Call Right on
                the terms
                and conditions set out in Section 6.3 below.

            

    

    

    Section
      6.2 Subject
      to the exercise by ParentCo or, at ParentCo’s option, ParentCo Sub of the
      Retraction Call Right, upon receipt by the Corporation in the manner specified
      in Section 6.1 hereof of a certificate or certificates representing the number
      of Exchangeable Shares which the holder desires to have the Corporation redeem,
      together with a Retraction Request as well as appropriate certificates or other
      assurances in respect of applicable taxes related to the payment of the Exchange
      Share Consideration, and provided that the Retraction Request is not revoked
      by
      the holder in the manner specified in Section 6.7 hereof, the Corporation shall
      redeem the Retracted Shares effective at the close of business on the Retraction
      Date and shall cause to be delivered on the Retraction Date to such holder
      the
      Exchangeable Share Consideration representing the total Retraction Price with
      respect to such shares in accordance with Section 6.4 hereof. If only a part
      of
      the Exchangeable Shares represented by any certificate are redeemed or purchased
      by ParentCo pursuant to the Retraction Call Right, a new certificate for the
      balance of such Exchangeable Shares shall be issued on the Retraction Date
      to
      the holder at the expense of the Corporation.

    

    Section
      6.3 Upon
      receipt by the Corporation of a Retraction Request, the Corporation shall
      immediately notify ParentCo thereof. In order to exercise the Retraction Call
      Right, ParentCo or ParentCo Sub must notify the Corporation in writing of its
      determination to do so (the “ParentCo Call Notice”) within five Business Days of
      such notification. If neither ParentCo nor ParentCo Sub notifies the Corporation
      within five Business Days, the Corporation will notify the holder as soon as
      possible thereafter that ParentCo and ParentCo Sub will not exercise the
      Retraction Call Right. If ParentCo or ParentCo Sub delivers the ParentCo Call
      Notice within such five Business Days, and provided that the Retraction Request
      is not revoked by the holder in the manner specified in Section 6.7, the
      Retraction Request shall thereupon be considered only to be an offer by the
      holder to sell the Retracted Shares to whichever of ParentCo and ParentCo Sub
      is
      exercising the Retraction Call Right (the “RCR Exercising Party”) in accordance
      with the Retraction Call Right. In such event, the Corporation shall not redeem
      the Retracted Shares and the RCR Exercising Party shall purchase from such
      holder and such holder shall sell to the RCR Exercising Party on the Retraction
      Date the Retracted Shares for a purchase price (the “Purchase Price”) per share
      equal to the Retraction Price per share, which as set forth in section 6.4,
      shall be fully paid and satisfied by the delivery by or on behalf of the RCR
      Exercising Party of the Exchangeable Share Consideration representing such
      holder’s total Purchase Price. For the purposes of completing a purchase
      pursuant to the Retraction Call Right, the RCR Exercising Party shall deposit
      with the Corporation, on or before the Retraction Date, the Exchangeable Share
      Consideration for each Exchangeable Share to be purchased. Provided that such
      Exchangeable Share Consideration has been so deposited with the Corporation,
      the
      closing of the purchase and sale of the Retracted Shares pursuant to the
      Retraction Call Right shall be deemed to have occurred as at the close of
      business on the Retraction Date and, for greater certainty, no redemption by
      the
      Corporation of such Retracted Shares shall take place on the Retraction Date.
      In
      the event that neither ParentCo nor ParentCo Sub delivers a ParentCo Call Notice
      within five Business Days or otherwise comply with these Exchangeable Share
      provisions in respect thereto, and provided that the Retraction Request is
      not
      revoked by the holder in the manner specified in Section 6.7 hereof, the
      Corporation shall redeem the Retracted Shares on the Retraction Date and in
      the
      manner otherwise contemplated in this Article 6.

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Section
      6.4 Subject
      to receipt by the Corporation or the RCR Exercising Party of appropriate
      certificates or other assurances in respect of applicable taxes related to
      the
      payment of the Exchangeable Share Consideration, the Corporation or the RCR
      Exercising Party, as the case may be, shall deliver on the Retraction Date
      the
      Exchangeable Share Consideration representing the total Retraction Price or
      the
      total Purchase Price, as the case may be, to the relevant holder, at the address
      of the holder recorded in the securities register of the Corporation for the
      Exchangeable Shares or at the address specified in the holder’s Retraction
      Request or by holding for pick up by the holder at the registered office of
      the
      Corporation or at such other office in Ontario, Canada as may be specified
      by
      the Corporation by notice to the holders of Exchangeable Shares and such
      delivery of such Exchangeable Share Consideration shall be deemed to be payment
      of and shall satisfy and discharge all liability under this Article 6, except
      as
      to any cheque included therein which is not paid on due
      presentation.

    

    Section
      6.5 On
      and
      after the close of business on the Retraction Date, the holder of the Retracted
      Shares shall not be entitled to exercise any of the rights of a holder in
      respect thereof, other than the right to receive the Exchangeable Share
      Consideration representing the total Retraction Price or total Purchase Price,
      as the case may be, unless upon presentation and surrender of certificates
      in
      accordance with the foregoing provisions, payment of the Exchangeable Share
      Consideration representing the total Retraction Price or the total Purchase
      Price, as the case may be, shall not be made, in which case the rights of such
      holder shall remain unaffected until the Exchangeable Share Consideration
      representing the total Retraction Price or the total Purchase Price, as the
      case
      may be, has been paid in the manner hereinbefore provided. On and after the
      close of business on the Retraction Date, provided that presentation and
      surrender of certificates and payment of the total Retraction Price or the
      total
      Purchase Price, as the case may be, has been made in accordance with the
      foregoing provisions, the holder of the Retracted Shares so redeemed by the
      Corporation or purchased by the RCR Exercising Party shall thereafter be
      considered and deemed for all purposes to be a holder of the ParentCo Common
      Shares delivered to it. Notwithstanding the foregoing, until payment of such
      Exchangeable Share Consideration to the holder, the holder shall be deemed
      to
      still be a holder of Exchangeable Shares for purposes of all voting rights
      in
      ParentCo with respect thereto under the Voting and Exchange Trust
      Agreement.

    

    Section
      6.6 Notwithstanding
      any other provision of this Article 6, the Corporation shall not be obligated
      to
      redeem Retracted Shares specified by a holder in a Retraction Request to the
      extent that such redemption of Retracted Shares would be contrary to liquidity
      or solvency requirements or other provisions of applicable law. If the
      Corporation believes that on any Retraction Date it would not be permitted
      by
      any of such provisions to redeem the Retracted Shares tendered for redemption
      on
      such date, and provided that neither ParentCo nor ParentCo Sub shall have
      exercised the Retraction Call Right with respect to the Retracted Shares, the
      Corporation shall only be obligated to redeem Retracted Shares specified by
      a
      holder in a Retraction Request to the extent of the maximum number that may
      be
      so redeemed (rounded down to a whole number of shares) as would not be contrary
      to such provisions and shall notify the holder at least two Business Days prior
      to the Retraction Date as to the number of Retracted Shares which will not
      be
      redeemed by the Corporation. In any case in which the redemption by the
      Corporation of Retracted Shares would be contrary to liquidity or solvency
      requirements or other provisions of applicable law, the Corporation shall redeem
      Retracted Shares in accordance with Section 6.2 of these share provisions on
      a
      pro rata basis in respect of Exchangeable Shares to be redeemed on the
      applicable Retraction Date, and shall issue on the Retraction Date to each
      holder of Retracted Shares a new certificate, at the expense of the Corporation,
      representing the Retracted Shares not redeemed by the Corporation pursuant
      to
      Section 6.2 hereof. Provided that the Retraction Request is not revoked by
      the
      holder in the manner specified in Section 6.7 hereof, the holder of any such
      Retracted Shares not redeemed by the Corporation pursuant to Section 6.2 of
      these share provisions as a result of liquidity or solvency requirements or
      applicable law shall be deemed by giving the Retraction Request to have
      exercised its Exchangeable Right (as defined in the Voting and Exchange Trust
      Agreement) so as to require ParentCo or, at the option of ParentCo, ParentCo
      Sub
      to purchase such Retracted Shares from such holder on the Retraction Date or
      as
      soon as practicable thereafter on payment to such holder of the Exchangeable
      Share Consideration representing the Purchase Price for each such Retracted
      Share, all as more specifically provided in the Voting and Exchange Trust
      Agreement, and ParentCo or ParentCo Sub, as the case may be, shall make such
      purchase.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Section
      6.7 A
      holder
      of Retracted Shares may, by notice in writing given by the holder to the
      Corporation before the close of business on the Business Day immediately
      preceding the Retraction Date, withdraw its Retraction Request in which event
      such Retraction Request shall be null and void and, for greater certainty,
      the
      revocable offer constituted by the Retraction Request to sell the Retracted
      Shares to the RCR Exercising Party shall be deemed to have been
      revoked.

    

    

    ARTICLE
      7

    REDEMPTION
      OF EXCHANGEABLE SHARES BY THE CORPORATION

    

    Section
      7.1 Subject
      to applicable law, and if either ParentCo or ParentCo Sub does not exercise
      the
      Redemption Call Right which, if exercised by ParentCo or ParentCo Sub, shall
      be
      binding on the holders of Exchangeable Shares, the Corporation shall on the
      Automatic Redemption Date redeem the whole of the then outstanding Exchangeable
      Shares for an amount for each Exchangeable Share equal to the Exchangeable
      Share
      Price applicable on the last Business Day prior to the Automatic Redemption
      Date
      (the “Redemption Price”), which as set forth in section 7.3 below, shall be
      fully paid and satisfied by the delivery by or on behalf of the Corporation
      of
      the Exchangeable Share Consideration representing the total Redemption Price.
      In
      connection with payment of the Exchangeable Share Consideration representing
      the
      Redemption Price, the Corporation shall be entitled to liquidate some of the
      ParentCo Common Shares which would otherwise be deliverable to the particular
      holder of Exchangeable Shares in order to fund any statutory withholding tax
      obligation.

    

    Section
      7.2 In
      any
      case of a redemption of Exchangeable Shares under this Article 7, the
      Corporation shall, at least 120 days before the Automatic Redemption Date,
      send
      or cause to be sent to each holder of Exchangeable Shares a notice in writing
      of
      the redemption by the Corporation or the purchase by ParentCo or ParentCo Sub
      under the Redemption Call Right, as the case maybe, of the Exchangeable Shares
      held by such holder. Such notice shall set out the Automatic Redemption Date
      and, if applicable, particulars of the Redemption Call Right.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Section
      7.3 On
      the
      Automatic Redemption Date and subject to the exercise by ParentCo or ParentCo
      Sub of the Redemption Call Right, and receipt by the Corporation of appropriate
      certificates or other assurances in respect of applicable taxes related to
      the
      payment of the Exchangeable Share Consideration, the Corporation shall cause
      to
      be delivered to the holders of the Exchangeable Shares to be redeemed the
      Exchangeable Share Consideration representing the Redemption Price for each
      such
      Exchangeable Share upon presentation and surrender at the registered office
      of
      the Corporation or at such other office in Ontario, Canada as may be specified
      by the Corporation in such notice of the certificates representing such
      Exchangeable Shares, together with such other documents and instruments as
      may
      be required to effect a transfer of Exchangeable Shares under the Act and the
      by-laws of the Corporation and such additional documents and instruments as
      the
      Corporation may reasonably require. The Exchangeable Share Consideration
      representing the total Redemption Price for such Exchangeable Shares shall
      be
      delivered to each holder, at the address of the holder recorded in the
      securities register for the Exchangeable Shares. On the Automatic Redemption
      Date, the holders of the Exchangeable Shares called for redemption shall cease
      to be holders of such Exchangeable Shares and shall not be entitled to exercise
      any of the rights of holders in respect thereof, other than the right to receive
      their respective Exchangeable Share Consideration unless payment of the
      Exchangeable Share Consideration representing the total Redemption Price for
      such Exchangeable Shares shall not be made upon presentation and surrender
      of
      certificates in accordance with the foregoing provisions, in which case the
      rights of the holders shall remain unaffected until such Exchangeable Share
      Consideration has been paid in the manner hereinbefore provided. The Corporation
      shall have the right at any time after the automatic Redemption Date to deposit
      or cause to be deposited the Exchangeable Share Consideration with respect
      to
      the Exchangeable Shares so called for redemption, or of such of the said
      Exchangeable Shares represented by certificates that have not at the date of
      such deposit been surrendered by the holders thereof in connection with such
      redemption, in a custodial account or for safe keeping, in the case of non-cash
      items, with any chartered bank or trust company in Canada named in such notice.
      Upon the later of such deposit being made and the Automatic Redemption Date,
      the
      Exchangeable Shares in respect whereof such deposit shall have been made shall
      be redeemed and the rights of the holders thereof after such deposit or
      Automatic Redemption Date, as the case may be, shall be limited to receiving
      their respective Exchangeable Share Consideration so deposited, against
      presentation and surrender of the said certificates held by them, respectively,
      in accordance with the foregoing provisions. Upon such payment or deposit of
      such Exchangeable Share Consideration, the holders of the Exchangeable Shares
      shall thereafter be considered and deemed for all purposes to be holders of
      the
      ParentCo Common Shares delivered to them. Notwithstanding the foregoing, until
      such payment or deposit of such Exchangeable Share Consideration is made, the
      holder shall be deemed to still be a holder of Exchangeable Shares for purposes
      of all voting rights in ParentCo with respect thereto under the Voting and
      Exchange Trust Agreement.

    

    Section
      7.4 If
      ParentCo or ParentCo Sub exercises the Redemption Call Right, each holder of
      Exchangeable Shares shall be obligated to sell all the Exchangeable Shares
      held
      by the Holder to whichever of ParentCo or ParentCo Sub exercises such right
      on
      the Automatic Redemption Date on payment by whichever of ParentCo or ParentCo
      Sub exercises such right to the holder of the Exchangeable Share consideration
      representing the Redemption Call Purchase Price for each such
      share.

    

    

    ARTICLE
      8

    VOTING
      RIGHTS

    

    Section
      8.1 The
      holders of the Exchangeable Shares shall be entitled to receive notice of and
      to
      attend and vote, and to one (1) vote for each Exchangeable Share held by them,
      at all shareholders’ meetings.

    

    

    ARTICLE
      9

    AMENDMENT
      AND APPROVAL

    

    Section
      9.1 The
      rights, privileges, restrictions and conditions attaching to the Exchangeable
      Shares may be added to, changed or removed but, except as hereinafter provided,
      only with the approval of the holders of the Exchangeable Shares given as
      hereinafter specified.

    

    Section
      9.2 Any
      approval given by the holders of the Exchangeable Shares to add to, change
      or
      remove any right, privilege, restriction or condition attaching to the
      Exchangeable Shares or any other matter requiring the approval or consent of
      the
      holders of the Exchangeable Shares shall be deemed to have been sufficiently
      given if it shall have been (a) consented to in writing by each holder of
      Exchangeable Shares or such holder’s attorney authorized in writing or (b) given
      in accordance with applicable law subject to a minimum requirement that such
      approval be evidenced by resolution passed by not less than 66 2/3% of the
      votes
      cast on such resolution by persons represented in person or by proxy at a
      meeting of holders of Exchangeable Shares duly called and held at which the
      holders of at least 50% of the outstanding Exchangeable Shares at that time
      are
      present or represented by proxy (excluding Exchangeable Shares held by the
      escrow agent pursuant to the terms of the Escrow Agreement and Exchangeable
      Shares beneficially owned by ParentCo or its Subsidiaries). If at any such
      meeting the holders of at least 50% of the outstanding Exchangeable Shares
      (excluding Exchangeable Shares held by the escrow agent pursuant to the terms
      of
      the Escrow Agreement and Exchangeable Shares beneficially owned by ParentCo
      or
      its Subsidiaries) at that time are not present or represented by proxy within
      one-half hour after the time appointed for such meeting then the meeting shall
      be adjourned to such date not less than 10 days thereafter and to such time
      and
      place as may be designated by the Chairman of such meeting. At such adjourned
      meeting, the holders of Exchangeable Shares present or represented by proxy
      thereat may transact the business for which the meeting was originally called
      and a resolution passed thereat by the affirmative vote of not less than 66
      2/3%
      of the votes cast on such resolution by persons represented in person or by
      proxy at such meeting shall constitute the approval or consent of the holders
      of
      the Exchangeable Shares. For the purposes of this section, any spoiled votes,
      illegible votes, defective votes and abstinences shall be deemed to be votes
      not
      cast. 

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    ARTICLE
      10

    RECIPROCAL
      CHANGES, ETC. IN RESPECT OF

    PARENTCO
      COMMON SHARES

    

    Section
      10.1 Notwithstanding
      the provisions of Article 9, the Exchangeable Shares shall be automatically
      adjusted to fully reflect the effect of any stock split, reverse split, stock
      dividend (including any dividend or distribution of securities convertible
      into
      ParentCo Common Shares), reorganization, recapitalization or other like change
      with respect to, or any amalgamation, merger or other similar transaction
      affecting, ParentCo Common Stock occurring after the Effective Date.
 

    

    

    ARTICLE
      11

    ACTIONS
      BY THE CORPORATION UNDER 

    SUPPORT
      AGREEMENT

    

    Section
      11.1 The
      Corporation will take all such actions and do all such things as shall be
      necessary or advisable to perform and comply with and to ensure performance
      and
      compliance by ParentCo with all provisions of the Support Agreement and the
      Voting and Exchange Trust Agreement in accordance with the terms thereof
      including, without limitation, taking all such actions and doing all such things
      as shall be necessary or advisable to enforce to the fullest extent possible
      for
      the direct benefit of the Corporation or the holders of the Exchangeable Shares
      all rights and benefits in favour of the Corporation or the holders of the
      Exchangeable Shares under or pursuant thereto.

    

    Section
      11.2 The
      Corporation shall not propose, agree to or otherwise give effect to any
      amendment to, or waive or forgive its rights or obligations under, the Support
      Agreement or the Voting and Exchange Trust Agreement without the approval of
      the
      holders of the Exchangeable Shares given in accordance with Section 9.1 of
      these
      share provisions other than such amendments, waivers and/or forgiveness as
      may
      be necessary or advisable for the purpose of:

    

    
      	
              (a)

            	
              adding
                to the covenants of the other party or parties to such agreement
                for the
                protection of the Corporation or the holders of Exchangeable Shares;
                or

            

    

    

    
      	
              (b)

            	
              making
                such provisions or modifications not inconsistent with such agreement
                or
                certificate as may be necessary or desirable with respect to matters
                or
                questions arising thereunder which, in the opinion of the Board of
                Directors, it may be expedient to make, provided that the Board of
                Directors shall be of the opinion, after consultation with counsel,
                that
                such provisions and modifications will not be prejudicial to the
                interests
                of the holders of the Exchangeable Shares;
                or

            

    

    

    
      	
              (c)

            	
              making
                such changes in or corrections to such agreement or certificate which,
                on
                the advice of counsel to the Corporation, are required for the purpose
                of
                curing or correcting any ambiguity or defect or inconsistent provision
                or
                clerical omission or mistake or manifest error contained therein,
                provided
                that the Board of Directors shall be of the opinion, after consultation
                with counsel, that such changes or corrections will not be prejudicial
                to
                the interests of the holders of the Exchangeable
                Shares.

            

    

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    ARTICLE
      12

    LEGEND

    

    Section
      12.1 The
      certificates evidencing the Exchangeable Shares shall contain or have affixed
      thereto a legend, in form and on terms approved by the Board of Directors,
      with
      respect to the Support Agreement, the Liquidation Call Right and the Redemption
      Call Right, and the Voting and Exchange Trust Agreement (including the
      provisions with respect to the voting rights, exchange right and automatic
      exchange thereunder).

    

    

    ARTICLE
      13

    MISCELLANEOUS

    

    Section
      13.1 Any
      notice, request or other communication to be given to the Corporation by a
      holder of Exchangeable Shares shall be in writing and shall be valid and
      effective if given by mail (postage prepaid) or by telecopy or by delivery
      to
      the registered office of the Corporation and addressed to the attention of
      the
      President. Any such notice, request or other communication, if given by mail,
      telecopy or delivery, shall only be deemed to have been given and received
      upon
      actual receipt thereof by the Corporation.

    

    Section
      13.2 Any
      presentation and surrender by a holder of Exchangeable Shares to the Corporation
      of certificates representing Exchangeable Shares in connection with the
      liquidation, dissolution or winding-up of the Corporation or the retraction
      or
      redemption of Exchangeable Shares shall be made by registered mail (postage
      prepaid) or by delivery to the registered office of the Corporation or to such
      other office in Ontario, Canada as may be specified by the Corporation, in
      each
      case addressed to the attention of the President of the Corporation. Any such
      presentation and surrender of certificates shall only be deemed to have been
      made and to be effective upon actual receipt thereof by the Corporation and
      the
      method of any such presentation and surrender of certificates shall be at the
      sole risk of the holder.

    

    Section
      13.3 Any
      notice, request or other communication to be given to a holder of Exchangeable
      Shares by or on behalf of the Corporation shall be in writing and shall be
      valid
      and effective if given by mail (postage prepaid) or by delivery to the address
      of the holder recorded in the securities register of the Corporation or, in
      the
      event of the address of any such holder not being so recorded, then at the
      last
      known address of such holder. Any such notice, request or other communication,
      if given by mail, shall be deemed to have been given and received on the fifth
      Business Day following the date of mailing and, if given by delivery, shall
      be
      deemed to have been given and received on the date of delivery. Accidental
      failure or omission to give any notice, request or other communication to one
      or
      more holders of Exchangeable Shares shall not invalidate or otherwise alter
      or
      affect any action or proceeding to be or intended to be taken by the
      Corporation.

    

    Section
      13.4 For
      greater certainty, the Corporation shall not be required for any purpose under
      these share provisions to recognize or take account of persons who are not
      so
      recorded in such securities register.

    

    Section
      13.5 All
      Exchangeable Shares acquired by the Corporation upon the purchase, redemption
      or
      retraction thereof shall be cancelled.

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    CLASS
      A COMMON SHARES

    

    The
      holders of the Class A Common Shares shall be entitled:

    

    
      	
              1.

            	
              To
                receive notice of, and to attend and to vote at all meetings of
                shareholders of the Corporation except meetings at which only holders
                of a
                specified class of shares other than the Class A Common Shares are
                entitled to vote, and to cast at all such meetings 1,000 votes per
                Class A
                Common Share;

            

    

    

    
      	
              2.

            	
              subject
                to the rights of the holders of Exchangeable Shares, to receive and
                the
                Corporation shall pay thereon, as and when declared by the directors
                out
                of monies of the Corporation properly applicable to the payment of
                dividends, such amounts as may from time to time be declared by the
                directors; and

            

    

    

    
      	
              3.

            	
              subject
                to the rights of the holders of Exchangeable Shares, to receive,
                subject
                to the rights of the holders of any other classes of shares, the
                remaining
                property of the Corporation on the liquidation, dissolution or winding
                up
                of the Corporation, whether voluntary or
                involuntary.

            

    

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    SCHEDULE
      A

    

    RETRACTION
      REQUEST

    

    

    
      	
               

              To:

            	
               

              AdValiant,
                Inc., (the “Corporation”)

              Dialog
                Group, Inc. (“ParentCo”)

            

    

     

    This
      notice is given pursuant to Article 6 of the provisions (the “Share Provisions”)
      attaching to the Exchangeable Shares of the Corporation represented by the
      enclosed certificate and all capitalized words and expressions used in this
      notice which are defined in the Share Provisions have the meaning attributed
      to
      such words and expressions in such Share Provisions.

    

    The
      undersigned hereby notifies the Corporation that, subject to the Retraction
      Call
      Right referred to below, the undersigned desires to have the Corporation redeem
      in accordance with Article 6 of the Share Provisions:

    

    ⁪ all
      share(s) represented by the certificate(s) accompanying this notice;
      or

    
       

      _______________________
        share(s)
        only.

      

      The
        undersigned hereby notifies the Corporation that the Retraction Date shall
        be
____________________.

       

    

    
      	
               

              NOTE:

            	
               

              The
                Retraction Date must be a Business Day and must not be less than
                10
                Business Days nor more than 15 Business Days after the date upon
                which
                this notice is received by the Corporation. In the event that no
                such
                Business Day is correctly specified above, the Retraction Date shall
                be
                deemed to be the tenth Business Day after the date on which this
                notice is
                received by the Corporation.

            

    

     

    The
      undersigned acknowledges the Retraction Call Right of ParentCo or, at ParentCo’s
      option, ParentCo Sub to purchase all but not less than all of the Retracted
      Shares from the undersigned and that this notice shall be deemed to be a
      revocable offer by the undersigned to sell the Retracted Shares to ParentCo
      or
      ParentCo Sub in accordance with the Retraction Call Right on the Retraction
      Date
      for the Retraction Price and on the other terms and conditions set out in
      Section 6.3 of the Share Provisions. If ParentCo and ParentCo Sub determine
      not
      to exercise the Retraction Call Right, the Corporation will notify the
      undersigned of such fact as soon as possible. This notice of retraction, and
      offer to sell the Retracted Shares to ParentCo or ParentCo Sub, may be revoked
      and withdrawn by the undersigned by notice in writing given to the Corporation
      at any time before the close of business on the Business Date immediately
      preceding the Retraction Date.

    

    The
      undersigned acknowledges that if, as a result of liquidity or solvency
      provisions of applicable law, the Corporation is unable to redeem all Retracted
      Shares, the undersigned will be deemed, subject to revoking this notice in
      accordance with the Share Provisions, to have exercised the Exchange Right
      (as
      defined in the Voting and Exchange Trust Agreement) so as to require ParentCo
      to
      purchase the unredeemed Retracted Shares.

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    The
      undersigned hereby represents and warrants to the Corporation, ParentCo and
      ParentCo Sub that the undersigned has good title to, and owns, the share(s)
      that
      are the subject of this notice and are to be acquired by the Corporation,
      ParentCo or ParentCo Sub, as the case may be, free and clear of all liens,
      claims, encumbrances, security interests and adverse claims or
      interests.

    
      	
               

              ⁪

            	
               

              Please
                check box if the legal or beneficial owner of the Retracted Shares
                is a
                non-resident of Canada

            
	
              ⁪

            	
               

              Please
                check box if the securities and any cheque(s) or other non-cash assets
                resulting from the retraction of the Retracted Shares are to be held
                for
                pick-up by the shareholder at the registered office of the Corporation,
                failing which the securities and any cheque(s) or other non-cash
                assets
                will be delivered to the shareholder in accordance with the Share
                Provisions.

            

    

    

    
      	 	 	 
	
              Name
                of Person I Whose Name Securities or Cheque(s) or Other Non-cash
                Assets
                Are To Be Registered, Issued or Delivered (please print)

               

            	 	
              Date

            
	
              Street
                Address or P.O. Box

            	 	
               

              Signature
                of Shareholder

            
	
              City,
                Province

            	 	
               

              Signature
                Guaranteed by

            

    

    

    
      	
               

              NOTE:

            	
               

              This
                notice must be completed and the certificate(s) representing the
                Exchangeable Shares which are the subject of this notice, together
                with
                such additional documents as the Corporation may require, must be
                deposited with the Corporation at its office at 2 St. Clair Avenue
                East,
                Suite 800, Toronto, Ontario, Canada, M4T 2T5. The securities and
                any
                cheque(s) or other non-cash assets resulting from the retraction
                or
                purchase of the Retracted Shares will be issued and registered in,
                and
                made payable to, or transferred into, respectively, the name of the
                shareholder as it appears on the register of the Corporation and
                the
                securities, cheque(s) and other non-cash assets resulting from such
                retraction or purchase will be delivered to the shareholder in accordance
                with the Share Provisions.

            
	
              NOTE:

            	
               

              Signature
                must be guaranteed by a Canadian chartered bank, a major Canadian
                trust
                company, a member of a recognized Canadian stock exchange or a member
                of
                the Securities Transfer Agents Medallion Program
                (STAMP).

            
	
              NOTE:

            	
               

              If
                the notice of retraction is for less than all of the share(s) represented
                by the certificate(s) submitted with this notice, a certificate
                representing the remaining shares of the Corporation will be issued
                and
                registered in the name of the shareholder as it appears on the register
                of
                the Corporation.

            

    

    

    
      
         

      

      
        18

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