Document:

Exhibit 10.5

NEITHER THIS DEBENTURE NOR THE
SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE.  THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

OPEN ENERGY CORPORATION

SECURED CONVERTIBLE DEBENTURE

	
  Issuance Date: June 15, 2007

  	
   

  	
  Original Principal Amount:     
  The amount set forth on that certain Note Conversion Letter delivered
  pursuant to that certain Note and Warrant Purchase Agreement dated as of June
  15, 2007 (the “Note Conversion Letter”)

  
	
  No. OEGY-2-1

  	
   

  	
   

  

 

FOR
VALUE RECEIVED, OPEN ENERGY CORPORATION, a Nevada corporation
(the “Company”), hereby promises to pay to the order of JOHN M. FIFE or
registered assigns (the “Holder”) the amount set forth on the Note
Conversion Letter as the Original Principal Amount (as reduced pursuant to the
terms hereof pursuant to redemption, conversion or otherwise, the “Principal”)
when due, whether upon the Maturity Date (as defined below), on any Installment
Date with respect to the Installment Amount due on such Installment Date (each,
as defined herein), acceleration, redemption or otherwise (in each case in
accordance with the terms hereof) and to pay interest (“Interest”) on
any outstanding Principal at the applicable Interest Rate from the date set out
above as the Issuance Date (the “Issuance Date”) until the same becomes
due and payable, whether upon an Interest Date (as defined below), any
Installment Date or the Maturity Date or acceleration, conversion, redemption
or otherwise (in each case in accordance with the terms hereof).  This
Secured Convertible Debenture (including all Secured Convertible Debentures
issued in exchange, transfer or replacement hereof, this “Debenture”) is
one of an issue of Secured Convertible Debentures issued pursuant to the Note
and Warrant Purchase Agreement (collectively, the “Debentures”. 
Certain capitalized terms used herein are defined in Section 17.

(1)          
GENERAL TERMS

(a)          
Payment of Principal.  On the Maturity Date, the Company shall pay
to the Holder an amount in cash representing all outstanding Principal, accrued
and unpaid Interest.  The “Maturity Date” shall be the date that is
one year from the issuance date of this Debenture.  Other than as
specifically permitted by this Debenture, the Company may not prepay or redeem
any portion of the outstanding Principal without the prior written consent of
the Holder.

(b)          
Interest.  Interest shall accrue on the outstanding principal
balance hereof at an annual rate equal to ten percent (10%) (“Interest Rate”). 
Interest shall be calculated on the basis of a 365-day year and the actual
number of days elapsed, to the extent permitted by applicable law. 
Interest hereunder shall be paid on the Maturity Date (or sooner as provided
herein) to the Holder or his assignee in whose name this Debenture is
registered on the records of the Company regarding registration and transfers
of Debentures at the option of the Company in cash, or, provided that the
Equity Conditions are then satisfied converted into Common Stock at the lower
of the Closing Bid Price on the Trading Day immediately prior to the date paid
or applicable Conversion Price on such date.

(c)          
Security.  The Debenture is secured by a security interest in all
of the assets of the Company and of each of the Company’s subsidiaries as
evidenced by (i) the Security 

Agreement dated June 15, 2007 between the
Company, each subsidiary of the Company and the Holder and the UCC-1 financing
statements filed in Nevada and California in connection therewith (the “Security
Documents”).

(2)           EVENTS
OF DEFAULT. 

(a)          
An “Event of Default”, wherever used herein, means any one 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)           
The Company’s failure to pay to the Holder any amount of Principal, Interest,
or other amounts when and as due under this Debenture (including, without
limitation, the Company’s failure to pay any redemption payments or amounts
hereunder) or any other Transaction Document;

(ii)          
The Company or any subsidiary of the Company shall commence, or there shall be
commenced against the Company or any subsidiary of the Company under any
applicable bankruptcy or insolvency laws as now or hereafter in effect or any
successor thereto, or the Company or any subsidiary of the Company 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 Company or any
subsidiary of the Company or there is commenced against the Company or any
subsidiary of the Company any such bankruptcy, insolvency or other proceeding
which remains undismissed for a period of 61 days; or the Company or any
subsidiary of the Company is adjudicated insolvent or bankrupt; or any order of
relief or other order approving any such case or proceeding is entered; or the
Company or any subsidiary of the Company suffers any appointment of any
custodian, private or court appointed receiver or the like for it or any
substantial part of its property which continues undischarged or unstayed for a
period of sixty one (61) days; or the Company or any subsidiary of the Company
makes a general assignment for the benefit of creditors; or the Company or any
subsidiary of the Company shall fail to pay, or shall state that it is unable
to pay, or shall be unable to pay, its debts generally as they become due; or
the Company or any subsidiary of the Company shall call a meeting of its
creditors with a view to arranging a composition, adjustment or restructuring of
its debts; or the Company or any subsidiary of the Company shall by any act or
failure to act expressly indicate its consent to, approval of or acquiescence
in any of the foregoing; or any corporate or other action is taken by the
Company or any subsidiary of the Company for the purpose of effecting any of
the foregoing;

(iii)         
The Company or any subsidiary of the Company shall default in any of its
obligations under any other debenture or any mortgage, credit agreement or
other facility, indenture agreement, factoring agreement or other instrument
under which there may be issued, or by which there may be secured or evidenced
any indebtedness for borrowed money or money due under any long term leasing or
factoring arrangement of the Company or any subsidiary of the Company in an
amount exceeding $100,000, whether such indebtedness now exists or shall
hereafter be created and such default shall result in such indebtedness
becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable;

(iv)         
If the Common Stock is quoted or listed for trading on any of the following and
it ceases to be so quoted or listed for trading and shall not again be quoted
or listed for trading on any Primary Market within five (5) Trading Days of
such delisting: (a) the American Stock Exchange, (b) New York Stock Exchange,
(c) the Nasdaq Global Market, (d) the Nasdaq Capital Market, or (e) the Nasdaq
OTC Bulletin Board (“OTCBB”) (each, a “Primary Market”);

(v)          
The Company or any subsidiary of the Company shall be a party to any Change of
Control Transaction (as defined in Section 6) unless in connection with such
Change of Control Transaction this Debenture is retired;

(vi)         
The Company shall agree to any modification, waiver or amendment of that
certain Note and Warrant Purchase Agreement dated as of March 30, 2007 filed as
an exhibit to that certain Current Report on Form 8-K filed April 5, 2007, or
any of the agreements referenced therein and attached as an exhibit thereto,
without simultaneously notifying the Holder of such modification, waiver or
amendment and affording the Holder at least five (5) business days to determine
whether or not to enter into the same modification, waiver or amendment ;

(vii)        
the Company’s (A) failure to cure a Conversion Failure by delivery of the
required number of shares of Common Stock within five (5) Business Days after
the applicable Conversion Failure or (B) notice, written or oral, to any holder
of the Debentures, including by way of public announcement, at any time, of its
intention not to comply with a request for conversion of any Debentures into
shares of Common Stock that is tendered in accordance with the provisions of
the Debentures, other than pursuant to Section 4(c);

(viii)       
The Company shall fail for any reason to deliver the payment in cash pursuant
to a Buy-In (as defined herein) within three (3) Business Days after such
payment is due;

(ix)          
The Company shall fail to observe or perform any other covenant, agreement or
warranty contained in, or otherwise commit any breach or default of any
provision of this Debenture (except as may be covered by Section 2(a)(i)
through 2(a)(vii) hereof) or any Transaction Document (as defined in Section
16) which is not cured within the time prescribed.

(b)          
During the time that any portion of this Debenture is outstanding, if any Event
of Default has occurred, the full unpaid Principal amount of this Debenture,
together with interest and other amounts owing in respect thereof, to the date
of acceleration shall become at the Holder’s election, immediately due and
payable in cash; provided however, the Holder may request (but shall have no
obligation to request) payment of such amounts in Common Stock of the Company
at the then-market price, calculated at the average volume weighted average
price, as quoted by Bloomberg, LP, for the five trading days prior to the date
on which the Holder shall make such request.  Furthermore, in addition to
any other remedies, the Holder shall have the right (but not the obligation) to
convert all or any portion of this Debenture at any time after an Event of
Default at the lower of the Conversion Price or the price equal to
$0.065.  The Holder need not provide and the Company hereby waives any
presentment, demand, protest or other notice of any kind, (other than required
notice of conversion) and the Holder may immediately and without expiration of
any grace period enforce any and all of his rights and remedies hereunder and
all other remedies available to him under applicable law.  Such declaration may be rescinded and
annulled by Holder at any time prior to payment hereunder.  No such rescission or annulment shall affect
any subsequent Event of Default or impair any right consequent thereon.

(3)          
COMPANY REDEMPTION.  The Company may not prepay or redeem any
portion of the outstanding Principal of this Debenture without the prior
written consent of the Holder.

(4)          
CONVERSION OF DEBENTURE.  This Debenture shall be convertible into
shares of the Company’s Common Stock, on the terms and conditions set forth in
this Section 4.

(a)          
Conversion Right.  Subject to the provisions of Section 4(c), at
any time or times on or after the Issuance Date, the Holder shall be entitled
to convert any portion of the outstanding and unpaid Conversion Amount (as
defined below) into fully paid and nonassessable shares of Common Stock in
accordance with Section 4(b), at the Conversion Rate (as defined below). 
The number of shares of Common Stock issuable upon conversion of any Conversion
Amount pursuant to this Section 4(a) shall be determined by dividing (x) such
Conversion Amount by (y) the Conversion Price (the “Conversion Rate”). 
The Company shall not issue any fraction of a share of Common Stock upon any
conversion.  If the issuance would result in the issuance of a fraction of
a share of Common Stock, the Company shall round such fraction of a share of
Common Stock up to the nearest whole share.  The Company shall pay any and
all transfer, stamp and similar taxes that may be payable with respect to the
issuance and delivery of Common Stock upon conversion of any Conversion Amount.

(i)           
“Conversion Amount” means the portion of the Principal and Interest to
be converted, redeemed or otherwise with respect to which this determination is
being made.

(ii)          
“Conversion Price” means, as of any Conversion Date (as defined below)
or other date of determination, $0.50, subject to adjustment as provided
herein;

(b)          
Mechanics of Conversion.

(i)           
Optional Conversion.  To convert any Conversion Amount into shares
of Common Stock on any date (a “Conversion Date”), the Holder shall (A)
transmit by facsimile (or otherwise deliver), for receipt on or prior to 11:59
p.m., New York Time, on such date, a copy of an executed notice of conversion
in the form attached hereto as Exhibit I (the “Conversion Notice”)
to the Company and (B) if required by Section 4(b)(iv), surrender this
Debenture to a nationally recognized overnight delivery service for delivery to
the Company (or an indemnification undertaking reasonably satisfactory to the
Company with respect to this Debenture in the case of its loss, theft or
destruction).  On or before the third Business Day following the date of
receipt of a Conversion Notice (the “Share Delivery Date”), the Company
shall (X) if legends are not required to be placed on certificates of Common
Stock pursuant to the Note and Warrant Purchase Agreement and provided that the
Transfer Agent is participating in the Depository Trust Company’s (“DTC”)
Fast Automated Securities Transfer Program, credit such aggregate number of
shares of Common Stock to which the Holder shall be entitled to the Holder’s or
his designee’s balance account with DTC through its Deposit Withdrawal Agent
Commission system or (Y) if the Transfer Agent is not participating in the DTC
Fast Automated Securities Transfer Program, issue and deliver to the address as
specified in the Conversion Notice, a certificate, registered in the name of
the Holder or his designee, for the number of shares of Common Stock to which
the Holder shall be entitled which certificates shall not bear any restrictive
legends unless required pursuant to Section 2(g) of the Note and Warrant
Purchase Agreement.  If this Debenture is physically surrendered for
conversion and the outstanding Principal of this Debenture is greater than the
Principal portion of the Conversion Amount being converted, then the Company
shall as soon as practicable and in no event later than three (3) Business Days
after receipt of this Debenture and at its own expense, issue and deliver to
the holder a new Debenture representing the outstanding Principal not
converted.  The Person or Persons entitled to receive the shares of Common
Stock issuable upon a conversion of this Debenture shall be treated for all
purposes as the record holder or holders of such shares of Common Stock upon
the transmission of a Conversion Notice.  In the event of a partial conversion
of this Debenture pursuant hereto, the principal amount converted shall be
deducted from the Installment Amounts relating to the Installment Dates as set
forth in the Conversion Notice.

(ii)          
Company’s Failure to Timely Convert.  If within three (3) Trading
Days after the Company’s receipt of the facsimile copy of a Conversion Notice
the Company shall fail to issue and deliver a certificate to the Holder or
credit the Holder’s balance account with DTC for the number of shares of Common
Stock to which the Holder is entitled upon such holder’s conversion of any
Conversion Amount (a “Conversion Failure”), and if on or after such
Trading Day the Holder purchases (in an open market transaction or otherwise)
Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock
issuable upon such conversion that the Holder anticipated receiving from the
Company (a “Buy-In”), then the Company shall, within three (3) Business
Days after the Holder’s request and in the Holder’s discretion, either (i) pay
cash to the Holder in an amount equal to the Holder’s total purchase price
(including brokerage commissions and other out of pocket expenses, if any) for
the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to
deliver such certificate (and to issue such Common Stock) shall terminate, or
(ii) promptly honor its obligation to deliver to the Holder a certificate or
certificates representing such Common Stock and pay cash to the Holder in an
amount equal to the excess (if any) of the Buy-In Price over the product of (A)
such number of shares of Common Stock, times (B) the Closing Bid Price on the
Conversion Date.

(iii)         
Book-Entry.  Notwithstanding
anything to the contrary set forth herein, upon conversion of any portion of
this Debenture in accordance with the terms hereof, the Holder shall not be
required to physically surrender this Debenture to the Company unless (A) the
full Conversion Amount represented by this Debenture is being converted or (B)
the Holder has provided the 

Company with prior written notice (which
notice may be included in a Conversion Notice) requesting reissuance of this
Debenture upon physical surrender of this Debenture.  The Holder and the
Company shall maintain records showing the Principal and Interest converted and
the dates of such conversions or shall use such other method, reasonably
satisfactory to the Holder and the Company, so as not to require physical
surrender of this Debenture upon conversion.

(c)   Limitations on
Conversions.

(i)           
Beneficial Ownership.  The Company shall not effect any conversions
of this Debenture and the Holder shall not have the right to convert any
portion of this Debenture or receive shares of Common Stock as payment of interest
hereunder to the extent that after giving effect to such conversion or receipt
of such interest payment, the Holder, together with any affiliate thereof,
would beneficially own (as determined in accordance with Section 13(d) of the
Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the
number of shares of Common Stock outstanding immediately after giving effect to
such conversion or receipt of shares as payment of
interest.   Since the Holder will not be obligated to report to
the Company the number of shares of Common Stock he may hold at the time of a
conversion hereunder, unless the conversion at issue would result in the
issuance of shares of Common Stock in excess of 4.99% of the then outstanding
shares of Common Stock without regard to any other shares which may be
beneficially owned by the Holder or an affiliate thereof, the Holder shall have
the authority and obligation to determine whether the restriction contained in
this Section will limit any particular conversion hereunder and to the extent
that the Holder determines that the limitation contained in this Section
applies, the determination of which portion of the principal amount of this
Debenture is convertible shall be the responsibility and obligation of the
Holder.  If the Holder has delivered a Conversion Notice for a principal
amount of this Debenture that, without regard to any other shares that the
Holder or his affiliates may beneficially own, would result in the issuance in
excess of the permitted amount hereunder, the Company shall notify the Holder
of this fact and shall honor the conversion for the maximum principal amount
permitted to be converted on such Conversion Date in accordance with Section
4(a) and, any principal amount tendered for conversion in excess of the
permitted amount hereunder shall remain outstanding under this Debenture.  The provisions of this Section may be waived
by a Holder (but only as to himself and not to any other Holder) upon not less
than 65 days prior notice to the Company. 
Other Holders shall be unaffected by any such waiver.

(ii)          
In no event shall the Company be obligated to issue more than sixty million
(60,000,000) shares of Common Stock upon conversion of this Debenture.

(d)   Other Provisions.

(i)           
The Company shall at all times reserve and keep available out of its authorized
Common Stock the full number of shares of Common Stock issuable upon conversion
of all outstanding amounts under this Debenture; and within three (3) Business
Days following the receipt by the Company of a Holder’s notice that such
minimum number of Underlying Shares is not so reserved, the Company shall
promptly reserve a sufficient number of shares of Common Stock to comply with
such requirement.

(ii)          
All calculations under this Section 4 shall be rounded to the nearest $0.0001
or whole share.

(iii)         
The Company covenants that it will at all times reserve and keep available out
of its authorized and unissued shares of Common Stock solely for the purpose of
issuance upon conversion of this Debenture and payment of interest on this
Debenture, each as herein provided, free from preemptive rights or any other
actual contingent purchase rights of persons other than the Holder, not less
than such number of shares of the Common Stock as shall (subject to any
additional requirements of the Company as to reservation of such shares set
forth in this Debenture or in the Transaction Documents) be issuable (taking
into account the adjustments and restrictions set forth herein) upon the
conversion of the outstanding principal amount of this Debenture and payment of
interest hereunder.  The Company
covenants that all shares of Common Stock that shall be so issuable shall, upon

issue, be duly and validly authorized,
issued and fully paid, nonassessable and, if the Underlying Shares Registration
Statement has been declared effective under the Securities Act, registered for
public sale in accordance with such Underlying Shares Registration Statement.

(iv)         
Nothing herein shall limit a Holder’s right to pursue actual damages or declare
an Event of Default pursuant to Section 2 herein for the Company ‘s failure to
deliver certificates representing shares of Common Stock upon conversion within
the period specified herein and such Holder shall have the right to pursue all
remedies available to him at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief, in each case without
the need to post a bond or provide other security.  The exercise of any such rights shall not
prohibit the Holder from seeking to enforce damages pursuant to any other
Section hereof or under applicable law.

(5)   Adjustments to Conversion Price

(a)  
Adjustment of Conversion Price upon Issuance of Common Stock.  If
the Company, at any time while this Debenture is outstanding, issues or sells,
or in accordance with this Section 5(a) is deemed to have issued or sold, any
shares of Common Stock, excluding shares of Common Stock deemed to have been
issued or sold by the Company in connection with any Excluded Securities, for a
consideration per share (the “New Issuance Price”) less than a price
equal to the Conversion Price in effect immediately prior to such issue or sale
(such price the “Applicable Price”) (the foregoing a “Dilutive
Issuance”), then immediately after such Dilutive Issuance the Conversion
Price then in effect shall be reduced to an amount equal to the New Issuance
Price.  For purposes of determining the adjusted Conversion Price under
this Section 5(a), the following shall be applicable:

(i)           
Issuance of Options.  If the Company in any manner grants or sells
any Options and the lowest price per share for which one share of Common Stock
is issuable upon the exercise of any such Option or upon conversion or exchange
or exercise of any Convertible Securities issuable upon exercise of such Option
is less than the Applicable Price, then such share of Common Stock shall be
deemed to be outstanding and to have been issued and sold by the Company at the
time of the granting or sale of such Option for such price per share.  For
purposes of this Section, the “lowest price per share for which one share of
Common Stock is issuable upon the exercise of any such Option or upon
conversion or exchange or exercise of any Convertible Securities issuable upon
exercise of such Option” shall be equal to the sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to
any one share of Common Stock upon granting or sale of the Option, upon
exercise of the Option and upon conversion or exchange or exercise of any
Convertible Security issuable upon exercise of such Option.  No further
adjustment of the Conversion Price shall be made upon the actual issuance of
such share of Common Stock or of such Convertible Securities upon the exercise
of such Options or upon the actual issuance of such Common Stock upon
conversion or exchange or exercise of such Convertible Securities.

(ii)          
Issuance of Convertible Securities.  If the Company in any manner
issues or sells any Convertible Securities and the lowest price per share for
which one share of Common Stock is issuable upon such conversion or exchange or
exercise thereof is less than the Applicable Price, then such share of Common
Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the issuance or sale of such Convertible Securities for
such price per share.  For the purposes of this Section, the “lowest price
per share for which one share of Common Stock is issuable upon such conversion
or exchange or exercise” shall be equal to the sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to
any one share of Common Stock upon the issuance or sale of the Convertible
Security and upon the conversion or exchange or exercise of such Convertible
Security.  No further adjustment of the Conversion Price shall be made
upon the actual issuance of such share of Common Stock upon conversion or exchange
or exercise of such Convertible Securities, and if any such issue or sale of
such Convertible Securities is made upon exercise of any Options for which
adjustment of the Conversion Price had been or are to be made pursuant to other
provisions of this Section, no further adjustment of the Conversion Price shall
be made by reason of such issue or sale.

(iii)         
Change in Option Price or Rate of Conversion.  If the purchase
price provided for in any Options, the additional consideration, if any,
payable upon the issue, conversion, exchange or exercise of any Convertible
Securities, or the rate at which any Convertible Securities are convertible
into or exchangeable or exercisable for Common Stock changes at any time, the
Conversion Price in effect at the time of such change shall be adjusted to the
Conversion Price which would have been in effect at such time had such Options
or Convertible Securities provided for such changed purchase price, additional
consideration or changed conversion rate, as the case may be, at the time
initially granted, issued or sold.  For purposes of this Section, if the
terms of any Option or Convertible Security that was outstanding as of the
Issuance Date are changed in the manner described in the immediately preceding
sentence, then such Option or Convertible Security and the Common Stock deemed
issuable upon exercise, conversion or exchange thereof shall be deemed to have
been issued as of the date of such change.  No adjustment shall be made if
such adjustment would result in an increase of the Conversion Price then in
effect.

(iv)         
Calculation of Consideration Received.  In case any Option is
issued in connection with the issue or sale of other securities of the Company,
together comprising one integrated transaction in which no specific
consideration is allocated to such Options by the parties thereto, the Options
will be deemed to have been issued for the difference of (x) the aggregate fair
market value of such Options and other securities issued or sold in such
integrated transaction, less (y) the fair market value of the securities other
than such Option, issued or sold in such transaction and the other securities
issued or sold in such integrated transaction will be deemed to have been
issued or sold for the balance of the consideration received by the
Company.  If any Common Stock, Options or Convertible Securities are
issued or sold or deemed to have been issued or sold for cash, the
consideration received therefor will be deemed to be the gross amount raised by
the Company; provided, however, that such gross amount is not greater than 110%
of the net amount received by the Company therefor.  If any Common Stock,
Options or Convertible Securities are issued or sold for a consideration other
than cash, the amount of the consideration other than cash received by the
Company will be the fair value of such consideration, except where such
consideration consists of securities, in which case the amount of consideration
received by the Company will be the Closing Bid Price of such securities on the
date of receipt.  If any Common Stock, Options or Convertible Securities
are issued to the owners of the non-surviving entity in connection with any
merger in which the Company is the surviving entity, the amount of consideration
therefor will be deemed to be the fair value of such portion of the net assets
and business of the non-surviving entity as is attributable to such Common
Stock, Options or Convertible Securities, as the case may be.  The fair
value of any consideration other than cash or securities will be determined
jointly by the Company and the Holder.  If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring
valuation (the “Valuation Event”), the fair value of such consideration
will be determined within five (5) Business Days after the tenth (10th) day following
the Valuation Event by an independent, reputable appraiser jointly selected by
the Company and the Holder.  The determination of such appraiser shall be
deemed binding upon all parties absent manifest error and the fees and expenses
of such appraiser shall be borne by the Company.

(v)          
Record Date.  If the Company takes a record of the holders of
Common Stock for the purpose of entitling them (A) to receive a dividend or
other distribution payable in Common Stock, Options or in Convertible
Securities or (B) to subscribe for or purchase Common Stock, Options or
Convertible Securities, then such record date will be deemed to be the date of
the issue or sale of the Common Stock deemed to have been issued or sold upon
the declaration of such dividend or the making of such other distribution or
the date of the granting of such right of subscription or purchase, as the case
may be.

(b)  
Adjustment of Conversion Price upon Subdivision or Combination of Common
Stock.  If the Company, at any time while this Debenture is
outstanding, shall (a) 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 capital stock of the Company, then
the Conversion Price shall 

be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury
shares, if any) outstanding before such event and of which the denominator
shall be the number of shares of Common Stock outstanding after such
event.  Any adjustment made pursuant to
this Section shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of
a subdivision, combination or re-classification.

(c)  
Purchase Rights.  If at any time the Company grants, issues or
sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the
aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete
conversion of this Debenture (without taking into account any limitations or
restrictions on the convertibility of this Debenture) immediately before the
date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights.

(d)  
Other Events.  If any event occurs of the type contemplated by the
provisions of this Section 4 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights,
phantom stock rights or other rights with equity features), then the Company’s
Board of Directors will make an appropriate adjustment in the Conversion Price
so as to protect the rights of the Holder under this Debenture; provided that
no such adjustment will increase the Conversion Price as otherwise determined
pursuant to this Section 5.

(e)  
Other Corporate Events.  In addition to and not in substitution for
any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to
receive securities or other assets with respect to or in exchange for shares of
Common Stock (a “Corporate Event”), the Company shall make appropriate
provision to insure that the Holder will thereafter have the right to receive
upon a conversion of this Debenture, at the Holder’s option, (i) in addition to
the shares of Common Stock receivable upon such conversion, such securities or
other assets to which the Holder would have been entitled with respect to such
shares of Common Stock had such shares of Common Stock been held by the Holder
upon the consummation of such Corporate Event (without taking into account any
limitations or restrictions on the convertibility of this Debenture) or (ii) in
lieu of the shares of Common Stock otherwise receivable upon such conversion,
such securities or other assets received by the holders of shares of Common Stock
in connection with the consummation of such Corporate Event in such amounts as
the Holder would have been entitled to receive had this Debenture initially
been issued with conversion rights for the form of such consideration (as
opposed to shares of Common Stock) at a conversion rate for such consideration
commensurate with the Conversion Rate.  Provision made pursuant to the
preceding sentence shall be in a form and substance satisfactory to the
Required Holders.  The provisions of this Section shall apply similarly
and equally to successive Corporate Events and shall be applied without regard
to any limitations on the conversion or redemption of this Debenture.

(f)   
Whenever the Conversion Price is adjusted pursuant to Section 5 hereof, the
Company shall promptly mail to the Holder a notice setting forth the Conversion
Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

(g)  
In case of any (1) merger or consolidation of the Company or any subsidiary of
the Company with or into another Person, or (2) sale by the Company or any
subsidiary of the Company of more than one-half of the assets of the Company in
one or a series of related transactions, a Holder shall have the right to (A)
exercise any rights under Section 2(b), (B) convert the aggregate amount of
this Debenture then outstanding into the shares of stock and other securities,
cash and property receivable upon or deemed to be held by holders of Common
Stock following such merger, consolidation or sale, and such Holder shall be
entitled upon such event or series of related events to receive such amount of
securities, cash and property as the shares of Common Stock into which such
aggregate principal amount of this Debenture could have been converted
immediately prior to such merger, consolidation or sales 

would have been entitled, or (C) in the
case of a merger or consolidation, require the surviving entity to issue to the
Holder a convertible Debenture with a principal amount equal to the aggregate
principal amount of this Debenture then held by such Holder, plus all accrued
and unpaid interest and other amounts owing thereon, which such newly issued
convertible Debenture shall have terms identical (including with respect to
conversion) to the terms of this Debenture, and shall be entitled to all of the
rights and privileges of the Holder of this Debenture set forth herein and the
agreements pursuant to which this Debentures were issued.  In the case of clause (C), the conversion
price applicable for the newly issued shares of convertible preferred stock or
convertible Debentures shall be based upon the amount of securities, cash and
property that each share of Common Stock would receive in such transaction and
the Conversion Price in effect immediately prior to the effectiveness or
closing date for such transaction.  The
terms of any such merger, sale or consolidation shall include such terms so as
to continue to give the Holder the right to receive the securities, cash and
property set forth in this Section upon any conversion or redemption following
such event.  This provision shall
similarly apply to successive such events.

(6)           REISSUANCE
OF THIS DEBENTURE.

(a)          
Transfer.  If this Debenture is to be transferred, the Holder shall
surrender this Debenture to the Company, whereupon the Company will, subject to
the satisfaction of the transfer provisions of the Note and Warrant Purchase
Agreement, forthwith issue and deliver upon the order of the Holder a new
Debenture (in accordance with Section 5(d)), registered in the name of the
registered transferee or assignee, representing the outstanding Principal being
transferred by the Holder and, if less then the entire outstanding Principal is
being transferred, a new Debenture (in accordance with Section 5(d)) to the
Holder representing the outstanding Principal not being transferred.  The
Holder and any assignee, by acceptance of this Debenture, acknowledge and agree
that, by reason of the provisions of Section 4(b)(iii) following conversion or
redemption of any portion of this Debenture, the outstanding Principal
represented by this Debenture may be less than the Principal stated on the face
of this Debenture.

(b)          
Lost, Stolen or Mutilated Debenture.  Upon receipt by the Company
of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Debenture, and, in the case of loss, theft or
destruction, of any indemnification undertaking by the Holder to the Company in
customary form and, in the case of mutilation, upon surrender and cancellation
of this Debenture, the Company shall execute and deliver to the Holder a new
Debenture (in accordance with Section 5(d)) representing the outstanding
Principal.

(c)          
Debenture Exchangeable for Different Denominations.  This Debenture
is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Debenture or Debentures (in accordance with
Section 5(d)) representing in the aggregate the outstanding Principal of this
Debenture, and each such new Debenture will represent such portion of such
outstanding Principal as is designated by the Holder at the time of such
surrender.

(d)          
Issuance of New Debentures.  Whenever the Company is required to issue
a new Debenture pursuant to the terms of this Debenture, such new Debenture (i)
shall be of like tenor with this Debenture, (ii) shall represent, as indicated
on the face of such new Debenture, the Principal remaining outstanding (or in
the case of a new Debenture being issued pursuant to Section 5(a) or Section
5(c), the Principal designated by the Holder which, when added to the principal
represented by the other new Debentures issued in connection with such
issuance, does not exceed the Principal remaining outstanding under this
Debenture immediately prior to such issuance of new Debentures), (iii) shall
have an issuance date, as indicated on the face of such new Debenture, which is
the same as the Issuance Date of this Debenture, (iv) shall have the same
rights and conditions as this Debenture, and (v) shall represent accrued and
unpaid Interest from the Issuance Date.

(7)          
NOTICES.  Any notices, consents, waivers or other
communications required or permitted to be given under the terms hereof must be
in writing and will be deemed to have been delivered:  (i) upon receipt,
when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one (1) Trading Day after deposit
with a nationally recognized overnight delivery service, in 

each case properly addressed
to the party to receive the same.  The addresses and facsimile numbers for
such communications shall be:

	
  If to the Company, to:

  	
   

  	
  Open Energy Corporation

  
	
   

  	
   

  	
  514 Via de la Valle, Suite 200

  
	
   

  	
   

  	
  Solana Beach, CA 92075

  
	
   

  	
   

  	
  Attention: David Saltman, Chief Executive Officer

  
	
   

  	
   

  	
  Telephone:

  	
  858-794-8800

  
	
   

  	
   

  	
  Facsimile:

  	
  858-794-8811

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  John Hart, Esq.

  
	
   

  	
   

  	
  514 Via de la Valle, Suite 200

  
	
   

  	
   

  	
  Solana Beach, CA 92075

  
	
   

  	
   

  	
  Telephone:

  	
  858-794-8800

  
	
   

  	
   

  	
  Facsimile:

  	
  858-794-8811

  
	
   

  	
   

  	
   

  
	
  If to the Holder:

  	
   

  	
  John Fife

  
	
   

  	
   

  	
  303 East Wacker Drive, Suite 311

  
	
   

  	
   

  	
  Chicago, IL 60601

  
	
   

  	
   

  	
  Telephone:

  	
  (312)565-1569

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Merrill E. Weber, Esq.

  
	
   

  	
   

  	
  303 East Wacker Drive, Suite 311

  
	
   

  	
   

  	
  Chicago, IL 60601

  
	
   

  	
   

  	
  Telephone:

  	
  (773)406-2386

  
	
   

  	
   

  	
  Facsimile:

  	
  (312)819-9701

  

 

or at such other address
and/or facsimile number and/or to the attention of such other person as the
recipient party has specified by written notice given to each other party three
(3) Business Days prior to the effectiveness of such change.  Written
confirmation of receipt (i) given by the recipient of such notice, consent,
waiver or other communication, (ii) mechanically or electronically generated by
the sender’s facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission or (iii) provided by
a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.

(8)              Except as expressly provided herein, no
provision of this Debenture shall alter or impair the obligations of the
Company, which are absolute and unconditional, to pay the principal of,
interest and other charges (if any) on, this Debenture at the time, place, and
rate, and in the coin or currency, herein prescribed.  This Debenture is a
direct obligation of the Company.  As
long as this Debenture is outstanding, the Company shall not and shall cause
their subsidiaries not to, without the consent of the Holder, (i) amend its
certificate of incorporation, bylaws or other charter documents so as to
adversely affect any rights of the Holder; (ii) repay, repurchase or offer to
repay, repurchase or otherwise acquire shares of its Common Stock or other
equity securities other than as to the Underlying Shares to the extent
permitted or required under the Transaction Documents; or (iii) enter into any
agreement with respect to any of the foregoing.

(9)              This Debenture shall not entitle the Holder
to any of the rights of a stockholder of the Company, including without
limitation, the right to vote, to receive dividends and other distributions, or
to receive any notice of, or to attend, meetings of stockholders or any other
proceedings of the Company, unless and to the extent converted into shares of
Common Stock in accordance with the terms hereof.

(10)            No indebtedness of the Company is senior to
this Debenture in right of payment, whether with respect to interest, damages
or upon liquidation or dissolution or otherwise.  Without the Holder’s
consent, the Company will not and will not permit any of their subsidiaries to,
directly or indirectly, enter into, create, incur, assume or suffer to exist any
indebtedness of any kind, on or with respect to any of its property or assets
now owned or hereafter acquired or any interest therein or any income or
profits there from that is senior in any respect to the obligations of the
Company under this Debenture.

(11)            This Debenture shall be governed by and
construed in accordance with the laws of the State of Illinois, without giving
effect to conflicts of laws thereof.  Each of the parties consents to the
jurisdiction of the Courts of the State of Illinois sitting in Cook County,
Illinois and the U.S. District Court for the Northern District of Illinois
sitting in Chicago, Illinois in connection with any dispute arising under this
Debenture and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non conveniens to the
bringing of any such proceeding in such jurisdictions.

(12)            If the Company fails to strictly comply with
the terms of this Debenture, then the Company shall reimburse the Holder
promptly for all fees, costs and expenses, including, without limitation,
attorneys’ fees and expenses incurred by the Holder in any action in connection
with this Debenture, including, without limitation, those incurred: (i) during
any workout, attempted workout, and/or in connection with the rendering of
legal advice as to the Holder’s rights, remedies and obligations, (ii)
collecting any sums which become due to the Holder, (iii) defending or
prosecuting any proceeding or any counterclaim to any proceeding or appeal; or
(iv) the protection, preservation or enforcement of any rights or remedies of
the Holder.

(13)            Any waiver by the Holder of a breach of any
provision of this Debenture shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision
of this Debenture.  The failure of the
Holder to insist upon strict adherence to any term of this Debenture on one or
more occasions shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term
of this Debenture.  Any waiver must be in
writing.

(14)            If any provision of this Debenture is
invalid, illegal or unenforceable, the balance of this Debenture shall remain
in effect, and if any provision is inapplicable to any person or circumstance,
it shall nevertheless remain applicable to all other persons and
circumstances.  If it shall be found that
any interest or other amount deemed interest due hereunder shall violate
applicable laws governing usury, the applicable rate of interest due hereunder
shall automatically be lowered to equal the maximum permitted rate of
interest.  The Company covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law or other law which would prohibit or forgive the
Company from paying all or any portion of the principal of or interest on this
Debenture as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of
this indenture, and the Company (to the extent it may lawfully do so) hereby
expressly waives all benefits or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impeded the execution
of any power herein granted to the Holder, but will suffer and permit the
execution of every such as though no such law has been enacted.

(15)            Whenever any payment or other obligation
hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

(16)            THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS
OF ANY PARTY.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THIS AGREEMENT.

(17)            CERTAIN DEFINITIONS  For purposes of this Debenture, the
following terms shall have the following meanings:

(a)            
“Approved
Stock Plan” means a stock option plan that has been approved by the Board
of Directors of the Company, pursuant to which the Company’s securities may be
issued only to any employee, officer, or director for services provided to the
Company.

(b)            
“Bloomberg”
means Bloomberg Financial Markets.

(c)            
“Business
Day” means any day except Saturday, Sunday and any day which shall be a
federal legal holiday in the United States or a day on which banking
institutions are authorized or required by law or other government action to
close.

(d)            
“Change
of Control Transaction” means the occurrence of (a) an acquisition after
the date hereof by an individual or legal entity or “group” (as described in
Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control
(whether through legal or beneficial ownership of capital stock of the Company,
by contract or otherwise) of in excess of fifty percent (50%) of the voting
securities of the Company (except that the acquisition of voting securities by
the Holder or any other current holder of convertible securities of the Company
shall not constitute a Change of Control Transaction for purposes hereof), (b)
a replacement at one time or over time of more than one-half of the members of
the board of directors of the Company which is not approved by a majority of
those individuals who are members of the board of directors on the date hereof
(or by those individuals who are serving as members of the board of directors
on any date whose nomination to the board of directors was approved by a
majority of the members of the board of directors who are members on the date
hereof), (c) the merger, consolidation or sale of fifty percent (50%) or more of
the assets of the Company or any subsidiary of the Company in one or a series
of related transactions with or into another entity, or (d) the execution by
the Company of an agreement to which the Company is a party or by which it is
bound, providing for any of the events set forth above in (a), (b) or (c).

(e)            
“Closing
Bid Price” means the price per share in the last reported trade of the
Common Stock on a Primary Market or on the exchange on which the Common
Stock is then listed as quoted by Bloomberg.

(f)            
“Convertible
Securities” means any stock or securities (other than Options) directly or
indirectly convertible into or exercisable or exchangeable for Common Stock.

(g)            
“Commission”
means the Securities and Exchange Commission.

(h)            
“Common
Stock” means the common stock, par value $.001, of the Company and stock of
any other class into which such shares may hereafter be changed or
reclassified.

(i)            
“Equity
Conditions” means that each of the following conditions is satisfied: 
(i) on each day during the period beginning two (2) weeks prior to the
applicable date of determination and ending on and including the applicable
date of determination (the “Equity Conditions Measuring Period”), either (x) the
Underlying Shares Registration Statement shall be effective and available for
the resale of all applicable shares of Common Stock to be issued in connection
with the event requiring determination or (y) all applicable shares of Common
Stock to be issued in connection with the event requiring determination shall
be eligible for sale without restriction and without the need for registration
under any applicable federal or state securities laws; (ii) on each day during
the Equity Conditions Measuring Period, the Common Stock is designated for
quotation on the Principal Market and shall not have been suspended from
trading on such exchange or market nor shall delisting or suspension by such
exchange or market been threatened or pending either (A) in writing by such
exchange or market or (B) by falling below the then effective minimum listing
maintenance requirements of such exchange or market; (iii) during the Equity
Conditions Measuring Period, the Company shall have delivered Conversion Shares
upon conversion of the Debentures to the Holder on a timely basis as set forth
in Section 4(b)(ii) 

hereof; (iv) any applicable shares of
Common Stock to be issued in connection with the event requiring determination
may be issued in full without violating Section 4(c) hereof and the rules or
regulations of the Primary Market; (v) during the Equity Conditions Measuring
Period, there shall not have occurred either (A) an Event of Default or (B) an
event that with the passage of time or giving of notice would constitute an
Event of Default; and (vii) the Company shall have no knowledge of any fact
that would cause (x) the Registration Statements not to be effective and
available for the resale of all applicable shares of Common Stock to be issued
in connection with the event requiring determination or (y) any applicable
shares of Common Stock to be issued in connection with the event requiring
determination not to be eligible for sale without restriction and without the
need for registration under any applicable federal or state securities laws.

(j)            
“Equity
Conditions Failure” means that on any applicable date the Equity Conditions
have not been satisfied (or waived in writing by the Holder).

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

(l)            
“Excluded
Securities” means, (a) shares issued or deemed to have been issued by the
Company pursuant to an Approved Stock Plan (b) shares of Common Stock issued or
deemed to be issued by the Company upon the conversion, exchange or exercise of
any right, option, obligation or security outstanding on the date prior to date
of the Note and Warrant Purchase Agreement, provided that the terms of such
right, option, obligation or security are not amended or otherwise modified on
or after the date of the Note and Warrant Purchase Agreement, and provided that
the conversion price, exchange price, exercise price or other purchase price is
not reduced, adjusted or otherwise modified and the number of shares of Common
Stock issued or issuable is not increased (whether by operation of, or in
accordance with, the relevant governing documents or otherwise) on or after the
date of the Note and Warrant Purchase Agreement, (c) shares issued in
connection with any acquisition by the Company, whether through an acquisition
of stock or a merger of any business, assets or technologies, leasing
arrangement or any other transaction the primary purpose of which is not to
raise equity capital, and (d) the shares of Common Stock issued or deemed
to be issued by the Company upon conversion of this Debenture.

(m)            
“Note
and Warrant Purchase Agreement” means the Note and Warrant Purchase
Agreement dated June 15, 2007 by and among the Company and the Buyers listed on
Schedule I attached thereto.

(n)            
“Options”
means any rights, warrants or options to subscribe for or purchase shares of
Common Stock or Convertible Securities.

(o)            
“Original
Issue Date” means the date of the first issuance of this Debenture
regardless of the number of transfers and regardless of the number of
instruments, which may be issued to evidence such Debenture.

(p)            
“Person”
means a corporation, an association, a partnership, organization, a business,
an individual, a government or political subdivision thereof or a governmental
agency.

(q)            
“Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

(r)            
“Trading
Day” means a day on which the shares of Common Stock are quoted on the
OTCBB or quoted or traded on such Primary Market on which the shares of Common
Stock are then quoted or listed; provided, that in the event that the shares of
Common Stock are not listed or quoted, then Trading Day shall mean a Business
Day.

(s)            
“Transaction
Documents” means the Note and Warrant Purchase Agreement or any other
agreement delivered in connection with the Note and Warrant Purchase Agreement,
including, without limitation, the Note, the Warrant, this Debenture, the
Default Warrant, the Security Documents, the Irrevocable Transfer Agent
Instructions, and the Registration Rights Agreement.

(t)            
“Underlying
Shares” means the shares of Common Stock issuable upon conversion of this
Debenture or as payment of interest in accordance with the terms hereof.

(u)            
“Underlying
Shares Registration Statement” means a registration statement covering
among other things the resale of the Underlying Shares and naming the Holder as
a “selling stockholder” thereunder.

(v)            
“Volume
Weighted Average Price” means, for any security as of any date, the daily
dollar volume-weighted average price for such security on the Primary Market as
reported by Bloomberg through its “Historical Prices — Px Table with Average
Daily Volume” functions, or, if no dollar volume-weighted average price is
reported for such security by Bloomberg, the average of the highest closing bid
price and the lowest closing ask price of any of the market makers for such
security as reported in the “pink sheets” by Pink Sheets LLC.

(w)            
“Warrants”
has the meaning ascribed to such term in the Note and Warrant Purchase
Agreement, and shall include all warrants issued in exchange therefor or
replacement thereof.

[Signature
Page Follows]

IN
WITNESS WHEREOF, the Company has caused this Secured
Convertible Debenture to be duly executed by a duly authorized officer as of
the date set forth above.

	
  

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
  OPEN ENERGY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Saltman

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

EXHIBIT
I

CONVERSION NOTICE

(To be
executed by the Holder in order to Convert the Debenture)

TO:

The undersigned hereby
irrevocably elects to convert
$                                             
of the principal amount of Debenture No. OEGY-2-1 into Shares of Common Stock
of OPEN ENERGY CORPORATION, according
to the conditions stated therein, as of the Conversion Date written below.

	
  Conversion Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Conversion Amount to be
  converted:

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Conversion Price:

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Number of shares of Common
  Stock to be issued:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Amount of Debenture
  Unconverted:

  	
   

  	
  $

  	
   

  	
   

  

 

	
  Please issue the shares of Common Stock in the following name and to
  the following address:

  	
   

  	
   

  
	
  Issue
  to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Broker
  DTC Participant Code:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Account
  Number:Exhibit 10.6

DEFAULT WARRANT

THE SECURITIES REPRESENTED BY THIS DEFAULT WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN
OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS
OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.  NOTWITHSTANDING THE
FOREGOING, THIS DEFAULT WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT.

OPEN ENERGY CORPORATION

Default Warrant To Purchase Common
Stock

	
  Default Warrant No.:

  	
   

  	
  OEGY-FIFE-2

  
	
   

  	
   

  	
   

  
	
  Number of Shares:

  	
   

  	
  Such Number of Shares as is equal to two (2) times
  the number of dollars represented by the Conversion Debenture of even date
  herewith, pursuant to the Note Conversion Letter (as defined in that certain
  Note and Warrant Purchase Agreement of even date herewith (the “Note
  Conversion Letter”))

  
	
   

  	
   

  	
   

  
	
  Default Warrant Exercise Price:

  	
   

  	
  $0.50

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  The date that is five (5) years from the date of
  issuance

  
	
   

  	
   

  	
   

  
	
  Date of Issuance:

  	
   

  	
  The date on which the Holder shall have delivered
  the Note Conversion Letter

  

 

Open
Energy Corporation, a Nevada corporation (the “Company”), hereby
certifies that, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, John Fife
(the “Holder”), the registered Holder hereof, or his permitted assigns,
is entitled, subject to the terms set forth below, to purchase from the Company
upon surrender of this Default Warrant, at any time or times on or after the
date hereof, but not after 11:59 P.M. Eastern Time on the Expiration Date
(as defined herein) such number of fully paid and nonassessable shares of
Common Stock (as defined herein) of the Company as is set forth on the Note
Conversion Letter (the “Default Warrant Shares”) at the exercise price
per share provided in Section 1(b) below or as subsequently adjusted;
provided, however, that in no event shall the Holder be entitled to exercise
this Default Warrant for a number of Default Warrant Shares in excess of that
number of Default Warrant Shares which, upon giving effect to such exercise,
would cause the aggregate number of shares of Common Stock beneficially owned
by the Holder and his affiliates to exceed 4.99% of the outstanding shares of
the Common Stock following such exercise, except within sixty (60) days of the
Expiration Date (however, such restriction may be waived by Holder (but only as
to himself and not to any other Holder) upon not less than 65 days prior notice
to the Company).  For purposes of the foregoing proviso, the aggregate
number of shares of Common Stock beneficially owned by the Holder and his
affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Default Warrant with respect to which the determination of
such proviso is being made, but shall exclude shares of Common Stock which
would be issuable upon (i) exercise of the remaining, unexercised Default
Warrants beneficially owned by the Holder and his affiliates and
(ii) exercise or conversion of the unexercised or unconverted portion of
any other securities of the Company beneficially owned by the Holder and his
affiliates (including, without limitation, any convertible notes or preferred
stock) subject to a limitation on 

conversion or
exercise analogous to the limitation contained herein.  Except as set
forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended.  For purposes of this Default
Warrant, in determining the number of outstanding shares of Common Stock a
Holder may rely on the number of outstanding shares of Common Stock as reflected
in (1) the Company’s most recent Form 10-QSB or Form 10-KSB, as the case may
be, (2) a more recent public announcement by the Company or (3) any other
notice by the Company or its transfer agent setting forth the number of shares
of Common Stock outstanding.  Upon the written request of any Holder, the
Company shall promptly, but in no event later than one (1) Business Day
following the receipt of such notice, confirm in writing to any such Holder the
number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving
effect to the exercise of Default Warrants (as defined below) by such Holder
and his affiliates since the date as of which such number of outstanding shares
of Common Stock was reported.

Section
1.

(a)  
This Default Warrant is one of the Default Warrants issued pursuant to the Note
and Warrant Purchase Agreement (“Note and Warrant Purchase Agreement”)
dated the date hereof between the Company and the Holder or issued in exchange
or substitution thereafter or replacement thereof.  Each Capitalized term
used, and not otherwise defined herein, shall have the meaning ascribed thereto
in the Note and Warrant Purchase Agreement.

(b)  
Definitions.  The following words and terms as used in this Default
Warrant shall have the following meanings:

(i)            “Approved
Stock Plan” means a stock option plan that has been approved by the Board
of Directors of the Company prior to the date of the Note and Warrant Purchase
Agreement, pursuant to which the Company’s securities may be issued only to any
employee, officer or director for services provided to the Company.

(ii)           “Business
Day” means any day other than Saturday, Sunday or other day on which
commercial banks in the City of New York are authorized or required by law to
remain closed.

(iii)          “Closing
Bid Price” means the closing bid price of Common Stock as quoted on the
Principal Market (as reported by Bloomberg Financial Markets (“Bloomberg”)
through its “Volume at Price” function).

(iv)          “Common
Stock” means (i) the Company’s common stock, par value $0.001 per
share, and (ii) any capital stock into which such Common Stock shall have
been changed or any capital stock resulting from a reclassification of such
Common Stock.

(v)           “Event
of Default” means an event of default under the Note and Warrant Purchase
Agreement or the Convertible Debentures issued in connection therewith.

(vi)          “Excluded
Securities” means (a) shares issued or deemed to have been issued by the
Company pursuant to an Approved Stock Plan, (b) shares of Common Stock issued
or deemed to be issued by the Company upon the conversion, exchange or exercise
of any right, option, obligation or security outstanding on the date prior to
date of the Note and Warrant Purchase Agreement, provided that the terms of
such right, option, obligation or security are not amended or otherwise
modified on or after the date of the Note and Warrant Purchase Agreement, and
provided that the conversion price, exchange price, exercise price or other
purchase price is not reduced, adjusted or otherwise modified and the number of
shares of Common Stock issued or issuable is not increased (whether by
operation of, or in accordance with, the relevant governing documents or
otherwise) on or after the date of the Note and Warrant Purchase
Agreement,  and (c) the shares of Common Stock issued or deemed to be
issued by the Company upon conversion of the Convertible Debentures or exercise
of the Default Warrants.

(vii)         “Expiration
Date” means the date that is the fifth (5th) anniversary date of the Issuance Date.

(viii)        “Issuance Date”
means the date on which the Holder shall have delivered the Note Conversion
Letter.

(ix)           “Note
Conversion Letter” means a letter, in the form attached to the Note and
Warrant Purchase Agreement, which is delivered to the Company, and which states
that (a) the Company is in default on the Note issued pursuant to the Note and
Warrant Purchase Agreement, (b) the Holder has foreclosed on the collateral
pledged pursuant to the Stock Pledge Agreement, (c) the proceeds from the sale
of all of the collateral were insufficient to cover all amounts owed by the
Company pursuant to the Note, (d) that the deficiency thereunder is being
converted to principal under the Convertible Debenture and (e) the number of
shares of Common Stock for which this Deficiency Warrant may be exercised is
equal to two times the dollar amount of the deficiency amount set forth
therein.

(x)            “Options”
means any rights, warrants or options to subscribe for or purchase Common Stock
or other securities convertible into, or exercisable or exchangeable for,
Common Stock.

(xi)           
“Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated
organization and a government or any department or agency thereof.

(xii)           “Primary
Market” means on any of (a) the American Stock Exchange, (b) New York Stock
Exchange, (c) the Nasdaq Global Market, (d) the Nasdaq Capital Market, or (e)
the Nasdaq OTC Bulletin Board (“OTCBB”)

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

(xiv)         “Default
Warrant” means this Default Warrant and all Default Warrants issued in
exchange, transfer or replacement thereof.

(xv)        “Default Warrant
Exercise Price” shall be $0.50 or as subsequently adjusted as provided in
Section 8 hereof.

(xvi)        “Default Warrant
Share” means a share of Common Stock issuable upon exercise of this Default
Warrant.

(c)  
Other Definitional Provisions.

(i)           
Except as otherwise specified herein, all references herein (A) to the
Company shall be deemed to include the Company’s successors and (B) to any
applicable law defined or referred to herein shall be deemed references to such
applicable law as the same may have been or may be amended or supplemented from
time to time.

(ii)           When
used in this Default Warrant, the words “herein”, “hereof”, and “hereunder” and words of similar import, shall refer
to this Default Warrant as a whole and not to any provision of this Default
Warrant, and the words “Section”, “Schedule”, and “Exhibit”
shall refer to Sections of, and Schedules and Exhibits to, this Default Warrant
unless otherwise specified.

(iii)          Whenever
the context so requires, the neuter gender includes the masculine or feminine,
and the singular number includes the plural, and vice versa.

Section
2.              
Exercise of Default Warrant.

(a)  
Subject to the terms and conditions hereof, this Default Warrant may be
exercised by the Holder hereof then registered on the books of the Company, pro
rata as hereinafter provided, at any time on any Business Day on or after the
opening of business on such Business Day, commencing with the first day after
the date hereof, and prior to 11:59 P.M. Eastern Time on the Expiration
Date (i) by delivery of a written notice, in the form of the subscription
notice attached as Exhibit A hereto (the “Exercise Notice”), of
such Holder’s election to exercise this Default Warrant, which notice shall
specify the number of Default Warrant Shares to be purchased, payment to
the Company of an amount equal to the Default Warrant Exercise Price(s)
applicable to the Default Warrant Shares being purchased, multiplied by the
number of Default Warrant Shares (at the applicable Default Warrant
Exercise Price) as to which this Default Warrant is being exercised (plus
any applicable issue or transfer taxes) (the “Aggregate Exercise Price”)
in cash or wire transfer of immediately available funds and the surrender of
this Default Warrant (or an indemnification undertaking with respect to this
Default Warrant in the case of its loss, theft or destruction) to a common
carrier for overnight delivery to the Company as soon as practicable following
such date (“Cash Basis”) or (ii) if at the time of exercise, the Default
Warrant Shares are not subject to an effective registration statement or if an
Event of Default has occurred, by delivering an Exercise Notice and in lieu of
making payment of the Aggregate Exercise Price in cash or wire transfer, elect
instead to receive upon such exercise the “Net Number” of shares of Common
Stock determined according to the following formula (the “Cashless Exercise”):

	
  Net Number =

  	
  (A x B) — (A x C)

  	
   

  
	
   

  	
  B

  	
   

  

 

For purposes of the
foregoing formula:

A = the total number of
Default Warrant Shares with respect to which this Default Warrant is then being
exercised.

B = the Closing Bid Price
of the Common Stock on the date of exercise of the Default Warrant.

C = the Default Warrant
Exercise Price then in effect for the applicable Default Warrant Shares at the
time of such exercise.

In the event of any exercise of the rights
represented by this Default Warrant in compliance with this Section 2, the
Company shall on or before the fifth (5th) Business Day following the date
of receipt of the Exercise Notice, the Aggregate Exercise Price and this
Default Warrant (or an indemnification undertaking with respect to this Default
Warrant in the case of its loss, theft or destruction) and the receipt of the
representations of the Holder specified in Section 6 hereof, if requested by
the Company (the “Exercise Delivery Documents”), and if the Common Stock
is DTC eligible, credit such aggregate number of shares of Common Stock to
which the Holder shall be entitled to the Holder’s or its designee’s balance
account with The Depository Trust Company; provided, however, if the Holder who
submitted the Exercise Notice requested physical delivery of any or all of the
Default Warrant Shares, or, if the Common Stock is not DTC eligible  then
the Company shall, on or before the fifth (5th) Business Day
following receipt of the Exercise Delivery Documents, issue and surrender to a
common carrier for overnight delivery to the address specified in the Exercise
Notice, a certificate, registered in the name of the Holder, for the number of
shares of Common Stock to which the Holder shall be entitled pursuant to such
request.  Upon delivery of the Exercise Notice and Aggregate Exercise
Price referred to in clause (i) or (ii) above the Holder of this Default
Warrant shall be deemed for all corporate purposes to have become the Holder of
record of the Default Warrant Shares with respect to which this Default Warrant
has been exercised.  In the case of a dispute as to the determination of
the Default Warrant Exercise Price, the Closing Bid Price or the arithmetic
calculation of the Default Warrant Shares, the Company shall promptly issue to
the Holder the number of Default Warrant Shares that is not disputed and shall
submit the disputed determinations or arithmetic calculations to the Holder via
facsimile within one (1) Business Day of receipt of the Holder’s Exercise
Notice.

(b)  
If the Holder and the Company are unable to agree upon the determination of the
Default Warrant Exercise Price or arithmetic calculation of the Default Warrant
Shares within one (1) day of such disputed determination or arithmetic calculation
being submitted to the Holder, then the Company shall immediately submit via
facsimile (i) the disputed determination of the Default Warrant Exercise Price
or the Closing Bid Price to an independent, reputable investment banking firm
or (ii) the disputed arithmetic calculation of the Default Warrant Shares to
its independent, outside accountant.  The Company shall cause the
investment banking firm or the accountant, as the case may be, to perform the
determinations or calculations and notify the Company and the Holder of the
results no later than forty-eight (48) hours from the time it receives the
disputed determinations or calculations.  Such investment banking firm’s
or accountant’s determination or calculation, as the case may be, shall be
deemed conclusive absent manifest error.

(c)  
Unless the rights represented by this Default Warrant shall have expired or
shall have been fully exercised, the Company shall, as soon as practicable and
in no event later than five (5) Business Days after any exercise and at its own
expense, issue a new Default Warrant identical in all respects to this Default
Warrant exercised except it shall represent rights to purchase the number of
Default Warrant Shares purchasable immediately prior to such exercise under
this Default Warrant exercised, less the number of Default Warrant Shares with
respect to which such Default Warrant is exercised.

(d)  
No fractional Default Warrant Shares are to be issued upon any pro rata
exercise of this Default Warrant, but rather the number of Default Warrant
Shares issued upon such exercise of this Default Warrant shall be rounded up or
down to the nearest whole number.

(e)  
If the Company or its Transfer Agent shall fail for any reason or for no reason
to issue to the Holder within ten (10) days of receipt of the Exercise
Delivery Documents, a certificate for the number of Default Warrant Shares to
which the Holder is entitled or to credit the Holder’s balance account with The
Depository Trust Company for such number of Default Warrant Shares to which the
Holder is entitled upon the Holder’s exercise of this Default Warrant, the
Company shall, in addition to any other remedies under this Default Warrant or
otherwise available to such Holder, pay as additional damages in cash to such
Holder on each day the issuance of such certificate for Default Warrant Shares
is not timely effected an amount equal to 0.025% of the product of (A) the sum
of the number of Default Warrant Shares not issued to the Holder on a timely
basis and to which the Holder is entitled, and (B) the Closing Bid Price of the
Common Stock for the trading day immediately preceding the last possible date
which the Company could have issued such Common Stock to the Holder without
violating this Section 2.

(f)   
If within ten (10) days after the Company’s receipt of the Exercise Delivery
Documents, the Company fails to deliver a new Default Warrant to the Holder for
the number of Default Warrant Shares to which such Holder is entitled pursuant
to Section 2 hereof, then, in addition to any other available remedies under
this Default Warrant, or otherwise available to such Holder, the Company shall
pay as additional damages in cash to such Holder on each day after such tenth
(10th) day that such delivery of such new Default Warrant is not timely
effected in an amount equal to 0.25% of the product of (A) the number of
Default Warrant Shares represented by the portion of this Default Warrant which
is not being exercised and (B) the Closing Bid Price of the Common Stock
for the trading day immediately preceding the last possible date which the
Company could have issued such Default Warrant to the Holder without violating
this Section 2.

Section
3.              
Covenants as to Common Stock.  The Company hereby covenants and
agrees as follows:

(a)  
This Default Warrant is, and any Default Warrants issued in substitution for or
replacement of this Default Warrant will upon issuance be, duly authorized and
validly issued.

(b)  
All Default Warrant Shares which may be issued upon the exercise of the rights
represented by this Default Warrant will, upon issuance, be validly issued,
fully paid and nonassessable and free from all taxes, liens and charges with
respect to the issue thereof.

(c)  
During the period within which the rights represented by this Default Warrant
may be exercised, the Company will at all times have authorized and reserved at
least one hundred percent (100%) of the number of shares of Common Stock needed
to provide for the exercise of the rights then represented by this Default
Warrant and the par value of said shares will at all times be less than or
equal to the applicable Default Warrant Exercise Price.  If at any time
the Company does not have a sufficient number of shares of Common Stock
authorized and available, then the Company shall call and hold a special
meeting of its stockholders within sixty (60) days of that time for the
sole purpose of increasing the number of authorized shares of Common Stock.

(d)  
If at any time after the date hereof the Company shall file a registration
statement, the Company shall, at the Holder’s option, include the Default
Warrant Shares issuable to the Holder, pursuant to the terms of this Default
Warrant.  The Company shall maintain, so long as any other shares of
Common Stock shall be so listed, such listing of all Default Warrant Shares
from time to time issuable upon the exercise of this Default Warrant; and the
Company shall so list on each national securities exchange or automated
quotation system, as the case may be, and shall maintain such listing of, any
other shares of capital stock of the Company issuable upon the exercise of this
Default Warrant if and so long as any shares of the same class shall be listed
on such national securities exchange or automated quotation system.

(e)  
The Company will not, by amendment of its Articles of Incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed by it hereunder, but will at all times in good faith assist in the
carrying out of all the provisions of this Default Warrant and in the taking of
all such action as may reasonably be requested by the Holder of this Default
Warrant in order to protect the exercise privilege of the Holder of this
Default Warrant against dilution or other impairment, consistent with the tenor
and purpose of this Default Warrant.  The Company will not increase the
par value of any shares of Common Stock receivable upon the exercise of this
Default Warrant above the Default Warrant Exercise Price then in effect, and
(ii) will take all such actions as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock upon the exercise of this Default Warrant.

(f)   
This Default Warrant will be binding upon any entity succeeding to the Company
by merger, consolidation or acquisition of all or substantially all of the
Company’s assets.

Section
4.              
Taxes.  The Company shall pay any and all taxes, except any
applicable withholding, which may be payable with respect to the issuance and
delivery of Default Warrant Shares upon exercise of this Default Warrant.

Section
5.              
Default Warrant Holder Not Deemed a Stockholder.  Except as
otherwise specifically provided herein, no Holder, as such, of this Default
Warrant shall be entitled to vote or receive dividends or be deemed the Holder
of shares of capital stock of the Company for any purpose, nor shall anything
contained in this Default Warrant be construed to confer upon the Holder
hereof, as such, any of the rights of a stockholder of the Company or any right
to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends
or subscription rights, or otherwise, prior to the issuance to the Holder of
this Default Warrant of the Default Warrant Shares which he or she is then
entitled to receive upon the due exercise of this Default Warrant.  In
addition, nothing contained in this Default Warrant shall be construed as
imposing any liabilities on such Holder to purchase any securities (upon
exercise of this Default Warrant or otherwise) or as a stock of the Company,
whether such liabilities are asserted by the Company or by creditors of the
Company.  Notwithstanding this Section 5, the Company will provide the
Holder of this Default Warrant with copies of the same notices and other
information given to the stockholders of the Company generally,
contemporaneously with the giving thereof to the stockholders.

Section
6.              
Representations of Holder.  The Holder of this Default Warrant, by
the acceptance hereof, represents that he is acquiring this Default Warrant and
the Default Warrant Shares 

for his own account for investment only and
not with a view towards, or for resale in connection with, the public sale or
distribution of this Default Warrant or the Default Warrant Shares, except
pursuant to sales registered or exempted under the Securities Act; provided,
however, that by making the representations herein, the Holder does not agree
to hold this Default Warrant or any of the Default Warrant Shares for any
minimum or other specific term and reserves the right to dispose of this
Default Warrant and the Default Warrant Shares at any time in accordance with
or pursuant to a registration statement or an exemption under the Securities
Act.  The Holder of this Default Warrant further represents, by acceptance
hereof, that, as of this date, such Holder is an “accredited investor” as such
term is defined in Rule 501(a)(1) of Regulation D promulgated by the
Securities and Exchange Commission under the Securities Act (an “Accredited
Investor”).  Upon exercise of this Default Warrant the Holder
shall, if requested by the Company, confirm in writing, in a form satisfactory
to the Company, that the Default Warrant Shares so purchased are being acquired
solely for the Holder’s own account and not as a nominee for any other party,
for investment, and not with a view toward distribution or resale and that such
Holder is an Accredited Investor.  If such Holder cannot make such
representations because they would be factually incorrect, it shall be a
condition to such Holder’s exercise of this Default Warrant that the Company
receive such other representations as the Company considers reasonably
necessary to assure the Company that the issuance of its securities upon
exercise of this Default Warrant shall not violate any United States or state
securities laws.

Section
7.              
Ownership and Transfer.

(a)  
The Company shall maintain at its principal executive offices (or such other
office or agency of the Company as it may designate by notice to the Holder
hereof), a register for this Default Warrant, in which the Company shall record
the name and address of the person in whose name this Default Warrant has been
issued, as well as the name and address of each transferee.  The Company
may treat the person in whose name any Default Warrant is registered on the
register as the owner and Holder thereof for all purposes, notwithstanding any
notice to the contrary, but in all events recognizing any transfers made in
accordance with the terms of this Default Warrant.

Section
8.              
Adjustment of Default Warrant Exercise Price and Number of Shares. 
The Default Warrant Exercise Price and the number of shares of Common Stock
issuable upon exercise of this Default Warrant shall be adjusted from time to
time as follows:

(a)  
Adjustment of Default Warrant Exercise Price and Number of Shares upon
Issuance of Common Stock.  If and whenever on or after the Issuance
Date of this Default Warrant, the Company issues or sells, or is deemed to have
issued or sold, any shares of Common Stock (other than Excluded
Securities) for a consideration per share less than a price (the “Applicable
Price”) equal to the Default Warrant Exercise Price in effect immediately
prior to such issuance or sale, then immediately after such issue or sale the
Default Warrant Exercise Price then in effect shall be reduced to an amount
equal to such consideration per share; provided that, in no event shall the
Default Warrant Exercise Price be reduced to less that $.05 per share (pursuant
to this Section 8(a).  Upon each such adjustment of the Default Warrant
Exercise Price hereunder, the number of Default Warrant Shares issuable upon
exercise of this Default Warrant shall be adjusted to the number of shares
determined by multiplying the Default Warrant Exercise Price in effect
immediately prior to such adjustment by the number of Default Warrant Shares
issuable upon exercise of this Default Warrant immediately prior to such
adjustment and dividing the product thereof by the Default Warrant Exercise
Price resulting from such adjustment.

(b)  
Effect on Default Warrant Exercise Price of Certain Events.  For
purposes of determining the adjusted Default Warrant Exercise Price under
Section 8(a) above, the following shall be applicable:

(i)            Issuance
of Options.  If after the date hereof, the Company in any manner grants
any Options and the lowest price per share for which one share of Common Stock
is issuable upon the exercise of any such Option or upon conversion or exchange
of any convertible securities issuable upon exercise of any such Option is less
than the Applicable Price, then such share of Common Stock shall be deemed to
be outstanding and to have been issued and sold by the Company at the time of
the granting 

or sale of such Option for such
price per share.  For purposes of this Section 8(b)(i), the lowest price
per share for which one share of Common Stock is issuable upon exercise of such
Options or upon conversion or exchange of such Convertible Securities shall be
equal to the sum of the lowest amounts of consideration (if any) received or
receivable by the Company with respect to any one share of Common Stock upon
the granting or sale of the Option, upon exercise of the Option or upon
conversion or exchange of any convertible security issuable upon exercise of
such Option.  No further adjustment of the Default Warrant Exercise Price
shall be made upon the actual issuance of such Common Stock or of such
convertible securities upon the exercise of such Options or upon the actual
issuance of such Common Stock upon conversion or exchange of such convertible securities.

(ii)           Issuance
of Convertible Securities.  If the Company in any manner issues or
sells any convertible securities and the lowest price per share for which one
share of Common Stock is issuable upon the conversion or exchange thereof is
less than the Applicable Price, then such share of Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company at the time
of the issuance or sale of such convertible securities for such price per
share.  For the purposes of this Section 8(b)(ii), the lowest price
per share for which one share of Common Stock is issuable upon such conversion
or exchange shall be equal to the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to one share of
Common Stock upon the issuance or sale of the convertible security and upon
conversion or exchange of such convertible security.  No further
adjustment of the Default Warrant Exercise Price shall be made upon the actual
issuance of such Common Stock upon conversion or exchange of such convertible
securities, and if any such issue or sale of such convertible securities is
made upon exercise of any Options for which adjustment of the Default Warrant
Exercise Price had been or are to be made pursuant to other provisions of this
Section 8(b), no further adjustment of the Default Warrant Exercise Price shall
be made by reason of such issue or sale.

(iii)          Change
in Option Price or Rate of Conversion.  If the purchase price provided
for in any Options, the additional consideration, if any, payable upon the
issue, conversion or exchange of any convertible securities, or the rate at
which any convertible securities are convertible into or exchangeable for
Common Stock changes at any time, the Default Warrant Exercise Price in effect
at the time of such change shall be adjusted to the Default Warrant Exercise
Price which would have been in effect at such time had such Options or
convertible securities provided for such changed purchase price, additional
consideration or changed conversion rate, as the case may be, at the time
initially granted, issued or sold and the number of Default Warrant Shares
issuable upon exercise of this Default Warrant shall be correspondingly
readjusted.  For purposes of this Section 8(b)(iii), if the terms of any
Option or convertible security that was outstanding as of the Issuance Date of
this Default Warrant are changed in the manner described in the immediately
preceding sentence, then such Option or convertible security and the Common
Stock deemed issuable upon exercise, conversion or exchange thereof shall be
deemed to have been issued as of the date of such change.  No adjustment
pursuant to this Section 8(b) shall be made if such adjustment would
result in an increase of the Default Warrant Exercise Price then in effect.

(iv)          Calculation
of Consideration Received.  If any Common Stock, Options or
convertible securities are issued or sold or deemed to have been issued or sold
for cash, the consideration received therefore will be deemed to be the net
amount received by the Company therefore.  If any Common Stock, Options or
convertible securities are issued or sold for a consideration other than cash,
the amount of such consideration received by the Company will be the fair value
of such consideration, except where such consideration consists of marketable
securities, in which case the amount of consideration received by the Company
will be the market price of such securities on the date of receipt of such
securities.  If any Common Stock, Options or convertible securities are
issued to the owners of the non-surviving entity in connection with any merger
in which the Company is the surviving entity, the amount of consideration
therefore will be deemed to be the fair value of such portion of the net assets
and business of the non-surviving entity as is attributable to such Common
Stock, Options or convertible securities, as the case may be.  The fair
value of any consideration other than cash or securities will be determined
jointly by the Company and the Holders of Default Warrants representing at
least two-thirds (b) of the Default Warrant Shares issuable upon exercise of
the Default Warrants then outstanding.  If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event
requiring valuation (the “Valuation Event”), the fair value of such
consideration will be determined within five (5) 

Business Days after the
tenth (10th)
day following the Valuation Event by an independent, reputable appraiser
jointly selected by the Company and the Holders of Default Warrants
representing at least two-thirds (b) of the Default Warrant Shares issuable
upon exercise of the Default Warrants then outstanding.  The determination
of such appraiser shall be final and binding upon all parties and the fees and
expenses of such appraiser shall be borne jointly by the Company and the
Holders of Default Warrants.

(v)           Integrated
Transactions.  In case any Option is issued in connection with the
issue or sale of other securities of the Company, together comprising one
integrated transaction in which no specific consideration is allocated to such
Options by the parties thereto, the Options will be deemed to have been issued
for a consideration of $.01.

(vi)          Treasury
Shares.  The number of shares of Common Stock outstanding at any given
time does not include shares owned or held by or for the account of the
Company, and the disposition of any shares so owned or held will be considered
an issue or sale of Common Stock.

(vii)         Record Date. 
If the Company takes a record of the Holders of Common Stock for the purpose of
entitling them (1) to receive a dividend or other distribution payable in
Common Stock, Options or in convertible securities or (2) to subscribe for
or purchase Common Stock, Options or convertible securities, then such record
date will be deemed to be the date of the issue or sale of the shares of Common
Stock deemed to have been issued or sold upon the declaration of such dividend
or the making of such other distribution or the date of the granting of such
right of subscription or purchase, as the case may be.

(c)  
Adjustment of Default Warrant Exercise Price upon Subdivision or Combination
of Common Stock.  If the Company at any time after the date of
issuance of this Default Warrant subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its outstanding
shares of Common Stock into a greater number of shares, any Default Warrant
Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced and the number of shares of Common Stock obtainable
upon exercise of this Default Warrant will be proportionately increased. 
If the Company at any time after the date of issuance of this Default Warrant
combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a smaller number of shares, any
Default Warrant Exercise Price in effect immediately prior to such combination
will be proportionately increased and the number of Default Warrant Shares
issuable upon exercise of this Default Warrant will be proportionately
decreased.  Any adjustment under this Section 8(c) shall become
effective at the close of business on the date the subdivision or combination
becomes effective.

(d)  
Distribution of Assets.  If the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets)
to Holders of Common Stock, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Default Warrant, then, in each such
case:

(i)           
any Default Warrant Exercise Price in effect immediately prior to the close of
business on the record date fixed for the determination of Holders of Common
Stock entitled to receive the Distribution shall be reduced, effective as of
the close of business on such record date, to a price determined by multiplying
such Default Warrant Exercise Price by a fraction of which (A) the numerator
shall be the Closing Sale Price of the Common Stock on the trading day
immediately preceding such record date minus the value of the Distribution (as
determined in good faith by the Company’s Board of Directors) applicable to one
share of Common Stock, and (B) the denominator shall be the Closing Sale Price
of the Common Stock on the trading day immediately preceding such record date;
provided that, in no event shall the Default Warrant Exercise Price be reduced
to less that $.05 per share (pursuant to this Section 8(d)(i); and

(ii)           either
(A) the number of Default Warrant Shares obtainable upon exercise of this
Default Warrant shall be increased to a number of shares equal to the number of
shares of 

Common Stock obtainable
immediately prior to the close of business on the record date fixed for the
determination of Holders of Common Stock entitled to receive the Distribution
multiplied by the reciprocal of the fraction set forth in the immediately
preceding clause (i), or (B) in the event that the Distribution is of common
stock of a company whose common stock is traded on a national securities
exchange or a national automated quotation system, then the Holder of this
Default Warrant shall receive an additional Default Warrant to purchase Common
Stock, the terms of which shall be identical to those of this Default Warrant,
except that such Default Warrant shall be exercisable into the amount of the
assets that would have been payable to the Holder of this Default Warrant
pursuant to the Distribution had the Holder exercised this Default Warrant
immediately prior to such record date and with an exercise price equal to the
amount by which the exercise price of this Default Warrant was decreased with
respect to the Distribution pursuant to the terms of the immediately preceding
clause (i).

(e)  
Certain Events.  If any event occurs of the type contemplated by
the provisions of this Section 8 but not expressly provided for by such
provisions (including, without limitation, the granting of stock appreciation
rights, phantom stock rights or other rights with equity features), then the
Company’s Board of Directors will make an appropriate adjustment in the Default
Warrant Exercise Price and the number of shares of Common Stock obtainable upon
exercise of this Default Warrant so as to protect the rights of the Holders of
the Default Warrants; provided, except as set forth in section 8(c),that no
such adjustment pursuant to this Section 8(e) will increase the Default Warrant
Exercise Price or decrease the number of shares of Common Stock obtainable as
otherwise determined pursuant to this Section 8.  Notwithstanding anything
to the contrary in this Section 8(e), (i) the Default Warrant Exercise Price
shall not be reduced to less that $0.05 per share (except as may be adjusted
pursuant to Section 8(c)), and (ii) the number of Default Warrant Shares
obtainable upon exercise of this Default Warrant shall not be adjusted to
exceed that number of shares determined by multiplying the Default Warrant
Exercise Price in effect immediately prior  to the adjustment pursuant to
this Section 8(e), by the number of Default Warrant Shares issuable upon
exercise of this Default Warrant immediately prior to such adjustment and
dividing the product thereof by the Default Warrant Exercise Price resulting
from such adjustment.

(f)   
Voluntary Adjustments By Company.  The Company may at any time
during the term of this Default Warrant reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of
Directors of the Company.

(g)  
Notices.

(i)           
Immediately upon any adjustment of the Default Warrant Exercise Price, the
Company will give written notice thereof to the Holder of this Default Warrant,
setting forth in reasonable detail, and certifying, the calculation of such
adjustment.

(ii)           The
Company will give written notice to the Holder of this Default Warrant at least
ten (10) days prior to the date on which the Company closes its books or takes
a record (A) with respect to any dividend or distribution upon the Common
Stock, (B) with respect to any pro rata subscription offer to Holders of
Common Stock or (C) for determining rights to vote with respect to any
Organic Change (as defined below), dissolution or liquidation, provided that
such information shall be made known to the public prior to or in conjunction
with such notice being provided to such Holder.

(iii)          The Company
will also give written notice to the Holder of this Default Warrant at least
ten (10) days prior to the date on which any Organic Change, dissolution or
liquidation will take place, provided that such information shall be made known
to the public prior to or in conjunction with such notice being provided to
such Holder.

Section
9.              
Purchase Rights; Reorganization, Reclassification, Consolidation, Merger or
Sale.

(a)  
In addition to any adjustments pursuant to Section 8 above, if at any time the
Company grants, issues or sells any Options, Convertible Securities or rights
to purchase stock, Default Warrants, securities or other property pro rata to
the record Holders of any class of Common Stock (the 

“Purchase Rights”), then the Holder
of this Default Warrant will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which such Holder could
have acquired if such Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Default Warrant immediately before
the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the
record Holders of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights.

(b)  
Any recapitalization, reorganization, reclassification, consolidation, merger,
sale of all or substantially all of the Company’s assets to another Person or
other transaction in each case which is effected in such a way that Holders of
Common Stock are entitled to receive (either directly or upon subsequent
liquidation) stock, securities or assets with respect to or in exchange for
Common Stock is referred to herein as an “Organic Change.”  Prior
to the consummation of any (i) sale of all or substantially all of the
Company’s assets to an acquiring Person or (ii) other Organic Change following
which the Company is not a surviving entity, the Company will secure from the
Person purchasing such assets or the successor resulting from such Organic
Change (in each case, the “Acquiring Entity”) a written agreement (in
form and substance satisfactory to the Holders of Default Warrants representing
at least two-thirds (iii) of the Default Warrant Shares issuable upon
exercise of the Default Warrants then outstanding) to deliver to each Holder of
Default Warrants in exchange for such Default Warrants, a security of the
Acquiring Entity evidenced by a written instrument substantially similar in
form and substance to this Default Warrant and satisfactory to the Holders of
the Default Warrants (including an adjusted Default Warrant exercise price
equal to the value for the Common Stock reflected by the terms of such
consolidation, merger or sale, and exercisable for a corresponding number of
shares of Common Stock acquirable and receivable upon exercise of the Default
Warrants without regard to any limitations on exercise, if the value so
reflected is less than any Applicable Default Warrant Exercise Price
immediately prior to such consolidation, merger or sale).  Prior to the
consummation of any other Organic Change, the Company shall make appropriate
provision (in form and substance satisfactory to the Holders of Default
Warrants representing a majority of the Default Warrant Shares issuable upon exercise of the Default
Warrants then outstanding) to insure that each of the Holders of the Default
Warrants will thereafter have the right to acquire and receive in lieu of or in
addition to (as the case may be) the Default Warrant Shares immediately
theretofore issuable and receivable upon the exercise of such Holder’s Default
Warrants (without regard to any limitations on exercise), such shares of
stock, securities or assets that would have been issued or payable in such
Organic Change with respect to or in exchange for the number of Default Warrant
Shares which would have been issuable and receivable upon the exercise of such
Holder’s Default Warrant as of the date of such Organic Change (without taking
into account any limitations or restrictions on the exercisability of this
Default Warrant).

Section
10.             Lost,
Stolen, Mutilated or Destroyed Default Warrant.  If this Default
Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on
receipt of an indemnification undertaking (or, in the case of a mutilated
Default Warrant, the Default Warrant), issue a new Default Warrant of like
denomination and tenor as this Default Warrant so lost, stolen, mutilated or
destroyed.

Section
11.             Notice. 
Any notices, consents, waivers or other communications required or permitted to
be given under the terms of this Default Warrant must be in writing and will be
deemed to have been delivered:  (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of receipt is received by the sending party transmission is
mechanically or electronically generated and kept on file by the sending
party); or (iii) one Business Day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the
party to receive the same.  The addresses and facsimile numbers for such
communications shall be:

	
  If to Holder:

  	
   

  	
  John Fife

  
	
   

  	
   

  	
  303 East Wacker Drive, Suite 311

  
	
   

  	
   

  	
  Chicago, IL 60601

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:            (312)565-1569

  
	
   

  	
   

  	
  Facsimile:               (312)819-9701

  

 

 

	
  With Copy to:

  	
   

  	
  Merrill E. Weber, Esq.

  
	
   

  	
   

  	
  303 East Wacker Drive, Suite 311

  
	
   

  	
   

  	
  Chicago, IL 60601

  
	
   

  	
   

  	
  Telephone:            (312)565-1569

  
	
   

  	
   

  	
  Facsimile:               (312)819-9701

  
	
   

  	
   

  	
   

  
	
  If to the
  Company, to:

  	
   

  	
  Open Energy Corporation

  
	
   

  	
   

  	
  514 Via de la Valle, Suite 200

  
	
   

  	
   

  	
  Solana Beach, CA 92075

  
	
   

  	
   

  	
  Attention: David Saltman, Chief Executive Officer

  
	
   

  	
   

  	
  Telephone:            858-794-8800

  
	
   

  	
   

  	
  Facsimile:               858-794-8811

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  John Hart, Esq.

  
	
   

  	
   

  	
  514 Via de la Valle, Suite 200

  
	
   

  	
   

  	
  Solana Beach, CA 92075

  
	
   

  	
   

  	
  Telephone:            858-794-8800

  
	
   

  	
   

  	
  Facsimile:               858-794-8811

  

 

If to a Holder of this Default Warrant, to him at the
address and facsimile number set forth on Exhibit C hereto, with
copies to such Holder’s representatives as set forth on Exhibit C,
or at such other address and facsimile as shall be delivered to the Company
upon the issuance or transfer of this Default Warrant.  Each party shall
provide five days’ prior written notice to the other party of any change in
address or facsimile number.  Written confirmation of receipt (A) given
by the recipient of such notice, consent, facsimile, waiver or other
communication, (or (B) provided by a nationally recognized overnight
delivery service shall be rebuttable evidence of personal service, receipt by
facsimile or receipt from a nationally recognized overnight delivery service in
accordance with clause (i), (ii) or (iii) above, respectively.

Section
12.             Date. 
The date of this Default Warrant is set forth on page 1 hereof.  This
Default Warrant, in all events, shall be wholly void and of no effect
after the close of business on the Expiration Date, except that notwithstanding
any other provisions hereof, the provisions of Section 8(b) shall continue
in full force and effect after such date as to any Default Warrant Shares or
other securities issued upon the exercise of this Default Warrant.

Section
13.             Amendment
and Waiver.  Except as otherwise provided herein, the provisions of
the Default Warrants may be amended and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it,
only if the Company has obtained the written consent of the Holders of Default
Warrants representing at least two-thirds of the Default Warrant Shares
issuable upon exercise of the Default Warrants then outstanding; provided that,
except for Section 8(d), no such action may increase the Default Warrant
Exercise Price or decrease the number of shares or class of stock obtainable
upon exercise of any Default Warrant without the written consent of the Holder
of such Default Warrant.

Section
14.             Descriptive
Headings; Governing Law.  The descriptive headings of the several
sections and paragraphs of this Default Warrant are inserted for convenience
only and do not constitute a part of this Default Warrant.  The corporate
laws of the State of Nevada shall govern all issues concerning the relative
rights of the Company and its stockholders.  All other questions
concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New Jersey,
without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New Jersey or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of
New Jersey.  Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in Hudson County and the
United States District Court for the District of New Jersey, for the
adjudication of any dispute hereunder or in connection herewith or therewith,
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 brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper.  Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law.

Section 15.           
Waiver
of Jury Trial.  AS A MATERIAL INDUCEMENT FOR
EACH PARTY HERETO TO ENTER INTO THIS DEFAULT WARRANT, THE PARTIES HERETO HEREBY
WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO
THIS DEFAULT WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH
THIS TRANSACTION.

IN WITNESS
WHEREOF, the Company has caused this Default Warrant to be
signed as of the date first set forth above.

	
  

  	
   

  	
  OPEN ENERGY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David Saltman

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

EXHIBIT A TO DEFAULT WARRANT

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED
HOLDER TO EXERCISE THIS DEFAULT WARRANT

OPEN ENERGY CORPORATION

The undersigned Holder hereby exercises the right to
purchase
                          
of the shares of Common Stock (“Default Warrant Shares”) of Open Energy
Corporation (the “Company”), evidenced by the Default Warrant of the
Company designated Warrant No. OEGY-FIFE-2 originally issued June 15, 2007 (the
“Default Warrant”).  Capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Default
Warrant.

Specify Method of exercise by check mark:

1.    o    
Cash Exercise

(a) Payment of Default Warrant Exercise Price.
The Holder shall pay the Aggregate Exercise Price of
$                          
to the Company in accordance with the terms of the Default Warrant.

(b) Delivery of Default Warrant Shares. 
The Company shall deliver to the Holder
                  
Default Warrant Shares in accordance with the terms of the Default Warrant.

2.    o    
Cashless Exercise

(a) Payment of Default Warrant Exercise Price. 
In lieu of making payment of the Aggregate Exercise Price, the Holder elects to
receive upon such exercise the Net Number of shares of Common Stock determined
in accordance with the terms of the Default Warrant.

(b) Delivery of Default Warrant Shares. 
The Company shall deliver to the Holder                      
Default Warrant Shares in accordance with the terms of the Default Warrant.

Date:
                                     
    ,
            

	
  Name of Registered Holder

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

EXHIBIT B TO DEFAULT WARRANT

FORM OF DEFAULT WARRANT POWER

FOR
VALUE RECEIVED, the undersigned does hereby assign and
transfer to
                              ,
Federal Identification
No.                   ,
a Default Warrant to purchase
                       
shares of the capital stock of Open Energy Corporation represented by Default
Warrant certificate no. OEGY-FIFE-2, standing in the name of the
undersigned on the books of said corporation.  The undersigned does hereby
irrevocably constitute and appoint                            ,
attorney to transfer the Default Warrants of said corporation, with full power
of substitution in the premises.

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

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