Document:

SUBSCRIPTION
      AGREEMENT

     

    
      	
              To:
                

            	
              KeyOn
                Communications, Inc.

            

    

    4067
      Dean
      Martin Drive

    Las
      Vegas, NV 89103

    Attn:
      Jonathan Snyder, President and Chief Executive Officer

    

    This
      Subscription Agreement (this “Agreement”)
      is
      being delivered to the purchaser identified on the signature page to this
      Agreement (the “Subscriber”)
      in
      connection with its investment in a to be identified public company
      (“Pubco”)
      that
      will acquire all of the issued and outstanding capital stock of KeyOn
      Communications, Inc., a Nevada corporation (“KeyOn”),
      and
      succeed to the business of KeyOn as its sole line of business (on a combined,
      post-acquisition basis, Pubco and its subsidiary, KeyOn, are collectively
      referred to as the “Company”).
      The
      Company is conducting a private placement (the “Offering”)
      of up
      to $2,500,000 of units (“Units”), but in no event less than
      $1,500,000; provided,
      however,
      that
      the Company may, in its sole discretion, accept subscriptions for more than
      $2,500,000 of Units. Each Unit shall consist of (i) 1 share of common stock,
      par
      value $0.001 per share (the “Shares”)
      and
      (ii) a callable five year warrant to purchase 0.5 of one share of common stock
      at an exercise price $3.35 per share, substantially in the form attached hereto
      as Exhibit
      A
      (the
“Warrants”).
      For
      purposes of this Agreement, the term “Securities”
shall
      refer to the Units, the Shares, the Warrants, and the shares of common stock
      underlying the Warrants (the “Warrant
      Shares”).
      The
      exercise price of the Warrants shall be reduced from $3.35 per share to $2.00
      per share if the Company does not record at least $8.5 million in consolidated
      pro forma revenue during the year ending December 31, 2007. The purchase price
      per Unit shall be fixed at $2.00 (the “Purchase
      Price”).
      All
      funds received in the Offering prior to the closing of the Offering (the
“Closing”)
      shall
      be held in escrow by Signature Bank (the “Escrow
      Agent”)
      and,
      upon fulfillment of the other conditions precedent set forth herein, shall
      be
      released from escrow and delivered to the Company at which time the Units
      subscribed for as further described below shall be delivered, subject to Section
      9 hereof, to the Subscriber.

     

    1. SUBSCRIPTION
      AND PURCHASE PRICE

     

    (a) Subscription.
      Subject
      to the conditions set forth in Section 2 hereof, the Subscriber hereby
      subscribes for and agrees to purchase the number of Units indicated on page
      9
      hereof on the terms and conditions described herein. 

     

    (b) Purchase
      of Units.
      The
      Subscriber understands and acknowledges that the purchase price to be remitted
      to the Company in exchange for the Units shall be set at $2.00 per Unit, for
      an
      aggregate purchase price as set forth on page 9 hereof (the “Aggregate
      Purchase Price”).
      The
      Subscriber’s delivery of this Agreement to the Company shall be accompanied by
      payment for the Units subscribed for hereunder, payable in United States
      Dollars, by wire transfer of immediately available funds delivered
      contemporaneously with the Subscriber’s delivery of this Agreement to the
      Company in accordance with the instructions provided on Exhibit
      B.
      The
      Subscriber understands and agrees that, subject to Section 2 and applicable
      laws, by executing this Agreement, it is entering into a binding
      agreement.

     

    2. ACCEPTANCE,
      OFFERING TERM AND CLOSING PROCEDURES

     

    (a) Acceptance
      or Rejection.
      The
      obligation of the Subscriber to purchase the Units shall be irrevocable, and
      the
      Subscriber shall be legally bound to purchase the Units subject to the terms
      set
      forth in this Agreement. The Subscriber understands and agrees that the Company
      reserves the right to reject this subscription for Units in whole or part in
      any
      order at any time prior to the Closing for any reason, notwithstanding the
      Subscriber’s prior receipt of notice of acceptance of the Subscriber’s
      subscription. In the event of rejection of this subscription by the Company
      in
      accordance with this Section 2, or if the sale of the Units is not consummated
      by the Company for any reason, this Agreement and any other agreement entered
      into between the Subscriber and the Company relating to this subscription shall
      thereafter have no force or effect, and the Company shall promptly return or
      cause to be returned to the Subscriber the purchase price remitted to the Escrow
      Agent, without interest thereon or deduction therefrom.

     

    (b) Offering
      Term.
      The
      subscription period for the Offering will begin as of July 20, 2007, and will
      terminate upon the occurrence of the earlier of (i) August 5, 2007, unless
      extended by the Company for up to an additional 2-week period, (ii) the
      Company’s acceptance of subscriptions for $2,500,000 of Units and the receipt of
      payment therefore, subject to the Company’s discretion to accept subscriptions
      for more than $2,500,000 of Units or (iii) the Company’s decision to terminate
      the Offering sooner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Closing.
      The
      Closing shall take place at the offices of the Company at 4061 Dean Martin
      Drive, Las Vegas, Nevada 89103 or such other place as determined by the Company.
      The Closing shall take place on a Business Day promptly following the
      satisfaction of the conditions set forth in Section 9 below, as determined
      by
      the Company. “Business
      Day”
shall
      mean from the hours of 9:00 a.m. (Pacific Time) through 5:00 p.m. (Pacific
      Time)
      of a day other than a Saturday, Sunday or other day on which commercial banks
      in
      New York, New York are authorized or required to be closed. The Shares and
      Warrants purchased by the Subscriber will be delivered by the Company promptly
      following the Closing.

     

    (d) Acceptance
      or Rejection.
      The
      Subscriber acknowledges and agrees that this Agreement and any other documents
      delivered in connection herewith will be held by the Company. In the event
      that
      this Agreement is not accepted by the Company for whatever reason, which the
      Company expressly reserves the right to do, this Agreement, the Aggregate
      Purchase Price received (without interest thereon) and any other documents
      delivered in connection herewith will be returned to the Subscriber at the
      address of the Subscriber as set forth in this Agreement. If this Agreement
      is
      accepted by the Company, the Company is entitled to treat the Aggregate Purchase
      Price received as an interest free loan to the Company until such time as the
      Subscription is accepted.

     

    3. THE
      SUBSCRIBER’S REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    The
      Subscriber hereby acknowledges, agrees with and represents, warrants and
      covenants to the Company, as follows:

     

    (a) The
      Subscriber has full power and authority to enter into this Agreement, the
      execution and delivery of which has been duly authorized, if applicable, and
      this Agreement constitutes a valid and legally binding obligation of the
      Subscriber.

     

    (b) The
      Subscriber acknowledges its understanding that the Offering and sale of the
      Securities is intended to be exempt from registration under the Securities
      Act
      of 1933, as amended (the “Securities
      Act”),
      by
      virtue of Section 4(2) of the Securities Act and the provisions of Regulation
      D
      promulgated thereunder (“Regulation
      D”).
      In
      furtherance thereof, the Subscriber represents and warrants to the Company
      and
      its affiliates as follows:

     

    (i) The
      Subscriber realizes that the basis for the exemption from registration may
      not
      be available if, notwithstanding the Subscriber’s representations contained
      herein, the Subscriber is merely acquiring the Securities for a fixed or
      determinable period in the future, or for a market rise, or for sale if the
      market does not rise. The Subscriber does not have any such
      intention.

     

    (ii) The
      Subscriber realizes that the basis for exemption would not be available if
      the
      Offering is part of a plan or scheme to evade registration provisions of the
      Securities Act or any applicable state or federal securities laws.

     

    (iii) The
      Subscriber is acquiring the Securities solely for the Subscriber’s own
      beneficial account, for investment purposes, and not with a view towards, or
      resale in connection with, any distribution of the Securities.

     

    (iv) The
      Subscriber has the financial ability to bear the economic risk of the
      Subscriber’s investment, has adequate means for providing for its current needs
      and contingencies, and has no need for liquidity with respect to an investment
      in the Company.

     

    (v) The
      Subscriber and the Subscriber’s attorney, accountant, purchaser representative
      and/or tax advisor, if any (collectively, the “Advisors”)
      has
      such knowledge and experience in financial and business matters as to be capable
      of evaluating the merits and risks of a prospective investment in the
      Securities. If other than an individual, the Subscriber also represents it
      has
      not been organized solely for the purpose of acquiring the
      Securities.

     

    
      
        
        

      

      
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    (vi) The
      Subscriber (together with its Advisors, if any) has received all documents
      requested by the Subscriber, if any, has carefully reviewed them and understands
      the information contained therein, prior to the execution of this
      Agreement.

     

    (c) The
      Subscriber acknowledges its understanding that the Company may, in its sole
      discretion, engage one or more registered broker-dealers in connection with
      the
      sale of the Units to act as placement agents. Each placement agent shall receive
      a cash fee in an amount up to 7% of the aggregate proceeds from sales of Units
      by such placement agent and warrants to purchase a number of shares equal to
      3%
      of the aggregate number of Shares included in the Units sold by such placement
      agent.

     

    (d) The
      Subscriber is not relying on the Company or any of its employees, agents,
      sub-agents or advisors with respect to economic considerations involved in
      this
      investment. The Subscriber has relied on the advice of, or has consulted with,
      only its Advisors. Each Advisor, if any, is capable of evaluating the merits
      and
      risks of an investment in the Securities, and each Advisor, if any, has
      disclosed to the Subscriber in writing (a copy of which is annexed to this
      Agreement) the specific details of any and all past, present or future
      relationships, actual or contemplated, between the Advisor and the Company
      or
      any affiliate or sub-agent thereof.

     

    (e) The
      Subscriber has carefully considered the potential risks relating to the Company
      and a purchase of the Securities, and fully understands that the Securities
      are
      a speculative investment that involve a high degree of risk of loss of the
      Subscriber’s entire investment.

     

    (f) The
      Subscriber represents, warrants and agrees that the Subscriber will not sell
      or
      otherwise transfer any Securities without registration under the Securities
      Act
      or an exemption therefrom, and fully understands and agrees that the Subscriber
      must bear the economic risk of its purchase because, among other reasons, the
      Securities have not been registered under the Securities Act or under the
      securities laws of any state and, therefore, cannot be resold, pledged, assigned
      or otherwise disposed of unless they are subsequently registered under the
      Securities Act and under the applicable securities laws of such states, or
      an
      exemption from such registration is available. In particular, the Subscriber
      is
      aware that the Securities are “restricted securities,” as such term is defined
      in Rule 144 promulgated under the Securities Act (“Rule
      144”),
      and
      they may not be sold pursuant to Rule 144 unless all of the conditions of Rule
      144 are met. The Subscriber also understands that, except as otherwise provided
      in Section 5 hereof, the Company is under no obligation to register the
      Securities on behalf of the Subscriber or to assist the Subscriber in complying
      with any exemption from registration under the Securities Act or applicable
      state securities laws. The Subscriber understands that any sales or transfers
      of
      the Securities are further restricted by state securities laws and the
      provisions of this Agreement.

     

    (g) No
      oral
      or written representations or warranties have been made to the Subscriber by
      the
      Company or any of its officers, employees, agents, sub-agents, affiliates,
      advisors or subsidiaries, other than any representations of the Company
      contained herein, and in subscribing for the Units, the Subscriber is not
      relying upon any representations other than those contained herein.

     

    (h) The
      Subscriber’s overall commitment to investments that are not readily marketable
      is not disproportionate to the Subscriber’s net worth, and an investment in the
      Securities will not cause such overall commitment to become
      excessive.

     

    (i) The
      Subscriber understands and agrees that the certificates for the Securities
      shall
      bear substantially the following legend until (i) such Securities shall have
      been registered under the Securities Act and effectively disposed of in
      accordance with a registration statement that has been declared effective or
      (ii) in the opinion of counsel for the Company, such Securities may be sold
      without registration under the Securities Act, as well as any applicable “blue
      sky” or state securities laws:

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
      STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT
      PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
      TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION
      COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
      SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
        
        

      

      
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    (j) Neither
      the Securities and Exchange Commission (the “SEC”)
      nor
      any state securities commission has approved the Securities or passed upon
      or
      endorsed the merits of the Offering. There is no government or other insurance
      covering any of the Securities.

     

    (k) The
      Subscriber and its Advisors, if any, have had a reasonable opportunity to ask
      questions of and receive answers from a person or persons acting on behalf
      of
      the Company concerning the Offering and the business, financial condition,
      results of operations and prospects of the Company, and all such questions
      have
      been answered to the full satisfaction of the Subscriber and its Advisors,
      if
      any.

     

    (l) The
      Subscriber is unaware of, is in no way relying on, and did not become aware
      of
      the Offering through or as a result of, any form of general solicitation or
      general advertising including, without limitation, any article, notice,
      advertisement or other communication published in any newspaper, magazine or
      similar media or broadcast over television or radio, or electronic mail over
      the
      Internet, in connection with the Offering and is not subscribing for Units
      and
      did not become aware of the Offering through or as a result of any seminar
      or
      meeting to which the Subscriber was invited by, or any solicitation of a
      subscription by, a person not previously known to the Subscriber in connection
      with investments in securities generally.

     

    (m) The
      Subscriber has taken no action that would give rise to any claim by any person
      for brokerage commissions, finders’ fees or the like relating to this Agreement
      or the transactions contemplated hereby.

     

    (n) The
      Subscriber is not relying on the Company or any of its employees, agents, or
      advisors with respect to the legal, tax, economic and related considerations
      of
      an investment in the Securities, and the Subscriber has relied on the advice
      of,
      or has consulted with, only its own Advisors.

     

    (o) The
      Subscriber acknowledges that any estimates or forward-looking statements or
      projections furnished by the Company to the Subscriber were prepared by the
      management of the Company in good faith, but that the attainment of any such
      projections, estimates or forward-looking statements cannot be guaranteed by
      the
      Company or its management and should not be relied upon.

     

    (p) No
      oral
      or written representations have been made, or oral or written information
      furnished, to the Subscriber or its Advisors, if any, in connection with the
      Offering that are in any way inconsistent with the information contained
      herein.

     

    (q) (For
      ERISA plans only) The fiduciary of the ERISA plan (the “Plan”)
      represents that such fiduciary has been informed of and understands the
      Company’s investment objectives, policies and strategies, and that the decision
      to invest “plan assets” (as such term is defined in ERISA) in the Company is
      consistent with the provisions of ERISA that require diversification of plan
      assets and impose other fiduciary responsibilities. The Subscriber or Plan
      fiduciary (i) is responsible for the decision to invest in the Company; (ii)
      is
      independent of the Company and any of its affiliates; (iii) is qualified to
      make
      such investment decision; and (iv) in making such decision, the Subscriber
      or
      Plan fiduciary has not relied primarily on any advice or recommendation of
      the
      Company or any of its affiliates.

     

    (r) This
      Agreement is not enforceable by the Subscriber unless it has been accepted
      by
      the Company, and the Subscriber acknowledges and agrees that the Company
      reserves the right to reject any subscription for any reason.

     

    (s) The
      Subscriber will indemnify and hold harmless the Company and, where applicable,
      its directors, officers, employees, agents, advisors, affiliates and
      shareholders, and each other person, if any, who controls any of the foregoing
      from and against any and all loss, liability, claim, damage and expense
      whatsoever (including, but not limited to, any and all fees, costs and expenses
      whatsoever reasonably incurred in investigating, preparing or defending against
      any claim, lawsuit, administrative proceeding or investigation whether commenced
      or threatened) (a “Loss”)
      arising out of or based upon any representation or warranty of the Subscriber
      contained herein or in any document furnished by the Subscriber to the Company
      in connection herewith being untrue in any material respect or any breach or
      failure by the Subscriber to comply with any covenant or agreement made by
      the
      Subscriber herein or therein; provided,
      however,
      that
      the Subscriber shall not be liable for any Loss that
      in
      the aggregate exceeds such Subscriber’s Aggregate Purchase Price tendered
      hereunder.

     

    
      
        
        

      

      
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    (t) The
      Subscriber is, and on each date on which the Subscriber continues to own
      restricted securities from the Offering, will be an “Accredited Investor” as
      defined in Rule 501(a) under the Securities Act. In general, an “Accredited
      Investor” is deemed to be an institution with assets in excess of $5,000,000 or
      individuals with net worth in excess of $1,000,000 or annual income exceeding
      $200,0000 or $300,000 jointly with his or her spouse.

     

    (u) The
      Subscriber, either alone or together with its representatives, has such
      knowledge, sophistication and experience in business and financial matters
      so as
      to be capable of evaluating the merits and risks of the Offering, and has so
      evaluated the merits and risks of such investment. The Subscriber has not
      authorized any person or entity to act as its Purchaser Representative (as
      that
      term is defined in Regulation D of the General Rules and Regulations under
      the
      Securities Act) in connection with the Offering. The Subscriber is able to
      bear
      the economic risk of an investment in the Securities and, at the present time,
      is able to afford a complete loss of such investment.

     

    (v) The
      foregoing representations, warranties and agreements shall survive the
      Closing.

     

    4. THE
      COMPANY’S REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    The
      Company hereby acknowledges, agrees with and represents, warrants and covenants
      to the Subscriber, as follows:

     

    (a) The
      Company has the corporate power and authority to execute and deliver this
      Agreement and to perform its obligations hereunder. This Agreement has been
      duly
      authorized, executed and delivered by the Company and is valid, binding and
      enforceable against the Company in accordance with its terms.

     

    (b) The
      Securities to be issued to the Subscriber pursuant to this Agreement, when
      issued and delivered in accordance with the terms of this Agreement, will be
      duly and validly issued and will be fully paid and non-assessable.

     

    (c) Neither
      the execution and delivery nor the performance of this Agreement by the Company
      will conflict with the Company’s organizational materials, as amended to date,
      or result in a breach of any terms or provisions of, or constitute a default
      under, any material contract, agreement or instrument to which the Company
      is a
      party or by which the Company is bound.

     

    (d) After
      giving effect to the transactions contemplated by this Agreement and immediately
      after the Closing, the Company will have approximately the outstanding capital
      stock as set forth on Exhibit
      C
      attached
      hereto.

     

    (e) Any
      information furnished by the Company in connection with the Offering is true
      and
      correct in all material respects as of its date, including, without limitation,
      the Investor Presentation attached hereto as Exhibit
      D.

     

    (f) The
      Company acknowledges and agrees that the Subscriber is acting solely in the
      capacity of an arm’s length purchaser with respect to the Securities and the
      transactions contemplated hereby. The Company further acknowledges that the
      Subscriber is not acting as a financial advisor or fiduciary of the Company
      (or
      in any similar capacity) with respect to this Agreement and the transactions
      contemplated hereby and any advice given by the Subscriber or any of its
      representatives or agents in connection with this Agreement and the transactions
      contemplated hereby is merely incidental to the Subscriber’s purchase of the
      Units. The Company further represents to the Subscriber that the Company’s
      decision to enter into this Agreement has been based solely on the independent
      evaluation of the transactions contemplated hereby by the Company and its
      representatives.

     

    (g) The
      Company will indemnify and hold harmless the Subscriber and, where applicable,
      its directors, officers, employees, agents, advisors and shareholders, from
      and
      against any and all loss, liability, claim, damage and expense whatsoever
      (including, but not limited to, any and all fees, costs and expenses whatsoever
      reasonably incurred in investigating, preparing or defending against any claim,
      lawsuit, administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the
      Company contained herein or in any document furnished by the Company to the
      Subscriber in connection herewith being untrue in any material respect or any
      breach or failure by the Company to comply with any covenant or agreement made
      by the Company to the Subscriber in connection therewith; provided,
      however,
      that
      the Company’s liability shall not exceed the Subscriber’s Aggregate Purchase
      Price tendered hereunder.

     

    
      
        
        

      

      
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    (h) The
      foregoing representations, warranties and agreements shall survive the
      Closing.

     

    5. REGISTRATION
      RIGHTS

     

    (a) If,
      at
      any time during the 2 year period commencing on the date of the Closing, the
      Company proposes to file a resale registration statement under the Securities
      Act with respect to an offering of equity securities or securities exercisable
      or exchangeable for, or convertible into, equity securities, by the Company
      solely for the account of stockholders of the Company, other than a registration
      statement (i) filed in connection with any employee stock option or other
      benefit plan, (ii) for an exchange offer or offering of securities solely to
      the
      Company’s existing stockholders, (iii) for an offering of debt that is
      convertible into equity securities of the Company or (iv) for a dividend
      reinvestment plan, then the Company shall (x) give written notice of such
      proposed filing to the Subscriber as soon as practicable but in no event less
      than twenty (20) days before the anticipated filing date, which notice shall
      describe the amount and type of securities to be included in such offering,
      the
      intended method(s) of distribution, and the name of the proposed managing
      underwriter or underwriters, if any, of the offering, and (y) subject to Section
      5(b) below, offer to the Subscriber in such notice the opportunity to register
      the sale of such number of shares of Common Stock underlying the Securities
      (the
“Registrable
      Securities”)
      as the
      Subscriber may request in writing within five (5) days following receipt of
      such
      notice (a “Resale
      Registration Statement”).
      Subject to Section 5(b) below, the Company shall cause such Registrable
      Securities to be included in such registration and shall use commercially
      reasonable efforts to cause the managing underwriter or underwriters of a
      proposed underwritten offering to permit the Registrable Securities requested
      to
      be included in a Resale Registration Statement, on the same terms and conditions
      as any similar securities of the Company to be sold by stockholders of the
      Company, and to permit the sale or other disposition of such Registrable
      Securities in accordance with the intended method(s) of distribution thereof.
      If
      the Subscriber proposes to distribute any Registrable Securities through a
      Resale Registration Statement that involves an underwriter or underwriters,
      the
      Subscriber shall enter into an underwriting agreement in customary form with
      the
      underwriter or underwriters selected for such Resale Registration Statement.
      

     

    (b) Notwithstanding
      any other provision of this Agreement, if (i) the managing underwriter of a
      proposed underwritten offering, (ii) a placement agent or (iii) the Company
      determines that the inclusion of all Registrable Securities requested to be
      included in a Resale Registration Statement would adversely affect such
      offering, the Company may, in its discretion, limit the number of Registrable
      Securities to be included in such offering. Furthermore, in the event the
      Company is advised by the SEC, or any applicable self-regulatory or state
      securities agency, that the inclusion of any Registrable Securities will
      prevent, preclude or materially delay the effectiveness of a registration
      statement filed, the Company may amend such registration statement to exclude
      the Registrable Securities without thereby incurring any liability to the
      Subscriber.

     

    6. ANTI-DILUTION
      PRICE PROTECTION

     

    Until
      the
      earlier of (i) twelve (12) months following the closing, (ii) the filing of
      a
      registration statement with respect to which the Subscriber has registration
      rights under Section 5 above, or (iii) the closing of a “firm commitment” or
“best efforts” registered public offering by the Company, in the event that the
      Company issues or sells any shares of any class of the Company’s common stock or
      any warrants or other convertible security pursuant to which shares of any
      class
      of the Company’s common stock may be acquired at a price less than $2.00 per
      share, other than “Excluded Securities,” then the Company shall promptly issue
      additional shares to the Subscriber in an amount sufficient that the
      subscription price paid hereunder, when divided by the total number of shares
      issued will result in an actual price paid by the Subscriber per share equal
      to
      such lower price (this is intended to be a “full ratchet” adjustment). Such
      adjustment shall be made successively whenever such an issuance is made. For
      purposes of this Agreement, “Excluded Securities” shall mean (i) options to
      purchase common stock or shares of common stock issued upon exercise of such
      options to employees, consultants, officers or directors (if in transactions
      with primarily non-financing purposes) of this Company directly or pursuant
      to
      any stock incentive plan approved by the Company’s board of directors, (ii)
      securities issued upon exercise or conversion of any convertible securities,
      options or warrants outstanding on the date hereof, (iii) securities issued
      or
      issuable in connection with bona fide strategic transactions entered into by
      the
      Company, whether by merger, consolidation, joint venture, acquisition, sale
      or
      purchase of assets, sale, purchase or exchange of stock or otherwise, in each
      case approved by the Company’s board of directors, (iv) securities issued to
      service providers (such as investor relations firms) or lessors in consideration
      for bona fide services provided to the Company in each case that are approved
      by
      the Company’s board of directors, (v) securities issued or issuable pursuant to
      stock dividends, stock splits or similar transactions.

     

    
      
        
        

      

      
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    7. USE
      OF PROCEEDS

     

    The
      Company anticipates using the gross proceeds from the Offering as provided
      on
Exhibit
      E
      hereto.

    

    8. ESCROW
      RELEASE

     

    The
      Subscriber acknowledges that the Company may act on the Subscriber’s behalf,
      solely for the sake of convenience, in connection with confirmation to the
      Escrow Agent that the Closing has occurred and thereby direct the Escrow Agent
      to disburse the Subscriber’s subscription funds held in escrow to the Company at
      such time. In doing so, however, the Company makes no representation or warranty
      to the Subscriber with respect to any due diligence investigations concerning
      the Company, all of which shall be and remain the Subscriber’s own
      responsibility.

     

    9. CONDITIONS
      TO ACCEPTANCE OF SUBSCRIPTION

     

    The
      Company’s right to accept the subscription of the Subscriber is conditioned upon
      satisfaction of the following conditions precedent on or before the date the
      Company accepts such subscription:

     

    (a) As
      of the
      Closing, no legal action, suit or proceeding shall be pending that seeks to
      restrain or prohibit the transactions contemplated by this
      Agreement.

     

    (b) The
      representations and warranties of the Company contained in this Agreement shall
      have been true and correct in all material respects on the date of this
      Agreement and shall be true and correct as of the Closing as if made on the
      date
      of the Closing.

     

    (c) The
      Company shall have received subscriptions for at least $1,500,000 of Units
      in
      connection with the Offering.

     

    (d) The
      Company shall have provided the Subscriber with a substantially completed draft
      of a Current Report on Form 8-K containing such information about KeyOn as
      would
      be required to be disclosed in a Registration Statement on Form 10-SB (the
      “Jumbo
      8-K”),
      and
      following receipt of such Jumbo 8-K, the Subscriber shall have reconfirmed,
      in
      writing, its subscription hereunder.

     

    (e) Pubco
      shall have consummated its acquisition of KeyOn’s issued and outstanding capital
      stock and Pubco shall have succeeded to KeyOn’s business as its sole line of
      business.

     

    (f) The
      former shareholders of KeyOn shall have executed a twelve (12) month lock-up
      agreement, substantially in the Form of Exhibit
      F
      hereto.

     

    10. NOTICES
      TO THE SUBSCRIBER

     

    (a) THE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES
      LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS
      FROM
      THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE SHARES
      HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES
      COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING
      AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY
      OR ADEQUACY OF ANY INFORMATION FURNISHED IN CONNECTION WITH THIS OFFERING.
      ANY
      REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

     

    (b) THE
      SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY
      NOT
      BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT, AND
      APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
      THEREFROM. THE SUBSCRIBER SHOULD BE AWARE THAT IT MAY BE REQUIRED TO BEAR THE
      FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
      TIME.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              11.

            	
              MISCELLANEOUS
                PROVISIONS

            

    

     

    (a) All
      parties hereto have been represented by counsel, and no inference shall be
      drawn
      in favor of or against any party by virtue of the fact that such party’s counsel
      was or was not the principal draftsman of this Agreement.

     

    (b) Each
      of
      the parties hereto shall be responsible to pay the costs and expenses of its
      own
      legal counsel in connection with the preparation and review of this Agreement
      and related documentation.

     

    (c) Neither
      this Agreement, nor any provisions hereof, shall be waived, modified, discharged
      or terminated except by an instrument in writing signed by the party against
      whom any waiver, modification, discharge or termination is sought.

     

    (d) The
      representations, warranties and agreement of the Subscriber and the Company
      made
      in this Agreement shall survive the execution and delivery of this Agreement
      and
      the delivery of the Securities.

     

    (e) Any
      party
      may send any notice, request, demand, claim or other communication hereunder
      to
      the Subscriber at the address set forth on the signature page of this Agreement
      or to the Company at the address set forth above using any means (including
      personal delivery, expedited courier, messenger service, fax, ordinary mail
      or
      electronic mail), but no such notice, request, demand, claim or other
      communication will be deemed to have been duly given unless and until it
      actually is received by the intended recipient. Any party may change the address
      to which notices, requests, demands, claims and other communications hereunder
      are to be delivered by giving the other parties written notice in the manner
      herein set forth.

     

    (f) Except
      as
      otherwise provided herein, this Agreement shall be binding upon, and inure
      to
      the benefit of, the parties to this Agreement and their heirs, executors,
      administrators, successors, legal representatives and assigns. If the Subscriber
      is more than one person or entity, the obligation of the Subscriber shall be
      joint and several and the agreements, representations, warranties and
      acknowledgments contained herein shall be deemed to be made by, and be binding
      upon, each such person or entity and its heirs, executors, administrators,
      successors, legal representatives and assigns. This Agreement sets forth the
      entire agreement and understanding between the parties as to the subject matter
      thereof and merges and supersedes all prior discussions, agreements and
      understandings of any and every nature among them.

     

    (g) This
      Agreement is not transferable or assignable by the Subscriber.

     

    (h) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada, without giving effect to conflicts of law
      principles.

     

    (i) The
      Company and the Subscriber hereby agree that any dispute that may arise between
      them arising out of or in connection with this Agreement shall be adjudicated
      before a court located in Las Vegas, Nevada, and they hereby submit to the
      exclusive jurisdiction of the federal and state courts of the State of Nevada
      located in Las Vegas with respect to any action or legal proceeding commenced
      by
      any party, and irrevocably waive any objection they now or hereafter may have
      respecting the venue of any such action or proceeding brought in such a court
      or
      respecting the fact that such court is an inconvenient forum, relating to or
      arising out of this Agreement or any acts or omissions relating to the sale
      of
      the securities hereunder, and consent to the service of process in any such
      action or legal proceeding by means of registered or certified mail, return
      receipt requested, postage prepaid, in care of the address set forth herein
      or
      such other address as either party shall furnish in writing to the
      other.

     

    (j) This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    [Signature
      Pages Follow]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

    

     

    ALL
      SUBSCRIBERS MUST COMPLETE THIS PAGE

    IN
      WITNESS WHEREOF, the Subscriber has executed this Agreement on the ____ day
      of
      ____________ 2007.

     

    

    
      	
              ________________________

            	
              x
                $2.00 for each Unit

            	
              =
                $_____________________.

            
	
              Units
                subscribed for

            	 	
              Aggregate
                Purchase Price

            

    

    

    Manner
      in
      which Title is to be held (Please Check One):

     

    
      	
              1.

            	
              ___

            	
              Individual

            	
              7.

            	
              ___

            	
              Trust/Estate/Pension
                or Profit sharing Plan

              Date
                Opened:______________

            
	
              2.

            	
              ___

            	
              Joint
                Tenants with Right of Survivorship

            	
              8.

            	
              ___

            	
              As
                a Custodian for

              ________________________________

              Under
                the Uniform Gift to Minors Act of the State of

              ________________________________

            
	
              3.

            	
              ___

            	
              Community
                Property

            	
              9.

            	
              ___

            	
              Married
                with Separate Property

            
	
              4.

            	
              ___

            	
              Tenants
                in Common

            	
              10.

            	
              ___

            	
              Keogh

            
	
              5.

            	
              ___

            	
              Corporation/Partnership/
                Limited Liability Company

            	
              11.

            	
              ___

            	
              Tenants
                by the Entirety

            
	
              6.

            	
              ___

            	
              IRA

            	 	 	 

    

    

    ALTERNATIVE
      DISTRIBUTION INFORMATION

     

    To
      direct
      distribution to a party other than the registered owner, complete the
      information below. YOU MUST COMPLETE THIS SECTION IF THIS IS AN IRA
      INVESTMENT.

     

    Name
      of
      Firm (Bank, Brokerage, Custodian):

     

    Account
      Name:

     

    Account
      Number:

     

    Representative
      Name:

     

    Representative
      Phone Number:

     

    Address:

     

    City,
      State, Zip:

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    IF
      MORE
      THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN.

    INDIVIDUAL
      SUBSCRIBERS MUST COMPLETE THIS PAGE 10.

    SUBSCRIBERS
      WHICH ARE ENTITIES MUST COMPLETE PAGE 11.

     

    EXECUTION
      BY NATURAL PERSONS

     

    
      	
              _____________________________________________________________________________

              Exact
                Name in Which Title is to be Held

            
	
              _________________________________

              Name
                (Please Print)

            	 	
              _________________________________

              Name
                of Additional Purchaser

            
	
              _________________________________

              Residence:
                Number and Street

            	 	
              _________________________________

              Address
                of Additional Purchaser

            
	
              _________________________________

              City,
                State and Zip Code

            	 	
              _________________________________

              City,
                State and Zip Code

            
	
              _________________________________

              Social
                Security Number

            	 	
              _________________________________

              Social
                Security Number

            
	
              _________________________________

              Telephone
                Number

            	 	
              _________________________________

              Telephone
                Number

            
	
              _________________________________

              Fax
                Number (if available)

            	 	
              ________________________________

              Fax
                Number (if available)

            
	
              _________________________________

              E-Mail
                (if available)

            	 	
              ________________________________

              E-Mail
                (if available)

            
	
              __________________________________

              (Signature)

               

            	 	
              ________________________________

              (Signature
                of Additional Purchaser)

            
	
              ACCEPTED
                this ___ day of _________ 2007, on behalf of the
                Company.

            
	 	
               

              By: _________________________________

              Name:

              Title:

            
	 	 

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    EXECUTION
      BY SUBSCRIBER WHICH IS AN ENTITY

    (Corporation,
      Partnership, LLC, Trust, Etc.)

    
 

    
      	
              _____________________________________________________________________________

              Name
                of Entity (Please Print)

            
	
              Date
                of Incorporation or Organization:

            
	
              State
                of Principal Office:

            
	
              Federal
                Taxpayer Identification Number:

              ____________________________________________

              Office
                Address

              ____________________________________________

              City,
                State and Zip Code

              ____________________________________________

              Telephone
                Number

              ____________________________________________

              Fax
                Number (if available)

              ____________________________________________

              E-Mail
                (if available)

            
	 	
              By:
                _________________________________

              Name:

              Title:

            
	
              [seal]

              Attest:
                _________________________________

              (If
                Entity is a Corporation)

            	
              _________________________________

              _________________________________

              Address

            
	 	 
	
              ACCEPTED
                this ____ day of __________ 2007, on behalf of the
                Company.

            
	 	
               

               

              By:
                _________________________________

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    INVESTOR
      QUESTIONNAIRE

     

    Instructions:
      Check all boxes below which correctly describe you.

     

    
      	o	
              You
                are (i)
                a
                bank, as defined in Section 3(a)(2) of the Securities Act of 1933,
                as
                amended (the “Securities
                Act”),
                (ii)
                a
                savings and loan association or other institution, as defined in
                Section
                3(a)(5)(A) of the Securities Act, whether acting in an individual
                or
                fiduciary capacity, (iii)
                a
                broker or dealer registered pursuant to Section 15 of the Securities
                Exchange Act of 1934, as amended (the “Exchange
                Act”),
                (iv)
                an insurance company as defined in Section 2(13) of the Securities
                Act,
                (v)
                an investment company registered under the Investment Company Act
                of 1940,
                as amended (the “Investment
                Company Act”),
                (vi)
                a
                business development company as defined in Section 2(a)(48) of the
                Investment Company Act, (vii)
                a
                Small Business Investment Company licensed by the U.S. Small Business
                Administration under Section 301 (c) or (d) of the Small Business
                Investment Act of 1958, as amended, (viii)
                a
                plan established and maintained by a state, its political subdivisions,
                or
                an agency or instrumentality of a state or its political subdivisions,
                for
                the benefit of its employees and you have total assets in excess
                of
                $5,000,000, or (ix)
                an employee benefit plan within the meaning of the Employee Retirement
                Income Security Act of 1974, as amended (“ERISA”)
                and (1) the decision that you shall subscribe for and purchase shares
                of
                common stock and warrants to purchase common stock (the “Units”),
                is made by a plan fiduciary, as defined in Section 3(21) of ERISA,
                which
                is either a bank, savings and loan association, insurance company,
                or
                registered investment adviser, or (2) you have total assets in excess
                of
                $5,000,000 and the decision that you shall subscribe for and purchase
                the
                Shares is made solely by persons or entities that are accredited
                investors, as defined in Rule 501 of Regulation D promulgated under
                the
                Securities Act (“Regulation
                D”)
                or (3) you are a self-directed plan and the decision that you shall
                subscribe for and purchase the Units is made solely by persons or
                entities
                that are accredited investors.

            

    

     

    
      	o	
              You
                are a private business development company as defined in Section
                202(a)(22) of the Investment Advisers Act of 1940, as
                amended.

            

    

     

    
      	o	
              You
                are an organization described in Section 501(c)(3) of the Internal
                Revenue
                Code of 1986, as amended (the “Code”),
                a corporation, Massachusetts or similar business trust or a partnership,
                in each case not formed for the specific purpose of making an investment
                in the Units and its underlying securities in excess of
                $5,000,000.

            

    

     

    
      	o	
              You
                are a director or executive officer of KeyOn Communications,
                Inc.

            

    

     

    
      	o	
              You
                are a natural person whose individual net worth, or joint net worth
                with
                your spouse, exceeds $1,000,000 at the time of your subscription
                for and
                purchase of the Units.

            

    

     

    
      	o	
              You
                are a natural person who had an individual income in excess of $200,000
                in
                each of the two most recent years or joint income with your spouse
                in
                excess of $300,000 in each of the two most recent years, and who
                has a
                reasonable expectation of reaching the same income level in the current
                year.

            

    

     

    
      	o	
              You
                are a trust, with total assets in excess of $5,000,000, not formed
                for the
                specific purpose of acquiring the Units and whose subscription for
                and
                purchase of the Units is directed by a sophisticated person as described
                in Rule 506(b)(2)(ii) of Regulation
                D.

            

    

     

    
      	o	
              You
                are an entity in which all of the equity owners are persons or entities
                described in one of the preceding
                paragraphs.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Check
      all boxes below which correctly describe you.

     

    With
      respect to this investment in the Units, your:

     

    Investment
      Objectives:   x Aggressive
      Growth  x Speculation

     

    Risk
      Tolerance:    o Low
      Risk    o Moderate
      Risk   x High
      Risk

     

    Are
      you
      associated with a NASD Member Firm?   o Yes 
       o No

     

    Your
      initials (purchaser and co-purchaser, if applicable) are required for each
      item
      below:

     

    ____  
      ____   I/We
      understand that this investment is not guaranteed.

     

    ____  
      ____   I/We
      are
      aware that this investment is not liquid.

     

    ____  
      ____   I/We
      are
      sophisticated in financial and business affairs and are able
      to
      evaluate the risks and merits of an investment in this offering.

     

    ____  
      ____   I/We
      confirm that this investment is considered “high risk.” (This type of investment
      is considered high risk due to the inherent risks including lack
      of
      liquidity and lack of diversification.  Success or failure
      of private placements such as this is dependent on the corporate issuer
      of these
      securities and is outside the control of the investors. While potential loss
      is
      limited to the amount invested, such
      loss
      is possible.)

     

    The
      Subscriber hereby represents and warrants that all of its answers to this
      Investor Questionnaire are true as of the date of its execution of the
      Subscription Agreement pursuant to which it purchased the Units.

     

    
      	
               

               

              ___________________________________

              Name
                of Purchaser [please print]

              ___________________________________

              Signature
                of Purchaser (Entities please

              provide
                signature of Purchaser’s duly

              authorized
                signatory.)

              ___________________________________

              Name
                of Signatory (Entities only)

              ___________________________________

              Title
                of Signatory (Entities only)

            	
               

               

              ___________________________________

              Name
                of Co-Purchaser [please print]

              ___________________________________

              Signature
                of Co-Purchaser

            

    

    
 

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    VERIFICATION
      OF INVESTMENT ADVISOR/BROKER

     

    I
      state
      that I am familiar with the financial affairs and investment objectives of
      the
      investor named above and reasonably believe that a purchase of the securities
      is
      a suitable investment for this investor and that the investor, either
      individually or together with his or her purchaser representative, understands
      the terms of and is able to evaluate the merits of this offering. I
      acknowledge:

     

    
      	 	
              (a)

            	
              that
                I have reviewed the Subscription Agreement and forms of securities
                presented to me, and attachments (if any)
                thereto;

            

    

     

    
      	 	
              (b)

            	
              that
                the Subscription Agreement and attachments thereto have been fully
                completed and executed by the appropriate party;
                and

            

    

     

    
      	 	
              (c)

            	
              that
                the subscription will be deemed received by the Company upon acceptance
                of
                the Subscription Agreement.

            

    

     

    Deposit
      securities from this offering directly to purchaser’s account?  o Yes 
       o No

     

    If
“Yes,”
      please indicate the account number :
      _____________________________________

     

    _____________________________________  ____________________________________

    Broker/Dealer          Account
      Executive

     

    _____________________________________  ____________________________________

    (Name
      of
      Broker/Dealer)       
(Signature)

     

    _____________________________________  ____________________________________

    (Street
      Address of Broker/Dealer Office)          (Print
      Name)

     

    _____________________________________  ____________________________________

    (City
      of
      Broker/Dealer Office) (State) (Zip)          
(Representative
      I.D. Number)

     

    _____________________________________  ____________________________________

    (Telephone
      Number of Broker/Dealer Office)       (Date)

     

    _____________________________________
        ____________________________________

    (Fax
      Number of Broker/Dealer Office)            (E-mail
      Address of Account Executive)

     

    
      
        
        

      

      
        14FORM
      OF WARRANT

     

    
      	
              KEYON
                COMMUNICATIONS HOLDINGS, INC.

            
	 	 	 
	
              No.
                1

            	 	
              _________Shares

            

    

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    VOID
      AFTER 5:30 P.M., EASTERN 

    TIME,
      ON THE EXPIRATION DATE

     

    THIS
      WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT
      BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT
      COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE
      FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS
      THEREFROM.

     

    FOR
      VALUE
      RECEIVED, KEYON COMMUNICATIONS HOLDINGS, INC., a Delaware corporation (the
      “Company”), hereby agrees to sell upon the terms and on the conditions
      hereinafter set forth, but no later than 5:30 p.m., Pacific Time, on the
      Expiration Date (as hereinafter defined), to _________________, or registered
      assigns (the “Holder”),
      under
      the terms as hereinafter set forth, _____________ fully paid and non-assessable
      shares of the Company’s common stock, par value $0.001 per share (the
“Warrant
      Stock”),
      at a
      purchase price of $3.35 per share (the “Warrant
      Price”),
      pursuant to this warrant (this “Warrant”).
      The
      number of shares of Warrant Stock to be so issued and the Warrant Price are
      subject to adjustment in certain events as hereinafter set forth. The term
      “Common
      Stock”
shall
      mean, when used herein, unless the context otherwise requires, the stock and
      other securities and property at the time receivable upon the exercise of this
      Warrant.

     

    1. Exercise
      of Warrant.

     

    (a) The
      Holder may exercise this Warrant according to its terms by surrendering this
      Warrant to the Company at the address set forth in Section 11, together with
      the
      form of exercise attached hereto duly executed by the Holder, accompanied by
      cash, certified check or bank draft in payment of the Warrant Price, in lawful
      money of the United States of America, for the number of shares of the Warrant
      Stock specified in such form of exercise, or as otherwise provided in this
      Warrant, prior to 5:30 p.m., Pacific Time, on ___________, 2012 (the
“Expiration
      Date”).

     

    (b) This
      Warrant may be exercised in whole or in part so long as any exercise in part
      hereof would not involve the issuance of fractional shares of Warrant Stock.
      If
      exercised in part, the Company shall deliver to the Holder a new Warrant,
      identical in form, in the name of the Holder, evidencing the right to purchase
      the number of shares of Warrant Stock as to which this Warrant has not been
      exercised, which new Warrant shall be signed by the Chairman, Chief Executive
      Officer, President or any Vice President of the Company. The term Warrant as
      used herein shall include any subsequent Warrant issued as provided
      herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. The Company shall pay cash in lieu of fractions
      with respect to the Warrants based upon the fair market value of such fractional
      shares of Common Stock (which shall be the closing price of such shares on
      the
      exchange or market on which the Common Stock is then traded) at the time of
      exercise of this Warrant.

     

    (d) In
      the
      event of any exercise of the rights represented by this Warrant, a certificate
      or certificates for the Warrant Stock so purchased, registered in the name
      of
      the Holder, shall be delivered to the Holder within a reasonable time after
      such
      rights shall have been so exercised. The person or entity in whose name any
      certificate for the Warrant Stock is issued upon exercise of the rights
      represented by this Warrant shall for all purposes be deemed to have become
      the
      holder of record of such shares immediately prior to the close of business
      on
      the date on which the Warrant was surrendered and payment of the Warrant Price
      and any applicable taxes was made, irrespective of the date of delivery of
      such
      certificate, except that, if the date of such surrender and payment is a date
      when the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the opening of business
      on
      the next succeeding date on which the stock transfer books are open. The Company
      shall pay any and all documentary stamp or similar issue or transfer taxes
      payable in respect of the issue or delivery of shares of Common Stock on
      exercise of this Warrant; provided,
      however,
      that
      the Company shall not be required to pay any tax that may be payable in respect
      of any issuance and delivery of shares of Warrant Stock to any Person other
      than
      the Holder or with respect to any income tax due by the Holder with respect
      to
      any shares of Warrant Stock. “Person”
shall
      mean any natural person, corporation, division of a corporation, partnership,
      limited liability company, trust, joint venture, association, company, estate,
      unincorporated organization or government or any agency or political subdivision
      thereof.

     

    2. Disposition
      of Warrant Stock and Warrant.

     

    (a) The
      Holder hereby acknowledges that this Warrant and any Warrant Stock purchased
      pursuant hereto are, as of the date hereof, not registered: (i) under the Act
      on
      the ground that the issuance of this Warrant is exempt from registration under
      Section 4(2) of the Act as not involving any public offering or (ii) under
      any
      applicable state securities law because the issuance of this Warrant does not
      involve any public offering; and that the Company’s reliance on the Section 4(2)
      exemption of the Act and under applicable state securities laws is predicated
      in
      part on the representations hereby made to the Company by the Holder that it
      is
      acquiring this Warrant and will acquire the Warrant Stock for investment for
      its
      own account, with no present intention of dividing its participation with others
      or reselling or otherwise distributing the same, subject, nevertheless, to
      any
      requirement of law that the disposition of its property shall at all times
      be
      within its control.

     

    The
      Holder hereby agrees that it will not sell or transfer all or any part of this
      Warrant and/or Warrant Stock, except pursuant to an effective registration
      statement under the Act, unless and until it shall first have given notice
      to
      the Company describing such sale or transfer and furnished to the Company either
      (i) an opinion of counsel for the Company, which the Company shall obtain at
      its
      own expense, to the effect that the proposed sale or transfer may be made
      without registration under the Act and without registration or qualification
      under any state law, or (ii) an interpretative letter from the Securities and
      Exchange Commission to the effect that no
      enforcement action will be recommended if the proposed sale or transfer is
      made
      without registration under the Act.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (b) If,
      at
      the time of issuance of the shares issuable upon exercise of this Warrant,
      no
      registration statement is in effect with respect to such shares under applicable
      provisions of the Act, the Company may at its election require that the Holder
      provide the Company with written reconfirmation of the Holder’s investment
      intent and that any stock certificate delivered to the Holder of a surrendered
      Warrant shall bear a legend reading substantially as follows:

     

    “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
      DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
      OF
      THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”

     

    In
      addition, so long as the foregoing legend may remain on any stock certificate
      delivered to the Holder, the Company may maintain appropriate “stop transfer”
orders with respect to such certificates and the shares represented thereby
      on
      its books and records and with those to whom it may delegate registrar and
      transfer functions.

     

    3. Reservation
      of Shares.
      The
      Company hereby agrees that at all times there shall be reserved for issuance
      upon the exercise of this Warrant such number of shares of its Common Stock
      as
      shall be required for issuance upon exercise of this Warrant. The Company
      further agrees that all shares which may be issued upon the exercise of the
      rights represented by this Warrant will be duly authorized and will, upon
      issuance and against payment of the Warrant Price therefor, be validly issued,
      fully paid and non assessable, free from all taxes, liens, charges and
      preemptive rights with respect to the issuance thereof, other than taxes, if
      any, in respect of any transfer occurring contemporaneously with such issuance
      and other than transfer restrictions imposed by federal and state securities
      laws.

     

    4. Exchange,
      Transfer or Assignment of Warrant.
      This
      Warrant is exchangeable, without expense, at the option of the Holder, upon
      presentation and surrender hereof to the Company or at the office of its stock
      transfer agent, if any, for other Warrants of different denominations, entitling
      the Holder or Holders thereof to purchase in the aggregate the same number
      of
      shares of Common Stock purchasable hereunder. Upon surrender of this Warrant
      to
      the Company or at the office of its stock transfer agent, if any, with an
      appropriate instrument of assignment duly executed and funds sufficient to
      pay
      any transfer tax, the Company shall, without charge, execute and deliver a
      new
      Warrant in the name of the assignee named in such instrument of assignment
      and
      this Warrant shall promptly be canceled. This Warrant may be divided or combined
      with other Warrants that carry the same rights upon presentation hereof at
      the
      office of the Company or at the office of its stock transfer agent, if any,
      together with a written notice specifying the names and denominations in which
      new Warrants are to be issued and signed by the Holder hereof.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    5. Capital
      Adjustments.
      This
      Warrant is subject to the following further provisions:

     

    (a) Until
      the
      earlier of (i) twelve (12) months after the date of this Warrant, (ii) the
      filing of a registration statement with respect to which the shares underlying
      this Warrant are registered for resale, or (iii) the closing of a “firm
      commitment” or “best efforts” registered public offering by the Company, in the
      event the Company issues or sells any shares of any class of the Company’s
      common stock or any warrants or other convertible security pursuant to which
      shares of any class of the Company’s common stock may be acquired (the
“Dilutive
      Issuance”)
      at a
      price less than $2.00 per share (the “New
      Issuance Price”),
      other
      than Excluded Securities, then immediately after such Dilutive Issuance, the
      Warrant Price then in effect shall be reduced to an amount equal to the product
      of (i) the New Issuance Price and (ii) 1.675; provided,
      however,
      that if
      the Warrant Price is adjusted to $2.00 pursuant to Section 8 below, the Warrant
      Price shall equal the New Issuance Price. For purposes of this Warrant,
“Excluded
      Securities”
shall
      mean (i) options to purchase common stock or shares of common stock issued
      upon
      exercise of such options to employees, consultants, officers or directors (if
      in
      transactions with primarily non-financing purposes) of this Company directly
      or
      pursuant to any stock incentive plan approved by the Company’s board of
      directors, (ii) securities issued upon exercise or conversion of any convertible
      securities, options or warrants outstanding on the date hereof, (iii) securities
      issued or issuable in connection with bona fide strategic transactions entered
      into by the Company, whether by merger, consolidation, joint venture,
      acquisition, sale or purchase of assets, sale, purchase or exchange of stock
      or
      otherwise, in each case approved by the Company’s board of directors, (iv)
      securities issued to service providers (such as investor relations firms) or
      lessors in consideration for bona fide services provided to the Company in
      each
      case that are approved by the Company’s board of directors, or (v) securities
      issued or issuable pursuant to stock dividends, stock splits or similar
      transactions.

     

    (b) If
      any
      recapitalization of the Company or reclassification of its Common Stock or
      any
      merger or consolidation of the Company into or with a Person, or the sale or
      transfer of all or substantially all of the Company’s assets or of any successor
      corporation’s assets to any Person (any such Person being included within the
      meaning of the term “successor corporation”) shall be effected, at any time
      while this Warrant remains outstanding and unexpired, then, as a condition
      of
      such recapitalization, reclassification, merger, consolidation, sale or
      transfer, lawful and adequate provision shall be made whereby the Holder of
      this
      Warrant thereafter shall have the right to receive upon the exercise hereof
      as
      provided in Section 1 and in lieu of the shares of Common Stock immediately
      theretofore issuable upon the exercise of this Warrant, such shares of capital
      stock, securities or other property as may be issued or payable with respect
      to
      or in exchange for a number of outstanding shares of Common Stock equal to
      the
      number of shares of Common Stock immediately theretofore issuable upon the
      exercise of this Warrant had such recapitalization, reclassification, merger,
      consolidation, sale or transfer not taken place, and in each such case, the
      terms of this Warrant shall be applicable to the shares of stock or other
      securities or property receivable upon the exercise of this Warrant after such
      consummation.

     

    (c) If
      the
      Company at any time while this Warrant remains outstanding and unexpired shall
      subdivide or combine its Common Stock, the number of shares of Warrant Stock
      purchasable upon exercise of this Warrant and the Warrant Price shall be
      proportionately adjusted.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    (d) If
      the
      Company at any time while this Warrant is outstanding and unexpired shall issue
      or pay the holders of its Common Stock, or take a record of the holders of
      its
      Common Stock for the purpose of entitling them to receive, a dividend payable
      in, or other distribution of, Common Stock, then (i) the Warrant Price shall
      be
      adjusted in accordance with Section 5(e) and (ii) the number of shares of
      Warrant Stock purchasable upon exercise of this Warrant shall be adjusted to
      the
      number of shares of Common Stock that the Holder would have owned immediately
      following such action had this Warrant been exercised immediately prior
      thereto.

     

    (e) If
      the
      Company shall at any time after the date of issuance of this Warrant distribute
      to all holders of its Common Stock any shares of capital stock of the Company
      (other than Common Stock) or evidences of its indebtedness or assets (excluding
      cash dividends or distributions paid from retained earnings or current year’s or
      prior year’s earnings of the Company) or rights or warrants to subscribe for or
      purchase any of its securities (excluding those referred to in the immediately
      preceding paragraph) (any of the foregoing being hereinafter in this paragraph
      called the “Securities”),
      then
      in each such case, the Company shall reserve shares or other units of such
      Securities for distribution to the Holder upon exercise of this Warrant so
      that,
      in addition to the shares of the Common Stock to which such Holder is entitled,
      such Holder will receive upon such exercise the amount and kind of such
      Securities which such Holder would have received if the Holder had, immediately
      prior to the record date for the distribution of the Securities, exercised
      this
      Warrant.

     

    (f) Whenever
      the number of shares of Warrant Stock purchasable upon exercise of this Warrant
      is adjusted, as herein provided, the Warrant Price payable upon the exercise
      of
      this Warrant shall be adjusted to that price determined by multiplying the
      Warrant Price immediately prior to such adjustment by a fraction (i) the
      numerator of which shall be the number of shares of Warrant Stock purchasable
      upon exercise of this Warrant immediately prior to such adjustment, and (ii)
      the
      denominator of which shall be the number of shares of Warrant Stock purchasable
      upon exercise of this Warrant immediately thereafter.

     

    (g) The
      number of shares of Common Stock outstanding at any given time for purposes
      of
      the adjustments set forth in this Section 5 shall exclude any shares then
      directly or indirectly held in the treasury of the Company.

     

    (h) The
      Company shall not be required to make any adjustment pursuant to this Section
      5
      if the amount of such adjustment would be less than one percent (1%) of the
      Warrant Price in effect immediately before the event that would otherwise have
      given rise to such adjustment. In such case, however, any adjustment that would
      otherwise have been required to be made shall be made at the time of and
      together with the next subsequent adjustment which, together with any adjustment
      or adjustments so carried forward, shall amount to not less than one percent
      (1%) of the Warrant Price in effect immediately before the event giving rise
      to
      such next subsequent adjustment.

     

    (i) Following
      each computation or readjustment as provided in this Section 5, the new adjusted
      Warrant Price and number of shares of Warrant Stock purchasable upon exercise
      of
      this Warrant shall remain in effect until a further computation or readjustment
      thereof is required.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    6. Notice
      to Holders.

     

    (a) In
      case:

     

    (i) the
      Company shall take a record of the holders of its Common Stock (or other stock
      or securities at the time receivable upon the exercise of this Warrant) for
      the
      purpose of entitling them to receive any dividend (other than a cash dividend
      payable out of earned surplus of the Company) or other distribution, or any
      right to subscribe for or purchase any shares of stock of any class or any
      other
      securities, or to receive any other right;

     

    (ii) of
      any
      capital reorganization of the Company, any reclassification of the capital
      stock
      of the Company, any consolidation with or merger of the Company into another
      Person, or any conveyance of all or substantially all of the assets of the
      Company to another Person; or

     

    (iii) of
      any
      voluntary dissolution, liquidation or winding-up of the Company;

     

    then,
      and
      in each such case, the Company will mail or cause to be mailed to the Holder
      hereof at the time outstanding a notice specifying, as the case may be, (i)
      the
      date on which a record is to be taken for the purpose of such dividend,
      distribution or right, and stating the amount and character of such dividend,
      distribution or right, or (ii) the date on which such reorganization,
      reclassification, consolidation, merger, conveyance, dissolution, liquidation
      or
      winding-up is to take place, and the time, if any is to be fixed, as of which
      the holders of record of Common Stock (or such stock or securities at the time
      receivable upon the exercise of this Warrant) shall be entitled to exchange
      their shares of Common Stock (or such other stock or securities) for securities
      or other property deliverable upon such reorganization, reclassification,
      consolidation, merger, conveyance, dissolution, liquidation or winding-up.
      Such
      notice shall be mailed at least twenty (20) days prior to the record date
      therein specified, or if no record date shall have been specified therein,
      at
      least twenty (20) days prior to the date of such action, provided, however,
      failure to provide any such notice shall not affect the validity of such
      transaction.

     

    (b) Whenever
      any adjustment shall be made pursuant to Section 5 hereof, the Company shall
      promptly make a certificate signed by its Chairman, Chief Executive Officer,
      President, Vice President, Chief Financial Officer or Treasurer, setting forth
      in reasonable detail the event requiring the adjustment, the amount of the
      adjustment, the method by which such adjustment was calculated and the Warrant
      Price and number of shares of Warrant Stock purchasable upon exercise of this
      Warrant after giving effect to such adjustment, and shall promptly cause copies
      of such certificate to be mailed (by first class mail, postage prepaid) to
      the
      Holder of this Warrant.

     

    7. Call
      by the Company.
      This
      Warrant contains a callable feature requiring the automatic exercise at any
      time
      prior to the Expiration Date if the market price of the Company’s common stock
      is equal to or in excess of the callable price of $6.00 for a period of twenty
      (20) consecutive days and there is an effective registration statement covering
      the Warrant Stock (the “Automatic
      Exercise”).
      Upon
      occurrence of the Automatic Exercise, the Company shall provide the Holder
      with
      notice of such Automatic Conversion (“Automatic
      Exercise Notice”).
      Upon
      receipt of the Automatic Exercise Notice, the Holder must (a) exercise, in
      whole
      or in part, this Warrant within ten (10) days; or (ii) notify the Company of
      its
      intent to transfer this Warrant pursuant to Section 4 of this Warrant. In the
      event that the Holder elects to transfer this Warrant pursuant to Section 4
      of
      this Warrant, then the subsequent holder of this Warrant must exercise this
      Warrant on or before the thirtieth (30) day after notification of intent to
      transfer this Warrant. If the Holder does not exercise this Warrant within
      ten
      (10) days from receipt of the Automatic Exercise Notice or, in the event that
      this Warrant has been transferred pursuant to Section 4 of this Warrant, the
      subsequent holder of this Warrant does not exercise this Warrant within thirty
      (30) days after notification of intent to transfer this Warrant, then this
      Warrant will expire.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    8. Reset
      of Warrant Price.
      If the
      Company fails to record at least $8,500,000 in consolidated pro forma revenue
      for the fiscal year ended December 31, 2007, as reported in the Company’s Annual
      Report on Form 10-KSB for such period, the Warrant Price, without any further
      action on the part of the Company or the Holder, shall be reduced to $2.00
      per
      share.

     

    9. Loss,
      Theft, Destruction or Mutilation.
      Upon
      receipt by the Company of evidence satisfactory to it, in the exercise of its
      reasonable discretion, of the ownership and the loss, theft, destruction or
      mutilation of this Warrant and, in the case of loss, theft or destruction,
      of
      indemnity reasonably satisfactory to the Company and, in the case of mutilation,
      upon surrender and cancellation hereof, the Company will execute and deliver
      in
      lieu hereof, without expense to the Holder, a new Warrant of like tenor dated
      the date hereof.

     

    10. Warrant
      Holder Not a Stockholder.
      The
      Holder of this Warrant, as such, shall not be entitled by reason of this Warrant
      to any rights whatsoever as a stockholder of the Company.

     

    11. Notices.
      Any
      notice required or contemplated by this Warrant shall be deemed to have been
      duly given if transmitted by registered or certified mail, return receipt
      requested, postage prepaid, or nationally recognized overnight delivery service,
      to the Company at its principal executive offices: 4067 Dean Martin Drive,
      Las
      Vegas, NV 89103, Attention: Chief Executive Officer, or to the Holder at the
      name and address set forth in the Warrant Register maintained by the
      Company.

     

    12. Choice
      of Law.
      THIS
      WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED
      IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEVADA, WITHOUT GIVING
      EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    13. Jurisdiction
      and Venue.
      The
      Company and the Holder, by its acceptance hereof, hereby agree that any dispute
      which may arise between them arising out of or in connection with this Warrant
      shall be adjudicated before a court located in Las Vegas, Nevada, and they
      hereby submit to the exclusive jurisdiction of the federal and state courts
      of
      the State of Nevada located in Las Vegas with respect to any action or legal
      proceeding commenced by any party, and irrevocably waive any objection they
      now
      or hereafter may have respecting the venue of any such action or proceeding
      brought in such a court or respecting the fact that such court is an
      inconvenient forum, relating to or arising out of this Warrant or any acts
      or
      omissions relating to the sale of the securities hereunder, and consent to
      the
      service of process in any such action or legal proceeding by means of registered
      or certified mail, return receipt requested, postage prepaid, in care of the
      address set forth herein or such other address as either party shall furnish
      in
      writing to the other.

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

    

    IN
      WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its
      behalf, in its corporate name and by its duly authorized officer, as of this
      ___
      day of _________  , 2007.

     

    
      	 	 	 
	 	KEYON
              COMMUNICATIONS HOLDINGS, INC.
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Jonathan Snyder

              Title:
                Chief Executive Officer

            
	 	
            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      EXERCISE

     

    (to
      be
      executed by the registered holder hereof)

     

    The
      undersigned hereby exercises the right to purchase _________ shares of common
      stock, par value $0.001 per share (“Common Stock”), of KeyOn Communications
      Holdings, Inc. evidenced by the within Warrant Certificate for a Warrant Price
      of $_____ per share and herewith makes payment of the Warrant Price in full
      of
      $__________. Kindly issue certificates for shares of Common Stock (and for
      the
      unexercised balance of the Warrants evidenced by the within Warrant Certificate,
      if any) in accordance with the instructions given below.

     

    
      	
              Dated”
                ______________, 200__

            	 	 
	 	 	
              Name:

            

    

    

    Instructions
      for registration of stock:

    

    _____________________________
Name
      (Please Print)

     

    Social
      Security or other identifying Number: _______________

     

    Address:____________________________________________
City,
      State and Zip Code

     

    Instructions
      for registration of certificate representing the unexercised balance of Warrants
      (if any):

     

    _____________________________
      
Name
      (Please Print)

     

    Social
      Security or other identifying Number: _______________

     

    Address:____________________________________________
City,
      State and Zip Code

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