Document:

Exhibit 4.3

SHAREHOLDER WARRANT
AGREEMENT

This
Shareholder Warrant Agreement (“Agreement”) is executed as of this         
day of                    ,
2007 by Solera National Bancorp, Inc., a Delaware corporation (“Company”), in
favor of the persons listed on Exhibit A (each, an “Initial Holder”), in
accordance with the terms and subject to the conditions set forth in this
Agreement.

WHEREAS,
in recognition of the financial risks undertaken by the initial shareholders of
the Company, the Company desires to grant to each Initial Holder warrants to
purchase shares of common stock of the Company (each, a “Warrant” and,
collectively, the “Warrants”) equal to one warrant for each five shares
purchased in the initial offering of common stock of the Company.

NOW,
THEREFORE, in consideration of the foregoing and the agreements hereinafter set
forth, the receipt and sufficiency of which are hereby acknowledged, the
Company and, by acceptance of a Warrant, each Holder (as defined herein) agree
as follows:

1.                                       Grant
of Warrants.  Subject to the terms,
restrictions, limitations and conditions stated in this Agreement, the receipt
and sufficiency of which are hereby acknowledged, the Company hereby grants to
Initial Holder the number of Warrants set forth beside his name on Exhibit A.  Each Warrant initially shall be exercisable
for one fully paid and nonassessable share of common stock, par value
$0.01  per share, of the Company (“Share”),
subject to adjustment as provided in Section 11 of this Agreement.  The Initial Holders and all subsequent
registered holders of the Warrants (each, a “Holder” and, collectively, the “Holders”)
shall have the rights and obligations set forth in this Agreement.

2.                                       Warrant
Certificates.  Each Warrant shall be
evidenced by a warrant certificate, which shall be substantially in the form
attached to this Agreement as Exhibit B (“Warrant Certificate”).  Each Warrant Certificate shall have such
marks of identification or designation and such legends or endorsements thereon
as the Company deems appropriate, so long as they are not inconsistent with the
provisions of this Agreement, or as are required to comply with any law, rule
or regulation applicable to the Company or the Shares.  The Warrant Certificates shall be executed on
behalf of the Company by the manual, facsimile or imprinted signature of its
Chairman of the Board, its President or any senior vice president and shall be
attested by the manual, facsimile or imprinted signature its secretary, cashier
or any assistant secretary or assistant cashier.

3.                                       Term
of Warrants.  

(a)                                  The term for the
exercise of the Warrants shall begin at 9:00 a.m., Denver, Colorado time on the
date that the Company opens for business (the “Issue Date”).  The term for the exercise of the Warrants
shall expire at 2:00 p.m., Denver, Colorado time on the earlier to occur of (i)
the third anniversary of the Issue Date or (ii) the date provided in Section
3(b) of this Agreement (the ”Expiration Time”).

(b)                                 Notwithstanding any
provision of this Agreement or any Warrant Certificate to the contrary, the
Warrants shall expire, to the extent not exercised, within 45 days following
the receipt of notice from the Company’s primary federal regulator (“Regulator”)
that (i) the Company has not maintained its minimum capital requirements (as
determined by the Regulator) and (ii) the Regulator is requiring exercise or
forfeiture of warrants.  Upon receipt of
such notice from the Regulator, the Company promptly shall notify each Holder
that he must exercise the Warrants granted to him prior to the end of the
45-day period or such earlier period as may be specified by the Regulator or
forfeit such Warrant(s).  In case of
forfeiture, no Holder shall have any cause of action, of any kind or nature, against
the Company or any of its officers or directors with respect to the
forfeiture.  In addition, the Company

shall not be
liable to any Holder due to the failure or inability of the Company to provide
adequate notice to Holder.

4.                                       Exercise
of Warrants.  The purchase price per
Share to be paid by a Holder for Shares subject to the Warrants shall be
$12.50, subject to adjustment as set forth in Section 11 of this Agreement (the
“Exercise Price”).  A Holder may exercise
Warrants evidenced by a Warrant Certificate in whole or in part at any time prior
to the Expiration Time by delivering to the secretary of the Company (i) the
Warrant Certificate; (ii) a written notice to the Company specifying the number
of Shares with respect to which Warrants are being exercised; and (iii) a check
for the full amount of the aggregate Exercise Price of the Shares being
acquired.

5.                                       Delivery
of Shares; Partial Exercise.  Upon
receipt of the items set forth in Section 4, and subject to the terms of this
Agreement, the Company shall promptly deliver to, and register in the name of,
the Holder a certificate or certificates representing the number of Shares
acquired by exercise of a Warrant.  In
the event of a partial exercise of Warrant(s), a new Warrant Certificate
evidencing the number of Shares that remain subject to the Warrant shall be
issued by the Company to such Holder or to his duly authorized assigns.

6.                                       Registration
of Transfer and Exchange.

(a)                                  The Company shall
keep, or cause to be kept, at its principal place of business or at such other
location designated by the Company, a register or registers in which, subject
to such reasonable regulations as the Company may prescribe, the registrar and
transfer agent (the “Securities Registrar”) shall register the Warrant
Certificates and the transfers thereof as provided herein (“Securities Register”).  The initial Securities Registrar shall be the
secretary or cashier of the Company, and thereafter, the Securities Registrar
may be removed and/or appointed as authorized by the Company.

(b)                                 Upon surrender for
registration of transfer of any Warrant Certificate, the Company shall issue
and deliver to the Holder or his duly authorized assigns, one or more new
Warrant Certificates of like tenor and in like aggregate amount.

(c)                                  At the option of the
Holder, Warrant Certificates may be exchanged for other Warrant Certificates of
like tenor and in like aggregate amount upon surrender of the Warrant
Certificates to be exchanged.  Upon such
surrender, the Company shall issue and deliver to the Holder or his duly
authorized assigns, one or more new Warrant Certificates of like tenor and in
like aggregate amount.

(d)                                 Every Warrant
Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied (if so required by the Company or the Securities Registrar)
by a written instrument or instruments of transfer, in form satisfactory to the
Company or the Securities Registrar, duly executed by the registered Holder or
by such Holder’s duly authorized attorney in writing.

7.                                       Replacement
of Warrant Certificates.

(a)                                  Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of a Warrant Certificate and, in the case of loss, theft or
destruction, on delivery of an indemnity agreement reasonably satisfactory in form
and amount to the Company or, in the case of mutilation, surrender and
cancellation of such Warrant Certificate, the Company shall issue and deliver
to the Holder or his duly authorized assigns, one or more new Warrant
Certificates of like tenor and in like aggregate amount.  In the case of loss, theft or destruction of
a Warrant Certificate, prior to the issuance of a replacement Warrant
Certificate, the Company may also require that a bond be posted in such amount
as the Company may determine is necessary as indemnity against any claim that
may be made against it with respect to such Warrant Certificate.

 2
 

(b)                                 All Warrants shall be
held and owned under the express condition that the provisions of this Section
are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Warrant Certificates and shall preclude (to the
extent lawful) all other rights and remedies, notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement
or payment of negotiable instruments or other securities without their
surrender.

(c)                                  Upon the issuance of
any new Warrant Certificate under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Company and its agents and counsel) connected therewith.

(d)                                 Every new Warrant
Certificate issued pursuant to this Section shall constitute an additional
contractual obligation of the Company, whether or not the mutilated, destroyed,
lost or stolen Warrant Certificate shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Warrant Certificates duly issued
hereunder.

8.                                       Persons
Deemed Holders.  Prior to the due
presentment of a Warrant Certificate for registration of transfer or exchange,
the Company, any Securities Registrar and any other agent of the Company may
treat the person in whose name such Warrant Certificate is registered in the
Securities Register as the sole Holder of such Warrant Certificate and of the
Warrant represented by such Warrant Certificate for all purposes whatsoever,
and shall not be bound to recognize any equitable or other claim to or interest
in such Warrant Certificate or in the Warrant represented by such Warrant
Certificate on the part of any person and shall be unaffected by any notice to
the contrary.

9.                                       Cancellation.  All Warrant Certificates surrendered for the
purpose of exercise, exchange or registration of transfer shall be cancelled by
the Securities Registrar, and no Warrant Certificates shall be issued in lieu
thereof, except as expressly permitted by the provisions of this Agreement.

10.                                 Fractional
Shares.  The Company shall not be
required to issue Warrant Certificates exercisable for fractional Shares or to
issue fractional Shares upon the exercise of Warrants. Warrant Certificates
exercisable for fractional Shares shall expire as of the Expiration Date, and a
Holder of such Warrant Certificates shall not be entitled to any consideration
of any kind or nature in respect of such Warrant or Warrant Certificate.

11.                                 Stock
Dividends, Splits, Etc.

(a)                                  If, prior to the Expiration
Time, the Company shall subdivide its outstanding Shares into a greater number
of Shares, or declare and pay a dividend of its Shares payable in additional
Shares, the Exercise Price, as then in effect, shall be proportionately
reduced, and the Company shall proportionately increase the number of Shares
then subject to exercise under this Warrant (and not previously exercised).

(b)                                 If, prior to the
Expiration Time, the Company shall combine its outstanding Shares into a lesser
number of Shares, the Exercise Price, as then in effect, shall be
proportionately increased, and the Company shall proportionately reduce the
number of Shares then subject to exercise under this Warrant (and not
previously exercised).

12.                                 Reorganization,
Reclassifications, Consolidation or Merger. 
If, prior to the Expiration Time, there shall be a reorganization or
reclassification of the Shares (other than as provided in Section 11 of this
Agreement), or any consolidation or merger of the Company with another entity,
the Holder shall be entitled to receive, during the remainder of the term of
this Agreement and upon payment of the

 3
 

Exercise Price, the
number of shares of stock or other securities or property of the Company or of
the successor entity (or its parent company) resulting from such consolidation
or merger, as the case may be, to which a holder of Shares, deliverable upon
the exercise of a Warrant, would have been entitled upon such reorganization,
reclassification, consolidation or merger; and, in any case, the Company shall
make appropriate adjustments (as determined by the board of directors of the
Company in its sole discretion) in the application of the provisions with
respect to the rights and interests of the Holders so that the provisions set
forth in this Agreement (including the adjustment to the Exercise Price and the
number of Shares issuable upon exercise of the Warrants) shall be applicable,
as nearly as may be practicable, to any shares or other property thereafter
deliverable upon the exercise of this Warrant.

13.                                 Certificate
as to Adjustments; Issuance of New Warrant Certificates.  Within thirty (30) days following any
adjustment provided for in Section 11 or 12 of this Agreement, the Company
shall give written notice of the adjustment to the Holders as provided in
Section 14(a) of this Agreement.  The
notice shall state the Exercise Price as adjusted and the increased or
decreased number of shares purchasable upon the exercise of the Warrant(s) and
shall set forth in reasonable detail the method of calculation for each.  Notwithstanding anything to the contrary set
forth herein or in the Warrant Certificates, the Company may, at its option,
issue new Warrant Certificates evidencing the Warrants, in such form as may be
approved by the Company, to reflect any adjustment or change in the Exercise
Price and the number or kind of stock or other securities or property
purchasable upon exercise of the Warrants.

14.                                 Miscellaneous.

(a)                                  Any notice or other
communication required or permitted to be made hereunder shall be in writing,
duly signed by the party giving such notice or communication and shall be
deemed delivered and effective when given personally or mailed by first-class
registered or certified mail, postage prepaid as follows (or at such other
address for a party as shall be specified by like notice): (i) if given to the
Company, at its principal place of business and (ii) if given to a Holder, at
the address set forth for the Holder on the books and records of the
Company.  A notice given to the Company
by a Holder with respect to the exercise of a Warrant shall not be effective
until received by the Company.

(b)                                 The Company shall, at
all times, reserve and keep available out of its authorized and unissued Shares
or out of any Shares held in treasury that number of Shares that will from time
to time be sufficient to permit the exercise in full of all outstanding
Warrants.  The Company shall take all
such action as may be necessary to ensure that all Shares delivered upon
exercise of any Warrants shall, at the time of delivery of the Warrant
Certificates for such Shares, be duly authorized, validly issued, fully paid
and nonassessable.

(c)                                  The Company shall pay
when due and payable any and all federal and state transfer taxes and charges
(other than any applicable income taxes) that may be payable in respect of the
issuance and delivery of Warrant Certificates or of certificates for Shares
receivable upon the exercise of any Warrants; provided, however, that the
Company shall not be required to pay any tax that may be payable in respect of
the issuance and delivery (i) of any Warrant Certificate or stock certificate
registered in a name other than that of the Holder of the Warrant Certificate
that has been surrendered or (ii) of any Warrant Certificate under Section 7.

(d)                                 No Holder, in his
capacity as such, shall be entitled to vote or receive dividends or shall be
deemed for any other purpose the holder of the Shares or other securities which
may at any time be issuable upon the exercise of such Warrant.  Nothing contained herein or in any Warrant
Certificate shall be construed to confer upon any Holder, in his capacity as
such, any of the rights of a shareholder of the Company, including any right to
vote for the election of directors or upon any matter submitted to shareholders
of the Company at any meeting thereof, to give or withhold consent to any
corporate action, or to receive notices of meeting or other actions affecting
shareholders.

 4
 

(e)                                  Each Holder, by
accepting a Warrant Certificate, accepts and agrees to the terms of this
Agreement.  The terms of this Agreement
shall be binding upon the Company and the Holders and their respective heirs,
successors, representatives and permitted assigns.  Nothing expressed or referred to herein is
intended or will be construed to give any person other than the Company or the
Holders any legal or equitable right, remedy or claim under or in respect of
this Agreement, or any provision herein contained, it being the intention of
the Company and the Holders that this Agreement, the assumption of obligations
and statements of responsibilities hereunder, and all other conditions and
provisions hereof are for the sole benefit of the Company and the Holders and
for the benefit of no other person.

(f)                                    This Agreement
constitutes the full understanding of the Company and the Holders, a complete
allocation of risks between them and a complete and exclusive statement of the
terms and conditions of their agreement relating to the subject matter hereof
and supersedes any and all prior agreements, whether written or oral, that may
exist between the Company and any Holder with respect thereto.  Except as otherwise specifically provided in
this Agreement, no conditions, usage of trade, course of dealing or
performance, understanding or agreement purporting to modify, vary, explain or
supplement the terms or conditions of this Agreement will be binding unless
hereafter or contemporaneously herewith made in writing and signed by the party
to be bound, and no modification will be effected by the acknowledgment or
acceptance of documents containing terms or conditions at variance with or in
addition to those set forth in this Agreement.

(g)                                 The headings contained
in this Agreement are for convenience of reference only and will not affect in
any way the meaning or interpretation of this Agreement.  The words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Agreement will refer to this
Agreement as a whole and not to any particular provision in this
Agreement.  Each use herein of the
masculine, neuter or feminine gender will be deemed to include the other
genders.  Each use herein of the plural
will include the singular and vice versa, in each case as the context requires
or as is otherwise appropriate.  The word
“or” is used in the inclusive sense. 
References to a person are also to its permitted successors or assigns.
No provision of this Agreement is to be construed to require, directly or
indirectly, any person to take any action, or omit to take any action, which
action or omission would violate applicable law (whether statutory or common
law), rule or regulation.

(h)                                 This Agreement shall
terminate upon the earlier of (i) the Expiration Time or (ii) the close of
business on the date on which all Warrants shall have been exercised.

(i)                                     Notwithstanding anything in this Agreement to
the contrary, no Warrants will be exercisable and the Bank will not be obli­gated
to issue shares of common stock upon the exercise of Warrants unless at the
time a Holder seeks to exercise such Warrants, a prospectus or registration
statement relating to the common stock issuable upon exercise of the Warrants
is current with and the common stock has been registered or qualifies for or is
deemed to be exempt under the securities laws of the United States and the
state of residence of the Holder of the Warrants.  In the event that a prospectus or
registration statement relating to the common stock issuable upon exercise of
the Warrants is not current with and the common stock has not been registered
or doe not qualify for or is not deemed to be exempt under the securities laws
of the United States and the state of residence of the Holder of the Warrants,
Holders will be unable to exercise Warrants and the Bank will be under no
obligation to settle any such Warrant exercise.

(j)                                     THIS AGREEMENT, EACH WARRANT AND EACH WARRANT
CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF DELAWARE WITHOUT REGARD TO THE LAWS THAT MIGHT OTHERWISE GOVERN
UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.  IN THE EVENT OF A DISPUTE INVOLVING THIS
AGREEMENT, THE PARTIES

 5
 

IRREVOCABLY AGREE THAT VENUE FOR SUCH DISPUTE
SHALL LIE EXCLUSIVELY IN A COURT OF COMPETENT JURISDICTION IN DENVER COUNTY,
COLORADO.

 6
 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly
authorized officer as of the date first above written.

	
   

  	
  SOLERA NATIONAL BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
                                     ,
  President

  

 

 7

EXHIBIT A

LIST OF INITIAL
SHAREHOLDERS

 A-1

EXHIBIT B

FORM OF WARRANT
CERTIFICATE

THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE IS SUBJECT TO THE RESTRICTIONS SPECIFIED IN THAT CERTAIN WARRANT
AGREEMENT DATED AS OF                       ,
2007, BY SOLERA NATIONAL BANCORP, INC., A DELAWARE CORPORATION (“COMPANY”), IN
FAVOR OF THE PERSONS LISTED ON EXHIBIT A THERETO, AS THE SAME MAY BE
AMENDED FROM TIME TO TIME (“AGREEMENT”). 
A COPY OF THE FORM OF THE AGREEMENT IS ON FILE AND MAY BE INSPECTED AT
THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY DURING NORMAL BUSINESS
HOURS.  THE HOLDER OF THIS CERTIFICATE,
BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY THE PROVISIONS OF THE
AGREEMENT.

	
  No. W-       

  	
  Number of Warrants:                   

  

 

SOLERA NATIONAL BANCORP, INC.

WARRANT CERTIFICATE

This
Warrant Certificate certifies that                                    ,
or registered assigns, is the registered holder of a warrant to purchase the
number of fully-paid and non-assessable shares of common stock, $0.01  par value of the Company (“Shares”) set forth
above, at the exercise price, subject to adjustment in certain events (“Exercise
Price”), of $12.50 per share (“Warrant”).

The
Warrant evidenced by this Warrant Certificate is part of a duly authorized
issue of Warrants issued pursuant to the Agreement, which is hereby
incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Company and the Holder.  All terms used, but not otherwise defined, in
this Warrant Certificate shall have the meanings assigned to them in the
Agreement.  If any provision of this
Warrant Certificate conflicts with a provision of the Agreement, the provision
of the Agreement shall supercede.

This
Warrant may not be exercised after 2:00 p.m., Denver, Colorado time, on the
earlier to occur of (i) the third anniversary of the date that the Company
opens for business, or (ii) the date provided in Section 3(b) of the Agreement
(the “Expiration Time”).

The
Holder may exercise the Warrant evidenced by this Warrant Certificate in whole
or in part at any time prior to the Expiration Time by delivering to the
secretary or cashier of the Company (i) the Warrant Certificate, (ii) a written
notice to the Company specifying the number of Shares with respect to which
Warrants are being exercised and (iii) a check for the full amount of the
aggregate Exercise Price of the Shares being acquired.  Notwithstanding the preceding, no Warrants will be exercisable and the
Bank will not be obli­gated to issue shares of common stock upon the exercise
of Warrants unless at the time a Holder seeks to exercise such Warrants, a
prospectus or registration statement relating to the common stock issuable upon
exercise of the Warrants is current with and the common stock has been
registered or qualifies for or is deemed to be exempt under the securities laws
of the United States and the state of residence of the Holder of the Warrants.  In the event that a prospectus or
registration statement relating to the common stock issuable upon exercise of
the Warrants is not current with and the common stock has not been registered
or doe not qualify for or is not deemed to be exempt under the securities laws
of the United States and the state of residence of the Holder of the Warrants,
Holders will be unable to exercise Warrants and the Bank will be under no
obligation to settle any such Warrant exercise.

 B-1
 

Upon
receipt of the items set forth above, and subject to the terms of the
Agreement, the Company shall promptly deliver to, and register in the name of,
the Holder a certificate or certificates representing the number of Shares
acquired by exercise of this Warrant.  In
the event of a partial exercise of this Warrant, a new Warrant Certificate
evidencing the number of Shares that remain subject to this Warrant shall be
issued by the Company to such Holder or to his duly authorized assigns.

The
Agreement provides that upon the occurrence of certain events the Exercise
Price and the type and/or number of the Company’s securities issuable thereupon
may, subject to certain conditions, be adjusted.  In such event, the Company may, at its
option, issue a new Warrant Certificate evidencing the adjustment in the
Exercise Price and the number and/or type of securities issuable upon the
exercise of the Warrants.

Upon
surrender for registration of transfer of this Warrant Certificate, subject to
the terms of the Agreement, the Company shall issue and deliver to the Holder
or his duly authorized assigns, one or more new Warrant Certificates of like
tenor and in like aggregate amount.

Prior
to the due presentment of this Warrant Certificate for registration of transfer
or exchange, the Company, any Securities Registrar and any other agent of the
Company may treat the person in whose name this Warrant Certificate is
registered in the Securities Register as the sole Holder of this Warrant
Certificate and of the Warrant represented by this Warrant Certificate for all
purposes whatsoever, and shall not be bound to recognize any equitable or other
claim to or interest in this Warrant Certificate or in the Warrant represented
by this Warrant Certificate on the part of any person and shall be unaffected
by any notice to the contrary.

The
Holder, in his capacity as such, shall not be entitled to vote or receive
dividends or shall be deemed from any other purpose the holder of the Shares or
other securities which may at any time be issuable upon the exercise of this
Warrant.  Nothing contained in this
Warrant Certificate shall be construed to confer upon the Holder, in his
capacity as such, any of the rights of a shareholder of the Company, including
any right to vote for the election of directors or upon any matter submitted to
shareholders of the Company at any meeting thereof, to give or withhold consent
to any corporate action, or to receive notices of meeting or other actions
affecting shareholders.

Any
notice or other communication required or permitted to be made by the Holder to
the Company shall be in writing, duly signed by the Holder and shall be deemed
delivered and effective when given personally or mailed by first-class
registered or certified mail, postage prepaid to the Company, at its principal
place of business (or such other address as designated in writing to the Holder
by the Company).  A notice given to the
Company by a Holder with respect to the exercise of this Warrant shall not be
effective until received by the Company.

IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
executed under its corporate seal.

Dated
as of                          ,
2007.

	
  

  	
   

  	
  SOLERA NATIONAL BANCORP, INC.

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
  [SEAL]

  	
   

  	
   

  
						

 

 B-2
 

 

	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
						

 

 B-3Exhibit
10.1

Corporate Letter of Offer Letter
of Variation

Channell Bushman Group

27 August 2007

National Australia Bank
Limited ABN 12 004 044 937

Sydney
Major Client Group

Level 23, 255 George
Street

Sydney NSW 2000

Ph: (02) 9237 1917

Fax:
(02) 9237 9752

27th August 2007

The Directors

Channell Bushman Group

3 Healey Circuit

Huntingwood NSW
2148

Dear Sir/Madam

Re: Channell Bushman Group (“the
Customer”) 

Further to our recent
discussions, we are pleased to advise the following amendments to your
Corporate Letter of Offer dated 16th May 2007.

Extension

We are pleased to advise that we will extend the following
facilities for a further period of 30 days:

	
  Borrower

  	
   

  	
  Facility Type

  	
   

  	
  Amount

  	
   

  	
  New Expiry Date

  	
   

  
	
  Bushmans Group Pty
  Limited

  	
   

  	
  Bill
  Acceptance/Discount Facility

  	
   

  	
  $

  	
  3,200,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Bushmans Group Pty
  Limited

  	
   

  	
  Bank
  Guarantee Facility

  	
   

  	
  $

  	
  50,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Channell Pty Limited

  	
   

  	
  Bank
  Guarantee Facility

  	
   

  	
  $

  	
  375,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Channell Pty Limited

  	
   

  	
  Transaction
  Negotiation Authorities Facility

  	
   

  	
  $

  	
  200,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Bushmans Group Pty
  Limited

  	
   

  	
  Transaction
  Negotiation Authorities Facility

  	
   

  	
  $

  	
  275,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Bushmans Group Pty
  Limited

  	
   

  	
  Master
  Asset Finance Facility

  	
   

  	
  $

  	
  1,000,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Channell Pty Limited

  	
   

  	
  Master
  Asset Finance Facility

  	
   

  	
  $

  	
  250,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Bushmans Group Pty
  Limited

  	
   

  	
  Business
  Credit Card Facility

  	
   

  	
  $

  	
  300,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Channell Pty Limited

  	
   

  	
  Business
  Credit Card Facility

  	
   

  	
  $

  	
  100,000

  	
   

  	
  30th September 2007

  	
   

  
	
  Bushmans Group Pty Limited

  	
   

  	
  Documentary Letter of
  Credit

  	
   

  	
  $

  	
  50,000

  	
   

  	
  30th September 2007

  	
   

  

 

Lending
Covenants

The following
lending covenant will be removed from facilities provided to you under the
Corporate Letter of Offer referrred to above.

The bank being refinanced by 30th September 2007

Fees and Charges now payable

The following non refundable fees and charges are now
payable by you as a result of the above change, if not already paid:

	
  Facility Extension from 30th August 2007 to 30th September 2007

  	
   

  	
  $

  	
  37,500

  	
  *

  

 

* Total facilities of $10M charged at 4.5%
p.a pro rata

If any of these
facilities are subject to financial reporting or other covenants or
undertakings, we may review your compliance with those covenants or
undertakings separately. This letter is not a waiver of any righs we may have
if those covenants or undertakings are not met.

If full clearance does not occur
by 30th September 2007, the following conditions are
applicable should the Bank choose to renew the facilities for a further month:

1.              Evidence
of unconditional approval to be provided to the Bank

2.              A
weekly facility extension fee of $8,600^ payable weekly in advance from 30th September 2007.

^
Weekly extension fee for $10M facilities @ 4.50% pro rata

The above change(s) take
affect once we have received the duplicate of this letter, duly signed by you.
All other terms of the facilities remain in full force and effect.

Signed on behalf of

National Australia Bank Limited by

	
  /s/ Graeme Johnson

  	
   

  	
  27/ 8/ 07

  	
   

  
	
  Graeme Johnson

  	
   

  	
   

  
	
  Associate
  Director

  	
   

  	
   

  

 

Your acceptance by resolution

Please communicate your
receipt of this notice and confirmation that this notice accurately reflects
the agreed changes set out above by delivering a certified copy of an extract
of board minutes evidencing the board resolution authorising acceptance of this
notice.

Your acceptance by signing

Please sign below to
acknowledge your receipt of this notice and your consent to, and approval of,
the above matters as set out in it.

By signing below you also
acknowledge that each security given by you, except as set out above, remains
in full force and effect, and that nothing in this letter mitigates,
compromises or in any other way affects the enforceability of that security.

Please return the signed
notice to Level 23, 255 George Street, Sydney NSW 2000.

The duplicate copy of
this notice may be retained for your records.

Companies
Executing without using a Common Seal

Executed By

Channell
Bushman Pty Limited ABN 99 109 821 614

By being signed
by:

	
  /s/ George Apostolidis

  	
   

  	
   

  	
  /s/ Amar Kulkarni

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Secretary

  
	
   

  	
   

  	
   

  
	
  George
  Apostolidis

  	
   

  	
   

  	
  Amar Kulkarni

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Secretary

  
	
   

  	
   

  	
   

  
	
  28/8/07

  	
   

  	
   

  	
  28/AUG/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
									

 

Executed By

Bushmans
Group Pty Limited ABN 90 090 744 022

By being signed
by:

	
  /s/ George Apostolidis

  	
   

  	
   

  	
  /s/ Amar Kulkarni

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Secretary

  
	
   

  	
   

  	
   

  
	
  George
  Apostolidis

  	
   

  	
   

  	
  Amar Kulkarni

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Secretary

  
	
   

  	
   

  	
   

  
	
  28/8/07

  	
   

  	
   

  	
  28/AUG/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
									

 

Executed By

Channell
Pty Limited ABN 29 002 735 622

By being signed
by:

	
  /s/ George Apostolidis

  	
   

  	
   

  	
  /s/ Amar Kulkarni

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Secretary

  
	
   

  	
   

  	
   

  
	
  George
  Apostolidis

  	
   

  	
   

  	
  Amar Kulkarni

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Secretary

  
	
   

  	
   

  	
   

  
	
  28/8/07

  	
   

  	
   

  	
  28/AUG/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
									

 

Executed By

Bushmans
Engineering Pty Limited ABN 49 074 185 461

By being signed
by:

	
  /s/ George Apostolidis

  	
   

  	
   

  	
  /s/ Amar Kulkarni

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Secretary

  
	
   

  	
   

  	
   

  
	
  George
  Apostolidis

  	
   

  	
   

  	
  Amar Kulkarni

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Secretary

  
	
   

  	
   

  	
   

  
	
  28/8/07

  	
   

  	
   

  	
  28/AUG/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
									

 

Executed By

Polyrib
Tanks Pty Limited ABN 49 062 942 661

By being signed
by:

	
  /s/ George Apostolidis

  	
   

  	
   

  	
  /s/ Amar Kulkarni

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Secretary

  
	
   

  	
   

  	
   

  
	
  George
  Apostolidis

  	
   

  	
   

  	
  Amar Kulkarni

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Secretary

  
	
   

  	
   

  	
   

  
	
  28/8/07

  	
   

  	
   

  	
  28/AUG/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
									

 

Executed By

Australian
Bushman Tanks Pty Limited ABN 21 058 504 108

By being signed
by:

	
  /s/ George Apostolidis

  	
   

  	
   

  	
  /s/ Amar Kulkarni

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Secretary

  
	
   

  	
   

  	
   

  
	
  George
  Apostolidis

  	
   

  	
   

  	
  Amar Kulkarni

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Secretary

  
	
   

  	
   

  	
   

  
	
  28/8/07

  	
   

  	
   

  	
  28/AUG/07

  	
   

  
	
  Date

  	
   

  	
  Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]