Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - MobileMail (US) Inc. - Exhibit 10.20

EXHIBIT 10.20

SECURITIES PURCHASE
AGREEMENT

THIS SECURITIES PURCHASE AGREEMENT
  (the “Agreement”) is made effective as of the 28th day of March, 2006.

	BETWEEN:
	 
	 	 
		THE UNDERSIGNED
      INVESTOR 
	 	 
		(the "Investor") 
	 	 
		OF THE FIRST
      PART 
	 	 
	AND: 	 
	 	 
		MOBILEMAIL (US) INC.,
    
		a Nevada corporation

	 	 
		(the “Corporation") 
	 	 
		OF THE SECOND
      PART 

NOW THEREFORE, in
consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows: 

ARTICLE 1.
DEFINITIONS

          1.1          Definitions. The following terms will have the
following meanings for all purposes of this Agreement.

          (a)          "Closing"
shall mean the closing of the Transaction.

          (b)          “Common
Stock” means the common stock of the Corporation, par value $0.001 per
share.

          (c)          “Convertible
Notes” means the secured convertible promissory notes offered by the Corporation
in the form attached hereto as Schedule A.

          (d)          "Offering"
shall mean the offering of up to $100,000 of Convertible Notes by the
Corporation.

          (e)          “Purchase
Price” means the purchase price payable by the Investor to the Corporation in
consideration for the purchase and sale of the Convertible Notes.

          (f)          "SEC"
shall mean the United States Securities and Exchange Commission.

          (g)          "Securities"
means the Convertible Notes, the Shares and Warrants into which the Convertible
Notes are convertible, and the Warrant Shares.

          (h)          "Securities
Act" shall mean the United States Securities Act of 1933, as amended.

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          (i)          "Shares"
means those shares of Common Stock into which the Convertible Notes are
convertible.

          (j)          "Transaction"
shall mean the purchase of the Convertible Notes by the Investor for the
Purchase Price.

          (k)          "Transaction
Documents" shall mean this Agreement and the Convertible Notes and the Warrant
Certificate.

          (l)          Warrants”
means those share purchase warrants into which the Convertible Notes are
convertible, with each one share purchase warrant entitling the holder to
purchase one share of Common Stock of the Corporation during the one year period
from the date of issuance at a price of $0.50 per share.

          (m)          “Warrant
Certificate” means the certificate representing the Warrants in the form
attached hereto as Schedule C.

          (n)          “Warrant
Shares” means the shares of Common Stock issuable upon exercise of the
Warrants.

          1.2          Schedules. The following schedules are attached
to and form part of this Agreement:

                        
Schedule A          Form of
Secured Convertible Promissory
Note
                        
Schedule B          Definition
of U.S.
Person
                        
Schedule C          Form of
Warrant Certificate

          1.3          Currency.  All dollar amounts referred to
in this agreement are in United States funds, unless expressly stated
otherwise.

ARTICLE 2.
PURCHASE AND SALE OF CONVERTIBLE NOTES

          2.1          Subscription for Convertible Notes.  Subject
to the terms and conditions of this Agreement, the Investor subscribes for and
agrees to purchase the principal amount of Convertible Notes set forth opposite
the Investor’s name on the execution page to this Agreement at the Purchase
Price. The Convertible Notes will be unsecured. Upon execution of this Agreement
by the Investor, the subscription by the Investor will be irrevocable and may
not be withdrawn.

          2.2          Acceptance by Corporation.  Upon
execution by the Corporation, the Corporation agrees to sell such Convertible
Notes to the Investor for the Purchase Price.

          2.3          Closing.  The Closing of the purchase and
sale of the Convertible Notes will take place forthwith upon execution of this
Agreement, subject to payment of the Purchase Price by the Investor. The
Corporation will deliver to the Investor the executed Convertible Notes in the
principal amount of the Purchase Price. The Closing shall take place at the
offices of the Corporation or at such other location as agreed to by the
parties. Notwithstanding the location of the Closing, each party agrees that the
Closing may completed by the exchange of undertakings between the respective
legal counsel for the Investor and the Corporation, provided such undertakings
are satisfactory to each party’s respective legal counsel

          2.4          Compliance with Securities Laws.  Any
acceptance by the Corporation of the subscription is conditional upon compliance
with all securities laws and other applicable laws of the jurisdiction in which
the Investor is resident. The Investor will deliver to the Corporation all other
documentation, agreements, representations and requisite government forms
required by the lawyers for the Corporation as required to comply with all
securities laws and other applicable laws of the jurisdiction of the
Investor.

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          2.5          Delivery of Certificates.  The Investor
hereby authorizes and directs the Corporation to deliver the securities to be
issued to such Investor pursuant to this Agreement and upon conversion of the
Convertible Notes to the Investor’s address indicated on the signature page of
this Agreement.

          2.6          Registration Rights.  The Corporation
agrees to use its best efforts to prepare and file with the SEC, as early as
possible following the Corporation listing the shares in its Common Stock for
trading on the National Association of Securities Dealers Over-the-Counter
Bulletin Board in the United States, and in no event later than one hundred and
eighty (180) days following Closing, a registration statement under the
Securities Act covering the resale of Shares issuable to the Investor upon
conversion of the Convertible Notes and the Warrant Shares issuable upon
exercise of the Warrants. The Corporation will use its best efforts to obtain
the effectiveness of such registration statement(s) as soon as practicable, and
once effective, to maintain such effectiveness for a period of at least two
years from the date of conversion of the Convertible Notes. The Corporation’s
obligation to obtain and maintain such effectiveness is conditioned upon the
cooperation of the Investor in furnishing information to the Corporation
relating to the Investor’s method of distribution and other information
requested by the Corporation. Any and all expenses incurred in connection with
such registration shall be borne by the Corporation. Any and all selling
expenses incurred by the Investor shall be borne by the Investor.

ARTICLE 3.
AGREEMENTS, REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

          3.1          Exemption from Registration.  The
Investor acknowledges and agrees that the Securities will be offered and sold to
the Investor without such offers and sales being registered under the Securities
Act and will be issued to the Investor in an offshore transaction outside of the
United States in accordance with a safe harbour from the registration
requirements of the Securities Act provided by Rule 903 of Regulation S of the
Securities Act based on the representations and warranties of the Investor in
this Agreement. As such, the Investor further acknowledges and agrees that all
Securities will, upon issuance, be “restricted securities” within the meaning of
the Securities Act.

          3.2          Resales of Securities.  The Investor
acknowledges that that the Securities may not be offered, resold, pledged or
otherwise transferred except through an exemption from registration under the
Securities Act or pursuant to an effective registration statement under the
Securities Act and in accordance with all applicable state securities laws and
the laws of any other jurisdiction. The Investor agrees to resell the Securities
only in accordance with the provisions of Regulation S of the Securities Act,
pursuant to registration under the Securities Act, or pursuant to an available
exemption from registration pursuant to the Securities Act. The Investor agrees
that the Company will refuse to register any transfer of the Securities not made
in accordance with the provisions of Regulation S of the Securities Act,
pursuant to registration under the Securities Act or pursuant to an available
exemption from registration. The Investor agrees that the Corporation may
require the opinion of legal counsel reasonably acceptable to the Corporation in
the event of any offer, sale, pledge or transfer of any of the Securities by the
Investor pursuant to an exemption from registration under the Securities Act.

          3.3          Hedging Transactions.  The Investor agrees
not to engage in hedging transactions with regard to the Shares unless in
compliance with the Securities Act.

          3.4          Share Certificates.  The Investor acknowledges and agrees that all certificates
representing the Convertible Notes and the Shares will be endorsed with the
following legend, or such similar legend as deemed advisable by legal counsel
for the Corporation, to ensure compliance with Regulation S of the Securities
Act and to reflect the status of the Shares as restricted securities:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE
UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY
REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR
SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE

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PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
ACT.”

          3.5          Warrant Certificates. The Investor acknowledges
and agrees that all certificates representing the Warrants will be endorsed with
the following legend, or such similar legend as deemed advisable by legal
counsel for the Corporation, to ensure compliance with Regulation S of the
Securities Act and to reflect the status of the Warrants as restricted
securities:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO BE
ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER
THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT BE EXERCISED IN
THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S.
PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND WARRANTS HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF
ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.
"UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE
SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

          3.6          Representations and Warranties of the Investor.  The Investor represents and warrants to the Corporation as follows, and
acknowledges that the Corporation is relying upon such covenants,
representations and warranties in connection with the sale of the Convertible
Notes to the Investor:

          (a)          The
Investor is not a “U.S. Person” as defined by Regulation S of the Securities
Act, as set forth in Schedule D hereto.

          (b)          The
Investor is not acquiring the Securities for the account or benefit of a U.S.
Person.

          (c)          The
Investor was not in the United States at the time the offer to purchase the
Securities was received or at the time this Agreement was executed.

          (d)          The
Investor has such knowledge, sophistication and experience in business and
financial matters such that it is capable of evaluating the merits and risks of
the investment in the Securities. The Investor has evaluated the merits and
risks of an investment in the Securities. The Investor can bear the economic
risk of this investment, and is able to afford a complete loss of this
investment.

          (e)          The
Investor acknowledges that the Corporation is in the early stages of development
of its business and the Corporation’s success is subject to a number of
significant risks, including the risk that the Corporation will not be able to
finance its plan of operations and that the Corporation’s business plan will not
succeed. The Investor acknowledges that any forward-looking information provided
by the Corporation to the Investor are subject to risks and uncertainties and
that the Corporation’s actual results may differ materially from the results
anticipated.

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          (f)          The
Securities will be acquired by the Investor for investment for the Investor's
own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Investor has no present intention
of selling, granting any participation in, or otherwise distributing the same.
The Investor does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to
any third person, with respect to any of the Securities.

          (g)          The
Investor has had full opportunity to ask questions and receive answers from
representatives of the Corporation regarding the terms and conditions of the
Offering and the business, properties, prospects and financial condition of the
Corporation, each as is necessary to evaluate the merits and risks of investing
in the Securities. The Investor believes it has received all the information it
considers necessary or appropriate for deciding whether to purchase the
Securities. The Investor has had full opportunity to discuss this information
with the Investor’s legal and financial advisers prior to execution of this
Agreement.

          (h)          The
Investor acknowledges that the Securities will be offered and sold without
registration under the Securities Act in a private placement that is exempt from
the registration provisions of the Securities Act based on the truth and
accuracy of the representations of the Investor. The Investor acknowledges that
the Corporation will rely on these representations in completing the issuance of
the Securities to the Investor. The Investor further acknowledges that the
offering of the Securities by the Corporation has not been reviewed by the SEC
or any state securities regulatory authority.

          (i)          This
Agreement has been duly authorized, validly executed and delivered by the
Investor.

ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE CORPORATION

          4.1          Representations and Warranties of the Corporation. The Corporation represents and warrants to the Investor and acknowledges
that the Investor is relying upon such representations and warranties in
connection with the execution, delivery and performance of this
Agreement:

          (a)          The
Corporation is a corporation duly incorporated and in good standing under the
laws of the State of Nevada, and has the requisite corporate power and authority
to conduct its business as it is currently being conducted.

          (b)          The
Corporation has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by the Transaction
Documents.

          (c)          The
execution and delivery by the Corporation of the Transaction Documents have been
duly authorized by all necessary action on the part of the Corporation, and no
further consent or action is required by the Corporation, its Board of Directors
or its stockholders.

          (d)          Each
of the Transaction Documents constitutes, or will when duly authorized, executed
and delivered by all parties thereto other than the Corporation constitute, a
valid and binding obligation of the Corporation, enforceable against the
Corporation in accordance with the terms thereof, except that (i) the
enforcement thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the rights of creditors
generally, (ii) equitable remedies, including, without limitation, specific
performance and injunction, may be granted only in the discretion of a court of
competent jurisdiction, (iii) rights of indemnity, contribution and the waiver
of contribution provided for herein, and any provisions exculpating a party from
a liability or duty otherwise owed by it, may be limited under applicable law,
and (iv) the enforceability of provisions in any Transaction Document which
purport to sever any provision which is prohibited or unenforceable under
applicable law without affecting the enforceability or validity of the remainder
of such Transaction Document would be determined only in the discretion of the
court.

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          (e)          The
  authorized capital of the Corporation consists of 100,000,000 shares of common
  stock, par value $0.001 per share, of which there were 28,273,600 shares issued
  and outstanding as of the date of this Agreement, and 5,000,000 shares of preferred
  stock, par value $0.001 per share, of which no shares have been issued as of
  the date of this Agreement. The outstanding shares of common stock have been
  issued for the following consideration:

	 	
      (i)
	
      500,000 shares at a price of $0.001 per share;
      

	 	 	 
	 	
      (ii) 
	
      4,500,000 shares at a price of $0.01 per
      share; 

	 	 	 
	 	
      (iii) 
	
      12,000,000 shares in consideration of the
        acquisition of all of the issued capital of Mobilemail
        Limited 

	 	 	 
	 	
      (iv) 
	 900,000 shares at a price
        of $0.05 per share 

	 	 	 
	 	
      (v) 
	 320,000 shares at a price
        of $0.05 per share and 

	 	 	 
	 	
      (vi) 
	
      10,000,000 shares on the transfer of certain
      intellectual property assets; 

          (f)          There
are no agreements or other obligations (contingent or otherwise) which may
require the Company to repurchase or otherwise acquire any shares of its capital
stock.

          (g)          the
Investor hereby consents, no person, firm or corporation has any agreement or
option or right or privilege (whether preemptive or contractual) capable of
becoming an agreement for the purchase, subscription or issuance of any unissued
shares, securities or warrants of the Corporation.

          (h)          The
issuance of the Convertible Note and the issuance of the Shares and Warrants
upon conversion of the Convertible Notes and the issuance of the Warrant Shares
upon the exercise of the Warrants have each been duly authorized. The Shares
have been authorized and validly reserved for issuance, and when issued upon
conversion of the Convertible Notes in accordance with the terms thereof, will
be validly issued, fully paid and non-assessable shares of the Corporation’s
common stock. The Warrant Shares have been authorized and validly reserved for
issuance, and when issued upon exercise of the Warrant in accordance with the
terms thereof (and upon payment of the exercise price therefor), will be validly
issued, fully paid and non-assessable shares of the Corporation’s common stock.
The stockholders of the Company have no preemptive or similar rights to purchase
shares of Common Stock from the Company.

          (i)          The
issue and sale of the Securities by the Corporation does not and will not
conflict with, and does not and will not result in a breach of, any of the terms
of its incorporating documents or any agreement or instrument to which the
Corporation is a party.

          (j)          There
are no actions, suits, proceedings or inquiries pending or to the Corporation's
knowledge threatened against or affecting the Corporation or any of its
subsidiaries at law or in equity or before or by any federal, provincial,
municipal or other governmental department, commission, board, bureau, agency or
instrumentality which in any way materially adversely affect, or may in any way
materially adversely affect, the business, operations or condition (financial or
otherwise) of the Corporation (on a consolidated basis) or its properties or
assets or which affects or may affect the distribution of the
Securities.

SECTION 5
INDEMNIFICATION

          5.1          Indemnification by the Corporation. The
Corporation agrees to indemnify, defend and hold the Investor (which term shall,
for the purposes of this Section 5.1, include the Investor and its shareholders,
managers, partners, directors, officers, members, employees, direct or indirect
investors, agents and affiliates and assignees and the stockholders, partners,
directors, members, managers, 

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officers, employees direct or indirect investors
and agents of such affiliates and assignees) harmless against any and all
liabilities, loss, cost or damage, together with all reasonable costs and
expenses related thereto (including reasonable legal and accounting fees and
expenses), arising from, relating to, or connected with the untruth, inaccuracy
or breach of any statement, representation, warranty or covenant of the
Corporation contained in this Agreement.

          5.2          Indemnification by the Investor. The Investor
agrees to indemnify and hold harmless the Corporation, its directors, officers,
agents, shareholders and employees, from and against any and all liabilities,
loss, cost or damage, together with all reasonable costs and expenses related
thereto (including reasonable legal and accounting fees and expenses), arising
from, relating to, or connected with the untruth, inaccuracy or breach of any
statement, representation, warranty or covenant of the Investor contained in
this Agreement.

ARTICLE 6
MISCELLANEOUS PROVISIONS

          6.1          Effectiveness of Representations; Survival. Each
party is entitled to rely on the representations, warranties and agreements of
each of the other parties and all such representation, warranties and agreement
will be effective regardless of any investigation that any party has undertaken
or failed to undertake. The representation, warranties and agreements will
survive the Closing and continue in full force and effect until the one year
anniversary of the Closing.

          6.2          Further Assurances. Each of the parties hereto
will cooperate with the others and execute and deliver to the other parties
hereto such other instruments and documents and take such other actions as may
be reasonably requested from time to time by any other party hereto as necessary
to carry out, evidence, and confirm the intended purposes of this
Agreement.

          6.3          Amendment. This Agreement may not be amended
except by an instrument in writing signed by each of the parties.

          6.4          Expenses. Each party to this Agreement will bear
its respective expenses incurred in connection with the preparation, execution,
and performance of this Agreement and the transactions contemplated hereby,
including all fees and expenses of agents, representatives, counsel, and
accountants. 

          6.5          Entire Agreement. This Agreement, the exhibits,
schedules attached hereto and the other Transaction Documents contain the entire
agreement between the parties with respect to the subject matter hereof and
supersede all prior arrangements and understandings, both written and oral,
expressed or implied, with respect thereto. Any preceding correspondence or
offers are expressly superseded and terminated by this Agreement.

          6.6          Severability. If one or more provisions of this
Agreement or any other Transaction Document is held to be unenforceable under
applicable law, such provision will be excluded from the respective Agreement or
other Transaction Document and the balance of this Agreement or other
Transaction Document, as applicable, will be enforceable in accordance with its
terms.

          6.7          Notices. All notices and other communications
required or permitted under to this Agreement must be in writing and will be
deemed given if sent by personal delivery, faxed with electronic confirmation of
delivery, internationally-recognized express courier or registered or certified
mail (return receipt requested), postage prepaid, to the parties at the
following addresses (or at such other address for a party as will be specified
by like notice):

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If to the
Investor:

AT THE ADDRESS SET
FORTH ON THE
SIGNATURE PAGE TO THIS AGREEMENT

If to the
Corporation:

MOBILEMAIL
  (US) INC.

  Attention: Mr. Gary Flint

  Suite 5.15
MLS Business Centre
130 Shaftesbury Avenue,
London, England W1D
5EU
Facsimile: +44 (20) 7031 1199

With a copy (which will
not constitute notice) to:

Lang Michener
LLP
Attention: Mr. Michael H. Taylor
Suite 1500,
Royal Centre
1055 West Georgia St., Box 11117
Vancouver, British
Columbia
Canada V6E 4N7
Phone: (604) 689-9111
Facsimile: (604)
685-7084

All such notices and other communications will be
deemed to have been received (a) in the case of personal delivery, on the date
of such delivery, (b) in the case of a fax, when the party sending such fax has
received electronic confirmation of its delivery, (c) in the case of delivery by
internationally-recognized express courier, on the business day following
dispatch and (d) in the case of mailing, on the fifth business day following
mailing.

          6.8          Headings.  The headings contained in this
Agreement are for convenience purposes only and will not affect in any way the
meaning or interpretation of this Agreement.

          6.9          Benefits. This Agreement is and will only be
construed as for the benefit of or enforceable by those persons party to this
Agreement.

          6.10        Assignment. This Agreement may not be assigned
(except by operation of law) by any party without the consent of the other
parties.

          6.11        Governing Law. This Agreement will be governed by
and construed in accordance with the laws of the State of Nevada applicable to
contracts made and to be performed therein. 

          6.12        Construction. The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction will be applied against any
party.

          6.13        Counterparts. This Agreement may be executed in
one or more counterparts, all of which will be considered one and the same
agreement and will become effective when one or more counterparts have been
signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

          6.14        Fax Execution. This Agreement may be executed by
delivery of executed signature pages by fax and such fax execution will be
effective for all purposes.

- 9 -

          6.15        Schedules and Exhibits. The schedules and
exhibits are attached to this Agreement and incorporated herein.

IN WITNESS WHEREOF, this Subscription Agreement is executed as of the day and year first
written above.

	Principal Amount of Convertible
      Notes Subscribed for: 	 	 

	  	(Purchase Price in US$)	 
	Signature of Authorized Signatory
      of Investor: 	 	 

	 	 	 
	Name of Authorized Signatory
      of Investor: 	 	 

	 	 	 
	Title of Authorized Signatory
      of Investor: 	 	 

	 	 	 
	Name of Investor: 	 	 
	 	 	 
	Address of Investor: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

ACCEPTED BY:

MOBILEMAIL (US) INC.

	Signature of Authorized
      Signatory: 	 	 
	 	 	 
	Name of Authorized Signatory:
	 	 
	 	 	 
	Position of Authorized
      Signatory: 	 	 
	 	 	 
	Date of Acceptance: 	 	 

- 10 -

SCHEDULE A

FORM OF SECURED CONVERTIBLE PROMISSORY
NOTE

- 11 -

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY
NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE
REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

SECURED CONVERTIBLE PROMISSORY
NOTE

	$[@]	February___, 2006

          FOR VALUE RECEIVED,
  the undersigned, MOBILEMAIL (US) INC., a Nevada corporation (the “Maker”),
  hereby promises to pay to the order of [NAME OF LENDER] or its assigns (the
  “Payee”), at such place as the Payee may designate in writing, from
  time to time in immediately available lawful money of the United States of America,
  the principal sum of [AMOUNT IN WORDS] dollars ($__________US), together with
  interest from the date hereof on the unpaid principal balance outstanding from
  time to time at a rate equal to the Prime Rate per annum
  for U.S. banks as published in Money Rates Column of the Money and Investing
  Section of The Wall Street Journal from time to time. All computations of interest
  shall be made on the basis of a year of 365 or 366 days, as applicable, for
  the actual number of days for which such interest is payable.

1.          Payment.
  Unless previously converted in accordance with the terms of Section 1 herein,
  all outstanding principal and accrued interest on this Note shall be due and
  payable on January ______, 2008 (the “Maturity Date”).

2.          Conversion. Subject to the provisions of this Note,
  the Payee will have the right at any time commencing on the date of the quotation
  of the shares in the Maker’s common stock on the National Association of
  Securities Dealers “Over-the-Counter Bulletin Board” and ending on
  the Maturity Date to convert the outstanding principal and accrued interest
  on this Note into units of the Maker at a conversion rate of $0.25US per unit
  (the “Conversion Rate”). Each unit will be comprised of one share
  (each a “Share”) of Common Stock of the Maker (the “Mobilemail
  Common Stock”) and one share purchase warrant (each a “Warrant”).
  Each Warrant will entitle the Payee to purchase one additional Share (a “Warrant
  Share”) at a price of $0.50US per Warrant Share for the one year period
  following conversion.

          The Payee
acknowledges and agrees that all certificates representing the Shares and the
Warrant Shares will be endorsed with the following legend, or such similar
legend as deemed advisable by legal counsel for the Corporation, to ensure
compliance with Regulation S of the Securities Act and to reflect the status of
the Shares and the Warrant Shares as restricted securities:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
  UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE
  UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY
  REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED
  FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS
  OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
  TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS
  INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
  ACT.”

          The Payee
acknowledges and agrees that all certificates representing the Warrants will be
endorsed with the following legend, or such similar legend as deemed advisable
by legal counsel for the 

- 12 -

Corporation, to ensure compliance with Regulation
S of the Securities Act and to reflect the status of the Warrants as restricted
securities:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES TO BE
ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER
THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT
TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT BE EXERCISED IN
THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S.
PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND WARRANTS HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF
ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE.
"UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE
SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

          For purposes
  of this Note, the Conversion Rate shall be adjusted proportionally for any subsequent
  stock dividend or split, stock combination or other similar recapitalization,
  reclassification or reorganization of or affecting the Mobilemail Common Stock.
  Subject to Payee’s rights pursuant to Section 1 hereof, in case of any
  consolidation or merger to which the Maker is a party other than a merger or
  consolidation in which the Maker is the continuing corporation, or in case of
  any sale or conveyance to another corporation of the property of the Maker as
  an entirety or substantially as an entirety, or in the case of any statutory
  exchange of securities with another corporation (including any exchange effected
  in connection with a merger of a third corporation into the Maker), then instead
  of receiving Shares and Warrants, Payee shall have the right thereafter to receive
  the kind and amount of shares of stock and other securities and property which
  the Payee would have owned or have been entitled to receive immediately after
  such consolidation, merger, statutory exchange, sale or conveyance had the same
  portion of this Note been paid or converted immediately prior to the effective
  date of such consolidation, merger, statutory exchange, sale or conveyance and,
  in any such case, if necessary, appropriate adjustment shall be made in the
  application of the provisions set forth in this Section with respect to the
  rights and interests thereafter of the Payee, to the end that the provisions
  set forth in this Section shall thereafter correspondingly be made applicable,
  as nearly as may reasonably be, in relation to any shares of stock and other
  securities and property thereafter deliverable in connection with this Note.
  The provisions of this subsection shall similarly apply to successive consolidations,
  mergers, statutory exchanges, sales or conveyances.

3.          Certificates. In the event of conversion of the
principal amount of this Note and accrued interest under Section 1, Maker shall
immediately issue certificates representing the Shares and Warrants into which
the outstanding principal and interest under this Note is to be converted, such
certificates to be delivered to Payee within 15 days following such
termination.

4.          Prepayments. The Maker may prepay this Note, in
whole or in part, and in cash, without penalty upon five days written notice to
Payee. Any prepayments shall be applied first to accrued but unpaid interest and
then to principal.

5.          Default. The occurrence of any one or more of the
following events shall constitute an event of default, upon which Payee may
declare the entire principal amount of this Note, together with all accrued but
unpaid interest, to be immediately due and payable in cash:

- 13 -

	 	a. 	
      The Maker shall fail to make any required
      payment of principal or interest, or issuance of Shares and Warrants, when
      due, and such failure shall continue through fifteen days after Payee
      gives written notice of such failure to Maker.

	 	 	 
	 	b. 	
      The Maker makes an assignment for the
      benefit of creditors, or the Maker shall become insolvent or any
      bankruptcy, reorganization, debt arrangement or other proceeding under any
      bankruptcy or insolvency law shall be instituted by or against the
      Maker.

	 	 	 
	 	c. 	
      The Maker dissolves or
    liquidates.

6.          Applicable Law. THE VALIDITY, CONSTRUCTION AND
ENFORCEABILITY OF THE NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE
OF NEVADA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES
THEREOF.

7.          Waivers. The Maker hereby waives presentment for
payment, notice of dishonor, protest and notice of payment and all other notices
of any kind in connection with the enforcement of this Note.

8.          Obligations Absolute. The obligations of the
Maker under this Note shall be absolute, and the Maker
waives any and all rights to offset, deduct or withhold any payments or charges
due under this Note for any reason.

9.          Assignment. The Maker may not assign, delegate or
otherwise transfer any of its obligations under this Note, whether by merger,
consolidation or other business combination, without the prior written consent
of Payee.

10.          Costs of Collection. If this Note is not paid or
otherwise performed when due or required, the Maker shall pay Payee’s reasonable
costs of collection, including reasonable attorney’s fees.

	 	MOBILEMAIL (US) INC.
    
	  	 
	  	 
		By 	 
		 	GARY FLINT, 
		 	President 

- 14 -

SCHEDULE B

DEFINITION OF U.S. PERSON

A “U.S. Person” is defined by Regulation S of
the Act to be any person who is:

	 	(a) 	
      any natural person resident in the United
      States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized
      or incorporated under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or
      administrator is a U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity
      located in the United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar
      account (other than an estate or trust) held by a dealer or other
      fiduciary organized, incorporate, or (if an individual) resident in the
      United States; and

	 	 	 	 
	 	(g) 	
      any partnership or corporation
      if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws
      of any foreign jurisdiction; and

	 	 	 	 
	 		(ii)
	
      formed by a U.S. person principally for
      the purpose of investing in securities not registered under the Act,
      unless it is organized or incorporated, and owned, by accredited
      Subscribers [as defined in Section 230.501(a) of the Act] who are not
      natural persons, estates or trusts.

- 15 -

SCHEDULE C

FORM OF WARRANT CERTIFICATE

- 16 -

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S
PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. THIS WARRANT MAY NOT
BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED
STATES OR A U.S. PERSON UNLESS THE WARRANT AND THE UNDERLYING SHARES AND
WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE
SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY
REGULATION S UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
ACT.

MOBILEMAIL (US) INC.

  A NEVADA CORPORATION (the “Company”)
Suite 5.15 MLS Business
Centre
130 Shaftsbury Avenue
London, England W1D 5EU

COMMON STOCK PURCHASE WARRANT
CERTIFICATE
[DATE OF ISSUANCE]

	
Warrant
      Certificate No. 
	

        S-•
	Name of
      Holder: 	  
	Address of
      Holder: 	  
	Number of
      Shares: 	•
        (•) Shares of the Company’s Common Stock
        
	Exercise
      Price: 	US$0.50 per Share for
        a period of one year from the date of issuance until the Expiry Date 

	Expiry
      Date: 	• 2006 (one year
        from issuance) 

THIS WARRANT CERTIFIES THAT, for value received, the above named holder or its registered assigns
(the “Holder”), shall have the right to purchase from the Company the above
referenced number of fully paid and non-assessable shares (the “Shares”) of the
Company’s common stock (the “Common Stock”) at an exercise price equal to the
exercise price set forth above (the "Exercise Price"), subject to further
adjustment as set forth in this Certificate, at any time from the date hereof
until 5:00 P.M., GMT, on the expiry date set forth above (the “Expiry Date”).
This Warrant is issued pursuant to the Subscription Agreement between the
Company and Holder (the “Subscription Agreement”) pursuant to which the Holder
purchased units consisting of one share of Common Stock and one warrant to
purchase one additional share of Common Stock. The exercise of this Warrant
shall be subject to the provisions, limitations and restrictions contained
herein. 

	1. 	
      Exercise.

	 	 
	 	1.1	Procedure for Exercise of
      Warrant. The Holder may exercise this Warrant
      by delivering the following to the principal office of the Company in
      accordance with Section 5.1 hereof:

	 	(a) 	
      a duly executed Notice of Exercise in
      substantially the form attached as Schedule A,

	 	 	 
	 	(b) 	
      either (i) a written certification that the
      Holder is not a U.S. person, as defined under Regulation S of the
      Securities Act, and that the Warrant is not being exercised on behalf of a
      U.S. person, which written certificate may be contained in the Notice of
      Exercise

- 17 -

	 		
      delivered pursuant to sub-paragraph (a)
      above; or (ii) a written opinion of counsel to the effect that the Warrant
      and the Shares have been registered under the Securities Act or are exempt
      from registration thereunder;

	 	 	 
	 	(c) 	
      payment of the Exercise Price then in effect
      for each of the Shares being purchased, as designated in the Notice of
      Exercise, and

	 	 	 
	 	(d) 	
      this Warrant.

Payment of the Exercise Price may be in cash,
certified or official bank check payable to the order of the Company, or wire
transfer of funds to the Company’s account (or any combination of any of the
foregoing) in the amount of the Exercise Price for each share being purchased.

          1.2          Delivery of Certificate and New Warrant. In the event of any exercise of the rights represented by this Warrant,
a certificate or certificates for the shares of Common Stock so purchased,
registered in the name of the Holder, together with any other securities or
other property which the Holder is entitled to receive upon exercise of this
Warrant, shall be delivered to the Holder hereof, at the Company’s expense,
within a reasonable time, not exceeding fifteen (15) calendar days, after the
rights represented by this Warrant shall have been so exercised; and, unless
this Warrant has expired, a new Warrant representing the number of Shares
(except a remaining fractional share), if any, with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder
hereof within such time. The person in whose name any certificate for shares of
Common Stock is issued upon exercise of this Warrant shall for all purposes be
deemed to have become the holder of record of such shares on the date on which
the Warrant was surrendered and payment of the Exercise Price was received by
the Company, irrespective of the date of delivery of such certificate.

          1.3          Restrictive Legend. This Warrant
and the Shares have not been registered under the Securities Act of 1933, as
amended, (the "Securities Act") and the Warrants have been and the Shares, upon
exercise of the Warrants, will be issued pursuant to exemptions from the
registration requirements of the Securities Act. Neither this Warrant nor any of
the Shares or any other security issued or issuable upon exercise of this
Warrant may be sold, transferred, pledged or hypothecated in the absence of an
effective registration statement under the Act relating to such security or an
exemption from the registration requirements of the Securities Act. Each
certificate for the Warrant, the Shares and any other security issued or
issuable upon exercise of this Warrant shall contain a legend on the face
thereof, in form and substance satisfactory to counsel for the Company, setting
forth the restrictions on transfer contained in this Section. The Holder
understands that this Warrant constitutes and the Shares upon issuance will
constitute “restricted securities” under the Securities Act. The holder
acknowledges and agrees that all certificates representing the Shares will be
endorsed with the following legend:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE
UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY
REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR
SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE ACT.”

          1.4          Fractional Shares. No fractional
Shares shall be issuable upon exercise or conversion of the Warrant and the
number of Shares to be issued shall be rounded down to the nearest whole Share.
If a fractional share interest arises upon any exercise or conversion of the
Warrant, the Company shall eliminate such fractional share interest by paying to
Holder an amount computed by multiplying the fractional interest by the current
market price of a full Share. 

- 18 -

2.       Covenants of the Company.

          2.1          Authorized
Shares. The Company covenants and agrees that the
Company will at all times have authorized and reserved, free from preemptive
rights, a sufficient number of shares of Common Stock to provide for the
exercise in full of the rights represented by this Warrant.

          2.2          Issuance
of Shares. The Company covenants and agrees that
all shares of Common Stock that may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be validly issued, fully paid
and non-assessable, and free from all transfer taxes, liens and charges with
respect to the issue thereof. 

3.       Transfer and Replacement. 

          (a)          Subject
to compliance with any applicable securities laws and the conditions set forth
herein, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company,
together with a written assignment of this Warrant substantially in the form
attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees
and in the denomination or denominations specified in such instrument of
assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A
Warrant, if properly assigned, may be exercised by a new holder for the purchase
of Shares without having a new Warrant issued. 

          (b)          The
Company agrees to maintain, at its aforesaid office, books for the registration
and the registration of transfer of the Warrants.

          (c)          If,
at the time of the surrender of this Warrant in connection with any transfer of
this Warrant, the transfer of this Warrant shall not be registered pursuant to
an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws, the Company may require, as a
condition of allowing such transfer that (i) the Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of
counsel in comparable transactions) to the effect that such transfer may be made
without registration under the Securities Act and under applicable state
securities or blue sky laws, and (ii) that the holder or transferee execute and
deliver to the Company such documentation as is necessary to establish that the
shares are being transferred pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws or in an
offshore transaction pursuant to and in accordance with Rule 904 of Regulation S
of the Securities Act.

          (d)          The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
or any stock certificate relating to the Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

4.       Adjustments of Exercise Price and/or Number of Shares. 

          4.1          Subdivision or Combination of Shares. The number and kind of securities purchasable upon the exercise of this
Warrant and the Exercise Price shall be subject to adjustment from time to time
upon the happening of any of the following. In case the Company shall (i) pay a
dividend in shares of Common Stock or make a distribution in shares of Common
Stock to holders of its outstanding Common Stock, (ii) subdivide its outstanding
shares of Common Stock into a greater number of shares, (iii) 

- 19 -

combine its outstanding shares of Common Stock
into a smaller number of shares of Common Stock, or (iv) issue any shares of its
capital stock in a reclassification of the Common Stock, then the number of
Shares purchasable upon exercise of this Warrant immediately prior thereto shall
be adjusted so that the Holder shall be entitled to receive the kind and number
of Shares or other securities of the Company which it would have owned or have
been entitled to receive had such Warrant been exercised in advance thereof.
Upon each such adjustment of the kind and number of Shares or other securities
of the Company which are purchasable hereunder, the Holder shall thereafter be
entitled to purchase the number of Shares or other securities resulting from
such adjustment at an Exercise Price per Warrant Share or other security
obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of Shares purchasable pursuant hereto immediately prior
to such adjustment and dividing by the number of Shares or other securities of
the Company resulting from such adjustment. An adjustment made pursuant to this
paragraph shall become effective immediately after the effective date of such
event retroactive to the record date, if any, for such event.

          4.2          Reorganization, Reclassification, Consolidation, Merger or
Sale. If any
recapitalization, reclassification or reorganization of the share capital of the
Company, or any consolidation or merger of the Company with another Company, or
the sale of all or substantially all of its shares and/or assets or other
transaction (including, without limitation, a sale of substantially all of its
assets followed by a liquidation) shall be effected in such a way that holders
of Common Stock shall be entitled to receive shares, securities or other assets
or property, then, as a condition of such recapitalizations, reclassifications,
reorganizations, consolidations, mergers or sales, lawful and adequate
provisions shall be made by the Company whereby the Holder hereof shall
thereafter have the right to purchase and receive (in lieu of the Common Stock
of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby) such shares, securities or other
assets or property as may be issued or payable with respect to or in exchange
for the number of outstanding Common Stock which such Holder would have been
entitled to receive had such Holder exercised this Warrant immediately prior to
the consummation of such recapitalizations, reclassifications, reorganizations,
consolidations, mergers or sales. The Company or its successor shall promptly
issue to Holder a new Warrant for such new securities or other property. The new
Warrant shall provide for adjustments which shall be as nearly equivalent as may
be practicable to give effect to the adjustments provided for in this Section 4
including, without limitation, adjustments to the Exercise Price and to the
number of securities or property issuable upon exercise of the new Warrant. The
provisions of this Section 4.2 shall similarly apply to successive
recapitalizations, reclassifications, reorganizations, consolidations, mergers
or sales. 

          4.3          Notice of Adjustment. Whenever the number of Shares or number or kind of securities or other
property purchasable upon the exercise of this Warrant or the Exercise Price is
adjusted, as herein provided, the Company shall give notice thereof to the
Holder, which notice shall state the number of Shares (and other securities or
property) purchasable upon the exercise of this Warrant and the Exercise Price
of such Shares (and other securities or property) after such adjustment, setting
forth a brief statement of the facts requiring such adjustment and setting forth
the computation by which such adjustment was made.

5.      Miscellaneous Provisions. 

          5.1          Notices. Any notice or other
document required or permitted to be given or delivered to the Holder shall be
delivered or forwarded to the Holder at the address for Holder provide on the
first page of this Warrant or to such other address or number as shall have been
furnished to the Company in writing by the Holder. Any notice or other document
required or permitted to be given or delivered to the Company shall be delivered
or forwarded to the Company at the address set forth above, Attention: President
or to such other address or number as shall have been furnished to Holder in
writing by the Company. All notices, requests and approvals required by this
Warrant shall be in writing and shall be conclusively deemed to be given (a)
when hand-delivered to the other party, (b) when received if sent by facsimile
at the address and number set forth above; provided that notices given by
facsimile shall not be effective, unless either (i) a duplicate copy of such
facsimile notice is promptly given by depositing the same in the mail, postage
prepaid and addressed to the party as set forth below or (ii) the receiving
party 

- 20 -

delivers a written confirmation of receipt for
such notice by any other method permitted under this paragraph; and further
provided that any notice given by facsimile received after 5:00 p.m.
(recipient’s time) or on a non-business day shall be deemed received on the next
business day; (c) five (5) business days after deposit in the United States
mail, certified, return receipt requested, postage prepaid, and addressed to the
party as set forth below; or (d) the next business day after deposit with an
international overnight delivery service, postage prepaid, addressed to the
party as set forth below with next business day delivery guaranteed; provided
that the sending party receives confirmation of delivery from the delivery
service provider. 

          5.2          Limitation of Liability. No
provision hereof, in the absence of affirmative action by the Holder to purchase
shares of Common Stock, and no mere enumeration herein of the rights or
privileges of the Holder, shall give rise to any liability of the Holder for the
Exercise Price hereunder or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company. 

          5.3          No Rights as Stockholder. This
Warrant shall not entitle the Holder to any of the rights of a stockholder of
the Company except upon exercise in accordance with the terms hereof.

          5.4          Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of
Nevada as applied to agreements among Nevada residents made and to be performed
entirely within the State of Nevada, without giving effect to the conflict of
law principles thereof. 

          5.5          Waiver, Amendments and Headings.
This Warrant and any provision hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by both parties (either
generally or in a particular instance and either retroactively or
prospectively). The headings in this Warrant are for purposes of reference only
and shall not affect the meaning or construction of any of the provisions
hereof. 

IN WITNESS WHEREOF, the
  Company has caused this Warrant to be signed by its duly authorized officer
  effective as of the _________ day of ______, 2006.

		MOBILEMAIL (US) INC. 
	 	 
	Signature of Authorized Signatory: 	Per: 
	 	 
	Name of Authorized
      Signatory: 	 
	 	 
	Position of Authorized
      Signatory: 	 

SCHEDULE A

FORM OF NOTICE OF EXERCISE

	TO: 	MOBILEMAIL (US) INC.
    

The undersigned hereby exercises the right to purchase
  the number of shares of common stock of Mobilemail (US) Inc. (the "Company")
  set forth below (the "Shares") pursuant to the Warrant to Purchase Common Stock
  issued by the Company and dated [•DATE OF ISSUANCE]. In accordance with the provisions of the Warrant, the
  undersigned hereby tenders the following concurrently with the delivery of this
  Notice of Exercise (i) payment of the Exercise Price payable by the undersigned
  for the Shares (the “Purchase Price”) in effect for each of the Shares
  being purchased, and (ii) the original Warrant.

	Number of Shares
      Purchased: 	• Shares 
	 	 
	Aggregate Purchase
      Price: 	$ • US
    

The undersigned represents and warrants to and
agrees with the Company that:

	1. 	
      It has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Shares and it is able to bear the
      economic risk of loss of its entire investment.

	 	 
	2. 	
      The Company has provided to it the
      opportunity to ask questions and receive answers concerning the terms and
      conditions of the offering and it has had access to such information
      concerning the Company as it has considered necessary or appropriate in
      connection with its investment decision to acquire the
    Shares.

	 	 
	3. 	
      It is acquiring the Shares for its own
      account, for investment purposes only and not with a view to any resale,
      distribution or other disposition of the Shares in violation of the United
      States securities laws.

	 	 
	4. 	
      It understands the Shares have not been and
      will not be registered under the United States Securities Act of 1933, as
      amended (the "1933 Act") or the securities laws of any state of the United
      States and that the sale contemplated hereby is being made in reliance on
      a safe-harbour from such registration requirements.

	 	 
	5. 	
      The undersigned is not a “U.S. Person” as
      defined by Regulation S of the Securities Act and is not acquiring the
      Shares for the account or benefit of a U.S.
  Person.

A “U.S. Person” is
defined by Regulation S of the Act to be any person who is:

	 	(h) 	
      any natural person resident in the United
      States;

	 	 	 
	 	(i) 	
      any partnership or corporation organized
      or incorporated under the laws of the United States;

	 	 	 
	 	(j) 	
      any estate of which any executor or
      administrator is a U.S. person;

- 22 -

	 	(k) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(l) 	
      any agency or branch of a foreign entity
      located in the United States;

	 	 	 	 
	 	(m) 	
      any non-discretionary account or similar
      account (other than an estate or trust) held by a dealer or other
      fiduciary organized, incorporate, or (if an individual) resident in the
      United States; and

	 	 	 	 
	 	(n) 	
      any partnership or corporation
      if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws
      of any foreign jurisdiction; and

	 	 	 	 
	 		(ii)
	
      formed by a U.S. person principally for
      the purpose of investing in securities not registered under the Act,
      unless it is organized or incorporated, and owned, by accredited
      Subscribers [as defined in Section 230.501(a) of the Act] who are not
      natural persons, estates or trusts.

	6. 	
      The undersigned was not in the United States
      at the time the offer to purchase the Shares was received and the
      Subscriber was not in the United States at the time these Warrants were
      exercised.

	 	 
	7. 	
      The undersigned acknowledges that the Shares
      are “restricted securities” within the meaning of the Securities Act and
      will be issued to the Subscriber in accordance with Regulation S of the
      Securities Act without registration under the Securities
  Act.

	 	 
	8. 	
      The undersigned agrees to resell the Shares
      only in accordance with the provisions of Regulation S of the Securities
      Act, pursuant to registration under the Securities Act, or pursuant to an
      available exemption from registration pursuant to the Securities
      Act.

	 	 
	9. 	
      The undersigned agrees not to engage in
      hedging transactions with regard to the Shares unless in compliance with
      the Securities Act.

	 	 
	10. 	
      The Subscriber acknowledges and agrees that
      all certificates representing the Shares will be endorsed with the
      following legend in accordance with Regulation S of the Securities
      Act:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE
UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY
REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR
SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE ACT.”

22

- 23 -

	11. 	
      The Subscriber and the Company agree that
      the Company will refuse to register any transfer of the Shares not made in
      accordance with the provisions of Regulation S of the Securities Act,
      pursuant to registration under the Securities Act, pursuant to an
      available exemption from registration, or pursuant to this
      Agreement.

	
      Date of Execution: 
	 
	
       
	 
	
      Signature of Purchaser or Authorized
      Signatory of Purchaser (if the Purchaser is not
      an individual): 
	

	
       
	 
	
      Name of Authorized Signatory of Purchaser(if the Purchaser is not an individual): 
	

	
       
	 
	
      Title of Authorized Signatory of
      Purchaser(if the Purchaser is not an individual):
    
	

	
       
	 
	
      Name of Purchaser: 
	 
	
       
	 
	
      Address of Purchaser: 
	 
	 	 
	 	 
	 	 
	 	 

23dex107

APRIL 20 2006

 

 

 

 

 

___________________________________________________________________

  

  SHARE PURCHASE AGREEMENT

  ___________________________________________________________________

 

 

 

 

 

 

 

 

 

 

 

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT (this 'Agreement') is made as of April 20, 2006 by and among:

(1) CITICORP INTERNATIONAL FINANCE CORPORATION, a Delaware Corporation having its principal place of business at New Castle Corporate Commons, One, Penn's Way, New Castle Delaware 19720, USA, (hereinafter, the 'Vendor', which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) of the First Part;

 AND

  (2) INFOSYS TECHNOLOGIES LIMITED, an Indian corporation registered under the Indian Companies Act, 1956 and having its registered office at Electronics City, Hosur Road, Bangalore 560 100, (hereinafter, 'Purchaser', which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) of the Second Part;

 

 

  

 

R E C I T A L S:

WHEREAS:

  (i) Progeon Limited (the 'Company') is a public company limited by shares incorporated in April, 2002 and having its registered office at Plot Nos. 26/3, 26/4 and 26/6, Electronics City, Hosur Road, Bangalore 560 100, India;

  (ii) The current Authorized Share Capital of the Company consists of 12,33,75,000 (Twelve Crore Thirty Three Lakh and Seventy Five Thousand) equity shares ('Equity Shares') having a face value of Rs. 10/- each aggregating to Rs. 123,37,50,000/- (Rupees One Hundred and Twenty Three Crore Thirty Seven Lakh Fifty Thousand only);

 (iii) The paid up share capital of the Company is Rs. 34,15,13,980/- (Rupees Thirty Four Crore Fifteen Lakh Thirteen Thousand Nine Hundred and Eighty only) consisting of 3,41,51,398 (Three Crore Forty One Lakh Fifty One Thousand Three Hundred and Ninety Eight) fully paid up Equity Shares;

(iv) Pursuant to a Share Subscription and Shareholders Agreement dated as of June 14, 2002 among the Company, the Vendor and the Purchaser, the Vendor has been allotted, and presently holds, 87,50,000 (Eighty Seven Lakhs and Fifty Thousand) Equity Shares of the Company, (hereinafter, the 'Shares') and has the right to sell them free from all liens, charges and Encumbrances (as defined hereafter);

  (vi) The Vendor has agreed with the Purchaser to sell the Shares on the terms and conditions and for the consideration, as hereinafter appearing.

NOW, THEREFORE, in consideration of these presents and the mutual agreements herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound by the terms hereof applicable to each of them, hereby agree as follows:

  1. DEFINITIONS AND INTERPRETATION

  1.1 Definitions: Unless repugnant to the context or meaning thereof, the following terms, if used as capitalized terms, shall have the meaning attributed to them below:

'Affiliate' means, at any time, with respect to any specified person, any person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified person. As used in this definition, the term 'control' means the possession, directly or indirectly, of the power to direct or cause the direction of the management of a person, whether through ownership of voting securities, as manager, general partner, trustee or executor, by contract or otherwise.

 

'Business Day' means any day except a Saturday, Sunday or other day on which commercial banks in Mumbai, India and Delaware, USA are permitted to close.

'Conditions Precedent' shall have the meaning set forth in Section 4 below.

'Confidential Information' shall mean written, electronic or other information about any party's (the 'Disclosing Party') business or activities that is provided to the other party (the 'Receiving Party') by the Disclosing Party and that is proprietary and confidential, which shall include all business, financial, technical and other information of the Disclosing Party marked or designated by Disclosing Party as 'confidential' or 'proprietary,' at the time of being provided to the Receiving Party and information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential; and for this purpose, reference to Confidential Information of the Purchaser shall be deemed to include Confidential Information of the Company; provided, however, that Confidential Information shall not include information to the extent the Receiving Party can show that such information (i) is at the time of its disclosure or thereafter become

s generally available to the public other than as a result of a disclosure by the Receiving Party under a confidentiality agreement with, or other contractual, legal or fiduciary obligation of confidentiality to, the Disclosing Party; (ii) was known to the Receiving Party prior to being furnished by or on behalf of the Disclosing Party, provided that the source of such information was not, to the Receiving Party's knowledge, bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of confidentiality to, the Disclosing Party or any other party with respect to such information (iii) is rightfully obtained by the Receiving Party on a non-confidential basis from a source other than the Disclosing Party, provided that such source was not, to the Receiving Party's knowledge, bound by a confidentiality agreement with or other contractual legal or fiduciary obligation of confidentiality to the Disclosing Party or any other party with respect to such information; or (iv) is indep

endently developed by the Receiving Party without use of or reference to Disclosing Party's Confidential Information.

'Encumbrance' means any mortgage, charge (whether fixed or floating), pledge, lien, option, right of pre-emption, right of retention of title or any other form of security interest or any obligation (including any conditional obligation) to create any of the same.

'Equity Shares' shall have the meaning attributed to it in Recital (ii) above. 

'Governmental Approval' means any approval or consent of any Governmental Authority.

'Governmental Authority' includes any government authority, agency, department or instrumentality of India or any political subdivision thereof.

 

'Purchaser DP' means ICICI Bank Limited, the depository participant of the Purchaser.

'Representatives' shall have the meaning set forth at Section 11.1.

'Required Governmental Approvals' means such Governmental Approvals or regulatory approvals, if any, as may be necessary for the sale of Shares, including, without limitation, any Governmental Approvals or regulatory approvals which are granted automatically, contingent upon requisite filing of specified documents and/or reports being made.

'Share Subscription Agreement' means the Share Subscription and Shareholders Agreement dated as of June 14, 2002 among the Company, the Vendor and the Purchaser (including the exhibits and schedules hereto).

'Vendor DP' means Citibank N.A., the depository participant of the Vendor.

  Interpretation:

  In this Agreement, (unless the context requires otherwise):- 

  (a) Descriptive Headings: The descriptive headings herein have been inserted for convenience only and shall not be deemed to limit or otherwise affect the construction of any provisions hereof;

 (b) Any reference to a statutory provision shall include such provision as from time to time modified or re-enacted or consolidated so far as such modification or re-enactment or consolidation applies or is capable of applying to any transactions entered into hereunder;

 (c) References to articles, sections, clauses, recitals, paragraphs, exhibits, schedules and annexures are to articles, sections, clauses, recitals, paragraphs, exhibits, schedules and annexures to, this Agreement;

 (d) References to "include" or "including" shall not be construed as limiting the generality of any foregoing words;

 (e) Words denoting the singular include the plural and vice versa;

 (f) Reference to any person includes any legal or natural person, partnership, firm, trust, company, Government or local authority, department or other body (whether corporate or unincorporated);

 (g) Any reference to "Rupees" or "Rs" is to Indian Rupees;

  (h) The exhibits, annexures and schedules to this Agreement shall be deemed to form an integral part of this Agreement; and

 (i) Each article, section, clause and sub-clause of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law.

 

2. SALE AND PURCHASE OF THE SHARES:

  2.1 Subject to the terms and conditions contained herein and in consideration of the covenants of the Purchaser hereunder, the Vendor shall sell, and the Purchaser (relying on the representations, warranties and indemnities of the Vendor in this Agreement) shall purchase, the Shares, free from all claims or encumbrances as at the Closing Date, such sale and purchase to be for the consideration detailed in Section 3.

  2.2 The Vendor shall remain entitled to all dividends and distributions declared, paid or made in respect of the Shares and all accretions on the Shares until the date of completion of the transfer of the Shares in accordance with this Agreement.

  3. CONSIDERATION

  The consideration payable for the Shares (the 'Purchase Price') shall be the Rupee equivalent of US$ 115,131,000 (US dollars One Hundred and Fifteen Million One Hundred and Thirty One Thousand only), such Purchase Price to be paid to the Vendor in Rupees, converted at the Bombay Spot Rate prevailing on the Closing Date in cash on the Closing Date. The Purchaser shall pay or cause to be paid the Purchase Price to the Vendor in accordance with the provisions of this Agreement after deducting tax at source consistent with the applicable law. For this purpose, 'Bombay Spot Rate' means the rate which appears on the Reuters Screen 'RBIB' as of 1 P.M. Indian Standard Time on the Closing Date.

  4. CONDITIONS PRECEDENT 

  4.1 Conditions to be Fulfilled by the Vendor

  4.1.1 The obligations of the Purchaser hereunder shall be subject to the Vendor complying with or fulfilling the following conditions precedent ('Conditions Precedent').

  4.1.1.1 Corporate Proceedings: The performance and fulfillment in all material respects of all corporate and shareholder proceedings of the Vendor necessary to authorize and approve the sale of the Shares, such as, if applicable, Resolutions by the Board of Directors of the Vendor approving and authorizing sale of the Shares as contemplated herein to the Purchaser. Certified true copies of a power of attorney authorizing the execution of this Agreement on behalf of the Vendor, in a form reasonably acceptable to the Purchaser, shall have been provided to the Purchaser. 

 

4.1.1.2 FCTRS: The Vendor shall have completed the draft of the Form FCTRS and the following documents:

 (a) consent letter to the transfer duly signed by the Vendor indicating the details of transfer i.e. number of shares to be transferred, the name of the Company and the price at which shares have been transferred.

 (b) No- Objection/Tax Clearance Certificate from Income Tax Authority and/or Chartered Accountant. 

 4.1.1.4 Warranties: No breach of the representations or warranties of the Vendor hereto shall have occurred and the representations and warranties of the Vendor shall continue to be true with reference to the facts and circumstances as on Closing (as defined below). 

 4.1.1.5 Governmental Approvals and Consents: All Governmental Approvals, if any, required to be obtained by the Vendor in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated herein (save and except those to be completed or obtained on Closing) shall have been applied for and if so required under law, obtained prior to the Closing. The Vendor shall have provided the Purchaser with a legal opinion from Wadia Ghandy and Co. in a form reasonably satisfactory to the Purchaser, as to the sufficiency of such Required Governmental Approvals. Complete and correct copies of such Required Governmental Approvals and any applications made in this regard, shall have been provided to the Purchaser. 

 4.1.2 The Vendor shall exercise its best endeavours to fulfill the Conditions Precedent mentioned in Section 4.1.1 above. The Vendor shall on fulfillment of its Conditions Precedent certify such fulfillment to the Purchaser together with evidence thereof.

  4.2 Conditions to be Fulfilled by the Purchaser

  4.2.1 The obligations of the Vendor hereunder shall be subject to the Purchaser, and/or the Company (as applicable) complying with or fulfilling the following conditions precedent ('Conditions Precedent').

 4.2.1.1 Corporate Proceedings: The performance and fulfillment in all material respects of all corporate and shareholder proceedings of the Purchaser necessary to authorize and approve the purchase of the Shares, such as, if applicable, resolutions by the Board of Directors of the Purchaser approving and authorizing purchase of the Shares as contemplated herein from the Vendor and the purchase thereof by the Purchaser. Certified true copies of the abovementioned resolutions or other similarly effective documents, in a form reasonably acceptable to the Vendor, shall have been provided to the Vendor. 

 

4.2.1.3 FCTRS: The Purchaser shall have provided to the Vendor the following documents:

  (a) Consent letter duly signed by the Purchaser indicating the details of transfer i.e. number of shares to be transferred, the name of the Company and the price at which shares have been transferred. 

 (b) Certificate from a Chartered Accountant indicating fair value of shares. 

 (c) Undertaking from the Purchaser to the effect that the pricing guidelines specified in the RBI A.P. (DIR Series) Circular No. 16 dated October 4, 2004 have been adhered to.

 (d) The shareholding pattern of the Company after the acquisition of shares by the Purchaser.

4.2.1.4 Warranties: No breach of the representations or warranties of the Purchaser hereto shall have occurred and the representations and warranties of the Purchaser shall continue to be true with reference to the facts and circumstances as on Closing, as defined below. 

 4.2.1.5 Governmental Approvals and Consents. All Governmental Approvals, if any, required to be obtained by the Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated herein shall have been applied for and if so required under law, obtained prior to the Closing. The Purchaser shall have provided the Vendor with a legal opinion from Crawford Bayley & Co. in a form reasonably satisfactory to the Purchaser, as to the sufficiency of such Required Governmental Approvals. Complete and correct copies of such Required Governmental Approvals and any applications made in this regard, shall have been provided to the Purchaser.

  4.2.2 The Purchaser shall exercise its best endeavours to fulfill the Conditions Precedent mentioned in Section 4.2.1 above. The Purchaser shall, on fulfillment of its Conditions Precedent certify such fulfillment to the Vendor together with evidence thereof.

 4.3 The obligations of the Vendor and the Purchaser shall be subject to the fulfillment of the following Conditions Precedent: 

 4.3.1 Waiver of Rights under Share Subscription Agreement: The Vendor, the Purchaser and the Company shall enter into a Waiver and Termination Agreement in the form attached hereto as Exhibit A.

 4.3.2 Citibank N.A. (being an authorized dealer) shall have confirmed that the form FCTRS and all enclosures thereto (prepared as per Sections 4.1 and 4.2 above) are in order and that, subject to the same being executed, they shall on Closing, confirm the same and remit the Purchase Price to the Vendor.

 

4.3.3 Consummation of the transactions contemplated herein shall not have been (and shall not have been threatened to be) restrained, enjoined or otherwise prohibited or made illegal by any applicable Law.

 4.3.4 All actions required under the terms of the Articles of Association for the transfer of the Shares under the terms hereof shall have been taken.

 4.3.5 The Shares shall have been dematerialized, for which purpose each of the Company and the Vendor shall render its reasonable assistance. 

 4.3.6 The Purchaser and the Vendor shall have entered into an escrow agreement (the 'Escrow Agreement') in a mutually agreed form, with a mutually agreed escrow agent (the 'Escrow Agent'). Upon the Company notifying the Vendor that it is possible to dematerialize the Shares, the Vendor shall, pursuant to Section 3.1 (a) of the Escrow Agreement, notify Citibank N.A., Hong Kong to instruct the Vendor DP (as defined therein) to proceed to arrange for the completion of the dematerialization of the Shares and the credit of the same to the depositary account of the Vendor. 

 The Purchaser and the Vendor shall exercise their best endeavours to fulfill the Conditions Precedent mentioned in this clause 4.3.

  4.3.7 In the event all the Conditions Precedent are not fulfilled to the satisfaction of the Purchaser and the Vendor within 120 days from the date of this Agreement or such additional period as agreed to by the Parties then either of the Purchaser and the Vendor shall have the right to rescind this Agreement. Any such rescission shall be without prejudice to any accrued rights of the Parties hereunder.

 4.4 Fulfillment of Conditions Precedent

  Immediately upon the fulfillment of the Conditions Precedent in accordance with the above, the Parties shall agree upon the Closing Date in the manner specified in Section 5 below.

  5. CLOSING

  5.1 The closing by delivery of Shares to the Purchaser (the 'Closing') shall be as soon as practicable after the satisfaction of all Conditions Precedent as set forth in Section 4 above but in any event after July 3, 2006 and no later than 120 (one hundred and twenty) days from the date of execution of this Agreement (such date on which Closing occurs is hereinafter referred to as the 'Closing Date') and at the offices of the Purchaser or at such location as is mutually agreed to in writing by the Parties. 

  5.2 At the Closing, the Vendor shall file form FCTRS with the Authorized Dealer, being Citibank N.A. and upon certification of the said Form FC-TRS by the Authorized Dealer and delivery thereof to the Company (with a copy thereof to the Purchaser and the Vendor), the following actions shall take place:

 

 (a) the Purchaser shall transfer the Purchase Price to such account of the Vendor as the Vendor may specify and shall provide evidence thereof to the Escrow Agent and to the Vendor by way of (i) a confirmation from ICICI Bank Limited that a payment of the INR equivalent of USD 115,131,000 (US dollars One Hundred and Fifteen Million One Hundred and Thirty One Thousand only) (converted at the Bombay Spot Rate and less any taxes required to be withheld under law) has been made to the Vendor and (ii) an acknowledgment of receipt of such confirmation from the Vendor;

 (b) thereupon in accordance with the terms of the Escrow Agreement, the Escrow Agent shall release the transfer instructions in respect of the Shares in accordance with the Escrow Agreement so that the Shares are transferred to the account maintained by the Purchaser with the Purchaser's DP.

 6.	REPRESENTATIONS AND WARRANTIES OF THE VENDOR

 The Vendor hereby represents and warrants to the Purchaser as follows:

 6.1 Organization, Standing and Power: The Vendor (a) is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) has all requisite power and authority to enter into and consummate the transactions contemplated by this Agreement. 

 6.2 Execution and Delivery; Enforceability. The execution and delivery by the Vendor of this Agreement and the performance by it of each of its obligations hereunder have been duly authorized by all necessary corporate action on the part of the Vendor. The Vendor has duly executed and delivered this Agreement, and the Vendor's obligations under this Agreement constitute the Vendor's legal, valid and binding obligations, enforceable against it in accordance with their terms except as enforcement may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally or equitable principles relating to or limiting creditors' rights generally.

 6.3 No Conflicts; Consents. The execution and delivery by the Vendor of this Agreement and the performance by it of each of its obligations hereunder does not and will not conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to loss of a material benefit under, or result in the creation of any Encumbrance upon the Shares by reason of, any provision of (i) the certificate of incorporation, bye-laws or similar organizational documents, as applicable, of the Vendor, and (ii) any Law applicable to the Vendor (iii) any provision of any judgment, decree or order to which the Vendor is a party or by which it is bound; (iv) any material contract, obligation or commitment to which the Vendor is a party or by which it is bound. Other than as contemplated herein, the Vendor is not required to obtain the consent of, or make any registration, declaration or fili

ng with, any governmental entity (other than filings under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000) in connection with the execution and delivery of this Agreement or the performance by it of its obligations hereunder.

 6.4 Brokers and Finders. The Vendor has not retained any investment banker, broker, or finder in connection with the transactions contemplated by this Agreement.

 6.5 Shares.

 (a) The Shares are, (i) duly and validly authorized and issued and are fully paid; and (ii) shall be free from any Encumbrances other than those accepted or imposed by the holders thereof, and the applicable Indian laws, federal and state securities laws restrictions on transfer to which such Shares are subject. 

 (b) Other than under the terms of the Share Subscription Agreement and the Articles of Association of the Company, there are no preemptive rights or similar rights on the part of any holders of any Shares. 

 6.6 Litigation. To the best of the Vendor's knowledge, there is no legal action, proceeding or investigation pending or, threatened, in respect of the Shares, or that questions the validity of this Agreement, or the right of the Vendor to enter into this Agreement or to consummate the transactions contemplated hereby. 

 

 

 7. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

  The Purchaser hereby represents and warrants to the Vendor and the Company as follows:

  7.1 Organization, Standing and Power. The Purchaser (a) is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and (b) has all requisite power and authority to enter into and consummate the transactions contemplated by this Agreement.

 7.2 Execution and Delivery; Enforceability. The execution and delivery by the Purchaser of this Agreement and the performance by it of each of its other obligations hereunder have been duly authorized by all necessary corporate action on the part of the Purchaser. The Purchaser has duly executed and delivered this Agreement, and this Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms except as enforcement may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally or equitable principles relating to or limiting creditors'; rights generally.

 7.3 No Conflicts; Consents. The execution and delivery by the Purchaser of this Agreement and the performance by it of each of its other obligations hereunder does not and will not conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to loss of a material benefit under, or result in the creation of any Encumbrance upon the Shares by reason of, any provision of (i) the certificate of incorporation, memorandum and articles of association, as applicable, of the Purchaser or any of its subsidiaries, (ii) any Law applicable to the Purchaser or any of its subsidiaries or their respective properties or assets, (iii) any provision of any judgment, decree or order to which the Purchaser is a party or by which it is bound; (iv) any material contract, obligation or commitment to which the Purchaser is a party or by which it is bound. Other than as contemplated

 herein, the Purchaser is not required to obtain the consent of, or make any registration, declaration or filing with, any governmental entity in connection with the execution and delivery of this Agreement or the performance by it of its obligations hereunder.

 7.4 The Shares to be received by Purchaser will be acquired for investment for such Purchaser';s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof such that such Purchaser would constitute an 'underwriter' under the U.S. Securities Act of 1933, as amended (the 'Securities Act') or any other U.S. or non-U.S. applicable securities laws.

 7.5 The Purchaser understands and acknowledges that (i) the sale of the Shares to be purchased hereunder has not been registered or qualified under the Securities Act or any other U.S. or non-U.S. applicable securities laws, and (ii) such Shares must be held indefinitely unless subsequently registered or qualified under the Securities Act or any other U.S. or non-U.S. applicable securities laws or an exemption from such registration or qualification is available (such as Rule 144 or Rule 144A promulgated under the Securities Act).

 7.6 The Purchaser is an 'accredited investor' within the meaning of Regulation D promulgated under the Securities Act and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of its investment hereunder.

 7.7 None of the assets of the Purchaser or any Affiliate of the Purchaser has been reported as blocked assets to the Office of Foreign Assets Control, U.S. Department of Treasury ('OFAC'), pursuant to the OFAC reporting requirements (31 C.F.R. Section 501.603). None of the Purchaser nor any Affiliates of such Purchaser is a person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC (such person, an 'OFAC Listed Person') or is a department, agency or instrumentality of, or is otherwise controlled by or acting on or behalf of, directly or indirectly, (i) the government or any country that is the target of any of the several economic sanctions programs administered by OFAC (31 C.F.R. Parts 500 through 598), or (ii) any OFAC Listed Person (either of the entities described in (i) or (ii), a 'Blocked Person'). None of the funds used to pay the Purchase Price or any other amounts pursuant hereto constitute or will constitute funds obtained

from or on behalf of any OFAC Listed Person or any Blocked Person and neither such Purchaser nor any Affiliate of such Purchaser has entered into any agreement or understanding in respect of the Shares with any OFAC Listed Person or any Blocked Person (a 'Blocked Person Agreement').

 

7.8 The Purchaser has no current intent or expectation to, hereafter: (i) sell, directly or indirectly, any of the Shares to (A) any OFAC Listed Person or any Blocked Person, (B) any third party, the assets or properties of which or any Affiliate thereof have been reported as blocked assets to OFAC pursuant to the OFAC reporting requirements (31 C.F.R. Section 501.603), or (C) any third party that uses funds obtained from or on behalf of an OFAC Listed Person or a Blocked Person; or (ii) enter into any Blocked Person Agreement.

 7.9 Brokers and Finders. The Purchaser has not retained any investment banker, broker, or finder in connection with the transactions contemplated by this Agreement.

7.10 Litigation. To the best of the Purchaser';s knowledge, there is no legal action, proceeding or investigation pending or, threatened, that questions the validity of this Agreement, or the right of the Purchaser to enter into this Agreement or to consummate the transactions contemplated hereby.

8. GOVERNING LAW 

  This Agreement is governed by and shall be construed in accordance with the laws of India, excluding any conflict-of-laws rule or principle that might refer the governance or construction of this Agreement to the law of another jurisdiction.

 9. ARBITRATION

 9.1 Any dispute, controversy or claim, whether based on contract, tort, statute, fraud, misrepresentation or any other legal theory between any parties hereto arising out of or relating to this Agreement, or the breach, termination, interpretation, construction, or validity thereof, (a 'Dispute'), shall be resolved in accordance with the procedures described in this Section 9.

  9.2 Any Dispute arising out of, related to, or in connection with this Agreement (an 'Arbitrated Dispute') shall, be fully and finally settled and determined by binding arbitration in accordance with the then-current version of the UNCITRAL Arbitration Rules (the 'Rules'), and judgment upon an award arising in connection therewith may be entered in any court of competent jurisdiction. The reference shall be to a sole arbitrator if the parties to the dispute, controversy or claim mutually agree upon a sole arbitrator within the period specified by the Rules failing which the reference shall be to three arbitrators who shall be appointed as under:

 - the Vendor and the Purchaser shall each appoint one arbitrator; and

 - The two appointed arbitrators shall appoint the third arbitrator.

 If any person fails to appoint an arbitrator within the time specified by the Rules then such arbitrator shall be appointed as per the Rules. Any arbitration, mediation, court action, or other adjudicative proceeding arising out of, related to, or in connection with this Agreement shall be held in Singapore (unless all parties to the proceeding agree otherwise), or, if such proceeding cannot be lawfully held in such location, then at Bangalore. All arbitration proceedings and submissions, and the arbitration award, shall be in the English language.

 

9.3 The arbitrators shall apply Indian substantive law to all aspects of the Arbitrated Dispute, including but not limited to, the interpretation and validity of the Agreement, the rights and obligations of the parties, the mode of performance and the remedies and consequences of the breach of the Agreement. The parties hereby irrevocably consent to the exclusive jurisdiction of the courts in Bangalore, India, ('Competent Court') for all purposes in connection with arbitration or an Arbitrated Dispute, including: (a) confirmation or vacation of the arbitration award; (b) enforcement of the arbitration award; and (c) issuance of provisional remedies to protect rights, interests, assets and property, including but not limited to temporary or preliminary injunctive relief, to ensure ultimate satisfaction of the arbitration award.

 9.4 The parties may, without inconsistency with this Agreement to arbitrate, seek from the Competent Court any interim measures or provisional remedies pending the establishment of the arbitral tribunal or until the arbitral tribunal';s final award has been satisfied. The parties agree that the award made by the arbitrators shall be final and binding on the parties, and they waive any right to appeal the arbitral award, to the extent that an appeal may be lawfully waived.

 9.5 The prevailing party or parties in any arbitration, mediation, court action, or other adjudicative proceeding arising out of, related to, or in connection with this Agreement shall be reimbursed by the party or parties who do not prevail for their reasonable attorneys';, accountants'; and experts'; fees and related expenses (including reasonable charges for in-house legal counsel and related personnel) and for the costs of such proceeding.

 10. ENFORCEMENT OF AGREEMENT

 The Parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement; and to enforce specifically the terms and provisions of this Agreement before the Competent Court, this being in addition to any other remedy to which they may be entitled at law or in equity.

11. CONFIDENTIALITY

  11.1 Each party hereto shall not disclose to any third party any of the terms of this Agreement, other than:

  (a) on a 'need-to-know' basis under an obligation of confidentiality to a party';s Affiliates and its respective directors, officers, employees, agents, advisors (including, without limitation, attorneys, accountants, consultants, bankers and financial advisors) and other representatives (collectively, 'Representatives') who have been advised of its confidential nature; and (b) to the extent required by a court of competent jurisdiction or other governmental authority, as may be required under applicable law to be disclosed as a part of public disclosure documents, or otherwise as required by law. Each party shall be responsible for any breach of this clause by its Representatives and each party, at its sole expense, shall take all commercially reasonable measures to restrain its Representatives from prohibited or unauthorized disclosure or use of the terms of this Agreement. 

 

11.2 The Receiving Party shall (i) not disclose to any third party or use any Confidential Information of the Disclosing Party, except as expressly permitted in this Agreement, and (ii) take all reasonable measures to maintain the confidentiality of the Disclosing Party';s Confidential Information, which will in no event be less than the measures it uses to maintain the confidentiality of its own information of similar importance. Notwithstanding the foregoing, (a) a Receiving Party may make any disclosure of Confidential Information as to which the Disclosing Party gives its prior written consent; (b) any Confidential Information may be disclosed on a 'need-to-know' basis under an obligation of confidentiality to the Receiving Party';s Affiliates and their respective directors, officers, employees, agents, advisors (including, without limitation, attorneys, accountants, consultants, bankers and financial advisors) and other representatives (collectively, 'Representatives') who have been advised of

 the confidential nature of such information; and (c) the Receiving Party may make any disclosure of Confidential Information to the extent required by a court of competent jurisdiction or other governmental authority, as may be required under applicable law to be disclosed as a part of public disclosure documents, or otherwise as required by law. Each Party shall be responsible for any breach of this Agreement by its Representatives and at its sole expense, shall take all reasonable measures to restrain its Representatives from prohibited or unauthorized disclosure or use of the Disclosing Party';s Confidential Information. Upon termination of this Agreement, each Party shall return all Confidential Information of the other party to the party, to which the Confidential Information relates.

 11.3 If either Party or its Representatives are requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, such Party will promptly notify the other Party (or the Company, as applicable) of such request or requirement so that such Party (or the Company, as applicable) may seek to avoid or minimize the required disclosure and/or to obtain an appropriate protective order or other appropriate relief to ensure that any information so disclosed is maintained in confidence to the maximum extent possible by the agency or other person receiving the disclosure, or, in the discretion of such Party (or the Company, as applicable), to waive compliance with the provisions of this Agreement. A Party will use its reasonable efforts, in cooperation with and at the cost of, the other Party or otherwise, to avoid or minimize the required disclosure and/or to obtain such protective order

 or other relief. If, in the absence of a protective order or the receipt of a waiver hereunder, a Party or its Representatives are compelled to disclose the Confidential Information or else stand liable for contempt or suffer other sanction, censure or penalty, such Party will disclose only so much of the Confidential Information to the third party compelling disclosure as it believes in good faith on the basis of advice of counsel is required by law. Such Party shall give the other Party prior notice of the Confidential Information it believes it is required to disclose.

11.4 Any breach of the restrictions contained in this Section 11 is a breach of this Agreement that may cause irreparable harm to the non-breaching party. Any such breach shall entitle the non-breaching party to injunctive relief in addition to all legal remedies.

 11.5 This clause 11 shall cease to have effect on the expiry of 24 months from the date of this Agreement. 

 12. INDEMNITY

 12.1 Indemnification by Vendor.

 (a) From and after the Closing Date, the Vendor shall (except to the extent prohibited by Law) indemnify, defend and hold harmless, the Purchaser, against any direct losses, damages, claims or liability ('Damages') arising out of or in connection with any material misrepresentation or any breach of any representation or warranty of the Vendor in Article 6.

 (b) The maximum amount of Damages against which the Purchaser shall be entitled to be indemnified under Section 12.1 shall be US$115,000,000 (US dollar one hundred and fifteen million only). 

 (c) Any payments under this Section 12.1 shall be made on an after-tax basis, which for these purposes will be determined by taking into account all tax benefits actually realized and all tax detriments actually suffered, in each case, on a cash basis. To the extent permissible by law, all indemnification payments made under this Section 12 shall be deemed to be made as adjustments to the Purchase Price.

 (d) No indemnification under Section 12.1 shall be due unless the aggregate amount of Damages (aggregating all indemnifiable matters under this Section) due exceeds US$100,000 (US dollars One Hundred Thousand only), and then only for any amount of Damages in excess of US$100,000 (US dollars One Hundred Thousand only).

	 

12.2 Indemnification by Purchaser.

  (a) From and after the Closing Date, the Purchaser shall (except to the extent prohibited by Law) indemnify, defend and hold harmless, the Vendor, against any Damages arising out of or in connection with any material misrepresentation or any breach of any representation or warranty of the Vendor in Article 7.

 (b) The maximum amount of Damages against which the Vendor shall be entitled to be indemnified under Section 12.2 shall be US$115,000,000 (US dollars One Hundred and Fifteen Million only).

 (c) Any payments under this Section 12.2 shall be made on an after-tax basis, which for these purposes will be determined by taking into account all tax benefits actually realized and all tax detriments actually suffered, in each case, on a cash basis.

 (d) No indemnification under Section 12.2 shall be due unless the aggregate amount of Damages (aggregating all indemnifiable matters under this Section) due exceeds US$100,000 (US dollars One Hundred Thousand only), and then only for any amount of Damages in excess of US$100,000 (US dollars One Hundred Thousand only).  

12.3 The party or parties making a claim for indemnification under this Article 12 is, for the purposes of this Agreement, referred to as the 'Indemnified Party'. Any Indemnified Party wishing to claim indemnification pursuant to this Article 12, upon learning of any claim, action, suit, proceeding or investigation, shall promptly provide the party from whom indemnification is to be sought (the 'Indemnifying Party') with a written notice specifying the nature of such claim or demand and the amount or estimated amount (which estimate (except as set forth in the next sentence) shall not be conclusive of the final amount of such claim and demand), but the failure to so notify shall not relieve the Indemnifying Party of any liability it may have to such Indemnified Party unless such failure materially prejudices the Indemnifying Party and then only the extent the Indemnifying Party is so prejudiced. In the event of any such claim, action, suit, proceeding or investigation arising after the Closi

ng Date, the Indemnifying Party shall have the right to assume the defense thereof using counsel reasonably acceptable to the Indemnified Party, and the Indemnifying Party shall not be liable to the Indemnified Party for any legal expenses of other counsel in connection with the defenses thereof, except that if the Indemnifying Party fails to assume such defense, (i) the Indemnified Party may retain counsel reasonably satisfactory to the Indemnifying Party, provided that, if the Indemnifying Party does not respond within 15 working days of receipt of an intimation of a proposed appointment of counsel by the Indemnified Party, then the Indemnified Party shall be entitled to appoint counsel (such appointment to be made by the Indemnified Party acting reasonably) and (ii) the Indemnifying Party shall be obligated pursuant to this Section 13.2 to pay for only one separate firm of counsel, provided, that the Indemnifying Party shall not have any obligation hereunder to any Indemnified Party if and when a court of

 competent jurisdiction shall ultimately determine that the indemnification of such Indemnified Party in the manner contemplated hereby is prohibited by law.

	 

12.4 The indemnification obligations of the Vendor and its affiliates under this Article 13 shall constitute the sole and exclusive remedies of the Purchaser and its representatives or affiliates for the breach of any covenant, agreement, representations or warranty in this Agreement by Vendor, other than the right of specific performance hereunder.

13. MISCELLANEOUS

  13.1 Further Assurances: From time to time, as and when requested by any party, each party shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions may be reasonably necessary or desirable to consummate the transactions contemplated by this Agreement.

 13.2 Fees and Expenses: The Purchaser and the Vendor, each agree to bear all of its own expenses in connection herewith and with the transactions contemplated hereby. Provided that the Purchaser shall be responsible for any and all stamp duty on and the transfer of the Shares hereunder. The stamp duty applicable on this Agreement shall be borne by the Purchaser and the Vendor in equal measure. 

 13.3 Waivers; No Good Exercise of Rights: No failure or delay on the part of a party hereto in exercising any right, power or privilege hereunder and no course of dealing among the parties and the Company shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative and not exclusive of any other rights or remedies which a party hereto would otherwise have at law or in equity or otherwise. No party hereto shall be entitled to any recovery in respect of punitive damages or any recovery for indirect or consequential damages suffered by it by reason of any breach of this Agreement by any other party hereto.

 13.4 Assignment; Binding Effect; Benefit: Except as expressly contemplated herein, neither this Agreement, nor any of the rights, interests or obligations hereunder or thereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and thereto and their respective successors and permitted assigns. In the event that there shall be a successor to a party (whether by reason of a change of control, business combination transaction or otherwise involving such party), the successor (i) shall continue to have all of the rights and obligations applicable to such party hereunder, and (ii) shall execute such documentation as is necessary or appropriate to evidence the foregoing. Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto or their re

spective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement.

	 

13.5 Amendments: This Agreement may not be amended or modified except by an instrument in writing signed by or on behalf of each of the parties hereto.

 13.6 Entire Agreement: This Agreement, constitutes the entire agreement between the Purchaser and the Vendor relative to the subject matter hereof. All previous agreements between the Purchaser and the Vendor in relation to the subject matter of this Agreement stand terminated and are superseded by this Agreement.

 13.7 Counterparts: This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 13.8 Notices: Any notice required or permitted hereunder shall be given in writing and shall be conclusively deemed effectively given (i) upon personal delivery, or (ii) seven (7) days after following proper deposit in the mail (and if outside the United States, sent by airmail), addressed to the Purchaser or the Vendor (as the case may be) at the addresses set out below or at such other address as Vendor or the Purchaser may designate from time to time to the other parties, such designation to be in accordance with the provisions of this Section:

  (a) IF TO THE PURCHASER:

  

  INFOSYS TECHNOLOGIES LIMITED

  ELECTRONICS CITY, HOSUR ROAD,

  BANGALORE 560 100

  

  Attn: Mr. NANDAN M. NILEKANI,

  CHIEF EXECUTIVE OFFICER, PRESIDENT AND MANAGING DIRECTOR

  

  Ph: +91-80-2852-0261

  Fax: +91-80-2852-0362

 (b) IF TO THE VENDOR:

    

  CITICORP INTERNATIONAL FINANCE CORPORATION

  NEW CASTLE CORPORATE COMMONS

  ONE PENN'S WAY, NEW CASTLE

  DELAWARE, 19720

  USA

  

  Attn: WILLIAM H. WOLF

  

  WITH A COPY TO:

  

  CITIBANK PRIVATE EQUITY

  CITBANK N.A.

  JEEVAN VIHAR BUILDING, GR. FLOOR

  3 SANSAD MARG, NEW DELHI 110001

  INDIA

  

  Ph#: +91-11- 2334 1981

  FAX# +91-11- 2374 7450 

  

  Attn: PRIVATE EQUITY DIVISION

	 

13.9 Survival of Warranties: The warranties, representations and covenants of the parties contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing, provided, however, that such representations and warranties need only be accurate as of the date of such execution and delivery and as of the Closing. All representations and warranties shall terminate on the expiry of three years from the Closing Date, save and except the warranty of the Vendor in Section 6.5 above, which shall terminate on the expiry of one year from the Closing Date.

 13.10 Facsimile Signatures: Any signature page delivered by fax machine or telecopy machine shall be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment thereto. Any party who delivers such a signature page agrees to later deliver an original counterpart to any party which requests it. 

 13.11 Share Splits: Without prejudice to the other provisions of this Agreement, all references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any bonus issue, share dividend, split, combination or other recapitalization of shares by the Company occurring after the date of this Agreement.

  13.12 Severability: If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the parties to the extent possible. In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the full extent possible.

 13.13 Publicity. Each Party shall pre-clear with the other Party, all press releases,
  website inserts and marketing collateral concerning the sale or purchase
  of the Shares under this Agreement or in connection with the investment
  in the Company, save and except such releases as are required by any law or regulation or legal process or to defend a claim brought against the Parties or as requested by any examiner or other regulatory authority, including, without limitation, the Federal Reserve Board, the U.S. Securities and Exchange Commission, the Securities and Exchange Board of India, the NASDAQ Stock Market, the New York Stock Exchange or any other recognized self-regulatory organization; provided that such clearance shall not be unreasonably withheld or delayed. 

  13.14 Each Party waives its rights under the terms of the Share Subscription Agreement and the Articles of Association of the Company in so far as the same concern or conflict with the transactions contemplated herein.

  13.15 The Purchaser shall ensure that the Articles of Association of the Company are amended to remove references to the Purchaser within 90 days of Closing. 

	 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 THE VENDOR: CITICORP INTERNATIONAL FINANCE CORPORATION 

 By: ALFRED RODRIGUES 

 Title: Constituted Attorney 

  

 THE PURCHASER: INFOSYS TECHNOLOGIES LIMITED

  

By: V. BALAKRISHNAN 

 Title: SENIOR VICE PRESIDENT AND COMPANY SECRETARY

   

	 

  
      

     APRIL 20 2006 

      

      

      

    __________________________________________________________________ 

     WAIVER AND TERMINATION AGREEMENT 

     ___________________________________________________________________ 

     

     

     

     

     

    

		 

     

     

    WAIVER AND TERMINATION AGREEMENT

     THIS WAIVER AND TERMINATION AGREEMENT (this 'Agreement') is made as of April 20, 2006 by and among: 

    

        (1) CITICORP INTERNATIONAL FINANCE CORPORATION, a Delaware Corporation having its principal place of business at New Castle Corporate Commons, One, Penn's Way, New Castle Delaware 19720, USA, (hereinafter, the 'Vendor', which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) of the First Part;

    AND

     (2) INFOSYS TECHNOLOGIES LIMITED, an Indian corporation registered under the Indian Companies Act, 1956 and having its registered office at Electronics City, Hosur Road, Bangalore 560 100, (hereinafter, the 'Purchaser', which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) of the Second Part;

     AND

     (3) PROGEON LIMITED, an Indian corporation registered under the Indian Companies Act, 1956 and having its registered office at 26/3, 26/4 and 26/6, Electronics City, Hosur Road, Bangalore 560 100, (hereinafter, the 'Company', which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) of the Third Part;

    

    The Vendor, the Purchaser and the Company are hereinafter referred to as the 'Parties'.

    

		 

    R E C I T A L S:

    

      WHEREAS:

     (i) The Company is a public company limited by shares incorporated in April, 2002 and having its registered office at 26/3, 26/4 and 26/6, Electronics City, Hosur Road, Bangalore 560 100;

     (ii) Pursuant to a Share Subscription and Shareholders Agreement dated as of June 14, 2002 among the Company, the Vendor and the Purchaser ('SSSA'), the Vendor holds 87,50,000 (Eighty Seven Lakh and Fifty Thousand) equity shares of the Company, ('Shares') each of the face value of Rs. 10/- (Rupees ten only);

     (iii) The Vendor has agreed with the Purchaser to sell the Shares and has for this purpose executed a Share Purchase Agreement with the Purchaser ('SPA') of even date, under the terms of which, inter alia, the Vendor has agreed, on and subject to the terms and conditions set out therein, to Sell the Shares to the Purchaser and the Purchaser has agreed to purchase the Shares from the Vendor and the Vendor and the Purchaser have undertaken certain confidentiality obligations;

     (iv) Upon Closing (as defined in the SPA), the Parties wish to terminate the SSSA;

    

      NOW, THEREFORE, in consideration of these presents and the mutual agreements herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto, intending to be legally bound by the terms hereof applicable to each of them, hereby agree as follows:

    

    

		 

    1. INTERPRETATION

    

      In this Agreement, (unless the context requires otherwise):- 

     (a) Descriptive Headings: The descriptive headings herein have been inserted for convenience only and shall not be deemed to limit or otherwise affect the construction of any provisions hereof;

     (b) References to articles, sections, clauses, recitals, paragraphs, exhibits, schedules and annexures are to articles, sections, clauses, recitals, paragraphs, exhibits, schedules and annexures to, this Agreement;

     (c) References to 'include' or 'including' shall not be construed as limiting the generality of any foregoing words;

     (d) Words denoting the singular include the plural and vice versa;

     (e) Reference to any person includes any legal or natural person, partnership, firm, trust, company, Government or local authority, department or other body (whether corporate or unincorporated); and

     (f) Each article, section, clause and sub-clause of this Agreement constitutes a separate and distinct undertaking, covenant and/or provision hereof. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law.

    2. TERMINATION OF THE SSSA:

     2.1 Upon Closing (as defined in the SPA) of the SPA, the Parties agree that the SSSA stands terminated with immediate effect. It is clarified that if the SPA is terminated for any reason, then this Agreement shall stand terminated and the SSSA shall continue in full force and effect.

     3. WAIVER OF RIGHTS/OBLIGATION UNDER THE SSSA:

     3.1 Upon termination of the SSSA at Closing as set out in clause 2.1, the Parties hereby waive their rights and obligations arising from the SSSA and each Party hereby releases and discharges the other Parties from all actions, proceedings, claims and demands whatever in respect of the SSSA.

    

    

		 

    4. GOVERNING LAW.

    

    This Agreement is governed by and shall be construed in accordance with the laws of India, excluding any conflict-of-laws rule or principle that might refer the governance or construction of this Agreement to the law of another jurisdiction.

    5. ARBITRATION

     5.1 Any dispute, controversy or claim, whether based on contract, tort, statute, fraud, misrepresentation or any other legal theory between any Parties hereto arising out of or relating to this Agreement, or the breach, termination, interpretation, construction, or validity thereof, (a 'Dispute'), shall be resolved in accordance with the procedures described in this Section 5.

     5.2 Any Dispute arising out of, related to, or in connection with this Agreement (an 'Arbitrated Dispute') shall, be fully and finally settled and determined by binding arbitration in accordance with the then-current version of the UNCITRAL Arbitration Rules (the 'Rules'), and judgment upon an award arising in connection therewith may be entered in any court of competent jurisdiction. The reference shall be to a sole arbitrator if the Parties to the dispute, controversy or claim mutually agree upon a sole arbitrator within the period specified by the Rules failing which the reference shall be to three arbitrators who shall be appointed as under:

     - the Vendor and the Purchaser shall each appoint one arbitrator; and

     - The two appointed arbitrators shall appoint the third arbitrator.

     If any person fails to appoint an arbitrator within the time specified by the Rules then such arbitrator shall be appointed as per the Rules. Any arbitration, mediation, court action, or other adjudicative proceeding arising out of, related to, or in connection with this Agreement shall be held in Singapore (unless all Parties to the proceeding agree otherwise) or, if such proceeding cannot be lawfully held in such location, then at Bangalore. All arbitration proceedings and submissions, and the arbitration award, shall be in the English language.

    

      5.3 The arbitrators shall apply Indian substantive law to all aspects of the Arbitrated Dispute, including but not limited to, the interpretation and validity of the Agreement, the rights and obligations of the Parties, the mode of performance and the remedies and consequences of the breach of the Agreement. The Parties hereby irrevocably consent to the exclusive jurisdiction of the courts in Bangalore, India, ('Competent Court') for all purposes in connection with arbitration or an Arbitrated Dispute, including: (a) confirmation or vacation of the arbitration award; (b) enforcement of the arbitration award; and (c) issuance of provisional remedies to protect rights, interests, assets and property, including but not limited to temporary or preliminary injunctive relief, to ensure ultimate satisfaction of the arbitration award.

    

	 

    5.4 The Parties may, without inconsistency with this agreement to arbitrate, seek from the Competent Court any interim measures or provisional remedies pending the establishment of the arbitral tribunal or until the arbitral tribunal's final award has been satisfied. The Parties agree that the award made by the arbitrators shall be final and binding on the Parties, and they waive any right to appeal the arbitral award, to the extent that an appeal may be lawfully waived.

    

    5.5 The prevailing Party or Parties in any arbitration, mediation, court action, or other adjudicative proceeding arising out of, related to, or in connection with this Agreement shall be reimbursed by the Party or Parties who do not prevail for their reasonable attorneys', accountants' and experts' fees and related expenses (including reasonable charges for in-house legal counsel and related personnel) and for the costs of such proceeding.

    6. MISCELLANEOUS

     6.1 Further Assurances: From time to time, as and when requested by any Party, each Party shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as may be necessary or desirable to consummate the transactions contemplated by this Agreement.

    6.2 Fees and Expenses: The Purchaser, the Company and the Vendor, each agree to bear all of its own expenses in connection herewith and with the transactions contemplated hereby.

     6.3 Waivers; No Good Exercise of Rights: No failure or delay on the part of a Party hereto in exercising any right, power or privilege hereunder and no course of dealing among the Parties, any of their respective Affiliates and the Company shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative and not exclusive of any other rights or remedies which a Party hereto would otherwise have at law or in equity or otherwise. No Party hereto shall be entitled to any recovery in respect of punitive damages or any recovery for indirect or consequential damages suffered by it by reason of any breach of this Agreement by any other Party hereto.

    

	 

    6.4 Assignment; Binding Effect; Benefit: Except as expressly contemplated herein, neither this Agreement, nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties hereto without the prior written consent of the other Parties. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns. In the event that there shall be a successor to a Party (whether by reason of a change of control, business combination transaction or otherwise involving such Party), the successor (i) shall continue to have all of the rights and obligations applicable to such Party hereunder, and (ii) shall execute such documentation as any other Party shall reasonably deem necessary or appropriate to evidence the foregoing. Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, express or implied, is intended to confer on any Person other than the Parties hereto

or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement.

     6.5 Amendments: This Agreement may not be amended or modified except by an instrument in writing signed by or on behalf of each of the Parties hereto.

     6.6 Entire Agreement: This Agreement constitutes the entire agreement between the Purchaser, the Company and the Vendor relative to the subject matter hereof. All previous agreements between the Purchaser, the Vendor and the Company in relation to the subject matter of this Agreement stand terminated and are superseded by this Agreement.

     6.7 Counterparts: This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

     6.8 Notices: Any notice required or permitted hereunder shall be given in writing and shall be conclusively deemed effectively given (i) upon personal delivery, or (ii) seven (7) days after following proper deposit in the mail (and if outside the United States, sent by airmail), addressed to the Company, the Purchaser or the Vendor (as the case may be) at the addresses set out below or at such other address as the Company, Vendor or the Purchaser may designate from time to time to the other Parties, such designation to be in accordance with the provisions of this Section:

    

	 

    (i) IF TO THE PURCHASER:

        

      INFOSYS TECHNOLOGIES LIMITED

      ELECTRONICS CITY, HOSUR ROAD,

      BANGALORE 560 100

      

      Attn: Mr. NANDAN M. NILEKANI, 

      CHIEF EXECUTIVE OFFICER, PRESIDENT AND MANAGING DIRECTOR

      

      Ph: +91-80-2852-0261

      Fax: +91-80-2852-0362

    

     (ii) IF TO THE VENDOR:

        

      CITICORP INTERNATIONAL FINANCE CORPORATION

      NEW CASTLE CORPORATE COMMONS

      ONE PENN'S WAY, NEW CASTLE

      DELAWARE, 19720

      USA

      

      Attn: WILLIAM H. WOLF

      

      WITH A COPY TO:

      CITIBANK PRIVATE EQUITY

      CITBANK N.A.

      JEEVAN VIHAR BUILDING, GR. FLOOR

      3 SANSAD MARG, NEW DELHI 110001

      INDIA

      

      Ph#: +91-11- 334 1981

      FAX# +91-11-336 1045

      

      Attn: PRIVATE EQUITY DIVISION

      

      

      (iii) IF TO THE COMPANY

    PROGEON LIMITED

      26/3, 26/4 AND 26/6, 

      ELECTRONICS CITY, HOSUR ROAD, 

      BANGALORE 560 100

    Attn: MR. T. V. MOHANDAS PAI, DIRECTOR

    Ph:+91-80-2852-2405

      Fax:+91-80-2852-2411

    6.9 Facsimile Signatures: Any signature page delivered by fax machine or telecopy machine shall be binding to the same extent as an original signature page, with regard to any agreement subject to the terms hereof or any amendment thereto. Any Party who delivers such a signature page agrees to later deliver an original counterpart to any Party which requests it.

     6.10 Severability: If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the Parties to the extent possible. In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the full extent possible.

    IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

    

    

	 

     

    	THE VENDOR: 	 	CITICORP INTERNATIONAL
	 	 	 FINANCE CORPORATION
	 	 	 
	 	 	 
	 	 	By: ALFRED RODRIGUES
	 	 	 
	 	 	ITS CONSTITUTED ATTORNEY
	 	 	 
	 	 	 
	 	 	 
	THE PURCHASER:	 	INFOSYS TECHNOLOGIES LIMITED
	 	 	 
	 	 	 
	 	 	By: V. BALAKRISHNAN
	 	 	 
	 	 	Title: SENIOR VICE PRESIDENT AND COMPANY SECRETARY
	 	 	 
	 	 	 
	 	 	 
	THE COMPANY: 	 	PROGEON LIMITED
	 	 	 
	 	 	 
	 	 	By: AMITABH CHAUDHRY
	 	 	 
	 	 	Title: MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

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