Document:

Unassociated Document

    THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER SAID
ACT.

    

    THIS NOTE
IS ISSUED IN CONNECTION WITH AN EXCHANGE AGREEMENT BETWEEN THE PAYEE AND THE
MAKER OF EVEN DATE HEREWITH, PURSUANT TO WHICH THE PAYEE EXCHANGED, SURRENDERED,
AND CONVERTED OTHER SECURITIES FOR THESE SECURITIES, ALL AS SET FORTH IN THE
EXCHANGE AGREEMENT.

    

    CONVERTIBLE
PROMISSORY NOTE

     

    
      
        	
                U.S.
      $1,200,000

              	
                June
      26, 2009

              
	 
      	 
      
	
                Original
      Investment Date (determined pursuant to Rule
144(d)(3)(ii):

              	
                See
      Exhibit A to Exchange
Agreement

              

      

    

    

    FOR VALUE RECEIVED, Quest Minerals
& Mining Corp., a Utah corporation (the “Maker”), hereby promises to
pay to Interstellar Holdings, LLC, or its successors and assigns (the “Payee”), at its address at
1446 Redding Road, Fairfield CT, 06824, or to such other address as Payee shall
provide in writing to the Maker for such purpose, a principal sum of ONE MILLION
TWO HUNDRED THOUSAND DOLLARS (U.S. $1,200,000).  The aggregate
principal amount outstanding under this Note will be conclusively evidenced by
the schedule annexed as Exhibit B hereto (the “Loan
Schedule”).  The entire principal amount hereunder shall be due
and payable in full on June 26, 2011 (the “Maturity Date”), or on such
earlier date as such principal amount may earlier become due and payable
pursuant to the terms hereof.

     

    1. Interest
Rate.  Interest shall accrue on the unpaid principal amount of
this Convertible Promissory Note (the “Note”) at the rate of six
percent (6%) per annum from the date of the first making of the loan for such
principal amount until such unpaid principal amount is paid in full or earlier
converted into shares (the “Shares”) of the Maker’s common
stock, $0.001 par value (the “Common Stock”) in accordance
with the terms hereof.  Interest hereunder shall be paid on the
Maturity Date or on such earlier date as the principal amount under this Note
becomes due and payable or is converted in accordance with the terms hereof and
shall be computed on the basis of a 360-day year for the actual number of days
elapsed.

     

    2. Conversion of Principal and
Interest.  Subject to the terms and conditions hereof, the
Payee, at its sole option, may deliver to the Maker a notice in the form
attached hereto as Exhibit A (a “Conversion Notice”) and an
updated Loan Schedule, at any time and from time to time after the date hereof
and prior to the payment of the principal amount and all accrued interest
thereon (the date of the delivery of a Conversion Notice, a “Conversion Date”), to convert
all or any portion of the outstanding principal amount of this Note plus accrued
and unpaid interest thereon, for a number of Shares equal to the quotient
obtained by dividing the dollar amount of such outstanding principal amount of
this Note plus the accrued and unpaid interest thereon being converted by the
Conversion Price (as defined in Section 14).  Conversions hereunder
shall have the effect of lowering the outstanding principal amount of this Note
plus all accrued and unpaid interest thereunder in an amount equal to the
applicable conversion, which shall be evidenced by entries set forth in the
Conversion Notice and the Loan Schedule.

     

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    3. Certain Conversion
Limitations.

     

    (a) The Payee
may not convert an outstanding principal amount of this Note or accrued and
unpaid interest thereon to the extent such conversion would result in the Payee,
together with any affiliate thereof, beneficially owning (as determined in
accordance with Section 13(d) of the Exchange Act (as defined in Section 14) and
the rules promulgated thereunder) in excess of 4.999% of the then issued and
outstanding shares of Common Stock.  Since the Payee will not be
obligated to report to the Maker the number of shares of Common Stock it may
hold at the time of a conversion hereunder, unless the conversion at issue would
result in the issuance of Shares in excess of 4.999% of the then outstanding
shares of Common Stock without regard to any other shares which may be
beneficially owned by the Payee or an affiliate thereof, the Payee shall have
the authority and obligation to determine whether and the extent to which the
restriction contained in this Section will limit any particular conversion
hereunder.  The provisions of this Section may be waived by Payee upon
not less than 61 days’ prior notice to the Maker.

     

    (b) The Payee
may not convert an outstanding principal amount of this Note or accrued and
unpaid interest thereon to the extent such conversion would result in the Payee,
together with any affiliate thereof, beneficially owning (as determined in
accordance with Section 13(d) of the Exchange Act and the rules promulgated
thereunder) in excess of 9.999% of the then issued and outstanding shares of
Common Stock.  Since the Payee will not be obligated to report to the
Maker the number of shares of Common Stock it may hold at the time of a
conversion hereunder, unless the conversion at issue would result in the
issuance of Shares in excess of 9.999% of the then outstanding shares of Common
Stock without regard to any other shares which may be beneficially owned by the
Payee or an affiliate thereof, the Payee shall have the authority and obligation
to determine whether and the extent to which the restriction contained in this
Section will limit any particular conversion hereunder.  The
provisions of this Section may be waived by Payee upon not less than 61 days’
prior notice to the Maker.

     

    (c) The Payee
may not convert an outstanding principal amount of this Note or accrued and
unpaid interest thereon to the extent such conversion would require the Maker to
issue shares of Common Stock in excess of the Maker’s then sufficient authorized
and unissued shares of Common Stock.

     

    4. Deliveries.  Not
later than three Trading Days (as defined in Section 14) after any Conversion
Date (the “Delivery
Date”), the Maker will deliver to the Payee (i) a certificate or
certificates representing the number of Shares being acquired upon the
conversion of the principal amount of this Note and any interest accrued
thereunder being converted pursuant to the Conversion Notice (subject to the
limitations set forth in Section 3 hereof), and (ii) an endorsement by the Maker
of the Loan Schedule acknowledging the remaining outstanding principal amount of
this Note plus all accrued and unpaid interest thereon not converted (an “Endorsement”).  The
Maker’s delivery to the Payee of stocks certificates in accordance clause (i)
above shall be Maker’s conclusive endorsement of the remaining outstanding
principal amount of this Note plus all accrued and unpaid interest thereon not
converted as set forth in the Loan Schedule.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    5. Mandatory Prepayment Upon
Triggering Events. Upon the occurrence of a Triggering Event (as defined
below), the Payee shall have the right (in addition to all other rights it may
have hereunder or under applicable law), exercisable at the sole option of the
Payee, to require the Maker to prepay all or a portion of the outstanding
principal amount of this Note plus all accrued and unpaid interest thereon. Such
prepayment shall be due and payable within thirty (30) Trading Days of the date
on which the notice for the payment therefor is provided by the
Payee.

     

    A
“Triggering Event” means any one or more of the following events (whatever the
reason and whether it shall be voluntary or involuntary, or effected by
operation of law or pursuant to any judgment, decree or order of any court, or
any order, rule or regulation of any administrative or governmental
body):

    

    (i) any
default in the payment of the principal of interest on or other payments owing
in respect of this Note, free of any claim of subordination, as and when the
same shall become due and payable (whether on a Conversion Date, the Maturity
Date, by acceleration or otherwise) and such non-payment continues for ten (10)
Business Days after written notice of non-payment is given by Payee to
Maker;

     

    (ii) the Maker
shall fail for any reason to deliver certificates or an Endorsement to the Payee
prior to the tenth (10th) day
after a Conversion Date pursuant to and in accordance with Section 4;
or

     

    (iii) failure
of the Common Stock to be quoted or listed on the OTC Bulletin Board,
a Subsequent Market, or otherwise reported for quotation by the National
Quotation Bureau, Inc. (or similar organization or agency succeeding to its
functions of reporting prices) for a period of seven consecutive Trading Days;
or

     

    (iv) an SEC or
judicial stop trade order or trading suspension by the OTC Bulletin Board or
a Subsequent Market with respect to the Common Stock that lasts for five or
more consecutive Trading Days; or

     

    (v) if the registration of the
Common Stock with the SEC under the Exchange Act is revoked;
or

     

    (vi) the Maker
or any of its subsidiaries (other than Gwenco, Inc.) shall commence or there
shall be commenced against the Maker or any such subsidiary (other than Gwenco,
Inc.) a case under any applicable bankruptcy or insolvency laws as now or
hereafter in effect or any successor thereto, or the Maker commences any other
proceeding under any reorganization, arrangement, adjustment of debt, relief of
debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction whether now or hereafter in effect relating to the Maker or any
subsidiary thereof (other than Gwenco, Inc.) or there is commenced against the
Maker or any subsidiary thereof (other than Gwenco, Inc.) any such bankruptcy,
insolvency or other proceeding which remains undismissed for a period of 60
days; or the Maker or any subsidiary thereof (other than Gwenco, Inc.) is
adjudicated insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or the Maker or any subsidiary
thereof (other than Gwenco, Inc.) suffers any appointment of any custodian or
the like for it or any substantial part of its property which continues
undischarged or unstayed for a period of 60 days; or the Maker or any subsidiary
thereof (other than Gwenco, Inc.) shall by any act or failure to act indicate
its consent to, approval of or acquiescence in any of the foregoing; or any
corporate or other action is taken by the Maker or any subsidiary thereof (other
than Gwenco, Inc.) for the purpose of effecting any of the
foregoing.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    6. No Waiver of Payee’s Rights,
etc.  All payments of principal and interest shall be made
without setoff, deduction, or counterclaim.  No delay or failure on
the part of the Payee in exercising any of its options, powers or rights, nor
any partial or single exercise of its options, powers or rights shall constitute
a waiver thereof or of any other option, power or right, and no waiver on the
part of the Payee of any of its options, powers or rights shall constitute a
waiver of any other option, power or right.  The Maker hereby waives
presentment of payment, protest, and notices or demands in connection with the
delivery, acceptance, performance, default, or endorsement of this
Note.  Acceptance by the Payee of less than the full amount due and
payable hereunder shall in no way limit the right of the Payee to require full
payment of all sums due and payable hereunder in accordance with the terms
hereof.

     

    7. Intentionally
Omitted.

     

    8. Modifications.  No
term or provision contained herein may be modified, amended or waived except by
written agreement or consent signed by the party to be bound
thereby.

     

    9. Cumulative Rights and
Remedies; Usury.  The rights and remedies of the Payee
expressed herein are cumulative and not exclusive of any rights and remedies
otherwise available. If it shall be found that any interest outstanding
hereunder shall violate applicable laws governing usury, the applicable rate of
interest outstanding hereunder shall be reduced to the maximum permitted rate of
interest under such law.

     

    10. Collection Expenses.
If this obligation is placed in the hands of an attorney for collection after
default, and provided the Payee prevails on the merits in respect to its claim
of default, the Maker shall pay (and shall indemnify and hold harmless the Payee
from and against), all reasonable attorneys’ fees and expenses incurred by the
Payee in pursuing collection of this Note.

     

    11. Successors and
Assigns. This Note shall be binding upon the Maker and its successors and
shall inure to the benefit of the Payee and its successors and
assigns.  The term “Payee” as used herein, shall also include any
endorsee, assignee, or other holder of this Note.

     

    12. Lost or Stolen Promissory
Note.  If this Note is lost, stolen, mutilated, or otherwise
destroyed, the Maker shall execute and deliver to the Payee a new promissory
note containing the same terms, and in the same form, as this
Note.  In such event, the Maker may require the Payee to deliver to
the Maker an affidavit of lost instrument and customary indemnity in respect
thereof as a condition to the delivery of any such new promissory
note.

     

    13. Governing
Law.  This Note shall be governed by and construed and enforced
in accordance with the internal laws of the State of Connecticut without regard
to the principles of conflicts of law thereof.  Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the county of Fairfield, State of Connecticut, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper.  Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner
permitted by law.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    14. Definitions.  For
the purposes hereof, the following terms shall have the following
meanings:

     

    “Business Day” means
any day except Saturday, Sunday and any day which shall be a legal holiday or a
day on which banking institutions in the State of New York are authorized or
required by law or other government action to close.

     

    “Conversion Price”
shall be $0.001 per share; provided, however, that if the
Company shall reduce the par value of its Common Stock and the Per Share
Market Value of the Common Stock is less than $0.003 for ten (10) consecutive
trading days, the Conversion Price will be reduced to $0.0005 per share; provided, further, if the
Company shall reduce the par value of its Common Stock and the Per Share
Market Value of the Common Stock is less than $0.0015 for ten (10) consecutive
trading days, the Conversion Price will be reduced to $0.0001 per share; and
provided further that there
shall be no adjustment to the Conversion Price in the event that the Company, at
any time while this Note is outstanding, (a) shall pay a stock dividend or
otherwise make a distribution or distributions on shares of its Common Stock or
any other equity or equity equivalent securities payable in shares of Common
Stock, (b) subdivide outstanding shares of Common Stock into a larger number of
shares, (c) combine (including by way of reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (d) issue by
reclassification of shares of the Common Stock any shares of its capital
stock.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

     

    “Per Share Market
Value” means on any particular date (a) the closing bid price per share
of Common Stock on such date on the OTC Bulletin Board or on such Subsequent
Market on which the shares of Common Stock are then listed or quoted, or if
there is no such price on such date, then the closing bid price on the OTC
Bulletin Board or on such Subsequent Market on the date nearest preceding such
date, or (b) if the shares of Common Stock are not then listed or quoted on the
OTC Bulletin Board or a Subsequent Market, the closing bid price for a share of
Common Stock in the over-the-counter market, as reported by the National
Quotation Bureau Incorporated or similar organization or agency succeeding to
its functions of reporting prices) at the close of business on such date, or (c)
if the shares of Common Stock are not then reported by the National Quotation
Bureau Incorporated (or similar organization or agency succeeding to its
functions of reporting prices), then the average of the “Pink Sheet” quotes for
the relevant conversion period, as determined in good faith by the
Payee.

     

    “Person” means a
corporation, an association, a partnership, limited liability company an
organization, a business, an individual, a government or political subdivision
thereof, or a governmental agency.

     

    “Securities Act” means
the Securities Act of 1933, as amended.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    “Subsequent Market”
means the New York Stock Exchange, American Stock Exchange, Nasdaq SmallCap
Market, or Nasdaq National Market.

     

    “Trading Day” means
(a) a day on which the shares of Common Stock are traded on such Subsequent
Market on which the shares of Common Stock are then listed or quoted, or (b) if
the shares of Common Stock are not listed on a Subsequent Market, a day on which
the shares of Common Stock are traded in the over-the-counter market, as
reported by the OTC Bulletin Board, or (c) if the shares of Common Stock are not
quoted on the OTC Bulletin Board, a day on which the shares of Common Stock are
quoted in the over-the-counter market as reported by the National Quotation
Bureau Incorporated (or any similar organization or agency succeeding its
functions of reporting prices); provided, however, that in the event that the
shares of Common Stock are not listed or quoted as set forth in (a), (b), and
(c) hereof, then Trading Day shall mean any day except Saturday, Sunday and any
day which shall be a legal holiday or a day on which banking institutions in the
State of Connecticut are authorized or required by law or other government
action to close.

     

    IN
WITNESS WHEREOF, the Maker has caused this Convertible Promissory Note to be
duly executed and delivered as of the date first set forth above.

     

    

     

    QUEST
MINERALS & MINING CORP.

     

    

    By:______________________________

    Name:  Eugene
Chiaramonte, Jr.

    Title:  President

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

     

    NOTICE
OF CONVERSION

     

    Dated:

     

    The undersigned hereby elects to
convert the principal amount and interest indicated below of the attached
Convertible Promissory Note into shares of common stock, $0.001 par value (the
“Common Stock”), of
Quest Minerals & Mining Corp., according to the conditions hereof, as of the
date written below.  No fee will be charged to the holder for any
conversion.

     

    Exchange
calculations: ______________________________________________

    

    Date to
Effect Conversion: ___________________________________________

     

    Principal
Amount and Interest of

    Convertible
Note to be Converted: _____________________________________

    

    Number of
shares of Common Stock to be Issued: ________________________

    

     

    Applicable
Conversion Price:

     

    Signature:
__________________________________________

     

    Name:_____________________________________________

     

    Address:
___________________________________________

     

    
      
         

      

      
        -Exhibit
A-

        
          

        

      

      
         

      

       

    

    EXHIBIT
B

    

    LOAN
SCHEDULE

    

    Convertible
Promissory Note Issued by Quest Minerals & Mining Corp.

    

    Dated:  June
26, 2009

    

    SCHEDULE

    OF

    CONVERSIONS
AND PAYMENTS OF PRINCIPAL

     

    
      	
              Date
      of Conversion

            	
              Amount
      of Conversion

            	
              Total
      Amount Due Subsequent

              To
      Conversion

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    

    

    
      
         

      

      
        -Exhibit B-Unassociated Document

    EXCHANGE
AGREEMENT

    

    This Exchange Agreement (“Agreement”)
is made as of June 26, 2009 by and among Quest Minerals & Mining Corp., a
Utah corporation (the “Company”), and Interstellar Holdings, LLC (the
“Investor”).

    

    R E C I T A L S

    

    A.           From
May, 2006 to June, 2007, Tarun Mendiratta and Annette Hunter invested an
aggregate of $925,313 in the Company, as set forth in Exhibit A
hereto.  The Company agreed to repay these amounts upon demand at an
interest rate of five percent (5%) per annum.  Due to mistake,
inadvertence, and neglect, the Company did not prepare written demand notes
evidencing this indebtedness in writing.  As of the date hereof, the
principal balance on these evidences of indebtedness is $920,313 and the accrued
interest is $112,700.86.  On June 21, 2007, Mr. Mendiratta and Ms.
Hunter assigned all right, title, and interest in the right to repayment of this
indebtedness to the Investor.

    

    B.           From
July, 2007 to December 31, 2008, the Investor invested an aggregate of $162,098
in the Company, as set forth in Exhibit B hereto.  The Company agreed
to repay these amounts upon demand at an interest rate of five percent (5%) per
annum.  Due to mistake, inadvertence, and neglect, the Company did not
prepare written demand notes evidencing this indebtedness in
writing.  As of the date hereof, the principal balance on these
evidences of indebtedness is $162,098 and the accrued interest is
$11,494.35.

    

    C.           The
Company and the Investor desire to exchange the aforementioned evidences of
indebtedness (the “Evidences of Indebtedness”) for a new convertible promissory
note (the “Note”) in the aggregate principal amount of $1,200,000, the form of
which is attached hereto as Exhibit C on the terms and subject to the conditions
set forth herein.

    

    A G R E E M E N T

    

    It is agreed as follows:

    

    1.           EXCHANGE OF
SECURITIES.

    

    1.1           Exchange of
Securities.  In reliance upon the representations and
warranties of the Company and the Investor contained herein and subject to the
terms and conditions set forth herein, the Investor agrees to sell, assign,
transfer and deliver to the Company, and the Company agrees to purchase from the
Investor, the Evidences of Indebtedness in exchange for the issuance of the Note
by the Company to the Investor, in the principal amount of
$1,200,000.

    

    1.2           Deliveries by
Company.  Concurrently with the execution of this Agreement, or
as soon thereafter as practicable, the Company will deliver the Note to the
Investor.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    1.3           Deliveries by
Investor.  By execution of this Agreement, the Investor hereby
assigns and transfers to the Company all of the Investor’s right, title, and
interest in and to the Evidences of Indebtedness.  From time to time
after the effective date of this Agreement, and without further consideration,
the Investor will execute and deliver such other instruments of transfer and
take such other actions as the Company may reasonably request in order to
facilitate the transfer to the Company of the securities intended to be
transferred hereunder.

    

    
      	
               
      

            	
              2.

            	
              COVENANTS.

            

    

    

    2.1           Information
Statement.  On or before August 15, 2009, the Parent shall file
a proxy and/or statement with the SEC to amend its articles of incorporation to
change the par value of the Common Stock to $0.0001 per share.

    

    2.2           Holding
Period.  The Company agrees and stipulates that, for purposes
of Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”),
the Note is deemed to have been acquired by the Investor on the original
investment dates as specified on Exhibit A, pursuant to Rule 144(d)(3)(ii) of
the Securities Act.

    

    3.           REPRESENTATIONS AND WARRANTIES OF THE
COMPANY.

    

    The
Company represents and warrants that the following statements are true and
correct in all material respects as of the date hereof, except as expressly
qualified or modified herein.

    

    3.1           Organization and Good
Standing.  The Company is a corporation duly organized, validly
existing, and in good standing under the laws of the State of Utah and has full
corporate power and authority to enter into and perform its obligations under
this Agreement, and to own its properties and to carry on its business as
presently conducted and as proposed to be conducted.  

     

    3.2           Validity of
Transactions.  This Agreement, and each document executed and
delivered by the Company in connection with the transactions contemplated by
this Agreement, including this Agreement, have been duly authorized, executed
and delivered by the Company and is each the valid and legally binding
obligation of the Company, enforceable in accordance with its terms, except as
limited by applicable bankruptcy, insolvency reorganization and moratorium laws
and other laws affecting enforcement of creditor’s rights generally and by
general principles of equity.

     

    3.3           Purpose of
Investment.  The Company’s purpose in borrowing the
above-referenced funds was to raise funds for the general use of the Company’s
business, including payment of accrued and ongoing expenses of the
Company.

    

    3.4           No
Violation.  The execution, delivery, and performance of this
Agreement has been duly authorized by the Company’s Board of Directors and will
not violate any law or any order of any court or government agency applicable to
the Company, as the case may be, or the Articles of Incorporation or Bylaws of
the Company, and will not result in any breach of or default under, or, except
as expressly provided herein, result in the creation of any encumbrance upon any
of the assets of the Company pursuant to the terms of any agreement or
instrument by which the Company or any of its assets may be bound.  No
approval of or filing with any governmental authority is required for the
Company to enter into, execute or perform this Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.5           Securities Law
Compliance.  The offer, issue, sale, and delivery of the Note
will constitute an exempted transaction under the Securities Act, and
registration of the Note under the Securities Act is not
required.  

     

    3.6           Resales Under Rule
144.  With a view to making available to the Investor the
benefits of Rule 144 promulgated under the 1933 Act (“Rule 144”) and any other
rule or regulation of the SEC that may at any time permit the Investor to sell
common shares issuable upon conversion of the Note (“Conversion Shares”) to the
public without registration, the Company will do all of the
following:

    

    3.7.1                      use
its commercial best efforts to make and keep public information available, as
those terms are understood and defined in Rule 144;

     

    3.7.2                      take
such action, including compliance with the reporting requirements of section 13
or 15(d) of the 1934 Act, as is necessary to enable the Investor to utilize Rule
144;

     

    3.7.3                      file
with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act; and

     

    3.7.4                      furnish
to the Investor forthwith upon written request:

     

    (1)           a
written statement by the Company as to its compliance with the reporting
requirements of Rule 144, the 1933 Act and the 1934 Act (at any time after it
has become subject to such reporting requirements);

     

    (2)           a
copy of the most recent annual or quarterly report of the Company and such other
reports and documents so filed by the Company;

     

    (3)           an
opinion of the Company’s counsel that the Note and/or the Conversion Shares may
be resold in the absence of an effective registration thereof under the
Securities Act pursuant to Rule 144; and

     

    (4)           such
other documents as may be reasonably requested in availing the Investor of any
rule or regulation of the SEC that permits the selling of the Note and/or the
Conversion Shares without registration.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    4.           REPRESENTATIONS AND WARRANTIES OF THE
INVESTOR.

    

    The Investor hereby represents,
warrants, and covenants with the Company as follows:

    

    4.1           Legal Power.  The Investor has the requisite power and is authorized to
enter into this Agreement and to carry out and perform its obligations under the
terms of this Agreement.

     

    4.2           Due Execution.  This Agreement has been duly authorized, executed, and
delivered by the Investor, and, upon due execution and delivery by the Company,
this Agreement will be a valid and binding agreement of the
Investor.

     

    4.3           Restricted
Securities.

     

    4.3.1                      The
Investor has been advised that neither the Note nor the Conversion Shares have
been registered under the Securities Act or any other applicable securities
laws.  The Investor acknowledges that the Note is being issued as
“restricted securities” as defined by Rule 144 promulgated pursuant to the
Securities Act.  Neither the Note nor the Conversion Shares may be
resold in the absence of an effective registration thereof under the Securities
Act and applicable state securities laws unless, in the opinion of the Company’s
counsel, an applicable exemption from registration is available.

     

    

    4.3.2                      The
Investor represents that it is acquiring the Notes for Investor’s own account,
and not as nominee or agent, for investment purposes only and not with a view
to, or for sale in connection with, a distribution, as that term is used in
Section 2(11) of the Securities Act, in a manner which would require
registration under the Securities Act or any state securities laws.

    

    4.3.3                      The
Investor understands and acknowledges that the Note and any Conversion Shares
may bear the following legend:

     

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE SOLD OR TRANSFERRED FOR VALUE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
THEREOF UNDER THE SECURITIES ACT OF 1933 AND/OR THE SECURITIES ACT OF ANY STATE
HAVING JURISDICTION OR AN OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR ACTS.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    4.3.4                      Investor
acknowledges that the Note and the Conversion Shares are not liquid and are
transferable only under limited conditions.  Investor acknowledges
that such securities must be held indefinitely unless they are subsequently
registered under the Securities Act or an exemption from such registration is
available.  Investor is aware of the provisions of Rule 144
promulgated under the Securities Act, which permits limited resale of restricted
securities subject to the satisfaction of certain conditions and that, in the
future, such Rule may not be available for resale of either the Note or any
Conversion Shares.

    

    4.3.5                      Investor
is an “accredited investor” as defined under Rule 501 under the Securities
Act.

    

    4.4           Access to
Information.  The Investor represents that the Investor has
been given full and complete access to the Company for the purpose of obtaining
such information as the Investor or its qualified representative has reasonably
requested in connection with the decision to exchange for the
Note.  The Investor represents that the Investor has received and
reviewed copies of each report, registration statement, and definitive proxy
statement filed by the Company with the Securities Exchange Commission since
January 1, 2007 (collectively, with all information incorporated by reference
therein or deemed to be incorporated by reference therein, the “SEC
Reports”).

    

    4.5           Investor Sophistication and
Ability to Bear Risk of Loss.  Investor acknowledges that it is
able to protect its interests in connection with the acquisition of the Note and
can bear the economic risk of investment in such securities without producing a
material adverse change in such Investor’s financial
condition.  Investor, either alone or with such Investor’s
representative(s), otherwise has such knowledge and experience in financial or
business matters that the Investor is capable of evaluating the merits and risks
of the investment in the Notes.

    

    4.6           Investment
Intent.  The Investor loaned the above-referenced funds
evidenced by the Evidences of Indebtedness loans because the Investor sought a
rate of return on its investment in the Company and was interested in the profit
to be generated by making the loan.

    

    5.           MISCELLANEOUS.

    

    5.1           Governing
Law.  This Agreement shall be governed by and construed under
the laws of the State of Connecticut.

    

    5.2           Successors and
Assigns.  Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors, and administrators of the parties
hereto.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    5.3           Entire
Agreement.  This Agreement and the Exhibits hereto and thereto,
and the other documents delivered pursuant hereto and thereto, constitute the
full and entire understanding and agreement among the parties with regard to the
subjects hereof and no party shall be liable or bound to any other party in any
manner by any representations, warranties, covenants, or agreements except as
specifically set forth herein or therein.  Nothing in this Agreement,
express or implied, is intended to confer upon any party, other than the parties
hereto and their respective successors and assigns, any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as
expressly provided herein.

    

    5.4           Severability.  In
case any provision of this Agreement shall be invalid, illegal, or
unenforceable, it shall to the extent practicable, be modified so as to make it
valid, legal and enforceable and to retain as nearly as practicable the intent
of the parties, and the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

    

    5.5           Amendment and
Waiver.  Except as otherwise provided herein, any term of this
Agreement may be amended, and the observance of any term of this Agreement may
be waived (either generally or in a particular instance, either retroactively or
prospectively, and either for a specified period of time or indefinitely), with
the written consent of the Company and the Investor.  Any amendment or
waiver effected in accordance with this Section shall be binding upon each
future holder of any security purchased under this Agreement (including
securities into which such securities have been converted) and the
Company.

    

    5.6           Notices.  All
notices and other communications required or permitted hereunder shall be in
writing and shall be effective when delivered personally, or sent by telex or
telecopier (with receipt confirmed), provided that a copy is mailed by
registered mail, return receipt requested, or when received by the addressee, if
sent by Express Mail, Federal Express, or other express delivery service
(receipt requested) in each case to the appropriate address set forth
below:

     

    If to the
Company:               Quest
Minerals & Mining Corp.

    18B East
5th
Street

    Paterson,
NJ 07524

    

    If to the
Investor:                 Interstellar
Holdings, LLC

    1446
Redding Road

    Fairfield
CT, 06824

    

    5.7           Titles and
Subtitles.  The titles of the paragraphs and subparagraphs of
this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

    

    [Remainder
of page intentionally left blank.]

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set
forth above.

    

    COMPANY

    

    QUEST MINERALS & MINING
CORP.

    

    

    By:                                                                           

    Eugene Chiaramonte, Jr.,

    President

    

    INVESTOR

    

    INTERSTELLAR HOLDINGS,
LLC

    

    

    By:                                                                           

    Leonard Amato,

    Manager

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    EXHIBIT
A

    SCHEDULE
OF ADVANCES

    (Mendiratta
and Hunter)

    

    
      
        
          
            
              
                
                  	
                          Date of Advance

                        	 	
                          Amount of Advance

                        	 	
                          Accrued Interest

                        
	
                          5/31/2006

                        	 	
                          $6,724.00

                        	 	
                          $1,047.82

                        
	
                          6/30/2006

                        	 	
                          $36,000.00

                        	 	
                          $5,460.00

                        
	
                          7/31/2006

                        	 	
                          $90,351.00

                        	 	
                          $13,314.22

                        
	
                          8/31/2006

                        	 	
                          $95,000.00

                        	 	
                          $13,590.28

                        
	
                          9/30/2006

                        	 	
                          $10,000.00

                        	 	
                          $1,388.89

                        
	
                          10/31/2006

                        	 	
                          $104,800.00

                        	 	
                          $14,104.33

                        
	
                          11/30/2006

                        	 	
                          $26,000.00

                        	 	
                          $3,390.83

                        
	
                          12/31/2006

                        	 	
                          $4,000.00

                        	 	
                          $504.44

                        
	
                          1/31/2007

                        	 	
                          $30,000.00

                        	 	
                          $3,654.17

                        
	
                          2/28/2007

                        	 	
                          $65,900.00

                        	 	
                          $7,770.71

                        
	
                          3/31/2007

                        	 	
                          $108,000.00

                        	 	
                          $12,270.00

                        
	
                          4/30/2007

                        	 	
                          $125,000.00

                        	 	
                          $13,680.56

                        
	
                          5/31/2007

                        	 	
                          $110,000.00

                        	 	
                          $11,565.28

                        
	
                          6/30/2007

                        	 	
                          $108,538.00

                        	 	
                          $10,959.32

                        

                

              

            

          

        

      

    

    

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    EXHIBIT
B

    SCHEDULE
OF ADVANCES

    (Interstellar)

    

    

    
      
        
          
            
              
                
                  	
                          Date of Advance

                        	 	
                          Amount of Advance

                        	 	
                          Accrued Interest

                        
	
                          8/31/2007

                        	 	
                          $22,736.00

                        	 	
                          $2,099.92

                        
	
                          9/30/2007

                        	 	
                          $22,000.00

                        	 	
                          $1,940.28

                        
	
                          11/30/2007

                        	 	
                          $40,000.00

                        	 	
                          $3,188.89

                        
	
                          1/31/2008

                        	 	
                          $2,000.00

                        	 	
                          $142.22

                        
	
                          2/29/2008

                        	 	
                          $8,300.00

                        	 	
                          $556.79

                        
	
                          3/31/2008

                        	 	
                          $11,500.00

                        	 	
                          $721.94

                        
	
                          4/30/2008

                        	 	
                          $5,200.00

                        	 	
                          $304.78

                        
	
                          5/31/2008

                        	 	
                          $36,000.00

                        	 	
                          $1,955.00

                        
	
                          6/30/2008

                        	 	
                          $5,119.00

                        	 	
                          $256.66

                        
	
                          7/31/2008

                        	 	
                          $2,543.00

                        	 	
                          $116.55

                        
	
                          10/31/2008

                        	 	
                          $5,500.00

                        	 	
                          $181.81

                        
	
                          12/31/2008

                        	 	
                          $1,200.00

                        	 	
                          $29.50

                        

                

              

            

          

        

      

    

     

     

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT
C

    FORM
OF CONVERTIBLE PROMISSORY NOTE

     

    
      
         

      

      
        C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]