Document:

NEITHER
      THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT NOR
      THE
      SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE OR FOR WHICH THEY ARE
      EXERCISABLE HAVE BEEN REGISERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”)
      OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR
      SALE,
      SOLD, TRANFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THE SECURITIES UNDER THE ACT, OR (B) AN OPINION OF COUNSEL,
      IN A
      FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT RQUIRED
      UNDER THE ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE ACT.
      NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
      WITH
      A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY
      THE
      SECURITIES. 

     

    STRATOS
      RENEWABLES CORPORATION

     

    UNSECURED
      CONVERTIBLE PROMISSORY NOTE

    

    
      	 	
              August
                27, 2008

            
	
              $5,000,000

            	
              Beverly
                Hills, California

            

    

     

    FOR
      VALUE RECEIVED,
      Stratos
      Renewables Corporation,
      a
      Nevada corporation (“Company”)
      promises to pay I2BF BioDiesel Limited, a business company existing under the
      laws of the British Virgin Islands (“Holder”),
      or
      its registered assigns, the principal sum of Five Million Dollars ($5,000,000),
      or such lesser amount as shall equal the outstanding principal amount hereof,
      together with interest from the date of this Note on the unpaid principal
      balance at a rate equal to ten percent (10%) per annum, computed on the basis
      of
      the actual number of days elapsed and a year of 365 days. All unpaid principal,
      together with any then unpaid and accrued interest and other amounts payable
      hereunder, shall be due and payable on the earliest to occur (the “Maturity
      Date”)
      of
      (i) December 31, 2009, (ii) July 23, 2009, if Holder notifies Company, in
      writing, at least thirty (30) days but not more the sixty (60) days prior
      thereto, that it is electing to accelerate the Maturity Date to July 23, 2009,
      or (iii) when, upon or after the occurrence of an Event of Default (as
      defined below), such amounts are declared due and payable by Holder or made
      automatically due and payable in accordance with the terms hereof. All
      references to Dollars herein are to lawful currency of the United States of
      America.
      This
      Note is one of the Notes issued by the Company pursuant to Section 1.1 of that
      certain Unsecured Convertible Promissory Note and Warrant Purchase Agreement
      dated August 27, 2008 (as amended, modified or supplemented, the “Note
      Purchase Agreement”)
      between Company and the Purchaser (as defined in the Note Purchase Agreement).
      All amounts owing on this Note shall be payable in arrears, with payments first
      applied to any and all costs and expenses incurred by Holder in enforcement
      or
      the preservation of any rights hereunder, second to accrued and unpaid interest
      on this Note, and thereafter on the unpaid principal amount hereof, at the
      address for such purpose specified below the Holder’s name on Schedule I of the
      Note Purchase Agreement, or at such other address as the Holder may from time
      to
      time direct in writing. This Note may be prepaid by the Company, in whole but
      not in part, upon ten days prior written notice to the Holder and subject to
      Sections 2 and 3.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      following is a statement of the rights of Holder and the conditions to which
      this Note is subject, and to which Holder, by the acceptance of this Note,
      agrees:

     

    1. Definitions.
      Capitalized terms used in this Note have the meanings given in the Note Purchase
      Agreement unless otherwise defined herein. In addition, the following
      capitalized terms have the following meanings:

     

    (a) “Affiliate”
shall
      mean, with respect to any Person (i) a Person directly or indirectly
      controlling, controlled by or under, control with such Person, (ii) a
      Person owning or controlling 10% or more of the outstanding voting securities
      of
      such Person, or (iii) an officer, director, general partner, member or
      manager of such Person, or a member of the immediate family of an officer,
      director, general partner, member or manager of such Person. When the Affiliate
      is an officer, director, partner or manager of such Person or a member of the
      immediate family of an officer, director, general partner, member or manager
      of
      such Person, any other Person for which the Affiliate acts in that capacity
      shall also be considered an Affiliate. For these purposes, control means the
      possession, direct or indirect, of the power to direct or cause the direction
      of
      the management and policies of a Person, whether through the ownership of voting
      securities, as trustee or executor, by contract or otherwise.

     

    (b) “Bloomberg”
means
      Bloomberg Financial Markets.

     

    (c) “Board”
shall
      mean the board of directors of any specified Person and any committee
      thereof.

     

    (d) “Common
      Stock”
shall
      mean shares of common stock, $0.001 par value per share, of the
      Company.

     

    (e) “Capital
      Stock”
shall
      mean shares of Common Stock or Preferred Stock (whether now outstanding or
      hereafter issued in any context).

     

    (f) “Date
      of Conversion”
means
      the date on which the Holder shall have delivered to the Company (i) the form
      of
      Notice of Conversion attached hereto, appropriately completed and duly signed
      for the number of Note Shares the Holder intends to purchase.

     

    
      
        
        

      

      
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    (g) “Excluded
      Stock” shall
      mean (i) shares of Common Stock issued by the Company as a stock dividend
      payable in shares of Common Stock, or upon any subdivision or split-up of the
      outstanding shares of Capital Stock, in each case which is subject to
Section
      3(a)(ii)(2),
      or upon
      conversion of shares of Capital Stock (but not the issuance of such Capital
      Stock which will be subject to the provisions of Section
      3(a)(ii)(3)(c),
      (ii)
      the issuance of shares of Common Stock in any public offering, (iii) the
      issuance of shares of Common Stock (including upon exercise of options, warrants
      or other securities) to directors, advisors, employees or consultants of the
      Company pursuant to a stock option plan, employee stock purchase plan,
      restricted stock plan or other agreement approved by the Board, (iv) the
      issuance of shares of Common Stock in connection with acquisitions of assets
      or
      securities of another Person (other than issuances to Affiliates of the
      Company), (v) the issuance of shares of Common Stock upon conversion of the
      Preferred Stock, (vi) the issuance of shares of Common Stock upon exercise
      of
      the Warrants and Other Warrants (as such term is defined in the Note Purchase
      Agreement Section 5.3(b)) (including Warrants and Other Warrants issued after
      the date hereof), (vii) the issuance of shares of Common Stock upon conversion
      of the Notes and Other Notes (as such term is defined in the Note Purchase
      Agreement Section 5.3(b)) (including Notes and Other Notes issued after the
      date
      hereof), (viii) the issuance of any Warrants issued after the date hereof,
      and
      (ix) the issuance of any Notes and Other Notes issued after the date
      hereof. 

     

    (h) “Holder”
shall
      mean the Person specified in the introductory paragraph of this Note or any
      Person who shall at the time be the registered holder of this Note.

     

    (i) “Market
      Price”
of
      one
      share of Common Stock as of a particular date shall be determined as follows:
      (i) if traded on a securities exchange, the value shall be deemed to be the
      weighted average price of the Company’s Common Stock (as reported by Bloomberg)
      on the Trading Day immediately preceding the Date of Conversion; (ii) if traded
      over-the-counter, the value shall be deemed to be the weighted average price
      of
      the Company’s Common Stock (as reported by Bloomberg) over the five Trading Days
      preceding the Date of Conversion; and (iii) if there is no active public market,
      the fair market value thereof, as determined in good faith by the
      Board.

     

    (j) “Obligations”
shall
      mean and include all loans, advances, debts, liabilities and obligations,
      howsoever arising, owed by the Company to Holder of every kind and description
      (whether or not evidenced by any note or instrument and whether or not for
      the
      payment of money), now existing or hereafter arising under or pursuant to the
      terms of this Note and the Note Purchase Agreement, including, all interest,
      fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and
      costs chargeable to and payable by the Company hereunder and thereunder, in
      each
      case, whether direct or indirect, absolute or contingent, due or to become
      due,
      and whether or not arising after the commencement of a proceeding under
      Title 11 of the United States Code (11 U. S. C. Section 101
et
      seq.),
      as
      amended from time to time (including post-petition interest) and whether or
      not
      allowed or allowable as a claim in any such proceeding.

     

    (k) “Person”
shall
      mean any entity, corporation, company, association, joint venture, joint stock
      company, partnership, trust, organization, individual (including personal
      representatives, executors and heirs of a deceased individual), nation, state,
      government (including agencies, departments, bureaus, boards, divisions and
      instrumentalities thereof), trustee, receiver or liquidator, as well as any
      syndicate or group that would be deemed to be a Person under Section 13(d)(3)
      of
      the Securities Exchange Act of 1934, as amended.

     

    
      
        
        

      

      
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    (l) “Preferred
      Stock”
shall
      mean the preferred stock, $0.001 par value per share, of the
      Company.

     

    (m) “Prepayment
      Fee”
has
      the
      meaning specified in Section 2.

     

    (n) “Subsidiary”
of
      a
      Person shall mean each corporation or other entity of which (a) such Person
      or
      any other Subsidiary of such Person is a general partner or a manager (b) or
      at
      least 50% of the securities or other ownership interests having by their terms
      ordinary voting power to elect at least 50% of the board of directors or other
      Persons performing similar functions is directly or indirectly owned or
      controlled by such Person, by any one or more of its Subsidiaries or by such
      Person and one or more of its Subsidiaries.

     

    (o) “Trading
      Day”
shall
      mean a day on which the purchase and sale of the Company’s Common Stock is
      permitted.

     

    (p) “Warrants”
shall
      mean the warrants issued by the Company pursuant to Section 1.1 of that certain
      Unsecured Convertible Promissory Note and Warrant Purchase Agreement, dated
      August 27, 2008, by and among the Company and the Investors referred to therein
      (the “Securities
      Purchase Agreement”).

     

    2. Prepayment
      Fee.
      This
      Note may be prepaid by the Company, in whole but not in part, from time to
      time,
      provided that if Company prepays this Note for any reason (other than as a
      result of an acceleration pursuant to Section 5 or a Sale of the Company
      pursuant to Section 3(d)) more than thirty days before the Maturity Date,
      Company shall pay Holder a fee (the “Prepayment
      Fee”)
      due
      and payable on the date of prepayment equal to fifteen percent (15%) of the
      sum
      of the principal amount of this Note and all accrued but unpaid interest through
      and including the date of prepayment.

     

    3. Conversion
      of Note.

     

    (a) Voluntary
      Conversion.

     

    (i) Terms
      of Voluntary Conversion.
      Holder
      has the right, exercisable at Holder’s option, at any time hereafter and until
      such date as this Note has been paid in full by the Company, to convert, subject
      to the terms and provisions of this Section 3, the unpaid principal amount
      of
      this Note, or any part thereof plus any accrued but unpaid interest, plus,
      if
      conversion occurs in connection with Company’s election to prepay this Note
      before the Maturity Date, the Prepayment Fee (such amount being the
“Converted
      Amount”),
      into
such
      number of fully paid and non-assessable shares of Common Stock as is determined
      by dividing the Converted Amount by the Conversion
      Price (the “Note
      Shares”).

     

    (ii) Conversion
      Price; Adjustments to Conversion Price.
      

     

    (1) The
      initial conversion price (“Initial
      Conversion Price”)
      is
      $0.70. “Conversion
      Price”
means
      the Initial Conversion Price as modified pursuant to clauses (2), (3) and (4)
      below.

     

    
      
        
        

      

      
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    (2) If,
      after
      the date of this Note, the outstanding shares of Common Stock are subdivided
      (split), or combined (reverse split), by reclassification or otherwise, or
      if
      any dividend or other distribution payable on the Common Stock in shares of
      Common Stock occurs, the Conversion Price (for the remaining principal and
      interest balance at the time such event occurs) in effect immediately before
      such subdivision, combination, dividend, grant of such options or warrants
      or
      other distribution will, concurrently with the effectiveness of such
      subdivision, combination, dividend or other distribution, be proportionately
      adjusted.

     

    (3) If
      the
      Company issues or sells any Common Stock (including any securities exercisable,
      exchangeable or convertible into Common Stock) other than Excluded Stock without
      consideration or for consideration per share (as determined below) less than
      the
      Conversion Price, the Conversion Price in effect immediately prior to each
      such
      issuance or sale will immediately be reduced to such lower price. For the
      purposes of any adjustment of the Conversion Price issuable upon conversion
      of
      this Note pursuant to this Section
      3(a)(ii),
      the
      following provisions shall be applicable:

     

    a) In
      the
      case of the issuance of Common Stock for cash, the amount of the consideration
      received by the Company shall be deemed to be the amount of the cash proceeds
      received by the Company for such Common Stock before deducting therefrom any
      discounts or commissions allowed, paid or incurred by the Company for any
      underwriting or otherwise in connection with the issuance and sale
      thereof.

     

    b) In
      the
      case of the issuance of Common Stock (otherwise than upon the conversion of
      shares of Capital Stock or other securities of the Company) for a consideration
      in whole or in part other than cash, including securities acquired in exchange
      therefor (other than securities by their terms so exchangeable), the
      consideration other than cash shall be deemed to be the fair value thereof
      as
      determined by the Board, provided,
      however,
      that
      such fair value as determined by the Board shall not exceed the aggregate Market
      Price of the shares of Common Stock being issued as of the date the Board
      authorizes the issuance of such shares.

     

    c) In
      the
      case of the issuance of (a) options, warrants or other rights to purchase or
      acquire Common Stock (whether or not at the time exercisable) or (b) securities
      by their terms convertible into or exchangeable for Common Stock (whether or
      not
      at the time so convertible or exchangeable) or options, warrants or rights
      to
      purchase such convertible or exchangeable securities (whether or not at the
      time
      exercisable):

     

    1) the
      aggregate maximum number of shares of Common Stock deliverable upon exercise
      of
      such options, warrants or other rights to purchase or acquire Common Stock
      shall
      be deemed to have been issued at the time such options, warrants or rights
      are
      issued and for a consideration equal to the consideration (determined in the
      manner provided in Sections 3(a)(ii)(3)(a)
      and (b)),
      if
      any, received by the Company upon the issuance of such options, warrants or
      rights plus the minimum purchase price provided in such options, warrants or
      rights for the Common Stock covered thereby;

     

    
      
        
        

      

      
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    2) the
      aggregate maximum number of shares of Common Stock deliverable upon conversion
      of or in exchange for any such convertible or exchangeable securities, or upon
      the exercise of options, warrants or other rights to purchase or acquire such
      convertible or exchangeable securities and the subsequent conversion or exchange
      thereof, shall be deemed to have been issued at the time such securities were
      issued or such options, warrants or rights were issued and for a consideration
      equal to the consideration, if any, received by the Company for any such
      securities and related options, warrants or rights (excluding any cash received
      on account of accrued interest or accrued dividends), plus the additional
      consideration (determined in the manner provided in Sections
      3(b)(iii)(a) and (b)),
      if
      any, to be received by the Company upon the conversion or exchange of such
      securities, or upon the exercise of any related options, warrants or rights
      to
      purchase or acquire such convertible or exchangeable securities and the
      subsequent conversion or exchange thereof;

     

    3) on
      any
      change in the number of shares of Common Stock deliverable upon exercise of
      any
      such options, warrants or rights or conversion or exchange of such convertible
      or exchangeable securities or any change in the consideration to be received
      by
      the Company upon such exercise, conversion or exchange, but excluding changes
      resulting from the anti-dilution provisions thereof (to the extent comparable
      to
      the anti-dilution provisions contained herein), the consideration per share
      with
      respect to such issuance shall be recomputed and the Conversion Price as then
      in
      effect shall forthwith be readjusted to such Conversion Price as would have
      been
      obtained had an adjustment been made upon the issuance of such options, warrants
      or rights not exercised prior to such change, or of such convertible or
      exchangeable securities not converted or exchanged prior to such change, upon
      the basis of such change;

     

    4) on
      the
      expiration or cancellation of any such options, warrants or rights (without
      exercise), or the termination of the right to convert or exchange such
      convertible or exchangeable securities (without exercise), if the Conversion
      Price shall have been adjusted upon the issuance thereof, the Conversion Price
      shall forthwith be readjusted to such Conversion Price as would have been
      obtained had an adjustment been made upon the issuance of such options,
      warrants, rights or such convertible or exchangeable securities on the basis
      of
      the issuance of only the number of shares of Common Stock actually issued and
      the consideration actually received upon the exercise of such options, warrants
      or rights, or upon the conversion or exchange of such convertible or
      exchangeable securities; and

     

    5) if
      the
      Conversion Price shall have been adjusted upon the issuance of any such options,
      warrants, rights or convertible or exchangeable securities, no further
      adjustment of the Conversion Price shall be made for the actual issuance of
      Common Stock upon the exercise, conversion or exchange thereof.

     

    (4) If
      a
      reclassification, reorganization or exchange of the Company’s securities, or a
      consolidation or merger of the Company, occurs (other than a Sale of the
      Company, in which event Section
      3(d)
      applies), or if the Company at any time or from time to time after the date
      of
      this Note makes or declares a dividend or other distribution payable in cash,
      securities or property, then and in each such case, Holder shall receive, upon
      conversion of the remaining interest and principal balance of this Note, in
      addition to the amount of securities receivable thereupon, the amount of cash,
      securities or other property which Holder would have received had this Note
      been
      converted on the date of such occurrence and had Holder thereafter, during
      the
      period from the date of such occurrence to and including the conversion date,
      retained such cash, securities or other property receivable during such
      period.

     

    
      
        
        

      

      
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    (5) Upon
      the
      occurrence of each adjustment or readjustment of the Conversion Price, the
      Company at its expense shall promptly compute such adjustment or readjustment
      in
      accordance with the terms hereof and furnish to Holder a certificate setting
      forth such adjustment or readjustment and showing in detail the facts upon
      which
      such adjustment or readjustment is based.

     

    (iii) Exercise
      of Voluntary Conversion Privilege: Surrender of Note.
      In
      order to effect the voluntary conversion of this Note into Common Stock in
      accordance with Section
      3(a),
      Holder
      shall surrender this Note in whole or in part to the Company together with
      a
      Notice of Conversion in the form set forth at Exhibit
      A
      hereto,
      which shall be irrevocable, at the Company’s principal office or such other
      agency maintained by the Company for such purpose during normal business hours.
      This Note shall be converted in accordance with Section
      3(a)
      above
      only when the Notice of Conversion is delivered and this Note is surrendered,
      accompanied by proper assignments thereof to the Company or in blank for
      transfer. The Common Stock of the Company issuable on conversion shall be issued
      in Holder’s name as promptly as practicable after proper surrender of this Note
      by Holder, and the Company shall issue and shall deliver at such office or
      agency to Holder, a certificate or certificates for the number of full shares
      of
      Common Stock of the Company issuable upon the conversion of this Note in
      accordance with the provisions of this Section
      3.
      Such
      conversion shall be deemed to have been effected immediately prior to the close
      of business on the date this Note is surrendered as aforesaid, all rights of
      Holder as a holder of a Note shall cease at such time, and Holder will be
      treated for all purposes as having become the holder of record of the shares
      of
      Company Common Stock represented thereby at such time. If the last day for
      exercise of the conversion right is not a business day, then such conversion
      right may be exercised on the next succeeding business day. If less than all
      of
      the outstanding principal balance of this Note is converted into Common Stock
      in
      accordance with this Section
      3,
      the
      Company shall, upon surrender of this Note, issue Holder a new note evidencing
      the outstanding principal balance of this Note not so converted.

     

    
      
        
        

      

      
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    (b) Mandatory
      Conversion.

     

    (i) Trigger
      Events.
      Following the date of the issuance of this Note, upon the closing on
a
      financing or multiple financings of any combination of debt or equity
      securities, having aggregate gross proceeds to Company and its Subsidiaries
      of
      at least Fifty Million Dollars (U.S.$50,000,000) (a “Trigger
      Event”),
      all
      of the unpaid principal balance of this Note, plus all accrued but unpaid
      interest, shall automatically be converted into the shares of Common Stock
      (the
      time of such closing is referred to herein as the “Mandatory
      Conversion Time”).
      The
      number of shares of Common Stock into which this Note shall be converted at
      the
      Mandatory Conversion Time shall be determined by dividing the aggregate unpaid
      principal amount of this Note plus all accrued and unpaid interest thereon
      (the
“Principal
      Sum and Interest”)
      by the
      Conversion Price
      then in
      effect. Notwithstanding the provisions of this Section 3(b) and Section 3(e)
      hereof, in the event of the occurrence of a Trigger Event, the number of shares
      of Common Stock into which the Principal Sum and Interest at the Mandatory
      Conversion Time shall be converted shall not exceed the Beneficial Ownership
      Limitation (as such term is defined in Section 3(e) hereof). The remaining
      unconverted Principal Sum and Interest on this Note shall automatically be
      converted into the shares of Common Stock on the date (the “Subsequent
      Mandatory Conversion Date”)
      set
      forth in a notice of conversion with respect to such remaining unconverted
      Principal Sum and Interest to be delivered by the Company to the Holder in
      accordance with Section
      3(b)(ii)
      hereof.
      The number of shares of Common Stock into which this Note shall be converted
      on
      the Subsequent Mandatory Conversion Date shall be determined by dividing the
      Principal Sum and Interest by the Conversion Price in effect at the Mandatory
      Conversion Time.

     

    (ii) Procedural
      Requirements.
      The
      Holder shall be sent written notice of the Mandatory Conversion Time and the
      Subsequent Mandatory Conversion Date, the place designated for mandatory
      conversion of all the principal and interest pursuant to this Section
      3.
      Such
      notice need not be sent in advance of the occurrence of the Mandatory Conversion
      Time. However, the Company shall send notice of the Subsequent Mandatory
      Conversion Date to the Holder on not less than sixty one (61) days advance
      notice. Upon receipt of either such notice, the Holder shall surrender his,
      her
      or its Note (or, if such Holder alleges that such Note has been lost, stolen
      or
      destroyed, a lost note affidavit and agreement reasonably acceptable to the
      Company to indemnify the Company against any claim that may be made against
      the
      Company on account of the alleged loss, theft or destruction of such Note)
      to
      the Company at the place designated in such notice. If so required by the
      Company, Notes surrendered for conversion shall be endorsed or accompanied
      by
      written instrument or instruments of transfer, in form satisfactory to the
      Company, duly executed by the registered Holder or by his, her or its attorney
      duly authorized in writing. All rights with respect to a Note converted: (i)
      up
      to the Beneficial Ownership Limitation pursuant to Section 3(b)(i)
      will
      terminate at the Mandatory Conversion Time, and (ii) otherwise pursuant to
      Section
      3(b)(i)
      in
      connection with the Subsequent Mandatory Conversion Date will terminate on
      the
      Subsequent Mandatory Conversion Date (in either case, notwithstanding the
      failure of the holder or holders thereof to surrender the Note at or prior
      to
      such time), except only the rights of the Holders thereof, upon surrender of
      such Note (or loss affidavit and agreement) therefor, to receive the items
      provided for in the next sentence of this Section
      3(b)(ii).
      As soon
      as practicable after the Mandatory Conversion Time or the Subsequent Mandatory
      Conversion Date, as applicable, and the surrender of the Note (or loss affidavit
      and agreement), the Company shall issue and deliver to such Holder, or to his,
      her or its nominees, a certificate or certificates for the number of full shares
      of Common Stock issuable on such conversion in accordance with the provisions
      hereof, together with cash as provided in Section
      3(c)
      in lieu
      of any fraction of a share of Common Stock otherwise issuable upon such
      conversion. If
      less
      than all of the outstanding principal balance of this Note shall be converted
      into Common Stock at the Mandatory Conversion Time, the Company shall, upon
      surrender of this Note, issue Holder a new note evidencing the outstanding
      principal balance of this Note not so converted. On the Subsequent Mandatory
      Conversion Date, such
      converted Note shall be retired and cancelled and may not be
      reissued.

     

    
      
        
        

      

      
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    (c) Fractional
      Shares.
      If any
      portion of a Converted Amount would convert into only a fractional share in
      connection, then the Company shall pay to Holder the principal amount
      representing such fractional share, in accordance with the terms of this Note,
      and no fractional shares of Common Stock shall be issued upon conversion of
      this
      Note.

     

    (d) Adjustment
      for Certain Events.
      In case
      of (i) any consolidation or merger to which the Company is a party or
      statutory exchange of securities with another corporation (unless the
      shareholders of the Company immediately prior to such consolidation, merger
      or
      exchange have beneficial ownership immediately following such consolidation,
      merger or exchange of securities of the surviving entity representing 80% or
      more of the combined voting power of the surviving entity’s then outstanding
      securities ordinarily having the right to vote at elections of directors in
      approximately the same voting proportions as such shareholders had in the
      Company immediately prior to such consolidation, merger or exchange); or
      (ii) any sale or conveyance to another entity of all or substantially all
      of the assets of the Company (in one transaction or a series of related
      transactions) (each of (i) and (ii) a “Sale
      of the Company”),
      the
      entire principal amount of this Note, to the extent not previously converted
      pursuant to Section 3(a) hereof, shall be due and payable together with accrued
      and unpaid interest on the effective date of such Sale of the Company.
The
      Company shall give Holder written notice of an impending Sale of the Company
      not
      later than 15 days before the shareholders’ meeting of the Company called to
      approve such transaction, or 15 days before the scheduled closing of such
      transaction, whichever is earlier, and shall also notify Holder in writing
      of
      the final approval of such transaction. The first of such notices shall give
      the
      proposed effective date of the transaction and shall describe the material
      terms
      and conditions of the proposed Sale of the Company, and the Company shall
      thereafter give Holder prompt notice of any material changes to such terms
      and
      conditions.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (e) Beneficial
      Ownership Limitation.
      The
      Company shall not effect any conversion of this Note, and the Holder shall
      not
      have the right to convert any portion of this Note, to the extent that after
      giving effect to the conversion set forth on the applicable Notice of Conversion
      in the form attached hereto as Exhibit
      A,
      the
      Holder (together with the Holder’s affiliates, and any other person or entity
      acting as a group together with the Holder or any of its affiliates) would
      beneficially own in excess of the Beneficial Ownership Limitation (as defined
      below). For purposes of the foregoing sentence, the number of shares of Common
      Stock beneficially owned by the Holder and its affiliates includes the number
      of
      shares of Common Stock issuable upon conversion of this Note with respect to
      which such determination is being made, but excludes the number of shares of
      Common Stock which are issuable upon (i) conversion of the remaining,
      unconverted principal amount of this Note beneficially owned by the Holder
      or
      any of its Affiliates and (ii) exercise or conversion of the unexercised or
      unconverted portion of any Warrants held by Holder and of any other securities
      of the Company subject to a limitation on conversion or exercise analogous
      to
      the limitation contained herein (including, without limitation, any other Notes)
      beneficially owned by the Holder or any of its Affiliates. Except as set forth
      in the preceding sentence, for purposes of this Section
      3(e),
      beneficial ownership is calculated in accordance with Section 13(d) of the
      Securities Exchange Act of 1934 and the rules and regulations promulgated
      thereunder. To the extent that the limitation contained in this Section
      3(e)
      applies,
      the determination of whether this Note is convertible (in relation to other
      securities owned by the Holder together with any affiliates) and of which
      principal amount of this Note is convertible will be in the sole discretion
      of
      the Holder, and the submission of a Notice of Conversion will be deemed to
      be
      the Holder’s determination of whether this Note may be converted (in relation to
      other securities owned by the Holder together with its affiliates) and which
      principal amount of this Note is convertible, in each case subject to such
      aggregate percentage limitations. To ensure compliance with this restriction,
      the Holder will be deemed to represent to the Company each time it delivers
      a
      Notice of Conversion that such Notice of Conversion has not violated the
      restrictions set forth in this Section
      3(e),
      and the
      Company has no obligation to verify or confirm the accuracy of such
      determination. In addition, a determination as to any “group” status as
      contemplated above will be determined in accordance with Section 13(d) of the
      Securities Exchange Act of 1934 and
      the
      rules and regulations promulgated thereunder. For
      purposes of this Section
      3(e),
      in
      determining the number of outstanding shares of Common Stock, the Holder may
      rely on the number of outstanding shares of Common Stock as stated in the most
      recent notice by the Company or the Company’s transfer agent setting forth the
      number of shares of Common Stock outstanding. Upon the written or oral request
      of the Holder, the Company shall within two trading days confirm orally and
      in
      writing to the 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 conversion or exercise of securities of the Company,
      including this Note, by the holder or its affiliates since the date as of which
      such number of outstanding shares of Common Stock was reported. The
“Beneficial
      Ownership Limitation”
shall
      be 4.99% of the number of shares of Common Stock outstanding immediately after
      giving effect to the issuance of shares of Common Stock issuable upon conversion
      of this Note. The Beneficial Ownership Limitation provisions of this
Section
      3(e)
      may be
      waived by the Holder, at the election of the Holder, upon not less than 61
      days’
prior notice to the Company, to change or eliminate the Beneficial Ownership
      Limitation. The limitations contained in this Section
      3(e)
      apply to
      a successor Holder.

     

    (f) Reservation
      of Common Stock.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      its authorized but unissued capital stock, solely for the purpose of delivering
      upon conversion of this Note as herein provided, such number of shares of
      capital stock as shall then be deliverable upon the conversion of this
      Note.

     

    (g) Rights
      of Holder.
      Until
      this Note is converted in accordance with this Section
      3,
      nothing
      contained in this Note confers upon Holder the right to vote on or consent
      to
      any action to be taken by the Company.

     

    (h) Limitations.
      Holder
      recognizes that the Company may be limited in the number of shares of Common
      Stock it may issue by the applicable rules and regulations of the principal
      securities market on which the Common Stock is listed or traded (collectively,
      the "Cap
      Regulations").
      Without limiting the other provisions hereof, (i) the Company will take all
      steps reasonably necessary to be in a position to issue shares of Common Stock
      on conversion of this Note without violating the Cap Regulations, including
      convening a stockholder’s meeting for the approval of share issuances and
      recommending formally to the stockholders the adoption of such proposals, and
      (ii) if, despite taking such steps, the Company still can not issue such
      shares of Common Stock without violating the Cap Regulations, the principal
      and
      interest being converted by Holder pursuant hereto shall be reduced to comply
      with Cap Regulations. The Holder, by its acceptance of this Note, further agrees
      that if the Holder transfers or assigns any of this Note to a party who or
      which
      would not be considered such an affiliate, such assignment shall be made subject
      to the transferee’s or assignee’s specific agreement to be bound by the
      provisions of this Section
      3
      as if
      such transferee or assignee were the original Holder hereof.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    4. Events
      of Default.
      The
      occurrence of any of the following shall constitute an “Event
      of Default”
under
      this Note:

     

    (a) Failure
      to Pay.
      Company
      shall fail to pay when due the principal or interest payment on the due date
      hereunder and such payment shall not have been made within three (3) business
      days of Company’s receipt of Holder’s written notice to Company of such failure
      to pay or any other payment required under the terms of this Note on the date
      due and such payment shall not have been made within five (5) days of Company’s
      receipt of Holder’s written notice to Company of such failure to pay;

     

    (b) Voluntary
      Bankruptcy or Insolvency Proceedings. The
      Company shall (i) apply for or consent to the appointment of a receiver,
      trustee, liquidator or custodian of itself or of all or a substantial part
      of
      its property, (ii) be unable, or admit in writing its inability, to pay its
      debts generally as they mature, (iii) make a general assignment for the
      benefit of its or any of its creditors, (iv) be dissolved or liquidated,
      (v) become insolvent (as such term may be defined or interpreted under any
      applicable statute), (vi) commence a voluntary case or other proceeding
      seeking liquidation, reorganization or other relief with respect to itself
      or
      its debts under any bankruptcy, insolvency or other similar law now or hereafter
      in effect or consent to any such relief or to the appointment of or taking
      possession of its property by any official in an involuntary case or other
      proceeding commenced against it, or (vii) take any action for the purpose
      of effecting any of the foregoing; 

     

    (c)
      Involuntary Bankruptcy or Insolvency Proceedings. Proceedings
      for the appointment of a receiver, trustee, liquidator or custodian of the
      Company or of all or a substantial part of the property thereof, or an
      involuntary case or other proceedings seeking liquidation, reorganization or
      other relief with respect to the Company or the debts thereof under any
      bankruptcy, insolvency or other similar law now or hereafter in effect shall
      be
      commenced and an order for relief entered or such proceeding shall not be
      dismissed or discharged within 30 days of commencement;

     

    (d)
      Representations and Warranties.
      Any
      representation, warranty, certificate, or other statement (financial or
      otherwise) made or furnished by or on behalf of the Company to Purchaser in
      writing in connection with this Note or the Note Purchase Agreement, or as
      an
      inducement to Holder to enter into this Note and the Note Purchase Agreement,
      shall be false, incorrect, incomplete or misleading in any material respect
      when
      made or furnished;

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (e)
      Other Payment Obligations.
      The
      Company or any of its Subsidiaries shall (i) fail to make any payment when
      due
      under the terms of any bond, debenture, note or other evidence of indebtedness
      for money borrowed to be paid by such person (excluding this Note) and such
      failure shall continue beyond any period of grace provided with respect thereto,
      or (ii) default in the observance or performance of any other agreement, term
      or
      condition contained in any such bond, debenture, note or other evidence of
      indebtedness, and the effect of such failure or default is to cause, or permit
      the holder or holders thereof to cause, indebtedness in an aggregate amount
      of
      $100,000 or more to become due prior to its stated date of
      maturity;

     

    (f)
      Judgments.
      A final
      judgment or order for the payment of money in excess of $1,000,000 shall be
      rendered against the Company or any of its subsidiaries and the same shall
      remain undischarged for a period of thirty (30) days during which execution
      shall not be effectively stayed, or any judgment, writ, assessment, warrant
      of
      attachment, or execution or similar process shall be issued or levied against
      a
      substantial part of the property of the Company or any of its subsidiaries
      and
      such judgment, writ, or similar process shall not be released, stayed, vacated
      or otherwise dismissed within thirty (30) days after issue or levy;

     

    (g)
      Enforceability.
      This
      Note or the Note Purchase Agreement or any material term thereof shall cease
      to
      be, or be asserted by the Company not to be, a legal, valid and binding
      obligation of the Company enforceable in accordance with its terms;
      or

     

    (h) Breaches
      of Covenants. The
      Company shall fail to observe or perform any other covenant, representation,
      or
      warranty, obligation, condition or agreement contained in this Note or the
      Note
      Purchase Agreement (other than those specified in Section 4(a) above) and,
      in the cases of breaches reasonably capable of cure, such failure shall continue
      for thirty (30) days after written notice to Company of such failure. With
      respect to breaches not reasonably capable of cure, including the covenants
      in
      Sections 5.3(b) and (c) of the Note Purchase Agreement, any breach shall
      constitute an immediate Event of Default.

     

    5. Rights
      of Holder upon Default.
      Upon
      the occurrence or existence of any Event of Default (other than an Event of
      Default, referred to in Sections 4(b) and 4(c), and giving effect to any
      applicable cure periods), and at any time thereafter during the continuance
      of
      such Event of Default, Holder may, by written notice to Company, declare all
      outstanding Obligations payable by Company hereunder to be immediately due
      and
      payable without presentment, demand, protest or any other notice of any kind,
      all of which are hereby expressly waived, anything contained herein to the
      contrary notwithstanding. Upon the occurrence or existence of any Event of
      Default described in Sections 4(b)
      or
4(c)
      and the
      last sentence of Section
      4(h),
      immediately and without notice, all outstanding Obligations payable by Company
      hereunder shall automatically become immediately due and payable, without
      presentment, demand, protest or any other notice of any kind, all of which
      are
      hereby expressly waived, anything contained herein or in the other Note
      Documents to the contrary notwithstanding. In addition to the foregoing
      remedies, upon the occurrence or existence of any Event of Default, Holder
      may
      exercise any other right power or remedy granted to it by the Note Documents
      or
      otherwise permitted to it by law, either by suit in equity or by action at
      law,
      or both.

     

    6. Successors
      and Assigns.
      Subject
      to the restrictions on transfer described in Section 8 below, the rights and
      obligations of Company and Holder of this Note shall be binding upon and benefit
      the successors, assigns, heirs, administrators and transferees of the
      parties.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    7. Waiver
      and Amendment.
      Any
      provision of this Note may be amended, waived or modified upon the written
      consent of Company and the Holder of this Note.

     

    8. Assignment
      by Company.
      Neither
      this Note nor any of the rights, interests or obligations hereunder may be
      assigned, by operation of law or otherwise, in whole or in part, by Company
      without the prior written consent of Holder.

     

    9. Notices.
      Any
      notice, request or other communication required or permitted hereunder shall
      be
      in writing and shall be deemed to have been duly given if personally delivered
      or mailed by registered or certified mail, postage prepaid, or by recognized
      overnight courier or personal delivery at the respective addresses of the
      parties as set forth in the Note Purchase Agreement or on the register
      maintained by Company. Any party hereto may by notice so given change its
      address for future notice hereunder. Notice shall conclusively be deemed to
      have
      been given when received.

     

    10. Payment.
      Payment
      shall be made in lawful tender of the United States.

     

    11. Expenses;
      Waivers.
      If
      action
      is instituted to collect this Note or to maintain or preserve any rights of
      Holder hereunder, the prevailing party in such dispute shall be entitled to
      recover from the non-prevailing party all costs and expenses, including, without
      limitation, reasonable attorneys’ fees and costs, incurred in connection with
      such action. Company hereby waives notice of default, presentment or demand
      for
      payment, protest or notice of nonpayment or dishonor and all other notices
      or
      demands relative to this instrument.

     

    12. Governing
      Law.
      This
      Note
      and all actions arising out of or in connection with this Note shall be governed
      by and construed in accordance with the internal laws of the State of
      California.

     

    IN
      WITNESS WHEREOF,
      Company
      has caused this Note to be issued as of the date first written
      above.

    

    
      	
              STRATOS
                RENEWABLES CORPORATION

            
	 
	
              By:

            	
              /s/
                Carlos Antonio Salas

            
	
              Name: 
                

            	
              Carlos
                Antonio Salas

            
	
              Title:

            	
              Chief
                Executive Officer

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    NOTICE
      OF
      CONVERSION

     

    (To
      be
      Executed by the Registered Holder in order to Convert the Note)

     

    The
      undersigned hereby irrevocably elects to convert $ ________________ of the
      principal amount (and $________________ of accrued interest thereon) [and the
      Prepayment Fee] of the above Note No. ___ into Shares of Common Stock of
Stratos
      Renewables Corporation,
      a Nevada
      corporation
      (the
      "Company") according to the conditions hereof, as of the date written
      below.

     

    Conversion
      Date*

     

    ___________________________________________________________________

     

    Applicable
      Conversion Price 

     

    ___________________________________________________________

     

    Signature

     

    ________________________________________________________________________________________

    [Name]

     

    Address:

     

    ________________________________________________________________________________________

     

    ________________________________________________________________________________________

     

    *
      This
      original Note must be received by the Company or its transfer agent by the
      third
      business day following the Conversion Date.NEITHER
      THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE BUT RATHER HAVE BEEN ISSUED 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
      TO
      THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
      ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
      EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
      MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

     

    STRATOS
      RENEWABLES CORPORATION

     

    WARRANT

     

    
      	
              Warrant
                No. I2BF-1

            	
              Date
                of Issuance: August 27, 2008

            

    

    

    Stratos
      Renewables Corporation, a Nevada corporation (the “Company”),
      hereby certifies that, for value received, I2BF BioDiesel Limited, or its
      registered assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of 2,500,000 shares of
      fully
      paid and nonassessable common stock, $.001 par value (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price equal to $0.75 per share (as adjusted from time to time as
      provided in Section
      10)
      (the
“Exercise
      Price”),
      at
      any time and from time to time from and after the date commencing February
      27,
      2009, and through and including August 27, 2013 (the “Expiration
      Date”),
      and
      subject to the following terms and conditions. This warrant is one of the
“Warrants”
issued
      by the Company pursuant to Section 1.1 of that certain Unsecured Convertible
      Promissory Note and Warrant Purchase Agreement, dated August 27, 2008, by and
      among the Company and the Investors referred to therein (the “Securities
      Purchase Agreement”).

     

    1. Registration
      of Warrant.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the “Warrant
      Register”),
      in
      the name of the record Holder hereof from time to time. The Company may deem
      and
      treat the registered Holder of this Warrant as the absolute owner hereof for
      the
      purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    2. Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant. Warrants and Warrant Shares may only be disposed of in compliance
      with state and federal securities laws. In connection with any transfer of
      Warrant Shares other than pursuant to an effective registration statement,
      to
      the Company, to an Affiliate of a Holder or in connection with a bona pledge
      as
      contemplated in this Section 2,
      the
      Company may require the transferor thereof to provide to the Company an opinion
      of counsel selected by the transferor, the form and substance of which opinion
      shall be reasonably satisfactory to the Company, to the effect that such
      transfer does not require registration under the Securities Act. The Company
      acknowledges and agrees that a Holder may from time to time pledge pursuant
      to a
      bona fide margin agreement or grant a security interest in some or all of the
      Warrant and Warrant Shares and, if required under the terms of such arrangement,
      the Holder may transfer pledged or secured Warrant and Warrant Shares to the
      pledgees or secured parties. Such a pledge or transfer is not subject to
      approval of the Company and no legal opinion of the pledgee, secured party
      or
      pledgor shall be required in connection therewith. Further, no notice shall
      be
      required of such pledge.

     

    3. Exercise
      and Duration of Warrants.
      This
      Warrant shall be exercisable by the registered Holder, in whole or in part,
      at
      any time and from time to time on or after the date hereof to and including
      the
      Expiration Date. At 5:00 p.m., Pacific time on the Expiration Date, the portion
      of this Warrant not exercised prior thereto shall be and become void and of
      no
      value.

     

    4. Delivery
      of Warrant Shares.
      The
      Company shall (i) provided that the Company’s transfer agent is participating in
      The Depository Trust Company (“DTC”)
      Fast
      Automated Securities Transfer Program and the Warrant Shares may be issued
      without any restrictive legends in accordance with Section 4.7 of the Securities
      Purchase Agreement, upon the request of the Holder, on or before the third
      (3rd)
      Trading
      Day following the Date of Exercise credit such aggregate number of Warrant
      Shares to which the Holder is entitled pursuant to such exercise to the Holder’s
      or its designee’s balance account located in the United States with DTC through
      its Deposit Withdrawal Agent Commission system, or (ii) if the Transfer Agent
      is
      not participating in the DTC Fast Automated Securities Transfer Program, issue
      and dispatch for delivery by overnight courier on or before the seventh
      (7th)
      Trading
      Day following the Date of Exercise to an United States address as specified
      in
      the Form of Election to Purchase, a certificate, registered in the Company’s
      share register in the name of the Holder or its designee, for the number of
      shares of Common Stock to which the Holder is entitled pursuant to such
      exercise, which certificate shall bear any legends required in accordance with
      Section 4.7 of the Securities Purchase Agreement. Any Person so designated
      by
      the Holder to receive Warrant Shares shall be deemed to have become holder
      of
      record of such Warrant Shares as of the Date of Exercise of this Warrant. As
      used in this Agreement, a “Date
      of Exercise”
means
      the date on which the Holder shall have delivered to the Company (i) the Form
      of
      Election to Purchase attached hereto, appropriately completed and duly signed
      for the number of Warrant Shares the Holder intends to purchase and (ii) except
      in the case of a Cashless Exercise pursuant to Section 11(b)
      in which
      case no such payment shall be required, payment of the Exercise Price for the
      number of Warrant Shares so indicated by the Holder to be purchased. Following
      the delivery of the Warrant Shares to be delivered as specified in this Section
      4,
      execution and delivery of the Form of Election with respect to less than all
      of
      the Warrant Shares shall have the same effect as cancellation of the original
      Warrant and issuance of a New Warrant evidencing the right to purchase the
      remaining number of Warrant Shares.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5. Company’s
      Failure to Timely Deliver Securities.
      In the
      event that (i) by the fifth (5th)
      Trading
      Day after a Date of Exercise, provided that the Company’s transfer agent is
      participating in DTC, the Company shall fail to credit the Holder’s balance
      account with DTC for the number of shares of Common Stock to which the Holder
      is
      entitled upon the Holder’s exercise hereunder, or (ii) by the eighth
      (8th)
      Trading
      Day after a Date of Exercise, provided that the Company’s transfer agent is not
      participating in DTC, the Company shall fail to issue and deliver a certificate
      to the Holder and register such shares of Common Stock on the Company’s share
      register, and if on or after such Trading Day the Holder purchases (in an open
      market transaction or otherwise) shares of Common Stock to deliver in
      satisfaction of a sale by the Holder of shares of Common Stock issuable upon
      such exercise that the Holder anticipated receiving from the Company, then
      the
      Company shall, within five (5) Trading 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, 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 Warrant Shares) shall terminate, or (ii) promptly honor its obligation
      to
      deliver to the Holder a certificate or certificates representing such Warrant
      Shares 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) Market Price on the Date of Exercise.

     

    6. Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; provided, however, that the Company
      shall
      not be required to pay any tax which may be payable in respect of any transfer
      involved in the registration of any certificates for Warrant Shares or Warrants
      in a name other than that of the Holder. The Holder shall be responsible for
      all
      other tax liability that may arise as a result of holding or transferring this
      Warrant or receiving Warrant Shares upon exercise hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    7. Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity, if requested.
      Applicants for a New Warrant under such circumstances shall also comply with
      such other reasonable regulations and procedures as the Company may
      prescribe.

     

    8. Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      10).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable.

     

    9. Insufficient
      Authorized Shares.
      If at
      any time while any of the Warrants remain outstanding the Company does not
      have
      a sufficient number of authorized and unreserved shares of Common Stock to
      satisfy its obligation to reserve for issuance upon exercise of the Warrants
      at
      least a number of shares of Common Stock equal to 100% (the “Required
      Reserve Amount”)
      of the
      number of shares of Common Stock as shall from time to time be necessary to
      effect the exercise of all of the Warrants then outstanding, then the Company
      shall immediately take all action necessary to increase the Company’s authorized
      shares of Common Stock to an amount sufficient to allow the Company to reserve
      the Required Reserve Amount for the Warrants then outstanding.

     

    10. Certain
      Adjustments.
      The
      Exercise Price and the number of Warrant Shares issuable upon exercise of this
      Warrant shall be subject to adjustment from time to time as
      follows:

     

    (a) Common
      Stock Issued at Less than Exercise Price.
      If the
      Company issues or sells any Common Stock (including any securities exercisable,
      exchangeable or convertible into Common Stock) other than Excluded Stock (as
      defined below) without consideration or for consideration per share (as
      determined below) less than the Stated Conversion Price (as defined in the
      Securities Purchase Agreement), the Exercise Price in effect immediately prior
      to each such issuance or sale will immediately be reduced to the price
      determined by multiplying the Exercise Price in effect immediately prior to
      such
      issuance or sale, by a fraction, (1) the numerator of which shall be the sum
      of
      (w) the number of shares of Common Stock Outstanding immediately prior to such
      issuance or sale plus
      (x) the
      number of additional shares of Common Stock which the aggregate consideration
      received by the Company for the total number of such shares of Common Stock
      (or
      shares of Common Stock issuable upon exercise, exchange or conversion) so issued
      or sold would purchase at the Exercise Price in effect on the last trading
      day
      immediately preceding such issuance or sale, and (2) the denominator of which
      shall be the sum of (y) the number of shares of Common Stock Outstanding
      immediately prior to such issuance or sale plus
      (z) the
      number of additional shares of Common Stock (or shares of Common Stock issuable
      upon exercise, exchange or conversion) so issued or sold. In such event, the
      number of shares of Common Stock issuable upon the exercise of this Warrant
      shall be increased to the number obtained by dividing (i) the product of (a)
      the
      number of Warrant Shares issuable upon the exercise of this Warrant before
      such
      adjustment, and (b) the Exercise Price in effect immediately prior to the
      issuance giving rise to this adjustment by (ii) the new Exercise Price
      determined in accordance with the immediately preceding sentence. For the
      purposes of any adjustment of the Exercise Price and the number of Warrant
      Shares issuable upon exercise of this Warrant pursuant to this Section
      10(a),
      the
      following provisions shall be applicable:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (i)

            	
              In
                the case of the issuance of Common Stock for cash, the amount of
                the
                consideration received by the Company shall be deemed to be the amount
                of
                the cash proceeds received by the Company for such Common Stock before
                deducting therefrom any discounts or commissions allowed, paid or
                incurred
                by the Company for any underwriting or otherwise in connection with
                the
                issuance and sale thereof.

            

    

     

    
      	 	
              (ii)

            	
              In
                the case of the issuance of Common Stock (otherwise than upon the
                conversion of shares of Capital Stock or other securities of the
                Company)
                for a consideration in whole or in part other than cash, including
                securities acquired in exchange therefor (other than securities by
                their
                terms so exchangeable), the consideration other than cash shall be
                deemed
                to be the fair value thereof as determined by the Board, provided,
                however,
                that such fair value as determined by the Board shall not exceed
                the
                aggregate Market Price of the shares of Common Stock being issued
                as of
                the date the Board authorizes the issuance of such
                shares.

            

    

     

    
      	 	
              (iii)

            	
               In
                the case of the issuance of (a) options, warrants or other rights
                to
                purchase or acquire Common Stock (whether or not at the time exercisable)
                or (b) securities by their terms convertible into or exchangeable
                for
                Common Stock (whether or not at the time so convertible or exchangeable)
                or options, warrants or rights to purchase such convertible or
                exchangeable securities (whether or not at the time
                exercisable):

            

    

     

    
      	 	
              (1)

            	
              the
                aggregate maximum number of shares of Common Stock deliverable upon
                exercise of such options, warrants or other rights to purchase or
                acquire
                Common Stock shall be deemed to have been issued at the time such
                options,
                warrants or rights are issued and for a consideration equal to the
                consideration (determined in the manner provided in Section 10(a)(i)
                and 10(a)(ii)),
                if any, received by the Company upon the issuance of such options,
                warrants or rights plus the minimum purchase price provided in such
                options, warrants or rights for the Common Stock covered
                thereby;

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (2)

            	
              the
                aggregate maximum number of shares of Common Stock deliverable upon
                conversion of or in exchange for any such convertible or exchangeable
                securities, or upon the exercise of options, warrants or other rights
                to
                purchase or acquire such convertible or exchangeable securities and
                the
                subsequent conversion or exchange thereof, shall be deemed to have
                been
                issued at the time such securities were issued or such options, warrants
                or rights were issued and for a consideration equal to the consideration,
                if any, received by the Company for any such securities and related
                options, warrants or rights (excluding any cash received on account
                of
                accrued interest or accrued dividends), plus the additional consideration
                (determined in the manner provided in Section 10(a)(i)
                and 10(a)(ii)),
                if any, to be received by the Company upon the conversion or exchange
                of
                such securities, or upon the exercise of any related options, warrants
                or
                rights to purchase or acquire such convertible or exchangeable securities
                and the subsequent conversion or exchange
                thereof;

            

    

     

    
      	 	
              (3)

            	
              on
                any change in the number of shares of Common Stock deliverable upon
                exercise of any such options, warrants or rights or conversion or
                exchange
                of such convertible or exchangeable securities or any change in the
                consideration to be received by the Company upon such exercise, conversion
                or exchange, but excluding changes resulting from the anti-dilution
                provisions thereof (to the extent comparable to the anti-dilution
                provisions contained herein), the Exercise Price and the number of
                Warrant
                Shares issuable upon exercise of this Warrant as then in effect shall
                forthwith be readjusted to such Exercise Price and number of Warrant
                Shares as would have been obtained had an adjustment been made upon
                the
                issuance of such options, warrants or rights not exercised prior
                to such
                change, or of such convertible or exchangeable securities not converted
                or
                exchanged prior to such change, upon the basis of such
                change;

            

    

     

    
      	 	
              (4)

            	
              on
                the expiration or cancellation of any such options, warrants or rights
                (without exercise), or the termination of the right to convert or
                exchange
                such convertible or exchangeable securities (without exercise), if
                the
                Exercise Price and the number of Warrant Shares issuable upon exercise
                of
                this Warrant shall have been adjusted upon the issuance thereof,
                the
                Exercise Price and the number of Shares issuable upon exercise of
                this
                Warrant shall forthwith be readjusted to such Exercise Price and
                number of
                Warrant Shares as would have been obtained had an adjustment been
                made
                upon the issuance of such options, warrants, rights or such convertible
                or
                exchangeable securities on the basis of the issuance of only the
                number of
                shares of Common Stock actually issued upon the exercise of such
                options,
                warrants or rights, or upon the conversion or exchange of such convertible
                or exchangeable securities; and

            

    

     

    
      	 	
              (5)

            	
              if
                the Exercise Price and the number of Warrant Shares issuable upon
                exercise
                of this Warrant shall have been adjusted upon the issuance of any
                such
                options, warrants, rights or convertible or exchangeable securities,
                no
                further adjustment of the Exercise Price and the number of Warrant
                Shares
                issuable upon exercise of this Warrant shall be made for the actual
                issuance of Common Stock upon the exercise, conversion or exchange
                thereof.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b) Stock
      Splits, Subdivisions, Reclassifications or Combinations.
      If the
      Company shall (1) declare a dividend or make a distribution on its Common Stock
      in shares of Common Stock, (2) subdivide or reclassify the outstanding shares
      of
      Common Stock into a greater number of shares, or (3) combine or reclassify
      the
      outstanding Common Stock into a smaller number of shares, the number of Shares
      issuable upon exercise of this Warrant at the time of the record date for such
      dividend or distribution or the effective date of such subdivision, combination
      or reclassification shall be proportionately adjusted so that the Warrantholder
      after such date shall be entitled to purchase the number of shares of Common
      Stock which such holder would have owned or been entitled to receive after
      such
      date had this Warrant been exercised immediately prior to such date. In such
      event, the Exercise Price in effect at the time of the record date for such
      dividend or distribution or the effective date of such subdivision, combination
      or reclassification shall be adjusted to the number obtained by dividing (i)
      the
      product of (a) the number of Warrant Shares issuable upon the exercise of this
      Warrant before such adjustment and (b) the Exercise Price in effect immediately
      prior to the issuance giving rise to this adjustment by (ii) the new number
      of
      Warrant Shares issuable upon exercise of the Warrant determined pursuant to
      the
      immediately preceding sentence.

     

    (c) Other
      Distributions.
      In case
      the Company shall fix a record date for the making of a distribution to all
      holders of shares of its Common Stock (i) of shares of any class or of any
      Person other than shares of the Common Stock or (ii) of evidence of indebtedness
      of the Company or any Subsidiary or (iii) of assets (excluding cash dividends,
      and dividends or distributions referred to in Section 10(b)),
      or
      (iv) of rights or warrants, in each such case the number of Warrant Shares
      issuable upon exercise of this Warrant shall be multiplied by a fraction, the
      numerator of which is the Market Price per share of Common Stock on such record
      date and the denominator of which is the Market Price per share of Common Stock
      on such record date less the fair market value (as reasonably determined by
      the
      Board, whose good faith determination shall be conclusive) of said shares or
      evidences of indebtedness or assets or rights or warrants to be so distributed
      per share of Common Stock; such adjustment shall take effect on the record
      date
      for such distribution. In such event, the Exercise Price shall be multiplied
      by
      a fraction, the numerator of which is the number of Shares issuable upon the
      exercise of this Warrant before such adjustment, and the denominator of which
      is
      the new number of Shares issuable upon exercise of this Warrant determined
      in
      accordance with the immediately preceding sentence. Notwithstanding the
      foregoing, in the event that the fair market value (as determined above) of
      the
      shares or evidences of indebtedness or assets or rights or warrants to be so
      distributed with respect to one share of Common Stock is equal to or greater
      than the Market Price per share of Common Stock on such record date, then proper
      provision shall be made such that upon exercise of the Warrant, the holder
      shall
      receive the amount and kind of such shares, assets, evidences of indebtedness,
      rights or warrants such holders would have received had such holders exercised
      this Warrant immediately prior to such record date. In the event that such
      distribution is not so made, the Exercise Price and the number of Warrant Shares
      issuable upon exercise of this Warrant then in effect shall be readjusted,
      effective as of the date when the Board determines not to distribute such
      shares, evidences of indebtedness, assets, rights or warrants, as the case
      may
      be, to the Exercise Price that would then be in effect and the number of Warrant
      Shares that would then be issuable upon exercise of this Warrant if such record
      date had not been fixed.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (d) Business
      Combinations.
      In case
      of any Business Combination or reclassification of Common Stock (other than
      a
      reclassification of Common Stock referred to in Section 10(b)),
      this
      Warrant after the date of such Business Combination or reclassification will
      be
      exercisable solely for the number of shares of stock or other securities or
      property (including cash) to which the Common Stock issuable (at the time of
      such Business Combination or reclassification) upon exercise of this Warrant
      immediately prior to such Business Combination or reclassification would have
      been entitled upon such Business Combination or reclassification; and in any
      such case, if necessary, the provisions set forth herein with respect to the
      rights and interests thereafter of the Warrantholder shall be appropriately
      adjusted so as to be applicable, as nearly as may reasonably be, to any shares
      of stock or other securities or property thereafter deliverable on the exercise
      of this Warrant. In determining the kind and amount of stock, securities or
      the
      property receivable upon consummation of such Business Combination or
      reclassification, if the holders of Common Stock have the right to elect the
      kind or amount of consideration receivable upon consummation of such Business
      Combination, then the Warrantholder shall have the right to make a similar
      election upon exercise of this Warrant with respect to the number of shares
      of
      stock or other securities or property which the Warrantholder will receive
      upon
      exercise of this Warrant.

     

    (e) Successive
      Adjustments.
      Successive adjustments in the Exercise Price and the number of shares of Common
      Stock issuable upon exercise of this Warrant shall be made, without duplication,
      whenever any event specified in Sections 10(a),
      10(b),
      10(c)
      and
      10(d)
      shall
      occur.

     

    (f) Rounding
      of Calculations; Minimum Adjustments.
      All
      calculations under this Section 10
      shall be
      made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth
      (1/100th) of a share, as the case may be. No adjustment in the Exercise Price
      or
      the number of Warrant Shares into which this Warrant is exercisable is required
      if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th)
      of a share of Common Stock, as the case may be; provided,
      however,
      that
      any adjustments which by reason of this Section 8(f) are not required to be
      made
      will be carried forward and given effect in any subsequent
      adjustment.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (g) Adjustment
      for Unspecified Actions.
      If the
      Company takes any action affecting the Common Stock, other than action described
      in this Section 10,
      which
      in the opinion of the Board would materially adversely affect the exercise
      rights of the Warrantholders, the Exercise Price for the Warrants and/or the
      number of Warrant Shares received upon exercise of the Warrant may be adjusted,
      to the extent permitted by law, in such manner, if any, and at such time, as
      such Board may determine in good faith to be equitable in the circumstances;
      provided,
      however,
      that in
      no event shall any adjustment have the effect of increasing the Exercise Price
      as otherwise determined pursuant to any of the provisions of this Section
      10
      except
      in the case of a combination of shares of a type contemplated in Section
      10(b)
      and then
      in no event to an amount larger than the Exercise Price as adjusted pursuant
      to
      Section 10(b).
      Failure
      of the Board to provide for any such adjustment prior to the effective date
      of
      any such action by the Company affecting the Common Stock will be evidence
      that
      the Board has determined that it is equitable to make no adjustments in the
      circumstances.

     

    (h) Voluntary
      Adjustment by the Company.
      The
      Company may at its option, at any time during the term of the Warrants, reduce
      the then current Exercise Price or increase the number of Warrant Shares for
      which the Warrant may be exercised to any amount deemed appropriate by the
      Board; provided,
      however,
      that if
      the Company elects to make such adjustment, such adjustment will remain in
      effect for at least a 15-day period, after which time the Company may, at its
      option, reinstate the Exercise Price or number of Shares in effect prior to
      such
      reduction, subject to any interim adjustments pursuant to this Section
      10.

     

    (i) Statement
      Regarding Adjustments.
      Whenever the Exercise Price or the number of Shares into which this Warrant
      is
      exercisable shall be adjusted as provided in this Section 10,
      the
      Company shall forthwith file, at the principal office of the Company a statement
      showing in reasonable detail the facts requiring such adjustment and the
      Exercise Price that shall be in effect and the number of Warrant Shares into
      which this Warrant shall be exercisable after such adjustment and the Company
      shall also cause a copy of such statement to be sent by mail, first class
      postage prepaid, to the Holder at the address appearing in the Company’s
      records.

     

    (j) Notices.
      In the
      event that the Company shall give notice or make a public announcement to the
      holders of Common Stock of any action of the type described in this Section
      10
      (but
      only if the action of the type described in this Section 10
      would
      result in an adjustment in the Exercise Price or the number of Shares into
      which
      this Warrant is exercisable or a change in the type of securities or property
      to
      be delivered upon exercise of this Warrant), the Company shall, at the time
      of
      such notice or announcement, and in the case of any action which would require
      the fixing of a record date, at least 10 days prior to such record date, give
      notice to the Holder, in the manner set forth in Section 10(i),
      which
      notice shall specify the record date, if any, with respect to any such action
      and the approximate date on which such action is to take place. Such notice
      shall also set forth the facts with respect thereto as shall be reasonably
      necessary to indicate the effect on the Exercise Price and the number, kind
      or
      class of shares or other securities or property which shall be deliverable
      upon
      exercise of this Warrant. Failure to give such notice, or any defect therein,
      shall not affect the legality or validity of any such action.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (k) Miscellaneous.
      Except
      as provided in Section 10,
      no
      adjustment in respect of any dividends or other payments or distributions made
      to the Holder of the securities issuable upon exercise of the Warrant will
      be
      made during the term of the Warrant or upon the exercise of the Warrant.

     

    (l) No
      Impairment.
      The
      Company will not, by amendment of its Articles 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 hereunder by
      the
      Company, but will at all times in good faith assist in the carrying out of
      all
      the provisions of this Warrant and in taking of all such action as may be
      necessary or appropriate in order to protect the rights of the
      Warrantholder.

     

    11. Payment
      of Exercise Price.
      The
      Holder may pay the Exercise Price in one of the following manners:

     

    (a) Cash
      Exercise.
      The
      Holder may deliver cash, certified or official bank check or checks or other
      immediately available funds; or 

     

    (b) Cashless
      Exercise.
      At any
      time that this Warrant shall otherwise be exercisable for Warrant Shares and
      there shall not be an effective registration statement filed by the Company
      under the Securities Act for the Warrant Shares, the Holder may surrender this
      Warrant to the Company together with a Form of Election to Purchase notice
      of
      cashless exercise, in which event the Company shall issue to the Holder the
      number of Warrant Shares determined by
      using
      the following formula:

     

    X
      = Y
      [(A-B)/A] where:

     

    X
      = The
      number of Warrant Shares to be issued to the Holder pursuant to this cashless
      exercise;

     

    Y
      =
 The
      number of Warrant Shares in respect of which the cashless exercise election
      is
      made;

     

    A
      =
 The
      Market Price of one Warrant Share at the time the cashless exercise election
      is
      made; and

     

    B
      =
 The
      Warrant Exercise Price (as adjusted to the date of the cashless
      issuance).

     

    12. Holder
      Not Deemed a Shareholder.
      Except
      as otherwise specifically provided herein, the Holder, solely in such Person’s
      capacity as a holder of this Warrant, shall not be entitled to vote or receive
      dividends or be deemed the holder of share capital of the Company for any
      purpose, nor shall anything contained in this Warrant be construed to confer
      upon the Holder, solely in such Person’s capacity as the Holder of this Warrant,
      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 the Warrant Shares
      which such Person is then entitled to receive upon the due exercise of this
      Warrant. In addition, nothing contained in this Warrant shall be construed
      as
      imposing any liabilities on the Holder to purchase any securities (upon exercise
      of this Warrant or otherwise) or as a stockholder of the Company, whether such
      liabilities are asserted by the Company or by creditors of the Company.
      Notwithstanding this Section 12,
      the
      Company shall provide the Holder 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.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    13. No
      Fractional Shares.
      No
      fractional shares of Warrant Shares will be issued in connection with any
      exercise of this Warrant. In lieu of any fractional shares which would otherwise
      be issuable the Company shall pay cash equal to the product of such fraction
      multiplied by the closing price of one Warrant Share on the date of
      exercise.

     

    14. Notices.
      Any
      and
      all notices or other communications or deliveries hereunder (including without
      limitation any Form of Election to Purchase) shall be in writing and shall
      be
      deemed given and effective on the earliest of (i) the date of transmission,
      if
      such notice or communication is delivered via facsimile at the facsimile number
      specified in this Section prior to 5:00 p.m. (Pacific time) on a Trading Day,
      (ii) the next Trading Day after the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section on a day that is not a Trading Day or later than 5:00 p.m. (Pacific
      time) on any Trading Day, (iii) the
      Trading Day following the date of mailing, if sent by nationally recognized
      overnight courier service
      to and
      from a location within the United States, (iv) the third Trading Day following
      the date of mailing, if sent by recognized international express courier service
      from a party inside the United States to a party outside the United States
      or
      vice versa or (v) upon actual receipt by the party to whom such notice is
      required to be given. The addresses for such communications shall be: (i) if
      to
      the Company, to Stratos Renewables Corporation, 9440 Santa Monica Blvd., Suite
      401, Beverly Hills, California 90210, Facsimile No.: (310) 919-3044, Attn:
      Valerie A. Broadbent, or (ii) if to the Holder to the address or facsimile
      number appearing on the Warrant Register or such other address or facsimile
      number as the Holder may provide to the Company in accordance with this
      Section.

     

    15. Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’
notice to the Holder, the Company may appoint a new warrant agent. Any
      corporation into which the Company or any new warrant agent may be merged or
      any
      corporation resulting from any consolidation to which the Company or any new
      warrant agent shall be a party or any corporation to which the Company or any
      new warrant agent transfers substantially all of its corporate trust or
      shareholders services business shall be a successor warrant agent under this
      Warrant without any further act. Any such successor warrant agent shall promptly
      cause notice of its succession as warrant agent to be mailed (by first class
      mail, postage prepaid) to the Holder at the Holder’s last address as shown on
      the Warrant Register.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    16. Definitions.

     

    (a) “Affiliate”
shall
      mean, with respect to any Person (i) a Person directly or indirectly
      controlling, controlled by or under, control with such Person, (ii) a
      Person owning or controlling 10% or more of the outstanding voting securities
      of
      such Person, or (iii) an officer, director, general partner, member or
      manager of such Person, or a member of the immediate family of an officer,
      director, general partner, member or manager of such Person. When the Affiliate
      is an officer, director, partner or manager of such Person or a member of the
      immediate family of an officer, director, general partner, member or manager
      of
      such Person, any other Person for which the Affiliate acts in that capacity
      shall also be considered an Affiliate. For these purposes, control means the
      possession, direct or indirect, of the power to direct or cause the direction
      of
      the management and policies of a Person, whether through the ownership of voting
      securities, as trustee or executor, by contract or otherwise.

     

    (b) “Agreement”
shall
      mean this Warrant, including all exhibits and schedules thereto, as the same
      may
      hereafter be amended, modified or supplemented from time to time.

     

    (c) “Articles”
shall
      mean the Company’s article of incorporation, as amended or
      restated.

     

    (d) “Bloomberg”
means
      Bloomberg Financial Markets.

     

    (e) “Board”
shall
      mean the board of directors of any specified Person and any committee
      thereof.

     

    (f) “Business
      Combination” shall
      mean (a) any reorganization, consolidation, merger, share exchange or similar
      business combination transaction involving the Company with any Person or (b)
      the sale, assignment, conveyance, transfer, lease or other disposition by the
      Company of all or substantially all of its assets.

     

    (g) “Capital
      Stock”
shall
      mean shares of Common Stock or Preferred Stock (whether now outstanding or
      hereafter issued in any context).

     

    (h) “Common
      Stock Outstanding”
shall
      mean, at any time, the number of shares of Common Stock then outstanding
      calculated on a fully diluted basis, assuming the exercise, exchange or
      conversion into Common Stock of all securities exercisable, exchangeable or
      convertible into shares of Common Stock (whether or not then exercisable,
      exchangeable or convertible)..

     

    (i) “Excluded
      Stock” shall
      mean (i) shares of Common Stock issued by the Company as a stock dividend
      payable in shares of Common Stock, or upon any subdivision or split-up of the
      outstanding shares of Capital Stock, in each case which is subject to Section
      10(b),
      or upon
      conversion of shares of Capital Stock (but not the issuance of such Capital
      Stock which will be subject to the provisions of Section 10(a)(iii)),
      (ii)
      the issuance of shares of Common Stock in any public offering, (iii) the
      issuance of shares of Common Stock (including upon exercise of options, warrants
      or other securities) to directors, advisors, employees or consultants of the
      Company pursuant to a stock option plan, employee stock purchase plan,
      restricted stock plan or other agreement approved by the Board, (iv) the
      issuance of shares of Common Stock in connection with acquisitions of assets
      or
      securities of another Person (other than issuances to Affiliates of the
      Company), (v) the issuance of shares of Common Stock upon conversion of the
      Preferred Stock, (vi) the issuance of shares of Common Stock upon exercise
      of
      the Warrants and Other Warrants (as such term is defined in the Securities
      Purchase Agreement Section 5.3(b)) (including Warrants and Other Warrants issued
      after the date hereof) and (vii) the issuance of shares of Common Stock upon
      conversion of the Notes and Other Notes (as such term is defined in the
      Securities Purchase Agreement Section 5.3(b)) (including Notes and Other Notes
      issued after the date hereof), (viii) the issuance of any Warrants and Other
      Warrants issued after the date hereof, and (ix) the issuance of any Notes and
      Other Notes issued after the date hereof.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (j) “Market
      Price”
of
      one
      share of Common Stock as of a particular date shall be determined as follows:
      (i) if traded on a securities exchange, the value shall be deemed to be the
      weighted average price of the Company’s Common Stock (as reported by Bloomberg)
      on the Trading Day immediately preceding the Date of Exercise; (ii) if traded
      over-the-counter, the value shall be deemed to be the weighted average price
      of
      the Company’s Common Stock (as reported by Bloomberg) over the five Trading Days
      preceding the Date of Exercise; and (iii) if there is no active public market,
      the fair market value thereof, as determined in good faith by the
      Board.

     

    (k) “Person”
shall
      mean any entity, corporation, company, association, joint venture, joint stock
      company, partnership, trust, organization, individual (including personal
      representatives, executors and heirs of a deceased individual), nation, state,
      government (including agencies, departments, bureaus, boards, divisions and
      instrumentalities thereof), trustee, receiver or liquidator, as well as any
      syndicate or group that would be deemed to be a Person under Section 13(d)(3)
      of
      the Securities Exchange Act of 1934, as amended.

     

    (l) “Preferred
      Stock”
shall
      mean the preferred stock, $0.001 par value per share, of the
      Company.

     

    (m) “Subsidiary”
of
      a
      Person shall mean each corporation or other entity of which (a) such Person
      or
      any other Subsidiary of such Person is a general partner or a manager (b) or
      at
      least 50% of the securities or other ownership interests having by their terms
      ordinary voting power to elect at least 50% of the board of directors or other
      Persons performing similar functions is directly or indirectly owned or
      controlled by such Person, by any one or more of its Subsidiaries or by such
      Person and one or more of its Subsidiaries.

     

    (n) “Trading
      Day”
shall
      mean a day on which the purchase and sale of the Company’s Common Stock is
      permitted.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    17. Miscellaneous.

     

    (a) This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and assigns. Subject to the preceding sentence,
      nothing in this Warrant shall be construed to give to any Person other than
      the
      Company and the Holder any legal or equitable right, remedy or cause of action
      under this Warrant. This Warrant may be amended only in writing signed by the
      Company and the Holder and their successors and assigns.

     

    (b) All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of California, without regard to the
      principles of conflicts of law thereof. Each party agrees that all legal
      proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Agreement (whether brought against a party
      hereto or its respective affiliates, directors, officers, shareholders,
      employees or agents) shall be commenced in the state and federal courts sitting
      in the City of Los Angeles. Each party hereto hereby irrevocably submits to
      the
      exclusive jurisdiction of the state and federal courts sitting in the City
      of
      Los Angeles for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein
      (including with respect to the enforcement of this Agreement), and hereby
      irrevocably waives, and agrees not to assert in any suit, action or proceeding,
      any claim that it is not personally subject to the jurisdiction of any such
      court, that such suit, action or proceeding is improper. Each party hereto
      (including its affiliates, agents, officers, directors and employees) hereby
      irrevocably waives, to the fullest extent permitted by applicable law, any
      and
      all right to trial by jury in any legal proceeding arising out of or relating
      to
      this Agreement or the transactions contemplated hereby. If either party shall
      commence an action or proceeding to enforce any provisions of this Agreement,
      then the prevailing party in such action or proceeding shall be reimbursed
      by
      the other party for its attorneys fees and other costs and expenses incurred
      with the investigation, preparation and prosecution of such action or
      proceeding.

     

    (c) The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    (d) In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      authorized officer as of the date first indicated above.

    

    
      	 	
              STRATOS
                RENEWABLES CORPORATION

            
	 	
              a
                Nevada Corporation

            
	 	 
	 	
              By:

            	
              /s/
                Carlos Antonio Salas

            
	 	 	
              Carlos
                Antonio Salas

            
	 	 	
              Chief
                Executive Officer

            

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      ELECTION TO PURCHASE

     

    To
      Stratos Renewables Corporation:

     

    In
      accordance with the Warrant enclosed with this Form of Election to Purchase,
      the
      undersigned hereby irrevocably elects to purchase shares of common stock
      (“Common Stock”), $0.001 par value per share, of Stratos Renewables Corporation.
      Capitalized terms used herein and not otherwise defined shall have the
      respective meanings set forth in the Warrant.

     

    The
      Holder intends that payment of the Exercise Price shall be made as:

     

    ______
      a
      Cash Exercise with respect to _________________ Warrant Shares; and/or

     

    ______
      a
      Cashless Exercise with respect to _________________ Warrant Shares, as permitted
      by Section 11(b)
      of the
      attached Warrant.

     

    If
      and to
      the extent that such Holder is not utilizing the cashless exercise provisions
      set forth in this Warrant, encloses herewith $______________ in certified or
      official bank check or checks or otherwise is directing the payment of such
      amount in immediately available funds, which sum represents the aggregate
      Exercise Price (as defined in the Warrant) for the number of shares of Common
      Stock to which this Form of Election to Purchase relates.

     

    The
      undersigned requests that certificates for the shares of Common Stock issuable
      upon this exercise be issued in the name of:
      ___________________________.

    

    
      	
              HOLDER

               

              By:__________________________

              Name:_______________________

              Title:________________________

              Date:________________________

            	 	
              Address
                for Holder:

              __________________________

              _______________________

              ________________________

            

    

     

    Social
      Security Number / Tax Identification
      Number:_____________________

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    FORM
      OF
      ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      __________________________________ the right represented by the within Warrant
      to purchase ____________ shares of Common Stock of Stratos Renewables
      Corporation to which the within Warrant relates and appoints
      _____________________ attorney to transfer said right on the books of Stratos
      Renewables Corporation with full power of substitution in the
      premises.

     

    Dated:
      ________________, _______

    
 

    
      
        	 
	
                (Signature must conform in all respects to

                name of holder as specified on the face of

                the Warrant)

              
	 
	 
	
                Address of Transferee

              
	 
	 
	 

      

    

     

    In
      the
      presence of:

     

      
        

      

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Warrant
      Shares Exercise Log

    

    
      	
              Date

            	 	
              Number of Warrant

              Shares Available to

              be Exercised

            	 	
              Number of Warrant

              Shares Exercised

            	 	
              Number of Warrant

              Shares Remaining to

              be Exercised

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        18

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